Hydrocarbon Processing Copying and distributing are prohibited without permission of the publisher
Email a friend
  • Please enter a maximum of 5 recipients. Use ; to separate more than one email address.



Eni sees 2012–2015 output growth above 3% per year on higher capex

03.16.2012  | 

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

Keywords:

By LIAM MOLONEY and ALEXIS FLYNN

Eni SpA, Italy's biggest oil and natural gas company by volume, said Thursday that 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 –2014, topping an average 3% per year had a $70 per barrel assumption.

The company 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%.


Dow Jones Newswires



Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.

Related articles

FEATURED EVENT

Boxscore Database

A searchable database of project activity in the global hydrocarbon processing industry

Poll

Should the US allow exports of crude oil? (At present, US companies can export refined products derived from crude but not the raw crude itself.)


81%

19%




View previous results

Popular Searches

Please read our Term and Conditions and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2013 Hydrocarbon Processing. © 2013 Gulf Publishing Company.