Eni Sees 2012-15 Output Growth Above 3% A Year On Higher Capex
March 15 2012 - 12:34PM
Dow Jones News
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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