Eni review reveals preference for offshore Nigeria assets

8/2/2013

Eni review reveals preference for offshore Nigeria assets

BY LIAM MOLONEY

ROME -- Eni prefers offshore assets in Nigeria to onshore ones as it reviews its activities in the West African country due to weak operations that hurt Q2 results, said CEO Paolo Scaroni.

"We are worried about Nigeria and we don't expect improvement in Nigeria in the next months," said Mr. Scaroni at a conference call to comment on the Q2 results of Italy's biggest energy company by market value. "Disposals of onshore assets isn't the easiest thing to do now considering the situation."

Oil theft, sabotage and adverse natural events such as flooding have hurt Eni's Nigeria operations, amounting to a daily loss of 30,000 boe in the first six months of the year, the company said.

Dow Jones Newswires

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