According to its quarterly results report released on Friday, Eni sold 3.3 bcm (2.4 million tonnes of LNG) in the third quarter of this year.
Quarterly LNG sales rose by 1.1 bcm compared to 2.2 bcm in the third quarter last year and were higher compared to 2.8 bcm in the prior quarter.
Eni sold 8.9 bcm (6.6 million tonnes) in the first nine months of this year, up 25 percent compared to 2024.
The company sold 9.8 bcm in 2024, a rise of 2 percent compared to 9.6 bcm in 2023.
The company attributed the rise mainly due to new volumes available from Congo LNG.
In February 2024, Eni shipped the first LNG cargo from its Tango floating LNG facility moored in Congolese waters.
In August this year, the Nguya floating liquefied natural gas (FLNG) unit sailed away from China, and it is set to significantly boost LNG production as part of Phase 2 of the Congo LNG project.
According to Eni, the FLNG is expected to be launched in Congo by the end of this year, with a target plateau of 3 mtpa, up from the current 0.6 mtpa.
In the third quarter of this year, Eni’s natural gas sales were 9.18 bcm, a decrease of 15 percent from the comparative period due to lower volumes sold in the wholesales segment in Italy.
Eni said sales in the European market (3.63 bcm, down by 24 percent vs. Q3 ’24) decreased following lower sales in Turkiye and Germany, partly balanced by higher sales mainly in France, the UK, and the Iberian Peninsula.
Earnings
Eni’s global gas and LNG business reported a proforma adjusted Ebit of 279 million euros ($324 million) in the third quarter, an increase of 10 percent year-on-year.
The results were driven by continuing value maximization from the gas portfolio optimization, according to Eni.
Overall, Eni reported proforma adjusted Ebit of 3 billion euros in the third quarter, down by 12 percent year-on-year.
Eni said the proforma adjusted Ebit was “robust” despite a 14 percent decline in crude oil prices and a 6 percent appreciation in the EUR/USD rate y-o-y, with these negative impacts partly offset by volume growth and cost efficiencies.
Adjusted net profit was 1.24 billion euros, a drop of 1.2 percent year-on-year.
