Ravenna, Italy – Claudio Descalzi, the CEO of Eni, addressed the recent increase in gas prices, asserting that it is not a result of supply issues from the Middle East. Speaking at the 2023 OMC Conference in Ravenna, Descalzi reassured the audience that there are no significant supply disruptions.
“Many of you have witnessed the recent spikes in gas prices,” stated Descalzi, noting that prices have risen from 38 euros to 50 euros per Mgw/hour. He emphasized, “At the moment, there is nothing to be concerned about in terms of supply.” Descalzi added, “Apart from the precautionary halt of the Tamar field by Israeli authorities, there are no major impacts on gas production.”
Describing the upcoming winter, Descalzi pointed out that it is causing concerns for regions without sufficient gas reserves, such as Europe. He acknowledged that there is some apprehension in this regard.
Regarding Eni’s collaboration with Algeria, Descalzi mentioned that they have conducted a review of projects but assured that it does not bring about any significant changes. He highlighted discussions with the Algerian Minister and the new head of Sonatrach, stating that they have thoroughly examined various activities, including CO2 capture and satellite monitoring of methane leaks.
Descalzi also pointed out Eni’s growing involvement in renewable energy through “Plenitude” and indicated advanced discussions with a strategic investor. He emphasized the importance of establishing a stable investment floor in a volatile market.
In conclusion, Descalzi’s remarks at the conference offered reassurance that the recent gas price increase is not linked to supply disruptions and provided insights into Eni’s ongoing initiatives and collaborations.
