ROME: The Italian crude oil group, Eni, incurred net losses amounting to euro 1.24 billion in 1H 2016 due to bearish oil prices. The company board said in a statement, released on Friday, that the losses are in contrast to the earnings, estimated at euro 735 million, posted in the past year same period of time.
The losses registered in the year’s first and second quarters reflected decline of its produced oil by 26 percent, along with decline of the gas prices. Eni, which has substantial operations in Libya and South Mediterranean pins high hopes on discoveries in Zaher natural gas field in Egyptian sea waters.