Tuesday, February 22, 2011

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Eni shall cease production of oil and gas. Stocks' no problem for many months "

to: Il Sole 24 Ore

"Following the temporary suspension of some activities of natural gas production in Libya, the supply of gas through the pipeline Greenstream adjourned. This was announced by ENI. The group confirmed to be "able to meet the gas demand from their customers." Libya currently supplies about 10% of Italian gas demand.


The suspension of transmission of gas from Libya across the Greenstream not bring problems to Italy 'for many months from now, then comes the summer and fall consumption, so we are moderately quiet '. This is what a spokesman said Eni interviewed by Sky Tg24. The spokesman for the oil group said that it is not possible at present to predict when resume flow because it depends on developments in Libya: "As long as production is suspended - he underlined - we can not send gas to Italy. However we can cater to Russian gas, the Algerian and Norwegian, so we can meet demand with peace of mind for many months because of gas there is so much 'and' now 'is not necessary to resort to the reserves. Eni then denies "categorically" what is said in the afternoon by some customers (Edison, ed) that the six-legged dog would not be able to provide the required flow. As for boycotts Eni facilities by insurgents, he said, 'When you no news. "

Meanwhile, the oil minister of the UAE, said today in Riyadh that OPEC "is ready, if necessary, to intervene to ensure sufficient supplies to the market and combat the continuous increases in oil prices sparked by the crisis. "
The crisis is doing to fly Libyan futures on oil prices. In London, Brent contract for delivery in April has come to touch the $ 108.57 and then moderating the increase amounted to $ 107.93. In New York futures WTI always with delivery in April (for March contracts, quoted at 94.26 dollars, are due today) rose to $ 98.15 a barrel. A worry the markets is the fear that the insurgency could infect Libya after the other countries of the Middle East.

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