How is Eni responding: strategy, environmental redevelopment, investments.
Creating value not only means guaranteeing financial stability but also and especially social and environmental sustainability. The challenging scenario we are witnessing today – falling oil prices and the sharp drop of gas consumption in Europe – has forced us to shift course in order to guarantee growth and increase value. Eni today is stronger as an energy company, with a new expansion programme that seeks to complete the transformation started in 2014. We have restructured Mid-Downstream, strengthened our Upstream business, invested even more in research and technology and set a decarbonisation process in motion. In addition, we have outlined a digitalisation process comprising more than 150 projects, which will allow us to reduce production costs by 7 per cent and exploration work by 15 per cent by 2021.
We operate in 71 countries around the world, focusing on the exploration, development, production and sale of oil and natural gas. With more than 3.4 billion boe discovered over the past three years, we are still best in class for exploration. However, our business model is becoming increasingly integrated and sustainable and we aim to eliminate gas flaring by 2025.
Seven projects were completed well in advance of our forecasts: the West Hub and East Hub in Angola; Nené Marine in the Republic of Congo; Zohr and Nooros in Egypt; OCTP in Ghana; and Jangkrik in Indonesia.
With the increasing integration of upstream and Mid-downstream and due to the massive amount of gas we have discovered, we are turning into a gas and power company with an evolving model that is still tied to retail but linked to Upstream.
Our objectives are to give everyone access to energy resources in an efficient and sustainable way and guarantee the gradual and economically sustainable replacement of high-carbon sources with much cleaner ones.
During our industrial restructuring process, some of the reclaimed land will be used for new projects in order to produce energy from renewable sources. We aim to create a new industrial course.
Gas is the best possible partner for renewables during the transition to sustainable energy. Our model is based on three elements: decarbonisation, gas advocacy and renewable energy. Currently, 58 per cent of our portfolio offers gas-related plans.
We place a strong emphasis on our commitment to land reclamation and that is precisely why we created a company, Syndial, to implement environmental redevelopment. We consider protection and preservation of the land to be extremely important and are committed to cleaning up the sites where we operate.
Our performance levels and achievements were inextricably linked to reconfiguring the company’s business model.
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