(MENAFN) Italy's ENI will cut investments by more than a fifth in the period to 2019 and sell stakes in oil and gas fields to become a leaner exploration-driven player.
Accordingly, the firm plans to cut group capital spending by 21 percent, and the disposals will be through the dilution of its stakes.
Moreover, last year Eni added 1.4bn barrels of new resources, compared to a goal of 0.5bn due to its giant Zohr gas field in Egypt.
The firm aims to tap 1.6bn barrels of oil equivalent by 2019 and receive down breakeven prices on new projects to USD 27 a barrel from USD 45.
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