Eni SPA said it achieved record production of 1.85 million b/d during 2018, up by 2.5% from 2017, while its proved reserves replacement ratio again rose above 100% for a 3-year average of 131%, the company said in an earnings statement.
Claudio Descalzi, Eni chief executive officer, said he sees more growth opportunities in the Middle East. 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 (OGJ Online, Jan. 14, 2019). Eni also has expanded with deals in Oman and Bahrain (OGJ Online, July 2, 2018).
In January Eni and OMV AG reported plans to buy interests in ADNOC Refining at prices that Abu Dhabi National Oil Co. said establishes the enterprise value of its refining subsidiary, with its 922,000-b/d of refining capacity, at $19.3 billion (OGJ Online, Jan. 28, 2019).
