Claudio Descalzi, Chief Executive Officer, commented: “In the first half of the year we have achieved excellent industrial results across our businesses, which enable us to revise upwards several of the targets set out in the strategic plan presented inMarch. In upstream we delivered record production growth and we have significantly contained costs. Furthermore, the recent start-up of production in the Perla field in Venezuela, and forthcoming start-up of Goliat in Norway will provide an important contribution in the second half. The mid-downstream businesses all reached profitability, thanks to the strong progress we have made in restructuring our refineries and petrochemical plants, successful renegotiations of gas contracts and further interventions on efficiency. These actions have helped to contain the impact of thefall in hydrocarbons prices, both in terms of economics and cash generation. Despite the halving of oil prices, we have 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. This is a very significant result, given that self-financing investment is the main challenge facing the sector today. These better than expected results enable me to confirm the proposal of an interim dividend of €0.40 per share to the Board of Directors, on September 17”.

Eni has started production of the giant gas field Perla, located in the Gulf of Venezuela, 50 kilometers offshore. The first production well has been opened and is currently in the clean-up phase.

Europe’s biggest oil groups are extending business deals with their Russian energy partners despite this month’s EU vote to continue imposing sanctions, highlighting how western companies are learning to live with the restrictions placed on Moscow.

The Italian energy company Eni has discovered a gas and condensate deposit in the rich Bouri Field off the coast of Libya, the second such discovery of 2015. Both discoveries come as the North African country is engaged in a protracted civil war.

Eni SPA reported a first-quarter consolidated adjusted operating profit of €1.57 billion, down 55% from first-quarter 2014. The company says the decline was driven by lower crude oil prices, and only partly offset by a better performance recorded in upstream activity and in all other business segments.

Nigeria’s incoming government should consider selling down its majority stakes in joint ventures with multinational oil companies to shore up state finances and raise funding for infrastructure development, according to the central bank governor.

Eni, following its participation in the competitive International Bid Round launched by the Republic of the Union of Myanmar, signed two Production Sharing Contracts (PSC) for offshore blocks MD-02 and MD-04.

Things are not any easier for the natural gas business in Europe at the beginning of 2015, but in a session dedicated to new customers and new markets, industry representatives gathered in Vienna, Austria at the European Gas Conference offered their views on how gas might regain its position amid the numerous challenges.

Italy's Eni raised its dividend on Wednesday despite a slump in fourth-quarter profits and like its rivals pledged to cut investment this year in the face of lower oil prices.

The world’s biggest energy companies are preparing to cut tens of billions of dollars from capital spending as they set out plans this week to respond to the drastic slide in oil prices.