ENI profits soar 42% as Libya output resumes

Italian oil giant ENI said that its first quarter net profit soared 42 per cent to €3.617 billion on the resumption of production in Libya and higher crude prices.

Overall output, however, fell slightly by 0.6 per cent to 1.674 million barrels of oil equivalent per day, although the company said it was expecting production to grow overall this year on further increases in Libyan output.

ENI is the top foreign energy producer in Libya and was hit hard last year as an armed rebellion swept the country, forcing it to suspend operations.

“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 and power, refining and marketing and the chemical sector,” said chief executive Paolo Scaroni.

The company added in its earnings statement: “ENI expects the 2012 outlook to be challenging due to signs of a continuing economic slowdown, particularly in the eurozone, and volatile market conditions.”

(Source: Times of Malta)

No comments yet.

Leave a Reply