BAKU, Azerbaijan, October 31. Eni has revised up its forecast for exploration and production (E&P) for 2023, Trend reports.
As such, initial E&P estimates had ranged between 1.63 to 1.67 million barrels of oil equivalent per day (boe/d). However, the most recent update narrows this range to 1.64 to 1.66 million boe/d.
One of the standout developments in Eni's E&P sector is the remarkable success in recent exploration ventures, notably in Egypt and Indonesia. The sector had initially set an ambitious target of adding 700 mboe to its reserves through exploration activities. However, these aspirations are now being surpassed.
Meanwhile, Eni's hydrocarbon production maintained an average rate of 1.64 mboe/d in the third quarter of 2023 (1.64 mboe/d for the first nine months of 2023).
This represented a notable 4-percent increase when compared to the third quarter of 2022, with a 2-percent increase, compared to the first nine months of 2022. The surge in production was primarily driven by significant developments in Mozambique and Mexico, the successful launch of the Baleine project in Côte d'Ivoire, increased operational activity in Algeria, which was further boosted by strategic business acquisitions.