Italy’s Eni plans to increase production over the next four years despite slashing capex. To achieve this, it will “refocus its activity on near field and incremental exploration opportunities with high potential value, which allow in case of success their quick exploitation through the already existing and synergic nearby infrastructures,” CEO Claudio Descalzi says.

Rapid development of the 23 tcf Zohr gas field, which Eni only discovered in the Egyptian deepwater in August last year, now forms the centerpiece of Eni’s attempts to pull off this rather unlikely strategy – though Eni had touted a similar strategy even before Zohr’s discovery in August last year, given the further collapse in oil prices since, it is only by elevating Zohr to center stage that it can hope to deliver on the plans. (CONTINUED - 1085 WORDS)