Eni SpA reported a 64% decline in profit caused by falling oil prices and losses on the fair-value interests in Galp and Snam. Adjusted net income for the fourth quarter fell to 464 million euros ($529 million euros) from a year earlier, the Rome-based company said in a statement. That was below the 597 million-euro average estimate of 13 analysts surveyed by Bloomberg. Revenue declined 10 percent to 26.8 billion euros.
Malaysian company Yinson has signed an agreement with Eni to supply an FPSO (Floating Production Storage and Offloading) vessel in Ghana. The deal is for a firm charter period of 15 years with five yearly extension options exercisable by Eni Ghana. The FPSO will process oil and gas from the Offshore Cape Three Points (OCTP) block which is located in the Tano Basin.
Italian company Eni has made a new oil and gas discovery in Egypt. The company said the exploration well, located in the Melehia licence, was drilled to a depth of 4,175metres. It met a 20metre net mineralized accumulation of light oil in the Lower Cretaceous age of the Alam El Bueib formation.
Italian oil firm Eni has warned oil could jump to as much as $200 per barrel if the Organisation of Petroleum Exporting Countries (OPEC) fail to cut production. The company said the oil price slide is leading to under investment within the oil industry. Claudio Descalzi, Eni’s chief executive, said mismanagement may lead to longer-term shortages and cause prices to soar several years’ time.
Eni has begun production at the Lucuis oil field in deepwater Gulf of Mexico. The Lucius has a production secured through six subsea wells tied back to a moored production handling spar connected to the shore via dedicated oil and gas pipelines.
Italian oil and gas company Eni has signed contracts for two exploration blocks off the coast of Egypt. The deals follow the result of the EGAS 2013 bid round and will see work carried out on the North Leil and Karawan blocks in the deep waters of the Mediterranean.
Eni has signed a new concession agreement to operate in the South West Melehia block in the Western Desert of Egypt. It follows the Egyptian General Petroleum Corporation’s (EGPC) 2013 international competitive bid round. The company said the new acquisition adds to the list of exploration successes achieved in the area over the past two years.
Rockhopper Exploration has been awarded a 40% share in an offshore block in Croatia in a partnership deal with Eni. Block 9 is located in shallow waters of the Northern Adriatic gas province and contains the previously discovered Ksenija accumulation along with the Klaudija prospect. The company said the anticipated work programme consists of seismic acquisition, processing and re-processing during the first exploration phase, with the drilling of a well in the second exploration phase.
Eni has announced its third quarter results alongside the discovery of up to one million barrels of oil in the Congo. The company posted its third quarter results, which showed net profit of €1.71billion was down by 57% since the same time last year.