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Eni sticks to targets despite worse-than-expected losses

The Goliat FPSO. Pic courtesy of Eni Norge AS.
The Goliat FPSO. Pic courtesy of Eni Norge AS.

Eni has stuck to its targets despite revealing a worse-than-expected loss in the third quarter of this year.

It comes as a result of lower oil prices combined with a domestic production shutdown.

The company said it had adjusted net loss in the quarter of €434million.

The Italian oil major also confirmed it would cut investments this year by 20% and said it expected oil and gas output for the year to be substantially in line with 2015.

Chief executive Claudio Descalzi said: “The strategies and targets of the group, including disposals, are confirmed.”

Eni said it is looking to raise a total of €5billion in asset sales over the next two years to help fund growth.

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