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Eni posts its first quarterly profit in 18 months

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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.

Read the article online at: https://www.lngindustry.com/liquefaction/03032017/eni-posts-its-first-quarterly-profit-in-18-months/

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