Italian energy group Eni has unveiled its 2018-2021 strategy, announcing €32bn of capital expenditure over this four-year period (including €7.7bn in 2018). 82% of this amount will be dedicated to the upstream sector: 49% for upstream development, 26% for production optimisation, and 7% for exploration; the remainder will be split between refining and marketing (7%), energy solutions (4%), chemicals (4%) and gas and power operations (3%).
In the upstream sector, Eni aims to achieve 2 Gboe of new resources and to raise its oil and gas production by an average rate of 3.5%/year over the 2017-2021 period thanks to 15 major start up that will contribute around 700 kboe/d in 2021, and by 3%/year over the 2021-2025 period.
Eni plans to invest €1.2bn in new energy solutions, such as biofuels: the group will complete its second bio-refinery in Gela (Italy) in 2018 and the second phase of its Venice biorefinery by 2021. Eni also targets 1 GWp of new renewable capacity by 2021 (5 GWp by 2025).
Where gas and LNG marketing and power activities are concerned, Eni plans to better integrate these businesses with upstream and to focus on Asia and new markets. The group aims to reach 12 Mt/year of supplied volumes of LNG by 2021 (70% of which would be equity LNG) and 14 Mt/year by 2025. Eni plans to grow in the European retail sector, targeting an additional 11 million customers by 2021.