Eni, the leading Italian company in the energy sector, predicts that oil and gas production could reach its peak within six years, according to an article published on the Bloomberg website.
Oil and gas production is expected to grow at an annual rate of 3.5% until 2025, when, according to Eni, it will settle at a constant level and then continue with a slow decline in production, especially of oil.
The aim is to cut net emissions by as much as 80% by 2050. Also by 2050, gas will represent 85% of total production for the company, which will happen in parallel with strong increases in the renewable energy sector with over 55 gigawatts of installed capacity already around 2050.
The company itself claims to have designed a strategy “that combines economic sustainability with environmental sustainability”, according to Claudio Descalzi, CEO of the company.
Eni plans to reach a zero emissions level for exploration and production operations already by 2030.
These plans will most likely need considerable expansion in the renewable energy sector and also in the carbon capture and storage technology sector.