Italian petrochemical company Eni SpA posted a profit of 1.52 billion euros in the second quarter of 2024, beating expectations due to strong performance in its oil and gas exploration business.

The Coral Sul FLNG floating natural gas platform, anchored in the deep waters of the Rovuma basin in Cabo Delgado, northern Mozambique, made a major contribution to this result, having exported 4.48 million tons to the global market since its first shipment in November 2022. In all, the platform had made 63 shipments by last June.

The Italian multinational has also increased its profit forecast for the year to around 15 billion euros.

According to a AIMThe Italian petrochemical company's positive results come at a time when European energy companies have been facing competing forces, namely the negative impact of low natural gas prices and falling refining margins due to weak fuel demand, against the positive effect of higher oil prices in the context of OPEC+ supply cuts.

According to the same publication, the company's shares have seen a meteoric rise in Milan, and the exploration and production unit reported an adjusted operating profit of 3.53 billion euros, an increase of 26% compared to the same period last year.

Meanwhile, hydrocarbon production increased by 6% compared to the previous quarter, to 1.71 million barrels of oil equivalent per day.

"This growth was supported by the acquisition of Neptune Energy last year, the increase in projects in Ivory Coast and Mozambique and the increase in production in Libya," writes Energy Connects quoting an Eni statement.

Production for this year should be at the upper end of the range between 1.69 million and 1.71 million barrels of oil equivalent per day, assuming that the Brent oil price of 86 dollars per barrel could exceed the previous target of 14 billion euros.

(Photo DR)