Eni Profits Surge, Still No Coral FID
Italian major Eni May 10 reported a €965mn net profit, a reversal from its €383mn loss in 1Q2016.
However there was still no mention in its results statement of any Final Investment Decision in the Coral floating LNG project offshore Mozambique, where it has agreed to bring in ExxonMobil as a partner.
Eni though said that other flagship gas and oil upstream projects such as Jangkrik in Indonesia and OCTP in Ghana are all about to come on stream, while the giant Zohr gas field development in Egypt is ahead of schedule and still due onstream by end-2017.
Eni also recently agreed terms for the supply of over 11mn metric tons to Pakistan over a 15-year period, as previously reported by NGW.
Oil and gas production increased by 2.3% year on year to 1.795mn barrels of oil equivalent in 1Q2017, but all the growth (+11% to 5.25bn ft3/d) was gas, while liquids fell by 6.5% to 832,000 b/d due to planned and unscheduled downtimes in Nigeria, the US and Libya.=
It confirmed its full year 2017 production target of 1.84mn boe/d, up 5% from 2016.
Eni also said its 1Q2017 adjusted net profit of €750mn was 60% higher than its 4Q2016 figure of €460mn when oil prices had already recovered to 1Q2017 levels..
Mark Smedley