Eni narrows 3Q losses despite low oil prices

MILAN – Italian oil and gas giant Eni says it narrowed third-quarter losses but continued to be stung by the downturn in gas and oil prices.

Eni, which is 30-per cent government owned, said Friday that it lost 562 million euros ($613 million) in the period, compared with a 790-million-euro loss last year.

Low gas and oil prices were partially offset by increases in production and cost-cutting. Eni said it expects oil and gas output for the year to be in line with 2015, despite the production shutdown of a key oil field in Italy.

During the quarter, Eni resumed full production at the Goliat oil field off Norway and restarted the Kashagan field in the Caspian Sea ahead of schedule, which CEO Claudio Descalzi said would boost cash flow from the fourth quarter onward.