Edin. New It Share Discussion Threads

[waldron] 19/1/2025 20:48

Eni, TotalEnergies Announce New Exploration Projects in Libya

Eni is launching three exploration plays, TotalEnergies is expecting promising results from its recent onshore exploration project, and other developments were shared during an upstream IOC-led panel at the Libya Energy & Economic Summit


TRIPOLI, Libya, January 19, 2025/APO Group/ --

Libya’s National Oil Corporation (NOC) and international energy companies TotalEnergies, Eni, OMV, Repsol and Nabors outlined key exploration milestones and strategies to advance oil and gas production in Libya at the Libya Energy & Economic Summit 2025 on January 18.

Among the key developments highlighted were TotalEnergies’ recent onshore exploration project and promising exploration opportunities in the Sirte and Murzuq basins.

“With 40% of Africa’s reserves, Libya remains largely untapped,” said Julien Pouget, Senior Vice President for the Middle East and North Africa at TotalEnergies. Pouget shared TotalEnergies’ plans for 2025, including the completion of an onshore exploration project and new exploration in the Waha and Sharara fields. “We expect results next week,” he added.

Luca Vignati, Upstream Director at Eni, echoed optimism for Libya’s potential and outlined the company’s ongoing investment initiatives in the country. “We are launching three exploration plays – shallow, deepwater and ultra-deep offshore. No other country offers such opportunities,” Vignati stated. He also highlighted the company’s investments in gas projects, including over $10 billion for the Greenstream gas pipeline and a CO2 capture and storage plant in Mellitah.

Repsol affirmed its commitment to advancing exploration in Libya, focusing on overcoming industry challenges and achieving significant production milestones.

We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore

“Over the past decade, Libya has made remarkable efforts to fight natural field decline and encourage exploration,” said Francisco Gea, Executive Managing Director, Exploration & Production at Repsol. “We have reached 340,000 barrels per day. The two million target is within reach, and as international companies, we have the responsibility to bring capacity and technology.”

“Innovation is key to maximizing production and accelerating exploration. By deploying cutting-edge solutions, Nabors can enhance efficiency, reduce costs and ensure safer operations,” added Travis Purvis, Senior Vice President of Global Drilling Operations at Nabors.

Bashir Garea, Technical Advisor to the Chairman of the NOC, highlighted the country’s immense oil and gas potential. “We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore,” he said. He also pointed to Libya’s sizable gas reserves, noting, “Libya has 122 trillion cubic feet of gas yet to be developed. To unlock this potential, we need more investors and new technology, particularly for brownfield revitalization.”

“Our strategy spans the entire value chain. Strengthening infrastructure is essential to maximizing production and efficiency,” said Hisham Najah, General Manager of the NOC’s Investment & Owners Committees Department.

NJ Ayuk, Executive Chairman of the African Energy Chamber and session moderator, underlined Libya as a prime destination for foreign investment: “Libya is at the cusp of a new energy era. The time for bold investments and strategic partnerships is now.”

Distributed by APO Group on behalf of Energy Capital & Power.

[the grumpy old men] 18/1/2025 09:16

Eni's Plenitude Acquires California Solar Farms


Published:Fri, Jan 17, 2025



Author
Marc Roussot, Houston

Editor
Chris Raine

Energy Intelligence Group


Eni’s renewable power unit Plenitude said Thursday that it has reached a deal with EDP Renewables to acquire a 49% stake in two solar farms and a power storage facility in California, marking the Italian firm's first foray into the Golden State.

[waldron] 14/1/2025 20:18

Eni-Petronas-Euglena JV taps Maire hydrogen technology for Malaysian SAF, HVO project

Jan. 14, 2025

Petronas and partners let a contract for delivery of a new hydrogen production unit to be installed at the planned grassroots biorefinery to be built in southern Peninsular Malaysia.

