Eni pledges € 2.5B in UK energy investment over four years – FT (NYSE: E)

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Eni (NYSE: E) plans to spend at least € 2.5B in the UK over the next four years, as the UK government demands oil and gas companies significantly boost investment in the country’s energy system or potentially face a windfall profits taxFinancial Times reported on Sunday.

The Italian company said it will spend 80% on carbon capture and renewable energy projects, and the remaining 20% ​​on oil and gas production, according to the report.

“We believe that it would be best to ensure energy companies speed up investments in the energy transition rather than imposing a windfall tax which might have the effect of slowing down future investments,” Eni (E) reportedly said.

Eni’s plan follows new spending commitments by rivals, including Harbor Energy (OTCPK: PMOIF) – forecast to be the largest oil and gas producer in the North Sea this year – which told the UK government this week that it planned to invest £ 6B in further upstream activity in the next three years, FT reported.

Shell has said it will invest £ 20B- £ 25B in the UK energy system over the next decade, while BP has pledged to spend £ 18B by the end of 2030.

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