Eni Sees 2012-15 Output Growth Above 3% A Year On Higher Capex

Eni SpA (E), Italy's biggest oil and natural gas company by volume, Thursday said its new four-year EUR59.6 billion investment plan estimates average annual hydrocarbon production growth of more than 3% through 2015.

The annual growth targets for the next four years are based on a higher oil price per barrel, to $90 this year and in 2013, and to $85 in the following two years, it said.

Eni's previous hydrocarbon growth estimate, for 2011-14, topping an average 3% a year had a $70 a barrel assumption.

It also said it expects average annual hydrocarbon growth to be 3% between 2015 and 2021.

The 2012-2015 plan forecasts investments of EUR59.6 billion, or 12% more than the EUR53.3 billion capital expenditure budget contained in the previous 2011-2014 plan presented in March 2011.

The new investments will set aside 75% of the total figure for upstream activities, the Rome-based company said.

At 1553 GMT, Eni shares were down 0.2% at EUR18.18, giving it a market capitalization of about EUR73 billion and making it Italy's biggest company. Italy's FTSE Mib Index gained 0.2%.

-By Liam Moloney and Alexis Flynn, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com

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