Eni Plans $4.47bn New Investments Annually As European Investments Dry Up

Beginning from now until 2025, Eni will be investing around €4.5 billion ($4.47 billion) each year in upstream activities in several countries.

Deputy chief operating officer for natural resources, Eni, Cristian Signoretto who disclosed this at the ongoing Gastech Conference and Exhibition 2022 in Fiera, Milano, Italy said, “We are fully committed to invest 4.5 billion per annum in the upstream to bring on line new gas supplies.

Eni’s fresh investments plan is coming as European banks and investment institutions limit their investmsnts in Nigeria.

Speaking during a panel session on ‘Bridging the project funding gap in a time of geopolitical uncertainty’, Group Executive Director, Gas and Power, Mohammed Ahmed, noted though that investment from other sources has been consistent in Nigeria, as expansion in a phase ongoing.

According to him, there is need to consciously look at financing upstream investment which is key.

“Someone has to do it. Several efforts have been put in place to enhance investment. The transitioning of the NNPC is expected to aid investment.”

He, however noted that the country remains challenged by infrastructure to deepen gas utilisation.

The Minister of State for Petroleum Resources, Timipre Sylva said poor financial exposure of Eurooean banks and investments institutions to Nigerian oil and gas sector has stiffled exploration and production.

The Minister who said Nigeria was focusing in increasing her gas supply to Europe and for these banks to reduce their lending to Nigeria will not help gas supply to Europe.

He urged banks and investment houses in Europe to increase their current investment decisions in the Nigeria oil and gas sector to enable operators engage in development projects and exploration and production of more gas.

According to him Nigeria was positioning herself to become alternative gas supplier to Europe, adding that the country was planning to ramp up her gas production from the current eight billion standard cubic feet (8bscf) per day to 12.2bscf.

He insisted that EU must provide the appropriate policy framework that enables investments for oil and gas from European investors and financial institutions.

He said the new policy from the European Union (EU) labeling gas and nuclear power as green energy was a ‘win-win’ for Europe and Africa.