IT (CURRENT) Home Operations Exploration and Production Exploration and production strategy Exploration and production strategy We expect that by 2019, the industry will see an increase in production as the result of new projects, the discovery of new deposits and cost reductions. Prospects and objectives New projects, new fields and reduction in costs: in a few years the Exploration & Production sector will undergo an increase in production. Production increases and new discoveries In the period 2016-19, we expect an increase in hydrocarbon production of more than 3 per cent per year. This will be achieved mainly with the start-up of new projects and the ramp-up of those already begun in 2015, with a total contribution of around 800,000 barrels of oil equivalent per day in 2019. Over the four years covered by the strategy, Eni expects new discoveries of 1.6 billion barrels at a competitive cost of $2.3 per barrel and with a greatly reduced time-to-market for production start-ups while maintaining average expenditure for exploration in line with 2015 levels. Despite an 18 per cent reduction of upstream Capex, Eni expects to achieve a cumulative increase in production of 13 per cent by 2019. Due to the flexibility of Eni’s portfolio, synergies with existing assets and the renegotiation of contracts, the average break-even point for new projects has been drastically reduced from $45 to $27 a barrel. As laid out in the strategy, over the next four years we expect: an increase in production at an average annual rate of over 3 per cent ante portfolio while maintaining a solid base of projects in core areas – including leverage of negotiations with producer countries and the close monitoring of non-operated activities increased efficiency through the reduction of operating, structural and drilling costs, also through the renegotiation of supply contracts as a result of a deteriorated scenario a focus on working capital through the optimisation of claims against third parties and JV partners and the minimisation of inventory selectivity of investments in order to optimise or reduce spending in the face of contained Brent prices an expansion of appraisal activities of the recent discoveries on near-field activities, in “legacy” areas and in the vicinity of fields already under development, as well as a search for new gas resources in countries with favourable contract terms and more mature target markets a reduction in the carbon footprint through a focus on gas issues and the development of renewable energies the enhancement of resources through the monetisation of discoveries made with significant equity the rapid start-up of production of discovered resources by optimising time-to-market and the modular approach to project development. 05/12/2016 - 7:00 PM RELATED CONTENT Eni in the world in Company Responsible company in Sustainability Eni's strategy in Investors 2016-2019 Strategy presentation in Investors We are an energy company. We are working to build a future where everyone can access energy resources efficiently and sustainably. Our work is based on passion and innovation, on our unique strengths and skills, on the quality of our people and in recognising that diversity across all aspects of our operations and organisation is something to be cherished. We believe in the value of long term partnerships with the countries and communities where we operate. Registered Head Office Piazzale Enrico Mattei, 1 00144 Rome, Italy Company Share Capital € 4.005.358.876,00 paid up Rome Company Register, Tax Identification Number 00484960588 VAT Number 00905811006 Branches Via Emilia, 1 and Piazza Ezio Vanoni, 1 20097 San Donato Milanese, Milan, Italy POLICIES Sitemap Accessibility Terms and Conditions Privacy Policy Cookie Policy Info Reserved Area