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Eni Targets 3% Annual Production Growth Till 2017

|Includes: ENI S.p.A. (E)

Eni announced in its strategic four-year plan that it expects production to increase by an average of 3% per year between 2014 and 2017. The share of oil is expected to grow from 52% currently to 57% by 2017.

The company attributed the expected increase to growth from 26 projects, which are expected to contribute about 500 MBOE/d by 2017. On the other hand, production from Libya and Nigeria is expected to remain depressed in the near-term, with gradual improvement from 2015.

Eni also stated that it will focus on exploration in the next four years. Key target areas are Mozambique, Kenya, Congo, Angola, Gabon, the Pacific Basin, the Barents Sea and Cyprus.

In Mar-2013, the company announced that it was targeting an annual production growth of more than 4% in 2014-2016. The growth was expected to be aided by an addition of 700 MBOE/d from new projects due to come online by 2016.

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