Eni's Scaroni Highlights Need to Explore for Gas in Europe

The Chief Executive of Eni SpA says that more efforts need to be undertaken to explore for natural gas in Europe.

Paolo Scaroni said that shale gas should become a priority for Europe, which cannot become more competitive under the current conditions. Europe pays 3.6 the price of gas paid by United States and 2.4 the prices of electricity paid by the US. 

“We all would benefit if our industry bounced back. But we need a political solution that bridge the gap,” commented Scaroni.

Addressing the political turmoil in Egypt, Scaroni said that the situation is not affecting Eni’s oil production, adding that oil price will not increase unless a “dramatic international situation.”

“For what concerns our production, we are the major hydrocarbons producer in Egypt. At the moment, everything is under control,” said Scaroni at the end of the meeting of the confederation of Italian energy-related industries.

Headquartered in Italy, Eni is a major integrated energy company and the 17th largest corporation in the world, according to the 2012 ranking by CNN Money.