Sat, 2020-04-25 03:29
MILAN: Italian energy group Eni lowered its forecast for production and investments on Friday as the coronavirus crisis has driven down oil and gas demand and hammered crude prices.
In a statement on first quarter results, it said it would spend about 30 percent less this year than planned and expected production to be 1.75 million-1.8 million barrels of oil equivalent per day.
The group, which said in March it would cut capital expenditure in 2020 by 25 percent, said on Friday it expected spending in 2021 to be 30-35 percent lower than original plans.
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