ENI profits jump fivefold as West Africa oil output rises, shares buyback up

Italian energy giant ENI reported a fivefold jump in second‑quarter profit, earning 3.3 billion euros (about $3.75 billion) as revenue rose 30 % to 24.4 billion euros. The boost came from higher oil prices and an 11 % increase in production, driven by new projects in West Africa, the Gulf of Mexico, Norway and Indonesia. ENI raised its 2026 production growth forecast to 5 % from a previous 3‑4 % range and increased its share‑buyback programme by 20 %, bringing the total to €3.4 billion. The profit surge follows a spike in global oil prices after the United States and Israel attacked Iran in February.

For Nigerians, higher international oil prices often translate into higher domestic fuel costs, affecting household and transport budgets. At the same time, ENI’s expanded activity in West Africa could signal more investment, job opportunities or local‑content contracts in Nigeria’s oil sector. The company’s confidence, shown by the larger buyback, suggests it expects sustained strength in the market.

Will higher global oil prices push up your fuel costs, or could ENI’s increased West Africa activity bring new job or business opportunities for you?

SOURCE: https://www.channelstv.com/2026/07/29/eni-2nd-quarter-profit-rises-to-3-3bn-on-higher-prices-output/