28 November 2013, News Wires – Italy’s Eni is to pump $28 billion into exploration and production activities in Africa in the next few years, according to a report.
The Paolo Scaroni-led major plans to drill 140 wells between this year and 2016 as it hunts a huge resource boost, Reuters cited an executive as saying at an industry conference on Thursday.
“We are targeting 3 billion barrels of equity resource in four years,” the news wire quoted executive vice president for exploration Luca Bertelli as saying.
“If achieved, this will give us access to new resources at an exploration cost of $1.2 per barrel.
“With the results achieved so far in 2013 we are very confident that this target will be met.”