Italy's ENI targets 3.5 percent production growth a year

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MILAN (AP) Italian energy giant ENI says it will increase oil and gas production by 3.5 percent a year over its new 2019-2022 business plan, in line with the prior four years.

ENI CEO Claudio Descalzi said Friday that production growth would be supported by ramp-ups of existing projects and startups that target 2.5 million barrels of new resources from 140 new wells. Investment in exploration is forecast to reach 3.5 billion euros ($4 billion).

By 2022, 18 new startups will contribute 660,000 barrels of oil equivalent a day and the expansion of existing fields will reach 290,000 barrels of oil equivalent a day. More than a third of the new production will come from the Middle East, Norway and Mexico.

Descalzi said ENI's upstream business will be carbon neutral by 2030.

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