The oil and gas industry is diversifying investments towards Southeast Asia and Latin America in reaction to the prolonged disruption of shipping flows in the Strait of Hormuz, the chief executive of Italian energy group Eni said on Thursday.
Speaking at a hearing in front of a parliamentary committee, Eni's Claudio Descalzi said that even when peace is established in the Middle East, the risk attached to the region will be higher than before.
Russia and the Persian Gulf region, including Iran, will not be able to give a significant contribution in terms of supply of energy products for some time, and even when they do return to the oil and gas market things will be completely different from before, Descalzi said.
The Hormuz Strait crisis has put under the spotlight other areas under development, which are attracting both energy companies and also countries seeking oil and gas supplies, Descalzi said.
Southeast Asia, South America and Africa are promising areas for oil and gas, Descalzi said, adding he expected the first two regions to attract large investments.
(Reporting by Francesca Landini Editing by Keith Weir)
