The Italian oil and gas company Eni has released its 2018-2021 business plan. In the upstream sector, Eni will continue to focus on its two strategic pillars, the dual exploration model and the new accelerated development model. The group will invest €900m/year on exploration activities, targeting around 2 Gboe of new equity resources and an average production growth of 3.5%/year by 2021 (around 700 kboe/d from starting and ramping up new projects and 200 kboe/d from optimisation activities).
In the mid-downstream sector, Eni will seek to optimise supply and assets in refining activities and relaunch the EST plant in Sannazzaro by the end of 2018. The group plans to commission the Gela bio-refinery in late 2018 and the second development phase of the Venice refinery by 2021.
Eni will accelerate the development of its LNG portfolio, which should reach 12 Mt/year in contracted volumes by 2021 and 14 Mt/year by 2025 and through equity enhancement (from 30% in 2017 to 70% in 2021). The group will also focus on improving the profitability of its gas portfolio in Europe and on the retail sector growth in Europe, with a forecast of 11 million customers by 2021 (+25% on 2017). Eni, which entered the French market one year ago, had 1 million customers at the end of 2017, generating €1.8bn in billings. The company targets 1.3 million customers for 2018 and 2 millions by 2021.
The company also plans to develop approximately 400 MW of new power capacity in the next two years, which would help it to bring its total capacity to 1 GW by 2021 and 5 GW by 2025. €1.2bn would be dedicated to achieve these targets.