Reserves At Eni’s Zohr: 30+Tcf?…Just 4? Maybe 6?

For a publicly quoted company, Eni can play remarkably fast and loose with the numbers. If MEES is somewhat skeptical as to just what is included in Eni’s seemingly too-high Libya gas output numbers ( MEES, 13 April ) it is because the Italian company has form when it comes to the slippery use of statistics.

Company representatives routinely talk about “barrels” or “barrels per day” on conference calls when discussing output that is largely or wholly gas (Eni would argue that it is clear from the context that references are ‘oil equivalent’ barrels, but this distinction is lost on many reporters who dutifully write up the figures as if they refer to higher-value oil). (CONTINUED - 796 WORDS)