Eni pledges €2.5B in U.K. energy investment over four years - FT

May 22, 2022 7:40 PM ETEni S.p.A. (E)PMOIF, HBRIYBy: Carl Surran, SA News Editor1 Comment

ENI fuel and gas station. Eni S.p.A. is an Italian multinational oil and gas company headquartered in Rome. MAN truck with the ENI logo.

Aliaksandr Litviniuk/iStock Editorial via Getty Images

Eni (NYSE:E) plans to spend at least €2.5B in the U.K. over the next four years, as the U.K. government demands oil and gas companies significantly boost investment in the country's energy system or potentially face a windfall profits tax, Financial Times reported on Sunday.

The Italian company said it will spend 80% on carbon capture and renewable energy projects, and the remaining 20% on oil and gas production, according to the report.

"We believe that it would be best to ensure energy companies speed up investments in the energy transition rather than imposing a windfall tax which might have the effect of slowing down future investments," Eni (E) reportedly said.

Eni's plan follows new spending commitments by rivals, including Harbour Energy (OTCPK:PMOIF) - forecast to be the largest oil and gas producer in the North Sea this year - which told the U.K. government this week that it planned to invest £6B in further upstream activity in the next three years, FT reported.

Shell has said it will invest £20B-£25B in the U.K. energy system over the next decade, while BP has pledged to spend £18B by the end of 2030.

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