Italian multinational Eni has just announced a historic operating profit of 20.4 billion euros for fiscal year 2022, which is double the figure for fiscal year 2021, driven by a strong performance from the oil and gas business.

This is a record profit in the history of the financial results of the Italian oil company with interests in Mozambique.

Adjusted net income for fiscal year 2022, attributable to Eni shareholders, was 13.3 billion euros and, compared to fiscal year 2021, was nine billion euros higher due to a strong operating performance and higher results from equity-accounted entities, the company's statement said.

These results, says the multinational's statement, are mainly due to the dynamism of the E&P (Exploration and Production) sector, which alone recorded an increase of more than 70% compared to 2021, in addition to the increase in the price of oil and gas on the international market, driven by the war in Ukraine.

Net investments amounted to 8.2 million euros in 2022, 42% more than the previous year. On December 31, 2022, the group had net debt of seven million euros, compared to 8.9 million euros in 2021.

"The company delivered excellent financial and operational results, contributing to the stability of energy supply in Italy and Europe and advancing its decarbonization plans. During the year, we were able to finalize agreements and activities to fully replace Russian gas by 2025, leveraging our strong relationships with producing states and accelerated development approach to increase volumes from Algeria, Egypt, Mozambique, Congo and Qatar," said Claudio Descalzi, CEO of Eni, quoted by the press release.

Eni believes that the agreement recently signed with Libya's NOC on the development of structures and exploration successes in Cyprus, Egypt and Norway will further strengthen its integrated diversification of clean energy supply and that it is a prompt reaction to the gas crisis and integration with oil and gas activities.

Adjusted net income for the fourth quarter of 2022 attributable to Eni shareholders was 2.5 billion euros and almost 50% higher compared to the fourth quarter of 2021, an increase of 0.8 billion euros due to higher results from equity-accounted entities, partly as a result of the Azule JV, more than offsetting a lower operating profit.

Net income for the fourth quarter of 2022 attributable to Eni shareholders was 550 million euros and was reduced by fair value commodity derivatives of 1.1 billion euros (compared to a gain of 1.7 billion euros in the previous year), asset losses of 0.9 billion euros (compared to reversals of 0.5 billion euros in the previous year) and extraordinary solidarity tax contributions of 0.7 billion euros, partially offset by deferred taxes of 1.6 billion euros.

In November 2202, Eni and its partners carried out the first shipment of liquefied natural gas (LNG), produced from the gas field in the ultra-deep waters of the Rovuma Basin in Mozambique; it was shipped from Coral-Sul's Floating Liquefied Natural Gas (FLNG) facility, marking a new era in the global LNG business, thanks to its ability to deliver the project on time and within budget, despite the disruptions of the pandemic, while launching the country as a relevant new LNG hub.