Eni plans €2.5 billion in UK investment over four years

(Bloomberg) — Eni SpA plans to spend at least 2.5 billion euros ($2.4 billion) over the next four years in the UK, amid government calls on energy companies to increase investments or face a windfall tax, the Financial Times reports, citing the company.

The pledge will see 80% of the planned spending go to carbon capture and renewable energy projects, and the remaining 20% to 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 was cited in the report as saying.

Eni’s investment plan follows new spending commitments by rivals, with Harbour Energy Plc pledging to invest $6 billion in the UK over the next three years and BP Plc planning up to £18 billion in investments by 2030.

UK Business Secretary Kwasi Kwarteng said the government “want to see actual real spending” from the oil companies in an interview with Bloomberg TV on Friday.