Eni to raise its global oil output 80 pct in four years

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WIRE:09/21/2000 10:34:00 ET Eni to raise its global oil output 80 pct in four years

BONNY, Nigeria, Sept 21 (Reuters) - Italian oil and gas company Eni (ENI.MI) said on Thursday it planned to raise its global oil production by 80 percent to 1.8 million barrels per day (bpd) in four years, from the current output of 1.0 million bpd.

Eni Chairman Gian Maria Gros-Pietro said Nigeria, OPEC"s sixth largest oil exporter, was central to achieving its plan to nearly double oil output, and that it would invest $1.0 billion to raise its production in the West African country. "We have spent more than 40 years to produce one million barrels of oil equivalent per day. Now, in four years we want to achieve a minimum production of 1.5 million bpd, but our real objective is 1.8 million bpd," Gros-Pietro said at a news briefing in the southern Bonny Island. "Nigeria is at the heart of our future for many reasons. First of all, Eni intends to spend at least $1.0 billion to increase its Nigerian production in four years," he said but did not elaborate on what Eni"s Nigerian production would be in four years. Eni, whose subsidiary company Agip operates in joint venture partnership with the Nigerian state oil firm NNPC, announced last week during the visit of Nigeria"s President Olusegun Obasanjo to Italy, that it aimed to raise oil production in Nigeria to 360,000 bpd from 240,000 bpd by 2003.


-- Martin Thompson (mthom1927@aol.com), September 21, 2000

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