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Eni Announces Long-Term Strategic Plan To 2050

Eni announced Long-Term Strategic Plan to 2050 and action plan 2020-2023.

The company targets upstream production growth at an annual rate of 3.5% up to 2025, subsequent flexible decline mainly for oil. Gas production by 2050 will make up about 85% of total production.

Eni also confirmed its Upstream net carbon neutrality target for scope 1 and 2 emissions by 2030 and announced a new net carbon neutrality for scope 1 and 2 emissions for the entire Eni group by 2040.

Eni plans investments in renewables, energy efficiency, circular economy and offsetting of flaring of 4 billion euros, an increase of 30% compared to the previous plan.

Eni confirmed its shareholder remuneration policy, and for 2020 provides a dividend of 0.89 euros per share, an increase of 3.5%; and a buyback of 400 million euros.

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