Eni has completed a deal settling differences over the Damietta LNG plant.
Eni intends to boost contracted LNG volumes to 14 million tonnes per year by 2024 and is in talks on entering Qatar Petroleum’s (QP) major expansion.
Eni reported strong results for the fourth quarter, with an adjusted operating profit of 802 million euros ($972.5mn) reported at its exploration and production unit.
A restart of the Damietta LNG plant is once again on the cards following an agreement between Eni, Naturgy and two state-owned Egyptian companies.
Poor gas demand may restrain Eastern Mediterranean production until 2023, GlobalData has warned.
A deal has been reached allowing Egypt’s Damietta LNG plant to restart by June of this year, with Naturgy to drop out of the shareholding group.
Egypt is planning to reduce the number of spot liquefied natural gas cargoes it offers and to negotiate long-term sales deals with customers instead, because of plummeting prices.