Italian oil and gas company Eni has announced a broad restructuring plan to weather low oil prices.

Eni announced Friday that it aims to sell 7 billion euros (nearly $8 billion) worth of assets by 2019, mostly by diluting stakes in recent discoveries, and make 3.5 billion euros in cost reductions through renegotiating contracts.

CEO Claudio Descalzi said in a statement that the industry "is facing a very complex challenge, reducing costs to fulfill short-term constraints while enhancing long-term value."

Eni said it plans to reduce investments by a fifth, while it expects oil and gas production will grow by more than 3 percent annually over the next four years. The company will continue to make exploration one of its main focuses.