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E - Eni cuts capex budget in its upstream business over COVID-19 crisis
ENI S.p.A.
Eni (E-7.4%) has announced its capital spending to be ~35% lower than the original budget for 2020 and 30% lower for 2021, with €2.6B in anticipated cuts next year. The cut is mainly in its upstream business due to the collapse in oil prices and the impact of the coronavirus pandemic, as well as because of the extension of force majeure in Libya for the FY 2020.
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