Eni to invest 4.5 bln euros in upstream annually to 2025

 (Reuters) – Italian energy group Eni (ENI.MI) plans to invest around 4.5 billion euros ($4.47 billion) in upstream activities each year from now to 2025 focusing on several countries, its deputy chief operating officer for natural resources said on Tuesday.

“We are fully committed to invest 4.5 billion per annum in the upstream to bring on line new gas supplies,” Cristian Signoretto said at the Gastech conference in Milan.

Signoretto mentioned the development of LNG projects in Qatar and Congo and also Egypt and Algeria, where Eni has a longstanding presence.

“Indonesia is another area in which we are investing heavily,” Signoretto added.

In its 2022-2025 strategic plan, unveiled in February, Eni said it would invest seven billion euros per year on average in its different businesses.

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