Edin. New It Share Discussion Threads

[the grumpy old men] 08/3/2024 09:23

Eni buys back own shares for more than EUR30 million
March 06, 2024 at 06:58 am EST


(Alliance News) - Eni Spa announced Wednesday that it bought back 2.1 million shares between Feb. 26 and March 1.

The shares were purchased at an average price of EUR14.3004 for a total value of EUR30.0 million.

As a result of these purchases, Eni holds 181.0 million shares or 5.4 percent of its share capital.

Eni trades in the green by 0.9 percent at EUR14.64 per azone.

By Chiara Bruschi, Alliance News reporter

Comments and questions to [e-mail]

[the grumpy old men] 08/3/2024 09:19

courtesy of
subsurface
8 Mar '24 - 08:52 - 4347 of 4347
0 1 0
General interest

Cote d'Ivoire: Eni announces a major discovery in block CI-205, offshore Cote d'Ivoire


The Calao discovery was greeted as a significant one. Drilling operations took place approx. 45 kms off the coast in block CI-205, reaching a depth of 5,000 meters in water depths of around 2,200 meters. The well encountered light oil, gas, and condensates in various intervals of Cenomanian age




Tullow are in blocks CI 524 and 803 against the boundary line with Ghana

[waldron] 31/1/2024 19:16

ENERGYVOICE


Eni completes $4.9bn acquisition of Neptune Energy

By Allister Thomas
31/01/2024, 5:11 pm

Eni is growing its international portfolio with the deal, including the UK.

Italian oil giant Eni (BIT: ENI) has completed its multibillion-dollar takeover of North Sea operator Neptune Energy.

The firm’s $4.9bn acquisition plan was unveiled in June, following months of speculation as Neptune’s private equity owners make an exit.

Eni has acquired the firm’s entire operation, save for Norway – which is going to Var Energi (itself part owned by Eni) through a separate deal – and the business in Germany, which has had its own carve-out.

The Italian major has a limited operation in the UK meaning there is no expected impact on the workforce at Neptune, covering around 200 people between Aberdeen and London.

However, the future of the top leadership team, reported to own 1% of the business and due for a whopping payday, led by executive chairman Sam Laidlaw, is unclear.


Eni said in June that it was taking on a “world class portfolio” covering Western Europe, North Africa, Indonesia and Australia.

In the UK, Eni is acquiring the Cygnus gas field, the flagship asset of Neptune Energy and one of the country’s most prolific gas fields.

Other notable assets include the recent Seagull tie-back to BP’s ETAP hub.

Prior to the deal, Neptune Energy was owned by China Investment Corporation, funds advised by Carlyle Group and CVC Capital Partners, and some management owners.
CCS

Eni is also gaining access to Neptune Energy’s recently-awarded carbon capture and storage (CCS) sites, having won a trio of awards during 2023’s licensing round.

CCS is a burgeoning area of interest for the Milan-headquartered firm, which runs the HyNet development in North-west England.

Eni itself won a licence award during last year’s CCS round for its Hewett gas field in the southern North Sea.

The ENI SpA logo sits on the company’s headquarters office building seen through trees in Rome, Italy,

Announcing the deal closure today, Eni pointed to assets it is acquiring internationally.

“The acquisition is strategic in terms of increased gas production in North Africa, where Eni consolidates its position as the leading international energy company, and in Northern Europe, where the transaction opens up new CCS opportunities.

“Eni regards CCS as a key lever in its decarbonization strategy and there are further possible synergies with the projects Neptune is pursuing in Norway and the Netherlands.”
Norway

Var Energi is acquiring stakes in 12 producing assets, three of which will be as operator.

The deal adds 67,000 barrels of daily production, and 265m to its 2P reserves.

Neptune Norway will operate as a fully-owned subsidiary of Var Energi and change its name to Var Energi Norge.

CEO Nick Walker said: “Var Energi is one of the fastest growing E&P companies in the world and is on track to nearly double production by end-2025. The acquisition of Neptune Norway is an important step to this end. Neptune Norway’s complementary assets and highly skilled organisation are a perfect fit to Vår Energi.

