MILAN (AP) — Italian oil and gas producer Eni says third-quarter profits were down by two-thirds as oil and gas prices dipped.

Eni, which is one-third government-owned, had net income of 523 million euros ($580 million), down from 1.53 billion euros in the same period last year. The company cited an 18-percent drop in crude prices, while gas prices in Europe dropped by half.

Oil and gas production rose 5% to 1.89 million barrels of oil equivalent a day.

Eni said Friday the acquisition of Exxon's assets in Norway, adding 100,000 barrels per day, and a 20% stake in the Ruwais refinery in the United Arab Emirates will provide "a further boost to growth and stability."

Eni CEO Claudio Descalzi said the company's work on bio-refineries and renewables would generate new future business.