Italy's Eni has reduced its production forecast for the year on Wednesday, due to problems in Libya and Nigeria.
The company had previously guided investors to expect production this year to be in line with 2012.
Paolo Scaroni (pictured), Chief Executive Officer, commented:
"In the third quarter of 2013, we achieved significant exploration successes, made excellent progress in our development activities with new field start-ups and monetized part of our interest in Mozambique.
"These operating successes strengthen our profitability outlook against the backdrop of a quarter that has not only been affected by difficult market conditions in the European markets of mid and downstream, but also by the extraordinary reductions of production in Nigeria and Libya, and by the appreciation of the euro.
"Considering that these trends are temporary and given the solidity of our businesses, we will start the buyback program."
(Sources: Eni, Reuters)