Italian oil company Eni has posted net profit for the third quarter of €2.94 billion, up 37 percent over this time last year on more oil production from the Congo and Turkmenistan.

Enit bought the assets of Burren Energy this year, and in the quarter realized 24,000 barrels of oil equivalent per day from them. A break in a U.K. export pipeline in third-quarter 2007 made 2008’s autumn result look better.

The money earned per barrel of oil and thermal unit of gas was up 47 percent, and Eni said that was due to Brent prices being up driven 53 over fall 2007.

Meanwhile, Eni will reap 30,000 boed in 2012 because shareholders in takeover target First Calgary Petroleums agreed late this week to surrender their credit-crunch hit shares to the Milan-based company. After breathtaking exploration success and expert development planning in Algeria, the Canadians saw their share price plummet and a shareholder revolt, as the amount of borrowing expected before first gas and oil from the giant MLE field was seen as insurmountable.

The acquisition valued First Calgary share capital at C$923 million. First Calgary has completed the front-end studies, selected two pipeline suppliers and site preparation is 10 percent complete.

Bids are now being examined from engineering, procurement and construction contractors, and Eni planners have joined First Calgary and Sonatrach staffs in Algeria.

Tags: Eni Norge AS, First Calgary Petroleums