Eni has been boosted after discovering a major new oil field off the Congo – despite seeing profits hit by ongoing problems elsewhere in Africa.
The Italian oil firm revealed it had made a ‘significant’ discovery after drilling its Nene Marine 3 exploration well 17km off the Congo coast.
Investigation of the find indicates more than 1.2billion barrels of oil and 30billion cubic metres of gas could be in place on the site.
Combined with the neighbouring Litchjendilj field, the company said it believed the region could contain around 2.5billion barrels of oil equivalent.
The find represents a boost for the Italian explorer, as it revealed fourth quarter profits had fallen 14% due to production shutdowns in Libya and Nigeria.
Eni, the largest foreign oil firm in the troubled North African state, saw profits fall 29% to £2.9billion for the final quarter of the year, and down 34% to £10.3billion for the year.
Production fell almost 10% in the fourth quarter, to 1.5million barrels of oil per day compared to the same period in 2012, as force majeure declarations in Libya and Nigeria came into effect.
The shortfall was mitigated to an extent, the company said, by resumptin of output from the Elgin Franklin North Sea field, which was shut in through 2012.
“Despite problems in Libya and Nigeria, our E&P Division confirmed its capability to deliver high profits thanks to its cost leadership and extraordinary exploration successes,” said chief executive Paolo Scaroni.
“The portfolio rationalisation permitted by the new discoveries has allowed an anticipated monetization of results and cash.
“The overall effect of what we have done in this challenging year enabled us to deliver an increased net profit versus 2012.”
Watch Paolo Scaroni talk about his company’s future plans and the Libyan crisis below