| Eni CEO Sees Biggest Mediterranean Gas Find Boosting Cash Flow | |
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“This discovery is going to put us in a stronger position,” Descalzi said in an interview on Bloomberg Television Monday. The find, which Descalzi said is the largest gas discovery in the Mediterranean Sea, will “make our position in terms of cash flow much more robust than before, so that’s very positive news.” More from Bloomberg.com: Bond Market Anxieties Divide Wall Street on Fed's Next Move The shares gained as much as 4.4 percent in Milan trading today after Eni on Sunday announced that the deep-water deposit in the Zohr Prospect in the Shorouk block may hold 30 trillion cubic feet of gas, equivalent to 5.5 billion barrels of oil. Eni, which wholly owns the license for Shorouk, said the discovery validates its strategy of exploring mature areas. The company, Italy’s largest oil producer, had recorded an 84 percent drop in its second-quarter profit. International oil and gas companies are seeking new deposits as existing fields become depleted. Egypt’s energy demand is rising as the Arab world’s largest population grows, making the country more reliant on imports provided by Persian Gulf states. The latest discovery will contribute to Egyptian supply for decades, Eni said. More from Bloomberg.com: Rupee Completes Worst Month in Two Years as Funds Flee Stocks The shares gained 26 cents, or 1.8 percent, to 14.67 euros at 10:35 a.m. in Milan, giving the company a market value of 53.4 billion euros ($59.9 billion). |
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ENI is based in Italy. ENI is listed in Italy. Its market capitalisation is €UR 55.3 billions as of today (US$ 59.1 billions, € 55.2 billions). Its stock quote reached its lowest recent point on April 23, 2021 at €UR 10.01, and its highest recent level on April 24, 2024 at €UR 15.21. ENI has 3 634 189 824 shares outstanding. |