Italian gas and oil major Eni said it will increase production capacity at Egypt’s Zohr gas field to two billion standard cu ft per day (bscfd) with the start-up of the fifth treatment unit in September.

The fourth treatment unit started up in record time increasing installed capacity to approximately 1.6 bscfd, Eni said in a statement as it posted strong earnings for the second quarter of the year.

“Eni recorded another period of strong profitability in the second quarter,” said Claudio Descalzi, CEO of Eni.

“In the context of a 38 per cent rise in the price of Brent, Eni reported a 152 per cent increase in operating profit, driven by the performance of the Exploration & Production business, which more than tripled its contribution.”

“Our cash generation also grew significantly, driven by the price of Brent and increased production levels, contributing to $20 per barrel, allowing us to confirm the lowering of our cash neutrality to $55 per barrel for 2018.

“The gas & power segment also reported excellent results, thanks to the strong integration of the LNG business with upstream activities and the positive impact of the restructuring carried out over the last years,” Descalzi added.

Eni reported an adjusted net profit of €770 million, up by 66 per cent quarter-on-quarter. – TradeArabia News Service