Italy's Eni has raised its full-year oil and gas production guidance after reporting a 6pc year-on-year increase in third-quarter output to 1.76mn b/d of oil equivalent (boe/d), up from 1.66mn boe/d in the same period last year.
The company now expects 2025 output to average 1.71mn–1.72mn boe/d, slightly above its previous estimate of 1.7mn boe/d. Fourth-quarter production is forecast to reach around 1.8mn boe/d.
Eni attributed the growth to a series of accelerated and "smooth" project start-ups and ramp-ups, and said it expects this trend to continue as new fields in Congo (Brazzaville), the UAE, Qatar and Libya come on stream.
The third quarter was "especially notable" for contributions from Eni's upstream satellite firms Azule Energy, Var Energi and Ithaca Energy. Angola-focused Azule began production at its Agogo West Hub project 10 months ahead of schedule. Norway-based Var Energi reached 400,000 boe/d one quarter early, supported by fast ramp-ups at the Johan Castberg and Balder X projects. Ithaca also raised its production guidance.
In Congo, Eni expects phase two of its Congo LNG project to start by the end of the year, following the August sail-away of its Nguya floating LNG (FLNG) vessel. Output there will rise to 3mn t/yr from 0.6mn t/yr. Eni also confirmed it expects to complete its 3.6mn t/yr Coral North FLNG project offshore Mozambique within three years, following a final investment decision earlier this month.
Eni's third-quarter profit rose by 54pc on the year to €803mn ($933mn). Adjusted for inventory effects and one-off items, profit came in at €1.25bn, slightly below €1.27bn a year earlier but ahead of Wall Street analyst forecasts of €1bn.
The upstream Exploration & Production segment posted a 9pc decline in adjusted profit to €1.18bn, which Eni attributed to lower crude prices versus the third quarter of 2024. Its Global Gas & LNG Portfolio and Power segment increased adjusted profit by 26pc on the year to €216mn, helped by improved gas portfolio optimisation.
Downstream, Eni's Refining and Chemicals segment narrowed its adjusted loss to €74mn from €158mn a year earlier. Refining margins improved, but the chemicals business continued to weigh on performance amid weak macroeconomic conditions and higher European production costs.
Eni said it still expects capital spending for the year to total €8.5bn, unchanged from previous guidance.
