-- Italian integrated energy company Eni said its hydrocarbons production grew by 9% year on year in Q1 to 1.8 million barrels of oil equivalent per day with higher output from assets in Africa and Norway, it said in its earnings report on Friday.
It said it had made a strong start to the year in exploration with about 1 billion barrels of oil equivalent discovered between assets in Angola, Cote d'Ivoire, Libya, Egypt and Indonesia, the latter it described as an "outstanding finding".
The company took final investment decisions at two major gas hubs in the Indonesian Kutei basin, reinforcing visibility in its production outlook, it said.
A previously-announced demerger of Plenitude will unlock value for Eni and enable Plenitude to pursue growth, ENI said. It will retain a 65% stake and Ares will enter with joint control.
The company said it expected to have fully established a joint venture in Indonesia and Malaysia with Petronas in Q2 to create value from Eni's mineral potential in the Kutei basin.
Looking ahead in 2026, the company said it expects oil and gas production growth in the 3-4% range and for Plenitude to reach installed renewables capacity of 6.5 gigawatts.
It forecasts a refining margin of $8 per barrel based on a revised Brent price scenario of $83 per barrel and a TTF gas price of 50 euros ($58.54) per megawatt hour.