Eni sees profits rise

The Italian oil and gas company Eni has reported a 9.1% increase in full year net profit, bringing the figure to US$ 9.07 billion.

This rise has been attributed to rising oil prices as well as the depreciation of the euro against the US dollar. These events had such a significant impact that they were able to outweigh the 13% drop in production to 1.6 million bpd caused by the six-month closure of operations in Libya.

The outlook for the company continues to be positive as, according to Eni, 80% of its Libyan operations are up and running once more. The company has plans to increase production by 80,000 bpd as a result of 11 start-ups this year. Other plans include continuing a ramp-up of existing operations in Italy and Iraq as well as beginning new projects in Algeria, Siberia, and offshore Angola.

Published on 15/02/2012

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