Libyan Recovery Boosts Eni

A recovery of production levels in Libya has helped to offset higher taxes and lower investment profits at Italian energy company Eni., the cpmpany announced in its full-year results today.

Onshore exploration activity was resumed by drilling the A1-108/4 exploration well that will reach a total depth of approximately 4,420 meters.

This is the first well of an onshore exploration campaign that will continue to 2013 marking a relevant step in the full recovery of Eni’s upstream activity in Libya, the company said.

(Sources: ENI, Associated Press, Bloomberg)

(Picture: Paolo Scaroni, CEO of ENI)

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