Robert Brelsford



Petroliam Nasional Berhad’s (Petronas) Petronas Mobility Lestari Sdn. Bhd. (PMLSB) alongside partners Eni SPA’s Enilive SPA and Euglena Co. Ltd. of Japan have let a contract to a subsidiary of Maire SPA’s Rome-based NextChem SPA for delivery of a new hydrogen production unit (HPU) to be installed at the joint venture’s (JV) planned grassroots biorefinery to be built in the Pengerang Integrated Complex (PIC) at Johor in southern Peninsular Malaysia (OGJ Online, July 26, 2024; Apr. 3, 2023).

As part of the contract, NextChem’s KT-Kinetics Technology SPA (KT Tech) will provide engineering, procurement, construction, and commissioning (EPCC) services, as well as licensing of NextChem’s proprietary NX Reform technology, for an HPU equipped to produce 38,000 cu m/hr of hydrogen for the biorefinery’s conversion processes, Maire said in a Jan. 14 release.

Implementation of NX Reform technology in the HPU will enable the operator to produce low-carbon hydrogen while simultaneously reducing site emissions and maximizing recovery rates to support the JV’s goals of advancing the global transition to low-carbon fuels, the service provider said.

Maire valued the EPCC and technology licensing order at about $125 million.

This latest contract for the project follows the JV’s late-2024 preliminary letter of award (LOA) to Samsung E&A Co. Ltd. to serve as main EPCC contractor on the proposed biorefinery that —scheduled for construction within Petronas’ existing 300,000-b/d Johor integrated conventional refinery and petrochemical complex in PIC—will be flexibly configured to produce sustainable aviation fuel (SAF), hydrotreated vegetable oil (HVO, or renewable diesel), and bionaphtha to meet rising demand for reduced-carbon fuels from global aviation and transportation customers (OGJ Online, Dec. 12, 2024).


Biorefinery details

Approved for final investment decision in July 2024 and targeted for startup in second-half 2028, the biorefinery will be equipped with the Eni-Honeywell UOP LLC codeveloped proprietary Ecofining technology for flexible processing of about 650,000 tonnes/year (tpy) of 100% waste and residue biofeedstocks including vegetable oils, animal fats, and waste from the processing of vegetable oils.

Designed to maximize production of SAF and HVO, the new biorefinery additionally will house a pretreatment unit for its biofeedstocks, which can be sourced from nearby and abroad given the project’s proximity and access to major international shipping lanes, according to the JV partners.

With PMLSB and Enilive as its largest shareholders, the JV is also exploring other potential biomass feedstocks such as microalgae oils, with Euglena confirming it will expedite its microalgae research and development activities for supplying algae oil to the global market in line with the project.

In 2023, the partners said the biorefinery would be equipped with a combined production capacity for SAF, HVO, and bionaphtha of 12,500 b/d (OGJ Online, Nov. 6, 2023).


About the Author
Robert Brelsford | Downstream Editor

Robert Brelsford joined Oil & Gas Journal in October 2013 as downstream technology editor after 8 years as a crude oil price and news reporter on spot crude transactions at the US Gulf Coast, West Coast, Canadian, and Latin American markets. He holds a BA (2000) in English from Rice University and an MS (2003) in education and social policy from Northwestern University.



The energy transition intersects with the oil and gas industry at many points, from biofuels and carbon capture and sequestration to hydrogen and alternative ways of powering operations. This newsletter highlights the biggest developments in these areas. (Monthly)

Oil & Gas Journal

Endeavor Business Media, LLC.

[la forge] 14/1/2025 15:42

Eni Completes Its Biggest Battery Storage Project in Texas
by Jov Onsat
|
Rigzone Staff


| Tuesday, January 14, 2025 | 9:30 AM EST


The plant is scheduled to start commercial operation by mid-2025.


Eni SpA has wrapped up construction for the company’s largest battery storage system, the 200-megawatt Guajillo plant in Webb County, Texas.

