Italy’s Eni posted a net profit of EUR 18 million in the second quarter of 2017, an improvement from a loss of EUR 446 million reported in the second quarter of 2016.
The company’s oil and gas production grew to 1.77 million barrels of oil equivalent a day, a three percent rise versus the corresponding quarter in 2016 when it reported 1,71 million boepd.
Eni said the rise in output was driven by new project start-ups and the ramp-ups at fields started up in 2016, mainly in Angola, Egypt, Ghana, Indonesia, Kazakhstan and Norway.
During the quarter Eni started production from its integrated oil & gas development project in the Offshore Cape Three Points (OCTP) block, off Ghana’s western coast, as well as from the Jangkrik development project off Indonesia, both ahead of schedule.
This trend was partly offset by OPEC production cuts, price effect, and mature fields declines. When excluding the price effect on PSAs contracts and OPEC cuts (overall 30 kboe/d in the quarter) and the, hydrocarbon production increased by 5.2%.
The Italian oil giant confirmed full year production target of 1.84 million boe/d (up by 5% from 2016) leveraging on new project start-ups and ramp-ups of fields entered into operations in 2016, mainly in Kazakhstan, Egypt and Norway.