We aim to maximise the use of gas as a primary fuel in a decarbonisation context.
Eni’s strategy is focused on organic growth and conventional asset development to ensure the break-even of new low carbon projects. In fact, conventional hydrocarbons accounted for 99% of equity production in 2016 of 1,759 kboe/d and nearly the all of the 39 billion barrels of the resource base. Eni has decided not to invest in high-CO2 content projects such as tar sands, preferring conventional resources and, where possible, near Field Exploration that offers synergies with existing infrastructure.
Together with a focus on simple and modular projects, and in order to maximise flexibility and optimize spending and exposure, Eni has reduced the average break-even price of its projects from $45/b to $30/b of Brent equivalent, among the lowest among its peers. Natural gas will have a key role in the decarbonisation strategy and is the ideal partner for renewable energies.
A combination of natural gas and renewable energy is Eni’s solution for the elimination from electricity generation of coal, which still accounts for 41% of electricity generation and causes almost 73% of emissions in this sector. The portfolio of assets and new investments is subject to regular review by management with a view to identifying potential emerging risks.
Eni’s strategy and portfolio composition minimise the risk of “stranded assets”. In fact, portfolio resilience, even in a decarbonisation scenario, is guaranteed by:
In addition, Eni also assesses the impact of energy transition scenarios on its portfolio:
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