Equipped with lithium-ion LFP batteries, the facility is scheduled to start commercial operation by mid-2025. It is intended to supply power when market demand is greatest, the Italian state-backed energy major said.

The project is under Eni Plenitude SpA Società Benefit, specifically Plenitude subsidiary Eni New Energy U.S. Inc. Plenitude is Eni’s renewable energy arm.

“The plant was built right next to one of Plenitude's largest operating solar farms, Corazon Solar Farm, also to maximize operational synergies and consolidate the company's presence in the area, where it operates on about 800 hectares site”, Eni said.

“Guajillo will play an important role in stabilizing the local power grid, contributing to the efficiency of the entire region's power system, which is experiencing a very strong growth in electricity generation from renewable sources”, it added.

Patrick Monino, head of Plenitude Renewables North America and managing director of Eni New Energy U.S., said, “Large lithium-ion batteries are a rapidly expanding technology, enabling an increasing penetration of renewable energies in electrical systems”.

“Guajillo̵7;s completion positions Plenitude at the forefront also in this sector and consolidates our presence in the U.S. renewable energy market, where we have reached 1.5 GW [gigawatts] of installed capacity”, Monino added.

Earlier Eni said its installed generation capacity from renewable sources has risen to four GW in 2024, a goal it outlined in its 2024–27 plan published March 14, 2024. That is thanks to about 400 megawatts (MW) added in Spain, which now hosts 950 MW of Plenitude’s renewable energy (RE) capacity.

A further 820 MW is under construction in Spain, expected to be completed 2025 and 2026, Eni said in a press release January 7, 2025.

Globally, Eni through Plenitude plans to reach over eight GW of installed RE capacity by 2027, and 15 GW by 2030.

So far, besides achieving four GW, Plenitude also has a market base of 10 million users in Europe for the sale of energy and energy solutions, as well as a network of nearly 22,000 charging points for electric vehicles, according to Eni.

In other energy transition investments, Eni last year announced financial and operational restructuring for chemical arm Versalis SpA and biofuel subsidiary Enilive SpA that involves new capital for both units and a farm-out of a quarter of Enilive’s equity.

Global investment firm KKR & Co. Inc. signed an agreement with Eni to buy 25 percent of Enilive’s share capital for EUR 2.438 billion ($2.5 billion), Eni said October 24, 2024.

Eni and KKR are to inject into Enilive new capital of EUR 500 million each under the agreement.

Enilive produces biomethane, sustainable aviation fuel and other biofuels, as well as offers electric vehicle charging and car sharing.

The new plan for Versalis, which makes basic chemicals, chemical products including plastics and biochemical products such as biolubricants, involves an investment of around EUR 2 billion to curb Versalis’ emissions by approximately one million metric tons of carbon dioxide.

“It includes the set-up of new industrial plants consistent with the energy transition and decarbonization of industrial sites across sustainable chemistry, as well as biorefining and energy storage”, Eni said.

Eni expects to complete the new Versalis plan by 2029.

To contact the author, email [e-mail]

[waldron] 14/1/2025 08:57

Eni to issue two new hybrid bonds, launches buyback on 1.5 bn bond

January 14, 2025 at 03:22 am EST

Eni plans to place two new issues of hybrid perpetual subordinated bonds today, denominated in euros, with fixed interest rates and aimed at institutional investors as part of its Euro Medium Term Note program, a note says.

Eni also intends to anchor a voluntary repurchase offer aimed at holders of its existing €1.5 billion hybrid bond with first call date in October 2025 and annual coupon of 2.625 percent and aimed at subsequently cancelling the repurchased bonds.

For the hybrid bond issuance, Eni is using a syndicate of banks consisting of Banca Akros, Barclays, BBVA, Deutsche Bank, Goldman Sachs International, HSBC, Mediobanca, MUFG, Société Générale Corporate & Investment Banking, and UniCredit who will act as joint lead managers.

