Eni loses 0,46% on the stock exchange in the wake of oil which sees the WTI return to 46,16 dollars (-1,14%) and Brent to 47,65 (-1,02%). The news that Statoil has decided to further cut investments in the Trestakk project, in which Eni holds a 7,9 percent stake, also weighs heavily. The development plan for the offshore field has seen a gradual reduction in estimated investments, from the initial 10 billion crowns to the subsequent 7 billion up to the current 5,5 billion.
Last week Statoil communicated the accounts for the third quarter with a net loss of 432 million dollars, worse than the 307 million of the same period last year and against the 197 million profits of the consensus. Norway's 67% state-owned big oil saw an 11% decline in sales in the three months to $12,09 billion, versus $11,81 billion expected by analysts. On that occasion, the company announced the cut in capital expenditure this year by 1 billion dollars to 11 billion overall (and the reduction from 1,8 to 1,5 billion of investments in exploration).
