LNG

The proposed floating LNG terminal at the Italian Port of Piombino in northwest Italy has filled 86 percent of the regasification and cargo slots even amid a pending legal decision on whether the facility can start up as planned.

July 30 (LNG) - ENI, the Italian oil and gas company and prominent LNG market participant, reported second-quarter earnings of €2.045 billion ($2.42Bln) in the form of an adjusted operating profit compared with a loss of €434 million in the same quarter of 2020.

   ENI said natural gas sales of 16.95 billion cubic metres increased by 22 percent compared with the same period of 2020. “This was mainly due to the higher gas volumes marketed outside Italy (Turkey and France) driven by the reopening of the economies and by higher volumes of LNG sold mainly by the Damietta (Egypt) plant. In the first half of 2021, natural gas sales were 34.43 Bcm, up by 13 percent.

   The Milan-based company’s natural gas production amounted to 4.34 billion cubic feet per day in the period, down by 7 percent compared with the 4.53 bcf per day posted in the same three months of 2020. “Lower production was due to higher maintenance activity, mature field declines and a decrease in Nigeria. These negatives were partly offset by a robust recovery of natural gas demand in certain areas, mainly in Egypt, and the start-up of Merakes field in Indonesia,” added ENI.