The Tender Offer is supported by a group of banks Barclays, Goldman Sachs International, HSBC, UniCredit who will act as dealer managers.

(Francesca Piscioneri, editing Cristina Carlevaro)

marketscreener

[waldron] 13/1/2025 11:40

Eni SpA (E - Free Report) , the Italian energy giant, is accelerating its asset divestment strategy. UBS analysts predict €3 billion in additional sales by the end of 2025. This milestone will bring Eni’s total asset sales to €8 billion, fulfilling its strategic goal two years ahead of schedule. The company has already completed disposals worth €5.9 billion.

Eni's divestment strategy focuses on rebalancing its portfolio, with nearly half of the proceeds expected from selling stakes in its units and the other half from upstream activities, such as energy exploration and production. The remaining assets for potential sale include stakes in Ivory Coast operations, upstream interests and its biofuel and bioplastic unit, Novamont. The company is also in discussions to sell a stake in its planned carbon capture and storage division, aligning with its sustainability goals. The swift progress in sales could make Eni a "victim of its own success," with UBS warning that delays in the remaining sales could tilt risks to the downside.

Chief executive officer Claudio Descalzi is steering Eni through a transformative phase, emphasizing energy transition initiatives. This strategy includes a "satellite model," which involves spinning off divisions and inviting external investments, potentially culminating in public listings.

As part of this approach, Eni is negotiating with investors to sell a stake in its new carbon capture and storage (CCS) division. The CCS unit is one of the company’s flagship initiatives to reduce carbon emissions and align with global climate goals.

Eni plans to unveil its updated 2025-28 strategic roadmap on Feb. 27, highlighting the next phase of its energy transition and growth agenda. The company’s commitment to reducing hydrocarbon reliance while advancing renewable energy projects positions it at the forefront of Europe’s energy transition landscape.


E currently has a Zack Rank #3 (Hold).

Investors interested in the energy sector may look at some better-ranked stocks like Sunoco LP (
SUN - Free Report) , TechnipFMC plc (FTI - Free Report) and Oceaneering International, Inc. (OII - Free Report) . While Sunoco presently sports a Zacks Rank #1 (Strong Buy), TechnipFMC and Oceaneering carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes more than 10 fuel brands, ensuring a stable revenue stream. Sunoco is poised to benefit from the strategic acquisitions aimed at diversifying its business portfolio.

TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. It focuses on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.

Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. With a geographically diverse asset portfolio and a balanced revenue mix between domestic and international operations, the company effectively mitigates risk. As a leading provider of offshore equipment and technology solutions to the energy sector, OII benefits from strong relationships with top-tier customers, ensuring revenue visibility and business stability.

ZACKS

[florenceorbis] 08/1/2025 21:26

Eni Advances Shareholder Value with New Treasury Share Buyback

TipRanks Auto-Generated NewsdeskJan


08, 2025, 05:27 PM


Story Highlights

Eni purchased 3,410,661 treasury shares recently.

The buyback aims to enhance shareholder remuneration.

Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.






Eni S.p.A. announced the purchase of 3,410,661 treasury shares on the Euronext Milan from December 30, 2024, to January 3, 2025, as part of the second tranche of its buyback program. This acquisition, valued at approximately 44.99 million euros, is intended to provide additional shareholder remuneration alongside dividends, further strengthening Eni’s commitment to returning value to its shareholders and potentially enhancing its market position.


Eni S.p.A. is an Italian multinational company operating in the oil and gas industry, primarily focusing on exploration, production, and refining of hydrocarbons. Eni is also engaged in renewable energy and has a significant market presence in Europe and beyond.

YTD Price Performance: 2.51%

Average Trading Volume: 274,101

Technical Sentiment Consensus Rating: Hold

Current Market Cap: $44.93B

For detailed information about E stock, go to TipRanks’ Stock Analysis page.

