Eni posts $472mn net profit for Q2 2019

Eni, Claudio descalzi

Italian energy firm Eni posted a $472mn net profit for Q2 2019, down 66% from the previous year. In the first half of 2019, it made approximately $1.7bn in profit, down 31% from the same period the previous year.

The company produced 1.83mn barrels of oil equivalent per day (boed) in Q2, with startups and ramp ups adding 218,000boed of production, mainly focused in Egypt and Libya.

It started production at the SW Meleiha development in Egypt, and confirmed startups in Egypt and Algeria in the second half of the year. In Algeria, Eni also started up the Berkine oil field this year.

Eni also discovered new resources totaling 350mboed across the globe. Its upstream segment saw a 1.3% decrease in greenhouse gas emissions year on year, which it says is in line iwth its reduction target for 2025.

AMENDED: A previous version of this article cited incorrect figures. The article has been updated to reflect the correct numbers.

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