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Eni posts its first quarterly profit in 18 months

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LNG Industry,

Reuters are reporting that Italy's Eni posted its first quarterly profit in 18 months and announced that it expects oil and gas production to rise 3% per year over the next four years after a string of high profile discoveries.

Eni has made major gas finds in Mozambique and Egypt, and announced on 1 March that it was looking to add up to 3 billion barrels of new resources out to 2020 even as it cut investments by 13%.

Eni beat expectations with Q4 adjusted net profit of €459 million (US$484 million) helped by lower spending and higher oil prices.

Eni, which will reap the benefit of a ramp-up at Kazakhstan's giant Kashagan field, expects output this year to jump by 5% as key projects in Angola, Ghana, Indonesia and Egypt come on stream ahead of schedule.

To deal with the gas finds, the company said it aimed to develop its LNG business.

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