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2016-03-22 18:30:00

ENI CUTS 21%

ENI CUTS 21%

Italy's Eni SPA has set group capital expenditures during 2016-19 at $41.78 billion, down 21% from the 2015-18 plan.

The new plan includes a disposal program targeting $7.9 billion of asset sales mainly through the dilution of high working interest stakes in recent material discoveries. In 2015, Eni met 90% of its previous 4-year plan disposal target.

Hydrocarbon production during the 2016-19 period is expected to rise 3%/year, the firm says, explaining the target will be met mainly through the ramp-up and start-up of new projects with a total contribution of 800,000 boe/d in 2019.

Eni expects 1.6 billion boe in oil and gas discoveries during the period while maintaining average exploration spending in line with 2015 levels. Notwithstanding an 18% reduction in overall upstream capex, cumulative production growth of 13% to 2019 is expected.

The firm notes that it has reduced its average breakeven price of new projects to $27/boe from $45/boe, citing portfolio flexibility, ongoing successful exploration strategy, synergies with existing assets, and contract renegotiations.

In its refining segment, Eni plans to address "structural weaknesses" by lowering its breakeven price to about $3/bbl by 2018 while maintaining its current refining capacity, resulting in cumulative cash flow from operations of $3.27 billion over the plan period.

"We are continuing to restructure our mid-downstream businesses successfully," said Claudio Descalzi, Eni chief executive officer. "In refining and marketing, we are focused on lowering our breakeven while enhancing the efficiency of our operations and defending our retail market share."

ogj.com

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More: 

ENI PROPOSES $4 BLN 

ENI SELLS SAIPEM: €6.5 BLN 

ENI LOSS €0.95 BLN 

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ENI DOWN 70%

 

 

Tags: ENI, OIL, GAS, PRICES

Chronicle:

ENI CUTS 21%
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

ENI CUTS 21%
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

ENI CUTS 21%
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

ENI CUTS 21%
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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