[adrian j boris] 08/1/2025 09:14

Eni’s Plenitude brings live 400 MW of new solar parks in Spain


Jan 8, 2025, 7:31:11 AM

Article by Veselina Petrova
renewablesnow.com

Plenitude, the renewable energy platform of Italian oil and gas major Eni SpA (BIT:ENI), has finalised the installation of 400 MW of solar parks in Spain, bringing its installed renewables capacity in the country to almost 950 MW.


With the new deployments, the company’s fleet of solar and wind parks in Spain has more than doubled from 2023. According to its statement on Tuesday, the milestone has helped it reach its goal of having 4 GW of installed renewable energy capacity globally at end-2024.

Specifically, Plenitude has powered up its 150-MW Caparacena photovoltaic (PV) complex in Granada, Andalusia region, which consists of three separate plants of 50 MW. The facilities are connected to the national transmission grid through a new 400-kV substation and an existing 200-kV substation.

Meanwhile, construction works have been wrapped up at two more solar parks with a combined capacity of 250 MW. They are located in Renopool, Extremadura, and Guillena, Andalusia.

“Spain is a strategic country for our company [..],” said Mariangiola Mollicone, head of Western Europe Renewables of Plenitude in Spain.

Plenitude’s next target is for 8 GW of installed renewables globally by 2027. Its pipeline in Spain consists of almost 820 MW, with the projects already being under construction and expected to be completed between 2025 and 2026.

[waldron] 06/1/2025 16:42

Eni SpA (E - Free Report) , the Italian energy giant, is set to kickstart a drilling campaign at the Zohr offshore gas field in Egypt.


A specialized drilling ship, Saipem 10000, is preparing to arrive in Egypt later this month. According to the Egyptian Ministry of Petroleum, the initiative aims to reverse declining gas production in Egypt and enhance output from one of the region’s largest gas fields.

Eni, which discovered Zohr in 2015, played a key role in establishing Egypt as a prominent gas producer. However, the country’s domestic gas production has been on a downward trajectory since 2021, hitting a six-year low in 2024. Zohr’s average output in the first half of 2024 was 1.9 billion cubic feet per day (bcf/d), significantly below its 2019 peak levels.

In response, Eni plans to deploy the Saipem 10000, a state-of-the-art drilling vessel owned by Saipem, an Italian energy services firm. The vessel is expected to leverage advanced drilling technologies to explore and tap into additional reserves within the Zohr field, located in the eastern Mediterranean.

The Zohr gas field remains central to Egypt’s energy strategy. Originally intended to boost the country’s gas exports and enhance regional energy security, its role has evolved as declining domestic production has redirected efforts toward stabilizing output to satisfy both local and export needs.

Eni confirmed its commitment to resuming drilling operations in a statement, emphasizing the use of cutting-edge technology to achieve production targets. The Egyptian Petroleum Ministry echoed similar sentiments, highlighting the field’s potential to reinvigorate the nation’s energy sector.

The drilling campaign reflects Eni’s broader strategy to optimize its assets in Egypt and support the country’s ambitions of becoming a reliable energy hub. With the arrival of Saipem 10000, expectations are high for a significant uptick in Zohr’s output, potentially reversing the declining trend and reinforcing Egypt’s position in the global energy landscape.


E currently has a Zack Rank #3 (Hold).

[waldron] 05/1/2025 02:04

Eni Launches Europe’s Most Powerful Supercomputer

By Alex Kimani - Jan 04, 2025, 6:00 PM CST

Italian energy giant Eni has launched its €100 million HPC6 supercomputer.

Supercomputers like Eni's, along with AI applications, are revolutionizing energy exploration.

Other major companies such as ExxonMobil, Shell, and BP are leveraging AI-driven technologies in their operations.

