Italy's Eni increased its third-quarter gas output to 132.6mn m³/d from 131.3mn m³/d in July-September 2024, a 1pc rise.
The firm partially attributed the increase to organic growth in Italian output, which rose to 5.28mn m³/d from 4.81mn m³/d thanks to the ramp-up of the Argo and Cassiopea fields. That said, production in the rest of Europe edged down to 13.9mn m³/d from 14.52mn m³/d, while North African production — primarily in Algeria, Libya and Egypt — fell to 52.4mn m³/d from 59.6mn m³/d a year earlier.
Eni's aggregate gas and oil output globally rose to 1.76mn b/d of oil equivalent (boe/d) from 1.66mn boe/d in the same period last year, a 6pc increase. The firm revised its gas and oil output guidance upwards to 1.71mn–1.72mn boe/d for this year, slightly above its previous estimate of 1.7mn boe/d. The firm forecast fourth-quarter production at around 1.8mn boe/d.
Significant exploration is expected in the fourth quarter, the firm said. Most notably, Eni cited exploration in Libya and its contract with Algeria's Sonatrach signed in July for the exploration and development of the Zemoul El Kbarunder area for 30 years.
European gas sales fell to 7.98bn m³ in July-September, from 10.01bn m³ a year earlier, partially owed to Italian sales decreasing to 4.26bn m³ from 5.09bn m³. Director of gas and LNG portfolios Cristian Signoretto attributed the "fundamental reason" for the drop to Eni's termination of the contract under which it was selling gas to Botas through the Blue Stream pipeline, which was linked to "the pipeline itself". The firm is trying to "unwind also in terms of participation in the pipeline", Signoretto said. The firm was part of a joint venture with Gazprom to sell gas produced in Russia on the Turkish market. Eni had announced its intention to sell its stake in the Blue Stream joint venture in 2022, following the Russian invasion of Ukraine.
LNG sales globally rose to 3.3bn m³ from 2.2bn m³. 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. The firm 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.
The firm emphasised a shift away from Europe in its portfolio to take advantage of higher premiums elsewhere. "The demand in Europe is shrinking. We are adjusting our portfolio to the new reality", Signoretto said.
| Eni gas output, sales | mn m³/d | |
| 3Q25 | 3Q24 | |
| Output | ||
| Italy | 5.38 | 4.81 |
| Rest of Europe | 13.90 | 14.52 |
| Global | 132.60 | 131.30 |
| Sales | ||
| Italy | 4.26 | 5.09 |
| Rest of Europe | 3.72 | 4.92 |
| Global | 9.18 | 10.79 |
| — Eni | ||
