By Nathan Allen

Eni SpA (ENI.MI) said Friday that it plans to add more than 2.5 billion barrels of resources to its portfolio over the next four years by exploring basins in the Middle East, Norway and Mexico.

The Italian oil major said it expects to drill around 40 exploration wells a year between 2019 and 2022 in an effort to shore up its existing 3 billion barrels of reserves.

Over the same period Eni expects total hydrocarbon production to expand by around 3.5% a year through the ramp-up of new projects, which will contribute around 660,000 barrels a day in 2022.

Upstream operations should generate cumulative free cash flow of around 22 billion euros ($24.88 billion) between 2019 and 2022, Eni said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

March 15, 2019 07:15 ET (11:15 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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