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ENERGY

Eni upgrades forecast for Indonesian gas

Italian energy group Eni on Monday raised its estimate of the natural gas contained in a deep water well off Indonesia by 20 billion cubic metres (bcm), a 55 percent increase on initial projections.

Published: 16 March 2015 13:34 CET
Eni upgrades forecast for Indonesian gas
Eni has been active in Indonesia since 2001. Eni photo: Shutterstock

The company said the completion of post-drilling studies on the Merakes-1 well in the East Sepinggan Block off East Kalimantan in Borneo had led them to upgrade the forecast of its reserves from 36 bcm to 56 bcm (1.3 trillion cubic feet to 2.0 tcf).

The well was drilled in October 2014 at a depth of 1,372 metres.

ENI said it was looking to fast track development of the find so it can be exploited at the same time as the nearby Jangkrik field, which it also owns.

The Italian company has 85 percent of the East Sepinggan block. It has been active in Indonesia since 2001.

Read more business news from The Local Italy.

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BUSINESS

France’s EDF hails €10billion profit, despite huge UK nuclear charge

French energy giant EDF has unveiled net profit of €10billion and cut its massive debt by increasing nuclear production after problems forced some plants offline.

Published: 16 February 2024 10:45 CET
France's EDF hails €10billion profit, despite huge UK nuclear charge

EDF hailed an “exceptional” year after its loss of €17.9billion in 2022.

Sales slipped 2.6 percent to €139.7billion , but the group managed to slice debt by €10billion euros to €54.4billion.

EDF said however that it had booked a €12.9 billion depreciation linked to difficulties at its Hinkley Point nuclear plant in Britain.

The charge includes €11.2 billion for Hinkley Point assets and €1.7billion at its British subsidiary, EDF Energy, the group explained.

EDF announced last month a fresh delay and additional costs for the giant project hit by repeated cost overruns.

“The year was marked by many events, in particular by the recovery of production and the company’s mobilisation around production recovery,” CEO Luc Remont told reporters.

EDF put its strong showing down to a strong operational performance, notably a significant increase in nuclear generation in France at a time of historically high prices.

That followed a drop in nuclear output in France in 2022. The group had to deal with stress corrosion problems at some reactors while also facing government orders to limit price rises.

The French reactors last year produced around 320.4 TWh, in the upper range of expectations.

Nuclear production had slid back in 2022 to 279 TWh, its lowest level in three decades, because of the corrosion problems and maintenance changes after
the Covid-19 pandemic.

Hinkley Point C is one of a small number of European Pressurised Reactors (EPRs) worldwide, an EDF-led design that has been plagued by cost overruns
running into billions of euros and years of construction delays.

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