In a “2013-2016 Strategy” presentation delivered on 14 March, CEO Paolo Scaroni talked of a “New Eni” where production would grow by 4%/year to 2016 and 3%/year beyond, reaching almost 2.5mn barrels of oil equivalent per day (boe/d) by 2022 up from 1.7mn boe/d last year.
With capital expenditure to remain more or less level, this expansion is to be achieved through a ruthless focus on upstream projects through which the company can “deliver [production] growth on time and on budget,” Mr Scaroni says. This means that delay-prone North Africa – long the company’s core region – is to be sidelined. (CONTINUED - 1934 WORDS)
