Eni continued its growth in 2017, reaching a record production level of 1.82 million boe/day by developing the projects in its portfolio.
We are always looking for new sources of our energy. Hydrocarbon production in 2017 grew by 5.3 per cent1 compared to 2016.
In 2017, we produced 1.82 million boe/day of hydrocarbons – our highest total ever – reaching a new record of 1.92 million boe/day in DecemberThe Upstream greenhouse-gas emission intensity index improved by approximately 3 per cent compared to 2016, thanks to our continued efforts to improve energy efficiency, our ongoing projects to restrict fugitive emissions following regular maintenance at our production sites and new initiatives to improve the layout of our plants. In 2017, the E&P sector more than doubled its adjusted operating profit and more than quadrupled its net adjusted profit compared to 2016. This was due to an upturn in the oil market (the Brent price increased by 24 per cent), growth in production and a substantial reduction in the tax rate . Eni began production on the super-giant Zohr gas field less than two years after the FID and less than two-and-a-half years after its discovery, a record for this type of deposit. The discovery, located in the Shorouk block (operated and 60 per cent owned by Eni) offshore of Egypt has over 850 billion m³ of potential gas in place (approximately 5.5 billion boe ). Eni recently launched the second production unit (T-1) for this project, which will generate an additional installed capacity of 400 million standard ft³ per day (MMSCFD), just four months on from the start of production. This will give Zohr a capacity of 800 MMSCFD, equivalent to 150,000 boe/day (Eni’s share: 46,000 boe/day ).Investment in exploration totalled €442 million and focused in particular on the company’s operations in Cyprus, Norway, Mexico, Egypt, Libya and Ivory Coast, as well as the completion of 25 new exploratory wells (Eni’s share: 15.9). As of the end of the financial year, there are 78 wells in progress (Eni’s share: 41.2). 2017 saw positive results for the structure of the Gas & Power sector, meanwhile, which is one year ahead of schedule thanks to the restructuring of the business. The adjusted operating profit was €214 million, the best result in seven years and an increase of €604 million on 2016 .
Production activities, which involve hydrocarbons being extracted, treated and sent to market through pipelines or by ship, start after the completion of the development stage. The productive life of the deposit can last for decades. During that time it is continuously monitored, interventions are made to streamline production in the wells and in certain cases advanced recovery projects are launched, injecting gas or water to increase the quantity of recoverable hydrocarbons.
1Excluding the effect on prices of PSA contracts and OPEC cuts.
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