ENI sees rise in upstream investment coming years

Feb 18, 1997 01:00 AM

Feb. 6, 1997 Italian oil company ENI SpA expects to boost annual investment in upstream operations --- exploration and energy production -- to some five trillion lire in 2000 from 2.5-3.0 trillion in 1996, managing director Franco Bernabe said. He said total ENI investment in the 1997-2000 four-year period would be 35,000 trillion lire, of which an average 52 % would be in AGIP, its upstream company. Bernabe said that the overall level of group investment in the four-year period would not show any significant increase from earlier levels. The big change was in the mix. "There is going to be a strong shift towards exploration and production," he told.
Ninety % of ENI's total investment over the four-year period will be in energy with the aim of lifting output of oil and gas to 1.2 mmboepd against some 900,000-one million at present. The main area of new development will be in central Asia and the areas of the former Soviet Union.

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