BAKU, Azerbaijan, Nov.1
By Leman Zeynalova – Trend:
Natural gas production by Italian Eni company was 4,688 mmcf/d in the quarter, in line with the same period of 2020 (4,584 mmcf/d in the nine months, down by 2 percent), Trend reports with reference to the company.
The ramp-up at Zohr (Egypt) and Merakes (Indonesia) boosted by strong global demand was offset by the impacts of natural declines and lower activity in Nigeria.
Oil production was 805 kbbl/d, down by 1 percent from the same quarter of the previous year (799 kbbl/d in the nine months, down by 6% compared to the nine months 2020). This reduction was due to higher maintenance activity, price effect, the decline in Nigeria and in mature fields as well as the impact of hurricane Ida in the GoM, partially offset by production growth in Egypt.
In the third quarter of 2021, hydrocarbon production averaged 1.69 million boe/d (1.66 million boe/d in the nine months 2021). Net of price effects, production increased by 1.2 percent from the third quarter 2020; the sequential performance was more significant with a growth of 6 percent when compared to the second quarter of 2021.
The increase was driven by a robust performance in Egypt and Indonesia due to the continuing production ramp-up at the flagship projects of Zohr and Merakes in a context of strong global demand for gas and LNG and also thanks to the restart of the Damietta liquefaction plant, as well as to the progressive easing of OPEC+ production quotas with the easing of production caps (in particular in Kazakhstan and Angola).
When compared the third quarter 2021 performance with the same quarter of the previous year, these increases more than offset the negative effects due to prolonged maintenance activities in Norway, Italy and the UK, lower activity in Nigeria and mature field declines. In the nine months these negative factors had a greater weight, resulting in a decline of about 4 percent (net of price effect).
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