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According to its quarterly results report released on Friday, Eni sold 2.2 bcm (1.6 million tonnes of LNG) in the third quarter of this year.
Quarterly LNG sales rose 10 percent compared to 2 bcm in the second quarter last year, while they were flat compared to the previous quarter.
During the first nine months of this year, Eni’s LNG sales dropped 1 percent to 7.1 bcm.
Eni sold 9.6 bcm of LNG last year and this compares to 9.4 bcm in 2022 and 10.9 bcm in 2021.
In February, Eni shipped the first LNG cargo from its Tango floating LNG facility moored in Congolese waters, which arrived at Snam’s FSRU-based facility in Piombino.
In the third quarter, Eni’s natural gas sales were 10.79 bcm, down 1 percent year-on-year as a result of reduced volumes sold to importers and in the European markets, balanced by higher sales in Italy and the rest of world, Eni said.
During the nine-month period, natural gas sales amounted to 35.62 bcm, down 3 percent year-on-year mainly due to lower volumes sold to importers and to lower gas volumes marketed in the European markets.
Gas and LNG earnings rise
Eni’s gas and LNG business reported a proforma adjusted Ebit of 253 million euros ($274 million) in the July-September period, including the operating margin of the equity accounted entity SeaCorridor.
This marks a rise of 65 percent year-on-year.
Eni said the result was up due to a more favorable trading environment and the positive outcome of a negotiation/settlement.
In the nine-month period, proforma adjusted Ebit amounted to 912 million euros ($987 million), down by 66 percent year-on-year, which “benefitted by one-off effects linked to the outcomes of negotiations/settlements and by an extraordinarily favorable trading environment,” Eni said.
Overall, Eni reported proforma adjusted Ebit of 3.4 billion euros, down 14 percent year-on-year, and adjusted net profit of 1.27 billion euros, down 30 percent year-on-year.
In the third quarter, hydrocarbon production averaged 1.66 mln boe/d, up 2 percent compared to the last year.
Eni said the increase was driven by the Neptune acquisition (about 120 kboe/d) and continuing production ramp-ups at the Baleine project in Côte d’Ivoire and the Coral project in Mozambique as well as higher volumes in Indonesia and Libya.