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…
Eni Splits Business into Renewables and Oil & Gas
Italian oil major Eni said on Thursday it was creating a division to focus on renewable energy, as part of a corporate reorganization.The overhaul, which Reuters reported on Wednesday, follows industry-wide upheaval as the coronavirus pandemic has disrupted oil markets and sapped the earnings of oil and gas…
Offshore Energy Outlook for 2020
The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past.
Eni-led Group to Build Wave Power Stations
Italian oil group Eni is joining forces with shipbuilder Fincantieri, power grid group Terna and state lender Cassa Depositi e Prestiti (CDP) to develop wave power stations.The agreement, which follows the understanding signed last 19 April, will launch the first phase of a joint project to convert the Inertial Sea Wave Energy Converter (ISWEC) pilot project…
Eni CEO: No Future for Firms Working in Just O&G
There is no future for companies that work only in oil and gas in the medium- to long-term, the head of Italian major Eni said on Friday."Diversification into renewable energy and the circular economy is crucial," Claudio Descalzi told financial daily Il Sole 24 Ore in an interview.Asked about interest in Eni from France's Total, Descalzi said he did not know if the French major or
Eni Committed to Cyprus Exploration
Italian oil major Eni is committed to the exploration of Cyprus' Exclusive Economic Zone and its contractual engagements with the country, its chief executive said on Friday.Turkey said last week it had sent an oil-and-gas drilling ship to waters off southern Cyprus where Greek Cypriot authorities have already awarded hydrocarbon exploration rights to Italian and French companies.In
Eni CEO's Wife Under Investigation in Congo Probe
Italian prosecutors are investigating the wife of Eni's chief executive as part of a wider probe into allegations of corruption involving the oil and gas major in Congo Republic, a prosecution document seen by Reuters showed.State-controlled Eni has previously said it was under investigation by Milan prosecutors for corruption in Congo Republic from 2013 to 2015.
Var Energi Buys Exxon's Norway Assets for $4.5 Bln
ExxonMobil said on Thursday it will sell its Norwegian upstream oil and gas assets to independent exploration and production company Vår Energi for $4.5 billion as part of an ongoing large-scale global divestment plan.The deal, which is expected to close in the fourth quarter, includes ownership interests in…
Eni CEO Sues Lawyer for Defamation
The head of Italian oil group Eni has sued a former legal adviser to the company for defamation after excerpts of the lawyer's written testimony relating to a Nigerian corruption case were published in several newspapers on Wednesday.Eni said Chief Executive Claudio Descalzi had taken the legal action after newspapers quoted from the testimony…
Eni, Sonatrach Push Algeria Projects
Algeria's energy giant Sonatrach and Italian multinational oil and gas company announced the intention to accelerate the development of new oil and gas projects in North Berkine Basin in the Algeria, that will lead to a significant increase in national production.Sonatrach and Eni Chief Executive Officers, Rachid Hachichi and Claudio Descalzi…
Eni Extends Algeria Gas Contract
Italian multinational oil and gas company Eni announced that it had signed agreements with Algerian state-owned Sonatrach to extend its gas supply pact.The agreement covers almost 15% of the gas imported into Italy. The agreement extends the 40-year partnership until 2027, with the option of extending an additional…
Dutch Prosecutors Target Shell Over Nigeria Oil Deal
Dutch prosecutors are preparing criminal charges against Royal Dutch Shell over the $1.3 billion acquisition of an Nigerian offshore oilfield, ramping up pressure on the energy firm that already faces bribery charges in Italy over the case.Within hours of Friday's announcement on the Nigerian case, the Dutch…
Eni Quarterly Profit Jumps 55%
Italian oil company Eni beat expectations with a 55 percent jump in fourth quarter profit as higher prices, mainly gas, offset a dip in production.Adjusted net profit was 1.459 billion euros ($1.65 billion), above an analyst consensus forecast provided by the company of 1.19 billion euros.For the full year,…
Eni Continues High-speed Gulf Drive
In less than 12 months Eni CEO Claudio Descalzi has turned the Middle East from a sideshow to a strategic hub for the Italian energy major. And the shift is not over.Since last March the 63-year-old has clinched nine deals in the United Arab Emirates, gained a toehold in Bahrain and expanded in Oman to reshape the group's future.In the latest deal on Sunday…
ADNOC Seals $5.8 bln Refining and Trading Deal with ENI, OMV
Italy's Eni and Austria's OMV have agreed to pay a combined $5.8 billion to take a stake in Abu Dhabi National Oil Company's (ADNOC) refining business and establish a new trading operation owned by the three partners.The transaction, which expands ADNOC's access to European markets, furthers Eni's diversification…
Newcomers Pile into Race for Qatar LNG
Qatar is preparing to issue a tender for energy firms seeking a stake in its gas expansion project, drawing interest from long-standing partners as well as newcomers Chevron, Norway's Equinor and Italy's Eni, industry sources said.Plans to expand Qatar's liquefied natural gas (LNG) facilities, already the world's largest…
Bahrain, ENI Join Forces for Offshore Exploration
National Oil and Gas Authority of the Kingdom of Bahrain (NOGA) and ENI signed a Memorandum of Understanding (MoU) to pursue petroleum exploration of Block 1, an offshore area of over 2,800 sqkm still largely unexplored, located in the northern territorial waters of the Kingdom of Bahrain with water depth ranging…
Indonesia Approves Eni’s Merakes Project
Italian energy giant Eni announced that Indonesia has approved its investment plan for the Merakes project, located in the Kutei Basin, offshore East Kalimantan.Eni will now start work on developing the project, which will involve drilling and constructing subsea wells in water depths of 1,500 metres. These…
Eni Makes New Oil Find Offshore Angola
Italy's Eni said it ha struck a new oil discovery in the Afoxé exploration prospect located in Block 15/06, offshore Angola.The discovery, estimated to contain between 170 and 200 million barrels of light oil in place, was made in the Afoxé-1 NFW well located in the southeast area of Block 15/06, approximately 120 kilometers off the coast…
