BAKU, Azerbaijan, October 25. Eni has reported significant improvements in its exploration and production segment for the first nine months of 2024, with total hydrocarbon production showing a 4% increase year-on-year, Trend reports.
According to the company, production reached an average of 1.7 mboe/d, up from 1.637 mboe/d in 2023.
The growth in production was largely driven by the successful acquisition of Neptune Energy, contributing approximately 120 kboe/d, the producer noted.
Additional boosts came from production ramp-ups at key projects like the Baleine project in Côte d’Ivoire and the Coral project in Mozambique. These high-profile projects helped offset declines in mature fields and recent divestments.
Eni's liquids production averaged 783 kbbl/d for the nine-month period, a 2% increase year-on-year. This improvement was supported by increased contributions from the Neptune acquisition and new developments in Côte d’Ivoire, despite certain declines in older fields.
Natural gas output also surged by 6%, reaching 4,821 mmcf/d. Key drivers included ramp-ups at the Coral Floating LNG project and higher contributions from Indonesian and Libyan fields, further underscoring Eni’s global diversification in its asset portfolio.
Eni's financials reflected an average realization of $55.74 per barrel of oil equivalent for liquids, with natural gas selling at an average of $7.21/kcf. Although liquid prices trailed the prior year by 2%, Eni’s natural gas price was up slightly, maintaining a strong revenue base for the company’s gas exports to European markets.
With natural gas now comprising about 32% of Eni’s total production volumes – indexed heavily to crude oil pricing – the company continues to capitalize on favorable market conditions. Eni’s strategic balancing of liquid and gas assets is expected to bolster its profitability, despite market volatility.