Eni Bets on Exploration to Drive Upstream Expansion
March 15 2019 - 7:30AM
Dow Jones News
By Nathan Allen
Eni SpA (ENI.MI) said Friday that it plans to add more than 2.5
billion barrels of resources to its portfolio over the next four
years by exploring basins in the Middle East, Norway and
Mexico.
The Italian oil major said it expects to drill around 40
exploration wells a year between 2019 and 2022 in an effort to
shore up its existing 3 billion barrels of reserves.
Over the same period Eni expects total hydrocarbon production to
expand by around 3.5% a year through the ramp-up of new projects,
which will contribute around 660,000 barrels a day in 2022.
Upstream operations should generate cumulative free cash flow of
around 22 billion euros ($24.88 billion) between 2019 and 2022, Eni
said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
March 15, 2019 07:15 ET (11:15 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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