Eni SpA on Friday set out its strategic plan for the 2022-25 period as it focuses on energy security and emission reduction, and raised its dividend for the current year.
The Italian oil-and-gas major said it aims to accelerate its path toward net-zero emissions, cutting Scope 1, Scope 2 and Scope 3 emissions by 35% by 2030 and 80% by 2040 compared with 2018 levels.
It will also increase the share of investments toward new-energy solutions to almost 30% by 2025, 60% by 2030 and up to 80% around 2040.
For its upstream portfolio, Eni aims to grow production at an average of 3% a year to reach around 1.9 million barrels of oil equivalent a day in 2025. The goal is to increase the share of gas to 60% by 2030 and more than 90% beyond 2040, while reducing oil volumes in the medium to long term.
In regards to the current energy prices and supply crisis, Eni said that its response has been to leverage its alliances with producing countries in order to find replacement energy sources. It added that it can make more than 14 trillion cubic feet of additional gas resources available to the market for the short to medium term.
The company's average yearly capital expenditure will amount to 7 billion euros ($7.77 billion) over the course of the plan, it said, with EUR7.7 billion planned for 2022. Around 25% of capex will be allocated to renewables and the company's customer base.
The Oriental Pro-Energy Consulting Organization (Topco)
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