“We will work as one strong team, a company committed to delivering high value barrels from one of the most attractive oil and gas regions in the world with low cost and low emissions. The transaction is cash generative from day one supporting attractive and predictable dividends going forward.”

[la forge] 31/1/2024 08:12

Eni confirms decision to build bio-refinery in Livorno, Italy


By NS Energy Staff Writer 30 Jan 2024

The transformation of the Livorno industrial site, in line with previous successful conversions in Porto Marghera (2014) and Gela (2019), underscores Eni's commitment to its decarbonisation strategy


Eni has reaffirmed its commitment to constructing Italy’s third bio-refinery in Livorno. Initially disclosed in October 2022 and subsequently supported by an Environmental Impact Assessment (EIA) application in November 2022, the project is currently pending official approvals.

The comprehensive plan encompasses the establishment of three novel facilities dedicated to producing hydrogenated biofuels: a biogenic feedstock pre-treatment unit, a 500,000 tonnes/year Ecofining plant, and a facility designed for hydrogen production from methane gas.

The transformation of the Livorno industrial site, in line with previous successful conversions in Porto Marghera (2014) and Gela (2019), underscores Eni’s commitment to its decarbonisation strategy.

This strategy is geared towards attaining carbon neutrality by the year 2050 and boosting bio-refining capacity from the current 1.65 million tonnes per year to over 5 million tonnes per year by 2030.

Aligned with the strategic choice to convert the Livorno refinery, ensuring the site’s resilience in terms of both production and employment, Eni has ceased crude oil imports and commenced the closure of lubricants production lines and the Topping plant. Fuel distribution in the region will be ensured by importing finished and semi-finished products.

Preparatory activities for the construction of the three upcoming bio-refining plants are currently in progress, with construction slated to begin post-regulatory approval. The anticipated timeline for completion and commissioning is set for 2026.

The upcoming bio-refining plants are designed to process diverse biogenic feedstocks, primarily sourced from vegetable waste and residue, to generate HVO diesel, HVO naphtha, and bio-LPG. Eni, operating through Enilive, holds the position as the second-largest producer of hydrogenated biofuels (HVO) in Europe and the third-largest globally.

Eni’s growth strategy is propelled by the growing demand for biofuels in the mobility sector in Europe and Italy. This demand is fuelled by the need to meet emission reduction targets outlined in the recently sanctioned RED III (Renewable Energy Directive) and adhere to Italian regulations mandating the incorporation of pure biofuels. Projections indicate a 65% surge in global demand for hydrogenated biofuels from 2024 to 2028.

[grupo guitarlumber] 04/1/2024 11:24

Borsa Italiana

Name Price Change %

Eni

15.6 +1.05%

[grupo guitarlumber] 04/1/2024 11:20

Latest Dividends

Summary Previous dividend Next dividend

Status Paid Forecast

Type Quarterly Quarterly

Per share 23¢ 23c perhaps

Declaration date 17 Jan 2023 (Tue) 16 Jan 2024 (Tue)

Ex-div date 20 Nov 2023 (Mon) 18 Mar 2024 (Mon)

Pay date 22 Nov 2023 (Wed) 20 Mar 2024 (Wed)

[gibbs1] 30/12/2023 08:32

Eni injects first gas into Congo LNG project’s Tango FLNG facility


By NS Energy Staff Writer 29 Dec 2023

Upon the conclusion of the commissioning phase, the Tango FLNG facility, which measures 380m in length and 60m in width, is set to produce its inaugural LNG cargo by Q1 2024, a milestone that will position the Republic of Congo among the ranks of LNG-producing nations

Tango FLNG facility

The Tango FLNG facility is part of Eni’s Congo LNG project. (Credit: Eni)

Eni has introduced gas into the Tango floating liquefied natural gas (FLNG) facility, which is part of the Congo LNG project, the first natural gas liquefaction development in the Republic of the Congo.

According to the Italian energy company, the injection of gas has been achieved in 12 months after taking the final investment decision (FID).

