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Eni’s oil & gas production reaches highest level ever achieved

16 February 2019 10:02 (UTC+04:00)
Eni’s oil & gas production reaches highest level ever achieved

By Trend

Oil and natural gas production of Italian Eni company averaged 1,851,000 barrels of oil equivalent per day in 2018, the highest level ever achieved, Trend reports citing the company’s website.

Eni’s oil and gas output in the fourth quarter of last year stood at 1,872,000 barrels of oil equivalent per day, reads the full year report released by the company.

“This performance was driven by ramp-ups at fields started up in 2017, mainly in Egypt, Indonesia, Angola, Congo and Ghana and the 2018 start-ups (with a total contribution of over 300,000 boe/d), higher production at the Kashagan field, Goliat field in Norway and Val d’Agri in Italy, as well as the acquisition of the two Concession Agreements Lower Zakum (5 percent) and Umm Shaif/Nasr (10 percent) producing offshore in the United Arab Emirates,” said Eni.

However, these positives were partly offset by negative price effects at PSAs (production sharing agreements) contracts, lower-than-expected produced gas volumes due to the impact of exogenous factors in certain countries, the decline of mature fields as well as certain oneoff events (termination of the Intisar contract in Libya and unplanned shutdowns), according to the report.

The company said that when excluding price effects (down approximately 10,000 boe/d), hydrocarbon production increased by 2.5 percent in the full year (down by 1.1 percent in the quarter).

“Liquids production amounted to 887,000 per barrel per dayin the full year of 2018 (897,000 barrels per day in the fourth quarter of 2018). The ramp-ups of the period and the acquisition in the United Arab Emirates were partly offset by price effects and mature field declines,” said the report.

Eni is an Italian company with a worldwide presence. It is one of the global oil and gas super-players – operating in 71 countries worldwide and employing around 33,000 people.

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