Italian oil and gas group Eni raised its production targets for the year on Thursday as second-quarter net profit slumped due to lower oil prices and a heavy loss at oil contractor subsidiary Saipem.
State-controlled Eni said adjusted net profit in the second quarter was 0.14 billion euros ($153 million), below the consensus forecast of 0.48 billion euros in a Reuters poll of analysts.
Stripping out the Saipem effect, adjusted net profit was 0.45 billion euros. On Tuesday, Saipem reported a quarterly adjusted operating loss of 738 million euros after heavy writedowns as part of a turnaround plan.
Italy’s Foreign Minister said “prudence and discretion” were essential as the country attempts to bring four kidnapped oil workers home from Libya.
The families of four men have been in an anxious wait for news after they were taken near to an industrial complex owned by energy company Eni in the western city of Mellitah.
Foreign Minister Paolo Gentiloni said: "Prudence and discretion....are needed to bring home our four countrymen.
Four Italian workers have been kidnapped in Libya.
The incident happened near an industrial complex owned by energy company Eni in the western city of Mellitah.
The Italian Foreign Ministry said the employees had been kidnapped on Sunday.
Italy's Eni has discovered gas reserves of up to 15 billion cubic metres in Egypt's Nile Delta region, with production set to start in two months, the Egyptian oil ministry said on Monday.
The discovery was made in Western Abu Madi, 120 km northeast of Alexandria, where Eni holds 75 percent of exploration rights through an Egyptian subsidiary, with Britain's BP holding a 25 percent stake.
Eni made the discovery at a depth of 3,600 metres and initial estimates point towards reserves of up to 15 billion cubic metres of natural gas and natural gas condensate, an Egyptian oil ministry statement quoted the company as saying.
Twelve people died and three were injured in an explosion during repair work at an Eni SpA crude oil pipeline in Nigeria.
The victims worked on a maintenance team for a local service company, Rome-based Eni said in a statement Friday. The Tebidaba-Clough Creek pipeline in the Niger delta was previously “damaged by acts of sabotage.” The company said it is still investigating the cause of Thursday’s blast.
Egypt has raised the prices it pays Eni and Edison for the natural gas they produce in the country, an official with state-owned gas company EGAS said on Sunday.
The agreements mark the latest move by Egyptian authorities to improve terms for foreign oil and gas businesses in the hope that more competitive pricing will encourage investment in the energy-hungry country.
Energy service giant Petrofac said today its projects and operations business unit had secured contract renewals for UK North Sea work worth a total of about $400million (£252million).
Eni SpA reported a 64% decline in profit caused by falling oil prices and losses on the fair-value interests in Galp and Snam.
Adjusted net income for the fourth quarter fell to 464 million euros ($529 million euros) from a year earlier, the Rome-based company said in a statement.
That was below the 597 million-euro average estimate of 13 analysts surveyed by Bloomberg. Revenue declined 10 percent to 26.8 billion euros.
Malaysian company Yinson has signed an agreement with Eni to supply an FPSO (Floating Production Storage and Offloading) vessel in Ghana.
The deal is for a firm charter period of 15 years with five yearly extension options exercisable by Eni Ghana.
The FPSO will process oil and gas from the Offshore Cape Three Points (OCTP) block which is located in the Tano Basin.
Italian company Eni has made a new oil and gas discovery in Egypt.
The company said the exploration well, located in the Melehia licence, was drilled to a depth of 4,175metres.
It met a 20metre net mineralized accumulation of light oil in the Lower Cretaceous age of the Alam El Bueib formation.
Italian oil firm Eni has warned oil could jump to as much as $200 per barrel if the Organisation of Petroleum Exporting Countries (OPEC) fail to cut production.
The company said the oil price slide is leading to under investment within the oil industry.
Claudio Descalzi, Eni’s chief executive, said mismanagement may lead to longer-term shortages and cause prices to soar several years’ time.
Eni has begun production at the Lucuis oil field in deepwater Gulf of Mexico.
The Lucius has a production secured through six subsea wells tied back to a moored production handling spar connected to the shore via dedicated oil and gas pipelines.
Italian oil and gas company Eni has signed contracts for two exploration blocks off the coast of Egypt.
The deals follow the result of the EGAS 2013 bid round and will see work carried out on the North Leil and Karawan blocks in the deep waters of the Mediterranean.
Eni has signed a new concession agreement to operate in the South West Melehia block in the Western Desert of Egypt.
It follows the Egyptian General Petroleum Corporation’s (EGPC) 2013 international competitive bid round.
The company said the new acquisition adds to the list of exploration successes achieved in the area over the past two years.
Rockhopper Exploration has been awarded a 40% share in an offshore block in Croatia in a partnership deal with Eni.
Block 9 is located in shallow waters of the Northern Adriatic gas province and contains the previously discovered Ksenija accumulation along with the Klaudija prospect.
The company said the anticipated work programme consists of seismic acquisition, processing and re-processing during the first exploration phase, with the drilling of a well in the second exploration phase.
Eni has announced its third quarter results alongside the discovery of up to one million barrels of oil in the Congo.
The company posted its third quarter results, which showed net profit of €1.71billion was down by 57% since the same time last year.