Upon the conclusion of the commissioning phase, the Tango FLNG facility is set to produce its inaugural LNG cargo by Q1 2024. This milestone will position the Republic of Congo among the ranks of LNG-producing nations, said Eni.

Eni purchased the Tango FLNG from Exmar Group in August 2022.

The Tango FLNG vessel, measuring 380m in length and 60m in width, has been moored in waters approximately 40m deep. It has the capacity to store more than 180,000m3 of LNG and 45,000m3 of liquefied petroleum gas (LPG).

Anchored alongside the Excalibur floating storage unit (FSU) in Congolese waters, Tango has a liquefaction capacity of approximately one billion cubic metres per year (BCMA). It employs a unique configuration known as “split mooring,” which is the first application of this approach in a floating LNG terminal.

Congo LNG is poised to augment the gas reserves within the Marine XII permit. It will attain a plateau gas liquefaction capacity of approximately 4.5BCMA through gradual development, all while aiming for zero routine gas flaring.

A second FLNG facility with a capacity of around 3.5BCMA, is presently in the construction phase and is scheduled to commence production in 2025. Eni will exclusively handle the marketing of the entire LNG volume produced.

The two FLNG plants are planned to be installed at the already producing Nenè and Litchendjili fields and at the fields that are to be developed in the future.

Congo LNG is expected to address the energy requirements of Republic of the Congo and concurrently facilitate LNG exports. The project aims to provide fresh gas volumes to global markets, with a particular emphasis on meeting the demand in Europe.

[grupo guitarlumber] 10/11/2023 05:48

Thanks for the post PJ

Have a super day and weekend

molto bene

[pj84] 10/11/2023 00:02

This super-cheap oil stock is the toast of the world’s top ‘value’ investors

When a stock suddenly becomes more popular with the best-performing fund managers in the world, it’s worth a closer look.

This is what has happened to Eni, the Italian oil and gas giant, which has surged to a top AAA rating from Citywire Elite Companies, which rates stocks on the basis of their backing by the world’s top professional investors.

Seven of these fund managers – each among the top-performing 3pc of the 10,000 equity fund managers tracked by the financial publisher Citywire – own shares in Eni, which has climbed from the lowest + rating to AAA status in the past month.

What unites these investors, apart from their strong performance, is their style of “value” investing. Examine Eni in more detail and it’s clear why its shares are particularly appealing to them.

Even in an oil and gas sector where low valuations are the norm, Eni stands out for the cheapness of its shares. Compared with eight of its largest oil and gas rivals, Eni’s shares trade on the lowest price-to-earnings ratio of 6.6 times expected profits over the next 12 months. Its forecast dividend yield of 6.2pc, based on the expected dividend and the current share price, is meanwhile the highest.

By historic standards too, the shares’ valuation looks low. Valued according to forecast earnings, sales and free cash flows, the shares are trading towards the bottom of their 10-year range. But unlike many shares on rock-bottom valuations, Eni has been a very good investment over recent years. It is not a “falling knife”.


In sterling terms, since hitting a lockdown low almost exactly three years ago, the shares have clocked up a 200pc total return. Better-than-expected third-quarter results at the end of last month are cause for further optimism, even as rivals such as BP have disappointed.

Industry trends also look supportive. The American oil and gas “supermajors” ExxonMobil and Chevron, rated AAA and AA respectively by Citywire Elite Companies, both announced major deals last month. ExxonMobil is buying the shale group Pioneer Natural Resources for $60bn (£49bn) while Chevron has struck a $53bn deal to acquire the oil producer Hess. This may prove just the start of a long-anticipated wave of consolidation that could spread to Europe.

Eni’s acquisition record is less extravagant; the Italian government’s 30pc stake is a limiting factor. But a $4.9bn deal announced in June to buy Neptune Energy looks strategically sound. The takeover, which should complete early next year, will help Eni achieve a target of producing 60pc of output from gas by 2030. As gas produces fewer carbon emissions than oil, the European Commission has designated it a transition fuel, which will help underpin long-term demand.

