Eni reaches its highest ever production level

Feb. 15 (UPI) — Italy’s Eni said Friday it has already achieved its 2022 targets ahead of forecasts by reaching a production level of 1.85 million barrels per day, thanks in large part to increased African output.

Eni said the “record hydrocarbons production” is a 2.5 percent increase from 2017. In refining, the acquisition of a stake the largest refinery in the United Arab Emirates increased Eni’s downstream capacity by 35 percent, according to comments published along with its 2018 earnings.

Production has increased mainly because of ramp-ups and start-ups in Africa, the company said.

As for projects, Eni is targeting in Mexico development of 2.1 billion of barrels of oil equivalent, with the pilot project’s planned start this year and the Merakes discovery in Indonesia, leveraging on the synergy with the existing infrastructures of the Jangkrik field.

“Overall, in 2018, six projects were sanctioned, in addition to those previously mentioned, in Italy, Egypt, Congo and Angola,” Eni said.

A key project is related to its 25 percent interest in the Ghasha concession, a very large offshore gas Project in Abu Dhabi. Eni projected an expected start-up by the end of 2022.

Last month, Eni was awarded seven exploration licenses in onshore/offshore areas including two in Abu Dhabi and one in Oman.

Eni said in Norway it “finalized the business combination between Eni Norge and Point Resources, leading to the creation of Vår Energi,” with Eni’s interest at just under 70 percent. The two partners in Norway will target production of 250,000 per day in 2023.

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