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Italian Eni has vowed to fully replace Russian gas by 2025 thanks to major developing LNG projects from Africa to the Middle East and major discoveries in the Eastern Mediterranean.
Eni’s Chief Operating Officer Guido Brusco told attendees of the Gastech conference in Milan on Tuesday evening that the Italian energy giant “plans to fully replace Russian gas by 2025 helped by east med fields”.
At the same time, deputy COO Cristian Signoretto told the conference that Eni would also invest nearly $4.5 billion every year for the next three years in upstream activities in several venues, including Qatar, Congo, Egypt, and Algeria.
"We are fully committed to invest 4.5 billion per annum in the upstream to bring on line new gas supplies," reporters cited Signoretto as saying, particularly referencing LNG projects in Africa and the Middle East, and also indicating that Indonesia will be a key investment arena.
From Algeria, Eni said, gas would double to 18 billion cubic meters per year by 2024. From Northern Europe, Eni plans to get an additional 4 billion cubic meters of gas.
In its 2022-2025 strategic plan, unveiled in February, Eni said it would invest seven billion euros per year on average in its different businesses.
The gas riches of the Eastern Mediterranean will also play a role in Eni’s plan to save Europe from Russian gas.
In late August, Eni and its partner, French TotalEnergies, confirmed a major gas discovery in a wildcat well in the Eastern Mediterranean, offshore Cyprus. The Cronos-1 well, in Cyprus’ deepwater Block 6, may have 2.5 trillion cubic feet of gas in place, based on preliminary estimates, and the partners are drilling another well in the same block. And back in 2018, Eni also hit success with the Calypso-1 well in Block 6, with that well has been confirmed as an extension of Egypt’s massive Zohr gas fields discovered in 2015.
By Charles Kennedy for Oilprice.com
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Charles is a writer for Oilprice.com
Even if Eni is able to deliver on this promise, it will be too late to matter.