Eni Seeks Asset Optimisation to Achieve Top Global Status

Italy-based Eni does not need to diversify its portfolio to increase its clout, as it has simply to increase the returns of the existing operations, Marco Alvera, CEO of Eni Trading and Shipping, said to Reuters.

“We have a lot of storage, we have a good deal of optionality. We don’t need to buy assets that much. We need to start extracting value from the flexibility we already have… Our main effort is asset optimisation,” said Alvera. 

Eni is taking part to traditional operations in Russia, Algeria and Libya. It is also eyeing new opportunities to expand in Kazakhstan and LNG projects in East Africa. Eni also owns 20% interest in the offshore section of the South Stream project, carrying gas from Russia to the EU. 

As reported by Reuters, the trading desk of Eni in London is fast emerging to rival oil majors BP and Shell in some of their favourite markets. 

“We are No.1 in natural gas in Europe and probably have a top 6-7 position among global majors in terms of equity oil production. As a trading organisation we definitely deserve to be up there in the top 5,” said Alvera.