Sound Oil reports loss but prepares for production
Sound Oil, the Mediterranean focused upstream gas company, made a first-half pretax loss of £3.89million compared with a 2014 loss of £2.05million.
Italy
Sound Oil on track in Italy
Sound Oil has confirmed that it is still on track for production from its Nervesa gas discovery in Italy by the end of the year.
Rockhopper eyes cash boost from new Mediterranean well
UK independent Rockhopper Exploration hopes to boost its coffers following the completion of a new sidetrack well in the Mediterranean.
Rockhopper moves ahead with Italian field development
Rockhopper has received approval from the Italian government for its environmental impact assessment of the Ombrina Mare field development in the Mediterranean. The move comes on the same day it struck a deal with Beach Energy for the acquisition of a number of assets in Egypt.
E.ON to sell Italian hydroelectric plants to ERG for $1bln
Italian energy group ERG is to buy German utility E.ON's Italian hydroelectric power plants for about 950 million euros ($1 billion), expanding its renewable portfolio which mostly comprises windfarms. E.ON's Terni Hydroelectric Complex, which has 527 megawatts (MW) of generating capacity and produces about 1.4 terawatt hours of electricity a year, was put up for sale in late 2013 along with other assets in the country. ERG currently operates windfarms in Europe with a total capacity of 1.38 gigawatts, including 1.1 gigawatts in Italy, as well as a gas-fired thermal plant in Sicily with a capacity of 480 MW.
Sound secures Italian job with Shell
Sound Oil, the Mediterranean focused upstream gas company, has signed a gas sales agreement with Shell for the Casa Tonetto production concession.
Eni raises output target as Q2 profits slump on Saipem
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 urges ‘prudence and discretion’ over kidnappings
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.
Four workers kidnapped in Libya
Four Italian workers have been kidnapped in Libya. The incident happened near an industrial complex owned by energy company Eni in the western city of Mellitah. The Italian Foreign Ministry said the employees had been kidnapped on Sunday.
Russia’s Gazprom cancels Saipem deal on the Black Sea gas pipeline
Russia's Gazprom has cancelled a contract with Italian oil services group Saipem to build the first line of a gas pipeline beneath the Black Sea, the Russian state gas company said in a statement on Wednesday. Gazprom said it will start talks with other potential contractors to build the first line of the Turkish Stream pipeline, which would run beneath the Black Sea to Turkey. The project would consist of four lines, each capable of carrying 15.75 billion cubic metres of gas per year. Saipem said last month it was asked by Gazprom to start work on a pipeline under the Black Sea, which should avoid Ukraine as a transit country for roughly half of Russian gas shipped to Europe.
Sound Oil granted approval for Italian exploration well
Sound Oil has gained approval of its Environmental Impact Assessment (EIA) for the Badile exploration well in Italy. The drilling authorisation from the Italian Ministry of Economic Development is expected to follow with the endorsement of the Lombardy Region. The approval of the European and Mediterranean focused oil and gas company’s application will allow it to prepare for the forthcoming exploration well.
Sound Oil strikes deal for gas sales
European-focused Sound Oil has won two gas sales contracts for fields in Italy, the company has announced. The upstream oil and gas group has been awarded the contracts in relation to the Badile drill site.