• 5 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 7 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 40 mins Most ridiculous green proposal
  • 3 hours Rethinking election outcomes for oil.
  • 11 hours China Sets Its Sights On Global [EV, AI, CRISPR, Fusion, Navel Lint Collector] Dominance
  • 2 hours Video Evidence that the CCP controls Joe Biden
  • 1 day The Leslie Stahl/60 Minutes Interview with President Trump
  • 4 hours The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 9 hours P@A will cost Texas Taxpayers $117 Billion.
  • 8 hours Republicans Have Become the Party of Hate
  • 2 days Even Obama can't muster a crowd to support Biden.
  • 9 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 1 day WallStreet Journal editorial " . . Big Tech-Media are the propaganda arm of Democrat Party leading to one party autocratic rule. " This is the State of the Union.
  • 2 days Saudi Oil Minister Abdulaziz said getting rid of oil "Far Fetched and Unrealistic". . True. . . but
  • 1 day Permian in for Prosperous and Bright Future
  • 1 day Clean Energy Is Canceling Gas Plants
  • 2 days Irina Slav has a good article - Regarding Investors & Oil
2021 Could Be A Much Better Year For Canadian Oil

2021 Could Be A Much Better Year For Canadian Oil

Canadian producers are set to…

The U.S. Has A Major EV Problem

The U.S. Has A Major EV Problem

Insufficient public charging infrastructure is…

This Oil Major Expects Its Oil Production To Peak In 2025

Italy’s Eni expects its oil production to start declining after 2025 under its new long-term strategy to rely on natural gas, renewables, and new technologies to cut net greenhouse gas emissions of its energy products by 80 percent by 2050.

In its Long-Term Strategic Plan to 2050 and Action Plan 2020-2023, the Italian oil and gas group set out an ambitious target to obtain by 2050 an 80-percent reduction in net scope 1, 2 and 3 emissions, referring to the entire life cycle of the energy products it sells.

Thus, Eni joins other Big Oil firms from Europe who have recently pledged reductions in scope 3 emissions, that is, the carbon footprint of the energy products that companies sell.

A week after new CEO Bernard Looney took over from Bob Dudley as BP’s boss, BP unveiled earlier this month a plan to achieve net zero carbon footprint across BP’s operations on an absolute basis by 2050 or sooner. The oil major also aims to halve the carbon intensity of the products it sells by 2050 or sooner, joining other companies such as Shell and Equinor, which also target to reduce the carbon footprint of the energy products that they sell. 

Eni’s plan today includes upstream production growth at an annual rate of 3.5 percent up to 2025, and a decline in oil and gas production after that, mainly for oil. By 2050, gas production would account for around 85 percent of Eni’s total production, the company said.  

Apart from higher gas production and projects for forest conservation and CO2 capture and storage, Eni aims to significantly boost its position in renewables. The company expects to have installed renewables capacity of 3 GW by 2023 and 5 GW by 2025, while installed renewables capacity is set to jump to 55 GW by 2050, with developments mainly in OECD countries.

“We have designed a strategy that combines economic sustainability with environmental sustainability and we have done so by defining an action plan based on technologies – existing or developed in-house - that we know how to implement. This will allow Eni to be a leader in the market supplying decarbonised energy products and actively contributing to the energy transition process,” Eni’s chief executive Claudio Descalzi said in a statement.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News