Eni Completes Middle East Tour De Force

Eni CEO Claudio Descalzi this week made a whirlwind Gulf tour, snapping up exploration rights in Abu Dhabi, Sharjah, Bahrain and Oman. Until recently a negligible part of its portfolio, Eni wants the Middle East to provide 35% of its revenue.

For more than a year now, Eni has been snapping up a host of assets in the Middle East, transforming its position in the region. Whilst the Italian firm has long had a central role in North Africa, until recently, its only upstream asset in the Middle East was Iraq’s 475,000 b/d Zubair field. But Eni has now added positions in Oman, Abu Dhabi, Sharjah and Bahrain as it looks to diversify its portfolio.

Net liquids output from the region – all from Iraq’s Zubair – averaged 40,000 b/d in 2017 out of a global 852,000 b/d (4.7%). Add in gas, and the net regional share was 43,000 boe/d out of 1.82mn boe/d (2.4%). By way of comparison North Africa provided a full 39% of the total with Eni enjoying leading positions in each of the three key countries: Libya, Egypt and Algeria. (CONTINUED - 1458 WORDS)

DATA INSIDE THIS ARTICLE

chart Major's 2018* Net Middle East Output: Eni Remains Far Behind Rivals ('000 B/D
table Eni’s Growing Middle East Portfolio