Eni Sees Biggest Mediterranean Gas Find Boosting Cash Flow

Eni SpA’s discovery of a “super giant” natural gas field off the Egyptian coast will help boost the Italian company’s cash flow and “positively” affect its dividend, Chief Executive Officer Claudio Descalzi said.

“This discovery is going to put us in a stronger position,” Descalzi said in an interview on Bloomberg Television on Monday. The find, which Descalzi said is the largest gas discovery in the Mediterranean Sea, will “make our position in terms of cash flow much more robust than before.” Revenue from the deposit, together with cost cutting and asset sales, will help Eni withstand oil prices that Descalzi sees trading at between $45 and $60 a barrel “for the next couple of years.”