Eni boosts oil and natural gas production
BAKU, Azerbaijan, Feb.28
By Leman Zeynalova – Trend:
In the fourth quarter of 2019, oil and natural gas production of Italy’s Eni company averaged 1,921 kboe/d (1.871 kboe/d in the full year of 2019), Trend reports citing the company.
“Net of portfolio and price effects, production grew by 1.7 percent over the two reporting periods. The comparison of the full year period was affected by the termination of the Intisar production contract in Libya from the third quarter of 2018; net of this, production grew approximately 5 percent,” Eni said in its report.
Eni’s production performance was driven by the ramp-up of the Zohr field and of other fields started in 2018, mainly in Libya, Ghana and Angola, and by the 2019 new project start-ups in Mexico, Norway, Egypt and Algeria (with an overall contribution of approximately 250 kboe/d).
“Other production increases were reported in Nigeria, as well as Kazakhstan and the United Arab Emirates in the full year. These positives were partly offset by lower gas production in Indonesia due to a scale-down in activity reflecting a significant slowdown in gas demand in Asia, in Venezuela due to the current situation in the Country, as well as mature fields decline, mainly in Italy and Angola,” said the company.
Eni’s liquids production (926 kbbl/d) increased by 29 kbbl/d or 3.2 percent from the fourth quarter of 2018 (893 kbbl/d in the full year of 2019).
“Start-ups and ramp-ups of the period, mainly in Mexico, Libya and Ghana, and production growth in the United Arab Emirates and Nigeria were partly offset by facility shutdowns, mainly in Congo, lower production in Venezuela and mature fields decline.”
Natural gas production of Eni amounted to 5,379 mmcf/d in the quarter (5,287 mmcf/d in the full year of 2019), increased by 1 percent in the two reporting periods. Ramp-ups of the period, mainly in Egypt and Ghana, and the growth in Nigeria were partly offset by lower production in Indonesia and Venezuela as well as by mature fields decline.
Eni is an Italian company with a worldwide presence. It is one of the global oil and gas super-players – operating in 71 countries worldwide and employing around 33,000 people.
Follow the author on Twitter: @Lyaman_Zeyn