Eni increases spending cuts and asset sales

Eni is decreasing investments and selling assets to be a leaner gas-exploration organization, according to Reuters. The company plans to cut CAPEX by 21% and exploration spending by 18%, and to raise €7 billion ($7.9 billion) from asset sales.

Reuters noted that Eni also plans €6 billion in cost cuts, more than half of which is expected to come from renegotiating contracts.

Eni CEO Claudio Descalzi commented that the disposals will be mainly through the dilution of the company’s stakes in recent and material discoveries, such as its gas fields in Mozambique and Egypt. Eni is said to be holding talks with parties interested in the company’s possible disposal in Mozambique.

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