Italy: Eni’s Profit Rises 42 pct on Higher Oil Prices

Eni, the international oil and gas company based in Italy, today announces its group results for the first quarter of 2012. The Italian oil giant reported first quarter 2012 net profit of €3.62 billion (USD 4.77 bln), a 42% increase when compared to the same period in 2011 when it recorded a net profit of €2,54 billion (USD 3,34 bln).

Paolo Scaroni, Chief Executive Officer, commented “In the first quarter of 2012, Eni delivered excellent results thanks to the ongoing recovery of production in Libya and higher oil prices, despite the difficult market environment facing Gas & Power, Refining & Marketing and the Chemical sector. During the period, we successfully renegotiated our supply contracts with Gazprom. In exploration, we have continued to deliver strong results with further important discoveries in Mozambique and in the Barents Sea.”

Eni on Wednesday signed an agreement with Russian oil and gas company Rosneft for joint exploration and development in the Black Sea and the Barents Sea licences on the Russian continental shelf. The deposits are estimated to hold total recoverable resources of 36 billion barrels of oil equivalent. The Barents Sea prospects are very promising also thanks to the surrounding discoveries made by Eni in the Norwegian sector. Seismic data indicates that multiple prospects exist in the Zapadno-Cernomorsky license.

“I’m very pleased with the agreement we have recently signed with Rosneft as it underpins our exploration opportunities for many years to come, further boosting our prospects for longterm growth,” Scaroni concluded.

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Offshore Energy Today Staff, April 27, 2012