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Eni revises 2020 – 2021 business plan

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Oilfield Technology,

Eni has concluded a revision to its planned activities as a result of the sharp decrease in commodities prices and the foreseeable constraints arising from the Covid-19 pandemic.

Specifically, Eni will reduce CAPEX in 2020 by around €2 billion, equal to 25% of the total CAPEX planned, and OPEX by around €400 million. In 2021, Eni expects a CAPEX reduction of around €2.5 – €3 billion, equal to 30-35% of the CAPEX scheduled for the same year in the business plan.

The projects involved are related mainly to upstream activities, particularly production optimisation and new projects developments scheduled to start in the short-term. In both cases, activities will be restarted as soon as appropriate market conditions appear, and related production will be recovered accordingly. As a result of these measures and the current depressed scenario, production in 2020 is expected between 1.8 and 1.84 million boe/d, and it will remain unchanged in the following year.

Eni CEO, Claudio Descalzi, commented: “We are taking these actions in order to defend our robust balance sheet and the dividend while maintaining the highest standards of safety at work”.

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