Libya Recovery Leads Eni to Beat Estimates

Beating analysts' estimates in its third quarter results today, Italian energy giant Eni said "the benefits of the renegotiations of certain supply contracts and an ongoing recovery in Libyan supplies helped the Marketing performance".

Production performance was driven by an ongoing recovery in Libyan production, the start-up and ramp-up of new fields in Australia and Russia, as well as increased production in Iraq. Growth will be driven by an ongoing recovery in the Company’s Libyan output to achieve the pre-crisis level.

Sales of gas to importers doubled due to the recovered availability of Libyan gas.

Paolo Scaroni (pictured), Chief Executive Officer, commented:

“In the third quarter, Eni delivered strong results with production growth supported by the continued improvement of the Libyan output".

According to Bloomberg, the company expects to pump about 240,000 barrels of oil a day in Libya this year, and return to the pre-unrest level of about 285,000 bpd by the end of next year.

(Sources: Eni, Bloomberg)

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