Eni S.p.A. is planning to hike hydrocarbon production by 3.5% per year until 2025, in line with its target to produce 2.5 billion barrels of new resources through drilling 140 exploration wells, the company said March 15.
The Italian oil and gas supermajor also announced it will start a share repurchase program of up to €400 million this year.
Eni will earmark €8 billion for its capital expenditures in 2019 and plans to spend €33 billion in the next four years.
From 2019-2022, the company will spend around €3.5 billion for its upstream sector to complete 18 major startups.
CEO Claudio Descalzi said LNG contracted volumes are expected to reach 14 million tons per annum by 2022 and 16 MTPA by 2025. The company expects mid-downstream operating income to reach €2 billion by 2022, which is more than double 2018 figures.
Descalzi said Eni will also spend €1 billion in the next four years to help achieve its net zero emissions target by 2030. The firm will conduct large forestry projects and deploy new technologies, which will maximize the use of waste as feedstock and extend the lives of industrial sites.
For energy solutions, Eni will spend €1.4 billion from 2019-2022 to grow its renewable energy capacity to 1.6 GW. Descalzi said the company is also planning to increase its exposure in energy storage and expand its industrial conversion project "Progetto Italia" that generates power from renewables on reclaimed industrial sites.
For its retail gas and power business, Eni wants to grow its customer base by 12 million customers by 2022, up around 26% from 2018.
For its refining and marketing unit, the firm plans to boost refining capacity by 40% by the end of 2023, which will be driven by its recent 20% stake acquisition of the Ruwais refinery in the United Arab Emirates.
Eni also plans to increase its sales in Germany and France, and hike market share in Italy to 25%, which will be supported by premium products and green fuels.