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[size=36]Italian Eni: spending cuts postpone projects in UAE, Iraq and Egypt[/size]
Political | 03:33 - 04/24/2020
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Baghdad - Mawazine News,
quoted by Reuters news agency, an executive in the Italian company "Eni" working in the field of oil, today, Friday, that the projects postponed due to the reduction of capital spending by the company include businesses in Angola, Indonesia, Iraq, Egypt and the UAE.
As for the distributions, "Now is not the time to discuss this, we can release an update in July," Eni Claudio Descalsi and CEO said at a conference call with analysts.
On the other hand, Reuters quoted a company executive as saying that the group has improved the follow-up of spare parts to ensure delivery.
The CEO, for his part, confirmed that the long-term commitment to reduce carbon emissions is continuing, and may accelerate.
Reuters quoted a company executive that until now
The official added that production in Libya is expected to return to normal by the end of June.
The CEO of the Italian Eni Group also commented: "We may see some recovery in the second quarter, but the situation remains volatile."
Italy's Eni Energy Group on Friday cut its production and investment forecasts and prepared for a complicated year in 2020 as the Corona Virus crisis damages oil and gas demand and damages prices.
"The period since March has been the most complex period in the global economy in more than 70 years ... Like everyone, we expect 2020 to have complications," the chief executive said in a statement.
In the first quarter results, Eni said it will spend about 30 percent less this year compared to the plan and expects spending in 2021 to drop by 30 to 35 percent from the previous estimate.
The company already said in March that it had reduced its capital spending for 2020 by 25 percent.
Production this year is set to reach 1.75 million and 1.8 million barrels of oil equivalent per day, down from expectations in February of about 1.9 million, down slightly from last year's production of 1.87 million barrels per day of oil equivalent, according to Reuters. End 29 / H
quoted by Reuters news agency, an executive in the Italian company "Eni" working in the field of oil, today, Friday, that the projects postponed due to the reduction of capital spending by the company include businesses in Angola, Indonesia, Iraq, Egypt and the UAE.
As for the distributions, "Now is not the time to discuss this, we can release an update in July," Eni Claudio Descalsi and CEO said at a conference call with analysts.
On the other hand, Reuters quoted a company executive as saying that the group has improved the follow-up of spare parts to ensure delivery.
The CEO, for his part, confirmed that the long-term commitment to reduce carbon emissions is continuing, and may accelerate.
Reuters quoted a company executive that until now
The official added that production in Libya is expected to return to normal by the end of June.
The CEO of the Italian Eni Group also commented: "We may see some recovery in the second quarter, but the situation remains volatile."
Italy's Eni Energy Group on Friday cut its production and investment forecasts and prepared for a complicated year in 2020 as the Corona Virus crisis damages oil and gas demand and damages prices.
"The period since March has been the most complex period in the global economy in more than 70 years ... Like everyone, we expect 2020 to have complications," the chief executive said in a statement.
In the first quarter results, Eni said it will spend about 30 percent less this year compared to the plan and expects spending in 2021 to drop by 30 to 35 percent from the previous estimate.
The company already said in March that it had reduced its capital spending for 2020 by 25 percent.
Production this year is set to reach 1.75 million and 1.8 million barrels of oil equivalent per day, down from expectations in February of about 1.9 million, down slightly from last year's production of 1.87 million barrels per day of oil equivalent, according to Reuters. End 29 / H
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