We aim to maximise the use of gas as a primary fuel in a decarbonisation context.
The strength of the portfolio of conventional oil and gas assets at competitive costs – and the basic resources with early monetisation options ensure high profitability for the Eni upstream business. In addition to gas, Eni is focusing on the organic growth of conventional assets, which represent 99 per cent of the 2015 equity production of 1,760 kboe/d and almost the entire resources base of 38 billion barrels. This growth is supported by two important devices for managing long-term portfolio development: exploration efficiency and a low-cost structure. Eni has the most efficient cost structure among its peers at less than $20/b. The company’s exploration success guarantees it the lowest unit cost for development and operating expenses. We have discovered almost 12 billion BOE resources since 2008 at a unit cost of $1.2 per barrel.
Over the past two to three years there has been increased attention from some investors to the concept of stranded assets. The risk of stranded assets is connected to oil with high production costs and the highest CO2 content. Eni's strategy and the composition of the portfolio minimise this risk. This is due to our focus on the following factors:
Thanks to the business strategy adopted, the value of our assets will not be affected – even in the IEA450 scenario, where the temperature rise does not exceed 2°C.
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