This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Eni's CEO Hosts 2012-2015 Strategy Presentation Call (Transcript)

Let’s now take a closer look at our upstream growth profile. Between now and 2015, we will add around 700,000 BOE per day of new production through, over 60 major start-ups including three of our fields in the Yamal peninsula in Siberia, Goliath in Norway, Perla and Junin 5 in Venezuela, block 1506 in Angola and of course Kashagan, which we’re on track to start-up by the end of 2012.

Of the total new production which will come on stream by 2015, around 70% comes from exploration. What the remaining 30% comes from the acquisition of underdeveloped resources, in particular, our fields in the Yamal peninsula and Junin 5.

This solid pipeline of projects will lead to average production growth of at least 3% a year to 2015. At our planned scenario of $90 per barrel for 2012 and 2015 and $85 per barrel thereafter and normalizing 2011 production for the Libya impact. Increased scale and the focus on oil compared to gas over the plant period, we drive an increase in cash flow per barrel of about 10% to 2015.

Looking beyond 2015, following the discovery in Mozambique, we have raised our long-term growth target from 2% to 3% a year. Africa, we continue to be the backbone of our production and growth in the next 10 years driven by growth in Angola, the start-up of Mozambique expected by 2018 and further exploration potential in existing and new countries including Ghana and Togo.

Meanwhile, in North Africa, production will continue to be resilient with very low natural decline. Our other key growth hubs will be Russia, where between 2015 and 2021, we will start-up two more Yamal Giants in the same peninsula where we will start the first (inaudible) in 2012.

Kashagan, with the ramp up of – excuse me, Kazakhstan with ramp-up of Kashagan and further potential from our development of Karachaganak. And thirdly, Venezuela, where he full field development of Perla and Junin 5 will contribute around 880,000 barrels per day of production by 2021.

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,781.91 +5.48 0.03%
S&P 500 1,984.61 -2.44 -0.12%
NASDAQ 4,747.2730 -33.9910 -0.71%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs