Italy’s Eni has confirmed the European Commission has cleared its plans to sell a 12.5% stake in fellow Italian firm Saipem. The Commission has published its authorisation for the transaction following the positive outcome of the anti-trust procedure.
Eni has started production from the Mpungi field in the West Hub Development Project offshore Angola. The company said the start-up of the Mpungi in Block 15/06 will bring production to a ramp-up of approximately 100,000 barrels of oil equivalent (boed) in the first quarter of this year.
Eni and its partner Kogas have had a proposal for a two-year extension for exploration of hydrocarbons in Cyprus’ economic zone approved.
The global oil industry is set to repeat this year’s $200 billion of investment cuts in 2016, raising even more concerns than the current slump in crude prices, according to the chief executive officer of Italy’s Eni SpA. "What is worrying me is not the price of today; it is what is happening in the industry,” CEO Claudio Descalzi said in an interview with Bloomberg TV from the COP21 climate change conference in Le Bourget, France. “We cut about $200 billion and I think next year we are going to do the same and that can create in the mid term an imbalance between supply and demand."
Italy's Eni has been given the green light for its drilling campaign offshore Mexico.
Eni said it has sold its remaining 4% stake in Portugal’s Galp Energia in a $348million deal. The Italian oil and gas group said it has sold the shares through an accelerated bookbuilding procedure at a price of €9.81 each.
One of the most cherished assets held by Italy’s largest oil company, Eni SpA, isn’t a refinery or an oilfield -- it sits inside a building in the small town of Ferrera Erbognone near Milan: one of the world’s fastest super- computers.
Petrofac has teamed up with Faroe Petroleum and Eni Hewett to establish a cost saving partnership across their UK operations in the Southern North Sea. The tripartite agreement is aimed at driving efficiencies and commercial synergies. Petrofac will share logistics across the Schooner, Hewett and Ketch gas fields to share logistics and accommodation services across the facilities.
Wood Mackenzie said the global decline in oil price has had a “transformative” impact on the oil majors. Analysis by Wood Mackenzie identified four key themes which will continue into the next year in terms of companies’ budgets and strategies. Tom Ellacott, head of corporate upstream analysis, said key trends for oil majors already identified included weak financial performance in the third quarter of the year, a boost in production levels, deep cost cutting and tighter allocation on limited capital.
Statoil and joint venture partners have submitted a winning bid on the A5-A block offshore Mozambique in the fifth competitive bidding round.
The concept of using wind power for offshore oil and gas applications has taken a step forward after several oil majors signed up for a joint industry project to explore the technology.
MOL Group has signed a deal to acquire Eni's business in Hungary. The company said the move would contribute to MOL's growing retail presence within the supply radius of its refineries.
The chief executives of 10 of the world’s largest oil and gas companies have declared their support for an effective climate change agreement to be reached. The United Nations (UN) Conference of Parties to the UN Frameworks on Climate Change (COP21) will take place in Paris in December. The bosses of the companies which make up the Oil and Gas Climate Initiative (OGCI) confirmed they recognised the general ambition to limit global average temperature rise to two degrees and that the existing trend of the world’s net global greenhouse gas (GHG) is not consistent with this ambition.
Saipem has been awarded new offshore contracts cumulatively valued at more than 600million euros.
Mexico’s flirting with the international oil industry got off on the wrong foot, but they finally have something going.
Oil dropped for a second day after the US Federal Reserve left borrowing costs unchanged because of concern about recent global economic turmoil.
Eni and Total have entered into a special license and R&D cooperation agreement for Eni Slurry Technology (EST) and to evaluate and tailor the technology to Total’s requirements.
UK independent Rockhopper Exploration hopes to boost its coffers following the completion of a new sidetrack well in the Mediterranean.
Shares of the natural-gas exploring units of Delek Group Ltd. plunged the most in 14 years in high volume on concern the discovery of the Mediterranean’s largest field off the coast of Egypt will curtail their exports. Delek Drilling LP and Avner Oil Exploration LLP, partners in the Leviathan field, declined the most since 2001 in above- average trading volumes at the close in Tel Aviv after Eni SpA discovered the “super giant” field that it says may hold 30 trillion cubic feet of gas, enough to contribute to Egyptian supply for decades. Delek Group dropped 12 percent, the biggest loss since Dec. 23. Ratio Oil Exploration 1992 LP fell 23 percent. The companies are jointly drilling Leviathan, Israel’s largest offshore field, with Houston-based Noble Energy Inc.
Italian energy group Eni is open to selling a stake in its mega gas discovery in Egypt, as it has done for another gas field in Mozambique, its chief executive said in a newspaper interview published on Monday.
Italian energy company Eni has discovered a “supergiant” natural gas field off Egypt.
The chief executive of Eni has met with the President of Nigeria to express condolences over an explosion in the country in June which killed 14 people. Claudio Descalzi met with Mohammadu Buhari for the first time since the President was elected earlier this year.
Ghana has received $700million in guarantees from the World Bank for its transformational Sankofa gas project, which is claimed will address the country's chronic energy shortage.
Italian oil and gas group Eni raised its production targets for the year on Thursday as second-quarter net profit slumped due to lower oil prices and a heavy loss at oil contractor subsidiary Saipem. State-controlled Eni said adjusted net profit in the second quarter was 0.14 billion euros ($153 million), below the consensus forecast of 0.48 billion euros in a Reuters poll of analysts. Stripping out the Saipem effect, adjusted net profit was 0.45 billion euros. On Tuesday, Saipem reported a quarterly adjusted operating loss of 738 million euros after heavy writedowns as part of a turnaround plan.
Italy’s Foreign Minister said “prudence and discretion” were essential as the country attempts to bring four kidnapped oil workers home from Libya. The families of four men have been in an anxious wait for news after they were taken near to an industrial complex owned by energy company Eni in the western city of Mellitah. Foreign Minister Paolo Gentiloni said: "Prudence and discretion....are needed to bring home our four countrymen.