Eni: Unlikely Libya Boost Returns North Africa To Center Stage

Italian firm Eni saw its North African output rise to a record 38% of its 2015 total. The key boost came from a somewhat unlikely corner – Libya. The region will if anything increase in importance for Eni going forward with first gas from its giant Egyptian Zohr field slated for late 2017.

Eni saw its overall output rise by 10% to 1.760mn barrels per day of oil equivalent (boe/d) in 2015, a neat trick given a 3% cut to capital spending. The largest single gain, some 126,000 boe/d, came in Libya, a 53% rise.

Most of Eni’s Libyan output is gas and most is from offshore fields that have been largely unaffected by the chronic instability that has wracked the country over the last five years. The company’s Libyan gas output – almost all of Libya’s total gas output – rose by 67% in 2015 to a record 1.52bn cfd, some 32% of Eni’s total gas output (see table and chart 1). (CONTINUED - 1395 WORDS)


chart Eni Mena* Gas Output (Mn Cfd): North Africa* Provides 45% Of Eni Total Output Thanks To Libya Boost
chart Eni Mena Oil Output ('000 B/D): Iraq, Iran, Libya Gains Raise Mena Share To 37%
table Eni Liquids And Gas Production