Eni cuts full-year output guidance on Libya, Nigeria

Reuters
The logo of oil company Eni is pictured at San Donato Milanese near Milan February 5, 2013. REUTERS/Stefano Rellandini

MILAN (Reuters) - Italian oil and gas group Eni cut its production outlook for the year on Wednesday because of problems in Libya and Nigeria. In a statement, state-controlled Eni said major start-ups in Kazakhstan, Algeria and Angola would not be enough to offset the impact of factors in the two African countries. Eni, the largest foreign major in Libya and Africa, had previously guided investors to expect production in 2013 to be in line with the previous year. Chief Executive Paolo Scaroni also said the group would launch a share buyback programme worth up to 6 billion euros in coming weeks. This follows BP Plc's announcement of a dividend hike on Tuesday. Eni's adjusted net profit in the third quarter fell 29.4 percent to 1.17 billion euros, it said, above an average forecast of 972 million in a Reuters poll of analysts. The world's No. 6 oil major also said it expected its gas sales for the year to be lower than last year.