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.