Increasing gas production will also mean that Eni’s liquified natural gas (LNG) business becomes less reliant on third-party supplies, the risk of which has been brought home by Russia’s invasion of Ukraine.

Another opportunity for investors lies in potential divestments and in particular the mooted flotation of its green energy arm, Plenitude. Original plans for a listing were delayed last year as investors turned from hot to cold on renewable energy companies. Now Eni is considering selling a stake in the division before potentially floating it next year.

If successful, this could prove particularly beneficial for shareholders. That’s because one explanation for Eni’s low valuation is investors’ preference for oil companies that stick to their fossil-fuel roots and hand back excess cash to shareholders via dividends and share buybacks rather than spending it on expensive renewable energy projects.

Eni’s valuation of Plenitude suggests the bar is set low for the flotation to deliver value for shareholders. Outside investors could put a higher price on the business, which is working towards ambitious targets. Eni aims to increase renewable energy production from 2.2 gigawatts last year to 15 gigawatts by 2030 and 60 by 2050 and treble Plenitude’s earnings on the “Ebitda” (earnings before interest, tax, depreciation and amortisation) measure by €1.8bn by 2026.

While Eni is increasing spending, raising a four-year investment plan from €28bn to €37bn this year, those commitments are unlikely to threaten returns to shareholders. Net debt remains comfortably inside the target range of 10pc to 20pc of net assets, while Eni is committed to annual dividend increases and will continue to buy back shares with spare cash. Buybacks reduced the share count by 6pc in the 12 months to the end of September.

These cash returns should help support the shares, while Eni’s low valuation should mean it won’t take much to send them higher.

[waldron] 08/11/2023 15:25

Eni Nears $800 Million Sale of Renewables Unit Stake to EIP

Alberto Brambilla and Tommaso Ebhardt, Bloomberg News

(Bloomberg) -- Eni SpA is nearing an accord with Energy Infrastructure Partners AG to sell just under 10% of its Plenitude renewables unit for around €750 million ($800 million), according to people familiar with the matter.

Plenitude is set to be valued at about €8 billion in the deal, which could be announced by the end of this month, said the people, asking not to be named discussing private information. Talks are in the final stages but a definitive decision has not yet been reached, they said.

Italian oil and gas major Eni entered into talks with EIP, a Zurich-based fund, on a potential deal earlier this year, as it sought a partner for the unit in the run-up to a future stock market listing. Plenitude sells energy to households and businesses, produces renewable power, and runs electric-vehicle charging stations. It serves about 10 million retail clients across Europe, operating in 15 countries globally.

Read More: Eni Boosts Full-Year Guidance as Profit Beats Estimates

The sale of a stake could help Eni lock in the unit’s value while giving it more cash for investments, paving the way for an initial public offering as soon as next year. Eni Chief Executive Officer Claudio Descalzi acknowledged in late September that talks were ongoing with potential suitors for a stake in Plenitude.

Representatives for Eni and EIP both declined to comment.

Energy Crisis

The plan to list Plenitude was postponed last year with Europe in the throes of an energy crisis, but Eni still aims to proceed with the listing on the Euronext Milan exchange when market conditions permit, likely in 2024, Descalzi has said.

The current valuation for the unit is higher than the €6 billion to €7 billion the state-controlled energy firm considered setting for it in mid-2022, people familiar with the matter said at the time.



Milan-based Plenitude, which is targeting around €900 million in Ebitda for this year, was set up to pool Eni’s energy retailing and renewables businesses.







--With assistance from Tiago Ramos Alfaro and Paula Doenecke.

[grupo guitarlumber] 24/10/2023 11:59

Eni
15.572 +0.88%

[grupo guitarlumber] 24/10/2023 11:56

Upcoming events on Eni S.p.A



26/10/2023 Q3 2023 Earnings Release

26/10/2023 Q3 2023 Earnings Call

[adrian j boris] 24/10/2023 07:27

Eni Reaches Heads of Terms with UK for HyNet CCS
by Rocky Teodoro
|
Rigzone Staff
|
Tuesday, October 24, 2023

The heads of terms agreement deal with key terms and conditions for the economic, regulatory, and governance model for the transportation and storage of carbon dioxide at HyNet North West.


