Eni is starting a new chapter in its exploration strategy, targeting 2 Bboe of new equity resources with plans to drill about 115 wells in more than 25 countries through 2021.

The goal would build on the Italian major’s integrated development model that features an accelerated time to market along with low operating and production costs.

“During the downturn we not only succeeded in finding 4.4 billion barrels, but we have also been able to increase in an impressive way our exploration net acreage, which now stands at 400,000 sq km [154,441 sq miles], almost three times the level of 2013,” Eni CEO Claudio Descalzi said during a presentation on the company’s 2018-2021 strategy. “We are now ready to start a new cycle of this exploration campaign.”

The company’s strategy will still be focused on conventional plays, mainly those offshore Mexico, West and East Africa, East Mediterranean Sea and the Far East, he said, adding that the company is already familiar with the geology, contractual structure, operations and fiscal terms of these areas. Emphasis will be on exploration prospects with a “short time to market, low development operating costs and high cash flow generation.”

Eni plans to dole out about $1.1 billion annually on the effort.

The renewed focus comes as the oil and gas industry rebounds from a crippling downturn that slowed activity and spending, especially for exploration. But it also shed light on better ways of operating and lowering costs, while providing opportunities to pick up acreage as companies streamlined portfolios.

The company has celebrated some major exploration successes in recent years. These have included the large Zohr gas discovery offshore Egypt in the Mediterranean Sea. The field, which started production in December 2017, has an about 850 Bcm (30 Tcf) of gas in place.

Phase 1 for Zohr, which Eni said it would invest about $4 billion as reported by Reuters, included drilling four wells. Plans are for 20 wells to be drilled at Zohr by year-end 2019. The field is expected to produce between 70.8 MMcm and 85 MMcm (2.5 Bcf/d and 3 Bcf) of gas when it reaches peak production in 2019.

Work on Phase 2 is underway with Baker Hughes, a GE company, having landed a contract in September for project management, engineering, procurement, fabrication, construction, testing and transportation of a subsea production system.

Eni recently farmed out 10% of the Zohr joint venture (JV) to Mubadala. The JV now comprises operator Eni (50%), Rosneft (30%), BP (10%) and Mubadala (10%).

The company also has experienced success offshore Mozambique, where it leads the Coral floating LNG project and upstream operations in Area 4 with ExxonMobil and CNPC. The company aims to produce up to 141.6 Bcm (5 Tcf) of gas at Coral South with startup anticipated in mid-2022.

Eni sees an array of exploration opportunities that span the globe. These include the North Slope and offshore Mexico in North America; the Barents Sea; the Porcupine Basin offshore Ireland; Africa’s Transform Margin and the Lower Congo Basin, Durban, Angoche and Lamu basins; and the Transform Margin and areas offshore Morocco, Egypt and Oman.

More opportunities could be in store farther east in Myanmar, Vietnam and East Kalimantan.

Eni also is working with ExxonMobil on LNG development at the Mamba Field, which Eni said involves drilling 16 subsea wells and construction of two onshore LNG trains.

But as the company searches for more hydrocarbon resources, it plans to drive production growth with new project startups and ramp-ups, which Descalzi said will account for about 700,000 bbl/d by 2021 and another 200,000 bbl/d of production optimization.

“We will deliver a production growth of 3.5% per year up to 2021. In 2018 we have raised our regional guidance after the conclusion of the Abu Dhabi deals to 4% including the effect of 10% of Zohr’s disposal,” Descalzi said. “All of our growth will come from projects already sanctioned or that will reach FID this year. We will deliver 15 major startups and will operate around 80% of our production.”

Four projects are scheduled for startup this year—Offshore Cape Three Points gas project offshore Ghana, West Hub-Ochigufu (started production in March offshore Angola), Bahr Essalam Phase 2 in the Mediterranean offshore Libya and Wafa Compression (Libya).

Eni, Eni exploration strategy, Eni CEO Claudio Descalzi

“Even more remarkable is that most of these projects come from our exploration portfolio in the last five years and, thanks to our integrated model of development, we start out production with a very competitive time to market,” he added.