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Eni Reports Record Oil Production For 2018

Eni SPA said it achieved record production of 1.85 million barrels per day during 2018, up by 2.5percent from 2017.

The company said in an earnings statement that its proved reserves replacement ratio again rose above 100percent for a 3-year average of 131percent.

Claudio Descalzi, Eni Chief Executive Officer, said he sees more growth opportunities in the Middle East, according to OGJ. Since March 2018, Eni has announced a series of United Arab Emirates licenses and other deals,

Eni was awarded the three blocks offered in Sharjah’s first international competitive exploration licensing round, and has also expanded with deals in Oman and Bahrain, OGJ reports.

In January Eni and OMV AG reported plans to buy interests in ADNOC Refining at prices that Abu Dhabi National Oil Company said establishes the enterprise value of its refining subsidiary, with its 922,000-b/d of refining capacity, at $19.3 billion.

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