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Sunday, 21 February 2021

Eni scales back Egypt production after demand shock

Eni’s daily production of oil and gas from its Egypt-based assets fell 18% in 2020, as global energy markets reckoned with one of the biggest demand shocks in history thanks to the pandemic. Figures in the company’s full-year earnings statement (pdf) show that oil and gas production slumped to 291k barrels of oil equivalent per day (boe/d) from 354k in 2019, while natural gas output fell 20% to 1,203 mn cubic feet per day. The energy major operates Egypt’s giant Zohr natural gas field, the Noor concession, and the Damietta LNG plant, among others.

Eni remained in the black for 2020, despite seeing revenues plunge 36% to EUR 18 bn. The company cut back on capital spending, allowing it to net a EUR 1.7 bn bottom line through the year, down 43% from almost EUR 3 bn in 2019.

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