Eni’s production of natural gas in Egypt has reached 1.217 billion cubic feet per day (bcf/d) during Q1 2020, decreasing from Q1 2019’s 1.434 bcf/d, according to a press release.
The company’s total natural gas production amounted to 4.768 bcf/d in Q1 2020 decreasing by 7.5% year-on-year (YoY). The company owed part of this decrease to a decline in demand from certain areas including Egypt.
Additionally, the total oil and natural gas production averaged 1,774 kilo barrel of oil equivalent per day (kboe/d) decreasing by 3.6% from Q1 2019’s 1,841 kboe/d. Meanwhile, the production of oil and natural gas in Egypt was estimated at 299 kboe/d in Q1 2020, against 336 kboe/d during the same period in 2019. However, the company’s liquid production in Egypt increased to 74 kboe/d in Q1 2020 against 71 kboe/d in Q1 2019.
As a result of the ongoing economic crisis, Eni decided to reduce its capital expenditure by approximately EUR 2.3 billion for 2020, 30% lower than the initial capital budget while also expecting further reductions of EUR 2.5-3 billion to be made in 2021.