Eni reaches all-time production record
1 million and 920 thousand barrels of oil equivalent per day.
A winning strategy
The results achieved by Eni prove the success of the integrated exploration and development model that Eni has developed in recent years, and that has allowed a reduction in the time-to-market of new projects while ensuring compliance with initial investment estimates.
I am proud of the results we have achieved in 2017. They confirm the validity of Eni's operating model. Our well-known leadership in exploration is now matched by an ability to execute projects among the best in the oil industry. In less than three years, we have put seven giant fields into production, ahead of the expected schedule and reducing costs in the context of extremely difficult prices, while the oil sector was only focused on postponing any development initiative. Once again we reap the benefits of the value of our team’s skills and cohesion
CLAUDIO DESCALZI
The exploration model
Eni’s exploration strategy is driven by time-to-market speed and cost-effectiveness while converting discoveries into production.The focus both now and going forward is exploration – “the centre of gravity of our growth potential” as Claudio Descalzi described it.
Our record
In 2017, Eni started production from Angola’s East Hub field, Ghana’s OCTP project, Indonesia’s Jangkrik and - in a record time for the industry – Egypt’s Zohr, the largest gas field ever discovered in the Mediterranean sea, which started production less than two years after the final investment decision (FID). Production from these four fields now amounts to around 310 thousand barrels/day, corresponding to 160 thousand barrels/day of equity production for Eni.
The Upstream Champions
Our exploration and production (Upstream) model is based on key elements such as exploration. This approach ensures a more rapid development, which overlaps with the exploration phases, accelerating the entire process. At least every three years the company discovered a giant or supergiant field.
Read the longformOur records
Exploring, discovering and succeeding. Ahead of schedule. by following this unique and innovative model that we are able to reach first oil on average three years ahead of time compared to conventional exploration models. That’s how we achieved seven records: West and East Hub in Angola, Nooros and Zohr in Egypt, Nené Marine in the Republic of Congo, Jangkrik in Indonesia and OCTP in Ghana.
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