Participant of Azerbaijani oil & gas projects earns 2.3B euros in profit

Net profit of the Italian oil and gas corporation Eni S.p.A. attributable to shareholders for the nine months of 2021 amounted to 2.306 billion euros against a loss of 7.838 billion euros a year earlier, according to the company’s press release, Report informs referring to Prime.

On a per share basis, earnings were 0.63 euros versus a 2.19-euro loss in the same period last year. Revenue increased 1.5 times, to 49.809 billion euros.

In the third quarter of this year, net income attributable to shareholders of the company was 1.203 billion euros, against a loss of 503 million euros a year earlier. On a per share basis, earnings were 0.33 euros against a loss of 0.14 euros a year ago. Quarterly revenue grew 1.8 times to 19.021 billion euros.

In nine months, the company increased its hydrocarbon production by 4% in annual terms, to 1.663 million barrels of oil equivalent per day. Production of hydrocarbons in the third quarter of this year decreased by 0.8% in annual terms and amounted to 1.688 million barrels of oil equivalent per day.

Being the owner of a 5% stake in the Contract of the Century (for the development of offshore oil and gas fields in Azerbaijan “Azeri-Chirag-Guneshli”), the Italian company Eni participated in the construction of the Baku-Tbilisi-Ceyhan oil pipeline, the official opening ceremony of which took place in July 2006. In addition, Eni is also actively involved in the development of the Shah Deniz gas condensate field and the Kurdashi oil field.

Eni was founded in 1953 and operates in 73 countries. The staff is about 33,000 people. The company is headquartered in Rome.