BAKU, Azerbaijan, May 2. Natural gas production by Italy’s Eni was 4,638 mmcf/d in the first quarter of 2022, down 2 percent year-on-year, Trend reports with reference to the company.
The impact of mature field declines, reduction in Libya, Nigeria and Norway were partly offset by the ramp-ups at Merakes (Indonesia), the com0any said in its latest report.
Oil production was 780 kbbl/d, down 4 percent year-on-year. Production growth in Egypt and the progressive easing of OPEC+ production quotas were partly offset by the reduction in Libya, Nigeria and Norway as well as mature fields decline.
In the first quarter of 2022, hydrocarbon production averaged 1.65 million boe/d, down 3 percent year-on-year. When compared to the first quarter of 2021, production ramp-ups in Indonesia, in a context of strong global demand for gas and LNG, and the progressive easing of OPEC+ production quotas (particularly in the United Arab Emirates), were more than offset by reduction in Libya, Nigeria and Norway as well as mature fields decline. These negative factors weighed more in sequential comparisons.
In the first quarter of 2022, the recovery in profitability of Exploration & Production gained momentum with an adjusted operating profit of €4,381 million, a 21 percent increase from the fourth quarter of 2021 (up 218 percent year-on-year), driven by an ongoing recovery in the oil scenario with the reference Brent price increasing by 27 percent (up 67 percent year-on-year), while a tight gas market drove higher spot prices, up 6 percent vs. the fourth quarter of 2021 and up 426 percent vs. the same period of 2021. Against this backdrop, Eni’s realized prices of liquids increased by 64 percent, whereas natural gas realized prices increased by 135 percent compared to the first quarter of 2021, (up 24 percent and up 7 percent respectively when compared to the fourth quarter of 2021). Better realized prices were partly offset by lower production volumes decreasing by 3 percent and 5 percent from the first quarter and the fourth quarter of 2021, respectively.
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