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Eni raises oil price forecast to $105 per barrel in 2022

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15 September 2022

Eni management raised the forecast for the base price of Brent in 2022 from $80 to $105 per barrel and worsened the forecast for its own oil and gas production for the year, Interfax reports.

 In the first half of 2022, Eni's oil and gas production averaged 1.6 million barrels of oil equivalent per day, down 2% from the same period last year, the company said in a report.

 The decline was due to unplanned events such as force majeure on the Caspian Pipeline Consortium (CPC) export pipeline affecting production in Kazakhstan, plant shutdowns in Libya due to renewed internal clashes, and increased sabotage and theft of oil in Nigeria.

 The company's oil production was 760,000 b/d, down 5% compared to the first half of 2021. Production cuts in Kazakhstan, Nigeria and Libya were partially offset by increases in Angola, Algeria and Italy, as well as a gradual relaxation of OPEC+ production quotas.

 According to the updated plans, Eni's hydrocarbon production for the year is expected to reach 1.67 million boe/d compared to the previous forecast of 1.7 million boe/d.