Source: Nigeria divides OPL 245 oilfield OPL into four blocks as part of deal with Eni and Shell
Sources say that Nigeria has divided the 'OPL 245 oil block into four assets, which will be operated by Eni or Shell. This could determine the future of a field that is at the heart of one of oil industry history's largest?corruption cases. The agreement opens the door to the development of OPL 245, Nigeria's largest deepwater reserve…
Eni CEO: Eni can receive Venezuelan oil as payment for gas
Eni CEO, Eni, said that Venezuela is now able to pay for the gas it receives from Eni with oil, thanks to recent U.S. sanctions being eased. This has 'unlocked' a situation where the Latin American nation had a large debt towards the Italian company. "That is a huge upside. We were stuck in a rut for nearly a year.
Eni CEO: Eni can receive Venezuelan oil as payment for gas
Eni CEO, Eni, said that Venezuela is now able to pay for the gas it receives from the Italian company with oil, thanks to recent easing of U.S. sanctions. This has helped to resolve a situation where the Latin American nation was left with a huge debt to Eni. "That was a huge upside. Before, we were stuck for nearly a year.
Eni, the Italian oil and gas company, beats its profit forecast thanks to strong upstream operations
Eni, the Italian energy group, beat expectations on Thursday by posting a 35% increase in adjusted fourth-quarter earnings compared to last year. This was due to a strong performance from its exploration and production division as well as improved refinery results. The adjusted net profit was 1.2 billion euros (1.4 billion dollars) between October-December…
Reports from FT say that Eni, the Italian oil and gas company, is considering a return to trading.
Italian energy major Eni ?is weighing re-entering oil ?and ?gas trading ?as it seeks the outsized returns enjoyed by BP, Shell and TotalEnergies, amid geopolitically-driven price volatility, the Financial Times reported on Wednesday. Claudio Descalzi,?Eni's Chief Executive, told FT that he stopped trading in 2019, but other large companies were still traders.
Sources say that the Italian government is poised to support a new mandate for Eni CEO
Three sources said that Italy's prime minister Giorgia Meoni was ready to support Eni CEO Claudio Descalzi in a bid to secure a 'new three-year term' at the energy company. This would allow the executive to continue 'his reign' as the longest-serving leader of the company. Descalzi is 70 years old and has been Eni's chief executive officer since 2014.
Sources say that the Italian government is poised to support a new mandate for Eni CEO
Three sources said that Italy's Prime minister Giorgia Meoni was ready to support Eni CEO Claudio Descalzi in a bid to extend his tenure as the group's longest-serving leader for another three-year period. Descalzi is 70 years old and has been Eni's chief executive officer since 2014. He began his career as a upstream and exploration specialist with extensive knowledge of Africa.
Eni increases share buybacks after Q3 results better than expected
Eni, the Italian energy company, announced on Friday that it would increase the share buybacks by 20% following better than expected third quarter results. The company posted a net profit adjusted of 1,25 billion euros in the third quarter. This was slightly below the 1,27 billion euro profit reported in the same period last year.
Eni signs second floating LNG unit off the coast of Mozambique
The Italian energy company Eni, along with its partners, signed off on a project on Thursday to build a floating platform for liquefied gas, Coral North, in the waters of Mozambique. This will make that country Africa's top LNG producer. In the capital of Southern Africa, Maputo, a signing ceremony attended by Mozambique's President Daniel Chapo…
Eni CEO: Italy's Eni is considering increasing the share buyback.
Claudio Descalzi, the chief executive of Italian energy company Eni, said that if positive trends continue in the first half of this year then it is possible to increase their share buyback program later this year. A weaker dollar and lower oil prices weighed down on the company's second-quarter adjusted profit.
Eni CEO: Oil markets do not expect closure of the Hormuz Strait
Eni's CEO, Eni of Italy, said that oil markets were signaling an unlikely escalation of tensions between Israel and Iran or the closing of the Strait of Hormuz. The Strait of Oman, located between Oman and Iran, connects the Gulf of Oman in the north with the Gulf of Oman in the south. It also links the Arabian Sea to the east.
Eni CEO: Eni will invest 26 billion dollars in North Africa within the next four years.
Claudio Descalzi, CEO of Italian energy company Eni, said Tuesday that the group will invest approximately 24 billion euros ($26.24billion) in Algeria Libya and Egypt during the next four-year period to boost energy production. The investments will coincide with Rome's efforts to revive its economic and political relations with Africa, as part of the so-called Mattei Plan.
Egypt's President and Eni CEO discuss gas production
Eni, an Italian energy company, said that Egypt's President met with its CEO on Monday in order to discuss measures aimed at boosting gas production. The meeting came after Egypt was forced to use the LNG market to meet domestic demand. Egypt had planned to be a major exporter of gas after Eni found the huge Zohr offshore gas field in 2015.
KKR will take 25% of Eni's biofuel unit valued at $13 billion.
The U.S. Fund KKR has bought a 25% stake of Enilive's biofuels business, owned by the Italian energy company Eni. This deal values Enilive at 12.7 billion dollars ($11.75 billion), including debt. Eni said that KKR’s 2,94 billion euro acquisition improves Eni’s financial position and ensures it retains its control over Enilive.
The UK has committed up to $28.5 billion for carbon capture projects
The government announced on Friday that it will invest up to 21.7 billion pounds (up to $28.5 billion) in 25 years for the development of carbon capture and storage technology to reduce emissions from energy, industry, and hydrogen production. Britain has set a target of achieving net zero emissions in 2050.
Britain has pledged up to 21,7 billion pounds for cleaner energy
The government announced on Friday that it will invest up to 28.46 billion pounds (21.7 billion pounds) in the development of carbon capture and storage and hydrogen technology for northern England. Britain has set a target of achieving net zero emissions in 2050. CCS is needed to reduce emissions from industries that are energy-intensive and to create jobs.
Eni CEO expects Brent oil to be around $80 a barrel by Q4
Eni's chief executive, Eni Energy Group, expects Brent oil to reach $80 per barrel within the next few months. Claudio Descalzi, speaking on the sidelines of a conference on energy organised by Il Sole 24 Ore financial daily on Wednesday, said that "oil is expected to be around $80 a barrel while natural gas will cost us 30 euros per megawatt-hour".
Eni restructures its chemicals business to unlock value and improve profitability
Eni, the Italian energy company, announced on Thursday that it had approved a new structure for its business aimed at developing main units, speeding up a revamp of its chemical business, and integrating both its upstream activities and its trading activities. The new structure aims to unlock some of the "satellite companies" of the group, including Plenitude, Enilive and others.
Eni, Vaar Agree to Buy Neptune Energy in $4.9 Billion Deal
Italy's Eni ENI.MI and its Norwegian unit Vaar have agreed to buy private-equity backed Neptune Energy in a deal valuing the assets of the gas and oil producer at $4.9 billion including debt, the two groups said on Friday.The acquisition, which is expected to be completed at the start of next year, is one of…
Eni Buys Biogas Production Firm FRI-EL Biogas
Italian energy giant Eni has agreed to buy FRI-EL Biogas Holding company, a leader in the Italian biogas production sector.The transaction will see Eni’s subsidiary Ecofuel, a company responsible for managing Eni’s investments in the circular economy, buy Biogas Holding from and FRI-EL Greenpower, a Gostner…