According to Chief Financial Officer Massimo Mondazzi, the Italian oil firm's capex will fall as Eni shifts towards renewable energy projects, which are less costly compare to current upstream projects. On Feb. 28, Eni announced long-term targets projecting that its oil and gas production will level in 2025 while returns from renewables projects, which will consist mostly of wind and solar, will be from 7-12%. In 2019, Eni's capex was at €7.7B ($8.4B), most of which was dedicated for oil and gas production. Mondazzi stated during a presentation, "some business in which we are entering are less capital intensive so it's reasonable to project a lower amount of capex going forward." Eni plans to have half of its capex dedicated to its upstream division with related carbon capture projects while the rest will be used for renewable energy projects. The company eventually plans to have net-zero emissions from its upstream operations by 2030 and to reduce net emissions by 80% and emission intensity by 50% by 2050. By 2050, the company aims to have sustainable projects that include forest conservation and 40MM mt/y in CO2 capture and storage while capturing 5MM mt/y of CO2. On the other hand, Eni is still behind oil majors BP and Repsol on its net-zero carbon targets.
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