BAKU, Azerbaijan, February 28. Eni's hydrocarbon production in 4Q2023 averaged 1.71 million barrels of oil equivalent per day (boe/d), Trend reports.
According to the company's latest report, this marked an increase of 6 percent year-on-year (1.6 boe/d in 4Q2022).
For the full 2023 fiscal year, Eni saw a slight increase of 3 percent in its hydrocarbon production to 1.66 million boe/d, compared to 2022 fiscal year (1.61 boe/d).
This production boost was fueled by the ramp-up in Mozambique, the launch of the Baleine project in Côte d'Ivoire, increased activity in Algeria - bolstered by business acquisitions - unplanned events in Kazakhstan in the same period of '22, and enhanced operations in Libya and Indonesia, the company said.
However, these gains were partially offset by decreased production from declining mature fields. In a quarter-to-quarter comparison, production saw an almost 5-percent increase due to the factors mentioned above, Eni noted.
In particular, in 4Q2023, Eni's liquid production reached 781 thousand barrels per day (kbbl/d) - up by 1 percent, compared to 4Q2022 (776 kbbl/d). For 2023 fiscal year, liquid output totaled 769 kbbl/d, a 2-percent increase year-on-year (751 kbbl/d in 2022). The growth in production in Kazakhstan and Côte d'Ivoire was somewhat counteracted by the decline in mature fields.
Natural gas production hit 4,851 million cubic feet per day in 4Q2023 (4,635 in the fiscal year 2023, a 2-percent increase, compared to the full fiscal year 2022 - 4,523), showing a significant 10-percent increase compared to 4Q2022. According to Eni, production upticks were noted in Algeria, Mozambique with the Coral Floating LNG project ramp-up, Libya, Indonesia, and Kazakhstan. However, these gains were offset by the decline in mature fields.