Eni CEO: Energy sector shifting investment to Latin America and Southeast Asia

Eni's chief executive said that the oil and gas industry is diversifying its investments to?Southeast Asia? and Latin America?to counter the?prolonged?disruption?of shipping flows?in the Strait of Hormuz.

Claudio Descalzi, Eni's Claudio, said at an Eni hearing before a parliamentary panel that the risk to the Middle East will still be greater than it was.

* Russia and the Gulf region including Iran will not be able to contribute significantly to energy product supply for a while, Descalzi stated. And even when they return to the market, things will look completely different.

Descalzi stated that the 'Hormuz crisis' has brought to a heightened level of attention - other areas in development which are attractive both to energy companies as well as?countries looking for oil and gas supplies.

Descalzi said that Southeast Asia, South America, and Africa are promising regions for oil & gas. He added that he expects the first two areas to attract large investment.

(source: Reuters)