Italys Eni reported its 2011 net profit rose 9.1 per cent to US$9 billion thanks to higher oil prices and faster recovery of its Libyan output.
Eni reported Wednesday that its average production of liquids and gas during the fourth quarter of 2011 was down 14.1 percent at 1.68mn barrels of oil per day. Average production was down 12.9 percent at 1.58 Mboepd for the whole year
Eni was affected by the unrest in Libya, 2011 output dropped 12.9 percent to 1.58 million barrels per day, but for 2012, the company said it expected a full return to normal by the second half.
For 2012 Eni said it expected its hydrocarbon production to be higher than the previous year thanks to the gradual recovery of its production in Libya. Gas sales in 2012 are seen essentially in line with the previous year.
Paolo Scaroni, Chief Executive Officer, commented: “ We have rapidly restarted our Libyan operations, reducing the impact of the Revolution on 2011 results.”
Eni provided a detailed update on the Libyan situation stating: “major milestones achieved in the final part of the year include the restart of oil production at the Wafa and Bu Attifel fields in September, the reopening of the GreenStream and gas production at the Wafa field in October, and the return to production of the Sabratha gas platform at the Bahr Essalam field in November which fills the GreenStream, and the El feel and Bouri oilfields during the same month.”
Eni added: “production at our Libyan sites is currently flowing at approximately 240 kboe/d and we are targeting to achieve the pre-crisis production plateau of 280 kboe/d and full ramp-up by the second half of 2012.
