Eni believes it only has a one year "window of opportunity" to award projects while costs are as low as possible and is changing its strategy on dividing up packages. While many operators have put their cash spend on hold, the Italian operator has major projects in Congo;Brazzaville, Egypt and Mozambique that it is trying to progress quickly in the belief that oil prices will rise again and so will development costs. "The oil price is at a minimum or maybe behind us, we still have a window of one year where you can really progress in the positive of future margins (between the oil price and development costs)", said chief executive officer Claudio Descalzi at the company's strategy meeting last week.
展开▼
