Eni SpA (ENI), Italy’s largest oil producer, increased its long-term growth target for oil and gas production as it steps up investment.
The company sees output gaining more than 3 percent a year through 2015, it said in a presentation to investors posted on its website today. New projects may allow for growth of 3 percent through 2021, it said.
Output is returning in Libya, where Eni is the largest producer, after the conflict that ousted Muammar Qaddafi shut down most oil and gas fields in the country and caused Eni’s output to drop 13 percent last year. Eni also discovered about 30 trillion cubic feet of gas in waters off Mozambique last year.
New projects will add about 700,000 barrels of oil equivalent a day to output, the company said. Spending on exploration and production will rise to 44.8 billion euros ($58.6 billion) through 2015.