BAKU, Azerbaijan, April 24. Eni's hydrocarbon production in 1Q2024 maintained an average of 1.741 million barrels of oil equivalent per day (boe/d), marking a notable 5-percent increase year-on-year (1.661 boe/d in 1Q2023), Trend reports.
According to the company's latest report, the production level in the reporting period also increased by 2 percent percent, compared to 4Q2023 output (1.708 boe/d).
This surge in production was fueled by various factors, including the Neptune acquisition, contributing approximately 120,000 boe/d, as well as the successful ramp-ups of the Baleine project in Côte d'Ivoire and operations in Mozambique, Eni explained, adding that these gains were somewhat tempered by a decline in production from mature fields.
In terms of liquids production, 1Q2024 saw an output of 797,000 b/d, reflecting a 2-percent uptick compared to the same period in 2023. This increase was largely attributed to the Neptune acquisition and growth in Côte d'Ivoire, although it was partially offset by declines in mature fields, the company noted.
Meanwhile, natural gas production also experienced growth, reaching 4,937 million cubic feet per day (mmcf/d) in the first quarter of 2024, marking an 8 percent increase from the previous year. This growth was primarily driven by the Neptune acquisition and the continued ramp-up of the Coral Floating LNG project. However, similar to liquids production, this increase was offset by declines in mature fields.