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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.

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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



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