Our commitment to a low-carbon future and sustaining a new paradigm for energy is based on the use of gas.
Natural gas comprises a mixture of gas hydrocarbons, dominated by methane. Of all fossil fuels, it has the lowest carbon impact.
Decarbonisation and renewables are two of the pillars on which our business model for energy transition is built. The third centres on the adoption of a low-carbon portfolio and specifically the promotion of natural gas. So what tools do we have at our disposal?
Natural gas will be crucial to reduce global warming. The course we are pursuing involves combining natural gas and renewables with the aim of eliminating the use of more polluting fossil sources – such as carbon, which still represents 41 per cent of energy production worldwide and causes almost 73 per cent of emissions in this sector. Some 58 per cent of our projects are gas related and developments in Egypt, Mozambique and Indonesia attest to our commitment in this direction. Our gas projects are conventional, being more robust in a low-carbon scenario. Today gas represents 51 per cent of Eni's reliable reserves of consolidated companies.
Claudio Descalzi, Eni for 2016
Located in Egyptian territorial waters in the Mediterranean sea, Zohr is the biggest offshore deposit of natural gas in the world. Discovered in 2015, it has the potential for gas resources equal to 850bn m3 and 5.5bn barrels of oil equivalent. It is one of Eni's seven record projects, in which the common factor is extremely fast development and production.
The Offshore Cape Three Points (OCTP) project is making an important contribution to energy access in Ghana. In only two-and-a-half years – three months ahead of plan and setting a time-to-market record – we went into production with the Integrated Oil & Gas Development Project in the Ghana offshore block. Back in January 2015, we signed an agreement with the Ghanaian authorities for the development of an integrated oil and gas project to provide the energy necessary to power the country’s economic growth – including the development of gas fields, whose product would be destined entirely for the domestic market. On the one hand the project will allow the nation to benefit from competitive gas prices and on the other to enjoy continuity of supply to Ghana’s thermal electricity-generation plant from 2018.
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