Eni SpA has reached an agreement in principle with the United Kingdom (UK) Government’s Department of Energy Security and Net Zero (DESNZ) regarding the HyNet North West industrial carbon capture and storage (CCS) cluster.

The heads of terms agreement deal with key terms and conditions for the economic, regulatory, and governance model for the transportation and storage of carbon dioxide at HyNet North West, which aims to become the world’s first asset-based regulated CCS business, providing CCS for companies in the North West of England and North Wales. The principles pave the way for the completion of definitive agreements in the coming months, Eni said in a news release.

Eni is the carbon dioxide transport and storage operator of the HyNet North West consortium, which targets transforming one of the country’s most energy-intensive industrial districts into one of the world’s first low-carbon industrial clusters by supporting the decarbonization of industries such as cement, energy, and chemicals.

HyNet North West is expected to be operational by the middle of the current decade with a storage capacity of approximately 4.5 million metric tons of carbon dioxide per year in the first phase, according to the news release. The project has the potential to remove approximately 10 million metric tons annually after 2030 and is pegged to make a major contribution to the UK’s target of storing 20 million to 30 million metric tons of carbon dioxide annually by 2030.

“CCS will play a critical role in energy transition, cutting safely emissions from industries that currently don’t have the technology to do so another way”, Eni CEO Claudio Descalzi said. “Today’s agreement is a significant step towards establishing a significant new industry for the country. The Heads of Terms outline a regulated model that can help the CCS industry achieve scale and provide the certainty needed for private sector investment. This kind of close cooperation with the public sector will be critical to developing the kind of groundbreaking projects we need to address the climate challenge”.

Aside from the CCS aspect, the HyNet project also includes building the infrastructure to produce, transport, and store low-carbon hydrogen across the North West and North Wales, according to the project’s website. Hydrogen will be manufactured in the North West at the Stanlow Manufacturing Complex by EET Hydrogen. The low-carbon hydrogen production plant will supply local industry with locally produced hydrogen, which will be transported by underground pipelines. HyNet partners INOVYN are repurposing salt caverns in the Northwich area of Cheshire, which currently store natural gas, to store 35,000 metric tons of hydrogen.

Eni said it is planning a second UK CCS hub to decarbonize the Bacton Energy Hub and the Thames Estuary region, adding that it has been granted a license to store carbon dioxide in the depleted Hewett gas field in the Southern North Sea. Together, HyNet North West and Bacton can store 500 million metric tons of carbon dioxide, the company said.

Eni said it intends to repurpose some of its existing depleted fields, which currently store gas, into carbon dioxide storage hubs “to decarbonize both its own and third parties' industrial activities at a competitive cost and with fast time to market”. The company aims to achieve a total annual storage capacity of 30 million metric tons of carbon dioxide by 2030 through projects under development not only in the UK but also in Italy, Libya, Australia, and Egypt.

To contact the author, email [e-mail]

[la forge] 21/10/2023 14:42

Borsa Italiana 11:44:59 2023-10-20 am EDT





15.40 EUR -0.35%

[grupo guitarlumber] 15/10/2023 08:24

Borsa Italiana 11:44:59 2023-10-13 am EDT


Eni S.p.A


15.50 EUR +1.32%

[florenceorbis] 02/10/2023 15:32

Eni Makes Significant Offshore Gas Discovery in Indonesia
October 02, 2023 at 08:16 am


By Adria Calatayud

Eni has made a significant natural-gas discovery in an offshore project in Indonesia, which the company said has potential to contribute to the creation of a new production hub.

The Italian energy company said Monday that preliminary estimates from the Geng North-1 exploration well in the North Ganal production sharing contract indicate a total discovered volume of 5 trillion cubic feet.

Eni operates the North Ganal block and holds a 50.22% participating interest, with Neptune Energy and Agra Energi I Pte as partners with stakes of 38.04% and 11.74%, respectively. Eni said completion of its recent deal to buy Neptune Energy will strengthen its position in the project.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

10-02-23 0315ET