Eni’s LNG sales rise in 2023

Italian energy firm Eni reported a 2 percent rise in its liquefied natural gas (LNG) sales in 2023, while the company’s quarterly sales were flat compared to 2022.

Eni sold 9.6 bcm (7 million tonnes) of LNG last year. This compares to 9.4 bcm in 2022 and 10.9 bcm in 2021.

The company’s fourth quarter sales of 2.4 bcf were flat compared to the same period in 2022. Quarterly sales rose compared to 2 bcm in the previous quarter.

During the fourth quarter, Eni introduced the first gas into its Tango floating LNG (FLNG) facility moored in Congolese waters. The company expects to deliver the first LNG cargo in the first quarter of this year.

In 2023, Eni’s natural gas sales, including LNG, dropped 17 percent to 50.51 bcm due to lower gas volumes marketed in Italy in all segments and in the European markets, according to Eni.

Quarterly natural gas sales were 13.61 bcm, down 12 percent year-on-year, due to lower gas volumes marketed in Italy and Europe.

LNG earnings rise

Eni’s gas and LNG business reported an adjusted operating profit of 677 million euros ($728.6 million) in the fourth quarter of 2023, up from 63 million euros in the same quarter in 2022.

The company said this reflected the favorable outcome of an arbitration procedure.

Full year 2023 adjusted EBIT was a record 3.24 billion euros, up by 57 percent compared to the year before, driven by “an optimized natural gas & LNG portfolio and contract renegotiations benefits while maintaining stability and reliability of supplies to European markets and compensating for the reduction of Russian volumes.”

Overall, Eni reported a 34 percent decline in its adjusted net profit in the fourth quarter to 1.64 billion euros due to weaker oil and gas prices.

Adjusted net profit reached 8.29 billion euros in 2023, down 38 percent compared to 2022.

Most Popular

Greece’s Maran Gas to order more LNG carriers in South Korea

Sources told LNG Prime on Thursday that the deal includes two 174,000-cbm LNG carriers powered by ME-GI engines. Hanwha Ocean...

HD Hyundai Mipo scores order for four LNG bunkering vessels

HD Hyundai Mipo said in a stock exchange filing that it will build the vessels for an unidentified Asian...

Venture Global moving forward with Plaquemines LNG commissioning

The regulator said in a filing dated November 6 that it grated Venture Global Plaquemines LNG's request to commission...

More News Like This

Eni’s LNG sales climb in Q3

According to its quarterly results report released on Friday, Eni sold 2.2 bcm (1.6 million tonnes of LNG) in...

GTT scores service contract for Eni’s Coral Sul FLNG

Eni operates the Coral Sul (Coral South) FLNG project along its Area 4 partners ExxonMobil, CNPC, GALP, Kogas, and...

Avenir, Eni pen charter deal for LNG bunkering vessel

According to a statement by Avenir on Tuesday, it signed the time charter party with LNG Shipping, a 100...

Eni inks LNG pact with Japan’s JOGMEC

Eni and JOGMEC signed the deal in Japan on Sunday. "The memorandum aims to promote the role of gas and...