Italian oil and gas major Eni delivered an upbeat production outlook on Friday after output rose in the final quarter of 2012, driving an increase in profits that comforted investors anxious about problems besetting its key projects, Reuters reported. Eni confirmed previous growth forecasts of more than 3 percent for 2013 and said production at its giant Kashagan field in Kazakhstan - a project that had been marred by cost overruns and delays - was expected to start before June, with around 200,000 barrels per day on tap by the end of the year. It also said a recovery in Libyan production since a civil war and a stronger performance in Iraq and Russia had underpinned a 7 percent increase in production last year. The problems at Kashagan, the biggest oilfield discovery in over four decades, had prompted some analysts to question Eni's ability to deliver large-scale projects on budget and on time. The company's buoyant statement lifted its shares 3.4 percent by 1521 GMT, while a European oil and gas sector index was up 0.1 percent. Adjusted operating profit rose 17 percent in the fourth quarter to 4.96 billion euros ($6.6 billion), Eni said. The company also announced it would conduct its own audit after allegations of bribery at its Saipem subsidiary and chief executive Paolo Scaroni told analysts on a results conference call that Eni had a zero tolerance approach. -- SPA
