Eni sees profits rise
The Italian oil and gas company Eni has reported a 9.1% increase in full year net profit, bringing the figure to US$ 9.07 billion.
This rise has been attributed to rising oil prices as well as the depreciation of the euro against the US dollar. These events had such a significant impact that they were able to outweigh the 13% drop in production to 1.6 million bpd caused by the six-month closure of operations in Libya.
The outlook for the company continues to be positive as, according to Eni, 80% of its Libyan operations are up and running once more. The company has plans to increase production by 80,000 bpd as a result of 11 start-ups this year. Other plans include continuing a ramp-up of existing operations in Italy and Iraq as well as beginning new projects in Algeria, Siberia, and offshore Angola.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/15022012/eni_sees_profits_rise/
You might also like
Hydrocarbon Engineering Podcast
Susan Bell, Senior Vice President within Commodity Markets – Oil, Rystad Energy, discusses the impact of trade wars on global oil demand and oil prices, in light of President Trump’s ‘Liberation Day’ tariffs.
EU shifts on climate targets in the face of industry reality
The EU’s shift on climate targets has come to echo the reality of the industry, according to an Aggreko report.