Mozambique Oil & Gas: Eni Q2 profit desappoint

Mozambique President, Felipe Nyusi (left), ENI CEO, Claudio Descalzi (right)
Mozambique President, Felipe Nyusi (left), ENI CEO, Claudio Descalzi (right)

Eni of Italy said its adjusted net profit dipped 84 percent to €139 million amid a sharp decline in oil prices. In the second quarter, Eni’s hydrocarbon production was 1.754 million boe/d, up by 10.7 percent on year.

This was driven by new production start-ups and continuing ramp-ups at fields started in late 2014 mainly in Angola, Congo, United States, Egypt and the United Kingdom, Eni said on Thursday.

Eni also increased guidance for full-year production growth from 5 percent to over 7 percent.

Claudio Descalzi, Chief Executive Officer of Eni said that despite the halving of oil prices, the company has generated €5.7 billion of cash flow, in line with the first half of 2014, which has financed almost all capital investment in the half year.

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