31% More Profits for Eni

31% More Profits for Eni

Italian oil major Eni on Friday reported a 31% rise in first-quarter profits, boosted by higher oil prices and output, and confirmed its production growth targets for the current year.  Eni said adjusted net profit in the quarter was $1.18 billion.  Royal Dutch Shell, Total and ConocoPhillips all reported strong growth in profits on Thursday on the back of higher output and soaring oil prices.  Brent crude oil prices in the first quarter have risen above last year’s $54.5 to average around $67 a barrel, as OPEC continues to keep a cap on supplies amid growing demand.  State-controlled Eni said production in the first three months rose 4% to 1.87 million barrels of oil equivalent.  It confirmed its business plan target of production growth for the full year of 4%, lifted in part by ramp-ups at major fields in Egypt, Kazakhstan and Indonesia.  Thanks to bumper gas discoveries in Mozambique and the Zohr field in Egypt, Eni has one of the strongest discovery records in the industry.

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