Eni (BIT: ENI) agreed to sell about 9% of its Plenitude renewables unit to Energy Infrastructure Partners AG for €700 million ($766 million) via a capital increase to be completed in early 2024.
In notes on its decision, Norway said NewMed’s investment in the licence “is not conducted in accordance with the wishes and interests of the people of Western Sahara, and because it contributes to maintain an unresolved situation for the area”.
No CO2 has been sequestered, no FID has been taken and no commercial scale projects are in operation. At the event, speakers set out their hopes for projects to reach FID by this time in 2024.
If agreed, the settlement would help to open the way for an expansion of the Kashagan oil development, including construction of new gas-processing plants needed by the government, the people said.
Operations at the Nigerian oil block have been halted for more than a decade by a series of trials and competing legal claims.
In September, Apex started producing gas at the Faramid project, in IEOC’s East Obaiyed. Apex has a 25% stake in the project, which is producing 24.4 million cubic feet per day of gas.
Shell (LON: SHEL) will need as much as one trillion cubic feet of gas from exploration licences in the West of Shetland to "truly whet its appetite", according to analysis by Wood Mackenzie.
In September, it sold non-operated stakes in the Kaybob Duvernay and Placid Montney for $104 million. The plan is to invest some of the proceeds in international works.
Valaris now has a contract backlog of $3.2 billion.
The developers of two floating wind farms secured as part of the INTOG leasing round have signed exclusivity agreements, paving the way for development later this decade.
"The winning companies have committed to unprecedented investment in natural gas exploration over the next three years, which would hopefully result in the discovery of new natural gas reservoirs.”
Geng North is thought to hold around 5 trillion cubic feet of gas and 400 million barrels of condensate. Eni sees the Kutei Basin becoming a “new world class gas hub”.
The company said it aims to increase its LNG contracted volumes to more than 18 million tonnes per year of LNG by 2026.
The Italian company said it would begin work immediately and expected to complete this in early 2026.
Europe’s unloved oil majors seem to finally be winning back investors by refocusing on their core business, yet the valuation gap with their dealmaking US peers remains stubbornly wide.
Eni signed a 27-year liquefied natural gas deal with QatarEnergy, marking the Gulf nation’s third major contract with a European firm this month.
Eni has reached an agreement in principle with the UK Government over the regulatory framework which will govern its HyNet carbon capture and storage (CCS) project in the UK.
A former North Sea floating production storage and offloading (FPSO) vessel owned by Altera Infrastructure is set to be redeployed to Africa as part of a 15-year agreement.
Neptune Energy has announced the start of drilling at its Ofelia appraisal well in the Norwegian North Sea.
Danish pension fund AkademikerPension has completed a multi-year divestment program designed to purge its portfolio of oil and gas stocks.
The precise number of dead is not yet known. Local media have put the figure at 2,000 dead, but thousands are missing. The Red Crescent has said that 10,000 people are missing.
In Cote d’Ivoire, the service company has won a subsea umbilicals, risers and flowlines (SURF) contract for Baleine Phase 2. Eni began producing at this field in August.
NNPC “reserves its rights” over the breach. Failure to obtain approval allows NNPC E&P Ltd (NEPL) to “invalidate the purported assignment” to Oando.
A number of companies have come to explore Morocco’s offshore, drawn in by attractive tax rates and geological models, but have been largely disappointed.
These four OMLs attributed 24,000 barrels of oil equivalent per day to Eni net in 2022.