Eni SpA (E), Italy's biggest oil-and-natural-gas company by market value, Wednesday said it expects exploration and production growth this year of about 10%, net of production sharing agreements, or PSAs.
Eni SpA (E),
Italy
's
biggest oil-and-natural-gas company by market value, Wednesday said it expects
exploration and production growth this year of about 10%, net of production
sharing agreements, or PSAs.
Eni forecasts "rapid recovery and growth" in the key E&P
division, it said.
Under PSAs, companies shoulder all investment costs but can recover them from
the sale of oil or gas before having to share revenue with the government.
Eni is currently is gas renegotiation talks with
Russia
's OAO
Gazprom (GAZP.RS) and these are "progressing," said Eni Chief
Executive Paolo Scaroni. The renegotiations would take effect from the start of
2011, he said.
Eni's gas renegotiation accord with
Algeria
's
Sonatrach is "satisfactory, said the Italian company.
Operating results in the gas and power division this year are expected to be
"higher" than last year, said the Italian company.
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