BAKU, Azerbaijan, Oct.25
By Leman Zeynalova – Trend:
Hydrocarbon production of Italy’s Eni company reaffirmed the target of a production plateau in the range of 1.87 -1.88 mmboe/d, assuming a Brent price forecast of 62 $/bbl, Trend reports citing the company.
The projected range assumes a degree of volatility in the Asian demand for LNG and in Venezuelan production, reads a report released by Eni.
“As previously anticipated, production growth has been faster in the third quarter which was nonetheless affected by residual maintenance activity. Production is expected to ramp-up further in the fourth quarter.”
New field startups and ramp-ups are projected to add approximately 250,000 barrels of oil equivalent per day (kboe/d) of new production in the year, mainly relating the Zohr field, the achievement of full production at fields started in 2018, particularly in Libya, Ghana and Angola, as well as the fields started in 2019, mainly the Area 1 oil project offshore Mexico, Baltim SW in Egypt, North Berkine in Algeria and the Trestakk project in Norway and other additions. Those increases are expected to more than offset mature field declines, according to Eni.
This is while the company’s petrochemical production volumes and sales are expected to decline y-o-y due to the shutdown of the Priolo steam-cracker in the first quarter and fully in operation by the end of July, as well as other unplanned standstills.
Sale volumes are expected to be significantly affected by a slowdown in demand from the automotive sector and by weaker demand of “single-use plastics”, reads the report.
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