ENI 3RD Q RESULTS
- Operating cash flow: €3.98 billion for the quarter, the highest performing third quarter for the last five years. €9.72 billion in the nine months, up 24% from the nine months of 2013;
- Leverage at 0.25, unchanged from December 31, 2013;
- Adjusted operating profit: €3.03 billion for the quarter (down 11.8%); €9.25 billion for the nine months (up 1.2%);
- Adjusted net profit: €1.17 billion for the quarter (up 2.5%); €3.24 billion for the nine months (up 3.2%);
- Net profit: €1.71 billion for the quarter (down 57%); €3.68 billion for the nine months (down 36.7%);
- 2013 results included the gain on the divestment of a 20% interest in the Mozambique discovery for approximately €3 billion.
- Oil and gas production: stable at 1.58 mmboe/d (1.59 mmboe/d in the FY'13);
- Exploration: achieved great discoveries in Congo (Marine XII) and Indonesia (East Sepinggan) in addition to the recent near-field discoveries in Angola and Ecuador, all of which will be put into production shortly. Resource base increased by 700 million boe in the nine months, at an average cost of $1.9 per barrel;
- Development activities are ongoing in Angola, Congo, Norway and Indonesia where new fields start-ups will significantly contribute to production growth for the next four years. Pre-development activities are also in progress in Mozambique;
- Agreement with the Republic of Congo to extend existing permits and to develop new oil initiatives;
- Midstream: the ongoing turnaround is progressing in the refining and gas businesses in line with the plan announced in July.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.