ENI to review Middle East projects
The company said it will have a revised plan in the coming month
ENI will review its Middle East projects due to the coronavirus pandemic and low oil price, a senior official told media in a conference call.
“We are at the moment reviewing all our ongoing projects for this year, 2020, and 2021,” Fuad Krekshi, Eni’s regional executive vice president, said. “We expect to come out with the revised plan sometime in the next month.”
“It’s not just coronavirus here,” he noted. “You are talking about a market with a sudden drop of prices by 50% ... so we are looking at both sides, the price impact and the coronavirus.”
ENI boasts projects across Bahrain, Lebanon, Oman, and the UAE, including its partnership with ADNOC. When Krekshi was asked if the Ghasha sour gas field deal with ADNOC would be impacted, he said that there would be a joint review with ADNOC.
He noted that it was too soon to make any decisions, but that the company was considering its options.