ENI output falls due to Libya crisis

ENI, production, Q1, Libya, Italian oil firm,exports, North African state, 50,000-55,000 boepd, ENI chief executive Paolo ScaroniImage credit to web.mit.edu

ENI announced that production was down 8.6 percent in Q1 due to the conflict in Libya, which previously accounted for about 15 per cent of its total output.

ENI also forecast lower production over 2011 as a whole because of the situation in Libya. The Italian oil firm has stopped all exports from the North African state.

Its current production in Libya is around 50,000-55,000 boepd used for domestic electricity production. ENI's total output in Libya before the Libya crisis was around 280,000 barrels.

"In spite of ongoing uncertainties regarding resumption of our activities in Libya, the profitability and growth outlook for our company has remained positive," ENI chief executive Paolo Scaroni said in a statement.

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