Mozambique Oil & Gas: Eni Q2 profit desappoint

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.