Eni

Italian oil and gas giant Eni S.p.A (NYSE:E) has launched its next-generation supercomputer that will help it to ramp up oil and gas discovery technology and support its decarbonization strategies. Based at Eni’s Green Data Center in the small town of Ferrera Erbognone, the €100m High-Performance Computing 6 (HPC6) machine is estimated to operate at the peak of 606 petaflops, powering a number of artificial intelligence functions, as well as highly sophisticated calculations, with the help of nearly 14,000 graphics processing units (GPUs). Eni’s latest supercomputer is the world’s 5th most powerful, achieving nearly half an exascale of performance on the LINPACK benchmark.

“Technological advancements allow us to use energy more efficiently by reducing emissions and promoting the development of new energy solutions,’217; said Claudio Descalzi, Eni’s CEO. “We have integrated supercomputing throughout our entire business chain, transforming it into an indispensable lever for achieving net zero and creating value,’’ he added.

Supercomputing is a form of high-performance computing that determines or calculates by using a powerful computer, a supercomputer, reducing overall time to solution. Unlike traditional computers, supercomputers use more than one central processing unit (CPU). These CPUs are grouped into compute nodes, comprising a processor or a group of processors—symmetric multiprocessing (SMP)—and a memory block. A supercomputer can contain tens of thousands of nodes that can collaborate on solving a specific problem. Supercomputing is measured in floating-point operations per second (FLOPS). Petaflops are a measure of a computer's processing speed equal to a thousand trillion flops. And a 1-petaflop computer system can perform one quadrillion (1015) flops. From a different perspective, supercomputers can have one million times more processing power than the fastest laptop.


Because supercomputers are often used to run artificial intelligence programs, supercomputing has become synonymous with AI. This regular use is because AI programs require high-performance computing that supercomputers offer. In other words, supercomputers can handle the types of workloads typically needed for AI applications. Supercomputers can be used to collect and analyze a range of explorative data, including seismic mapping and 3D imaging. Several Big Oil companies, including Exxon Mobil Corp. (NYSE:XOM), have also worked with the US’s National Center for Supercomputing Applications (NCSA) to leverage supercomputers in oil and gas exploration. According to Bruce Porter, chief science officer for Texas-based big-data analytics firm SparkCognition, applying Generative AI for seismic imaging has broad and far-reaching implications: the technology can dramatically cut oil and gas exploration timelines from nine months to less than nine days. SparkCognition has partnered with Microsoft to incorporate the Azure C3 Internet of Things platform in its offshore operations. The platform uses AI to drive efficiencies across offshore infrastructure, from drilling and extraction to employee empowerment and safety.

Shell has announced plans to use AI-based technology from SparkCognition in its deep sea exploration and production in a bid to improve operational efficiency and speed as well as boost production.

Meanwhile, BP Plc (NYSE:BP) has partnered with Houston-based Belmont Technology which and developed a cloud-based geoscience platform nicknamed “Sandy.” Sandy allows BP to interpret geology, geophysics and reservoir project information thus creating unique “knowledge-graphs” including robust images of BP’s subsurface assets. BP is then able to perform simulations and interpret results using the program’s neural networks.

That said, Quantum Computing could be the next big foray by oil and gas companies into advanced computing. According to quantum machines developer, Quantum Computing Inc. (NASDAQ:QUBT), oil and gas executives at the recent KPMG Global Energy Conference in Houston named quantum computer technology as the next big breakthrough for the oil and gas sector. Quantum computers can optimize the sourcing, extraction, processing and logistics and also accelerate and improve the replanning response to risks and interruptions.

Quantum Computing stocks have exploded in recent weeks after Quantum Computing won a contract with NASA to apply its entropy quantum optimization machine, Dirac-3, to support NASA's advanced imaging and data processing demands. The companies will use Dirac-3 to address the challenging phase unwrapping problem for optimally reconstructing images and extracting information from interferometric data generated by radar. QCi hopes that this project will highlight Dirac-3's capabilities in providing superior solutions to non-deterministic polynomial time hard (NP-hard) problems. QUBT stock has rocketed 2,042% over the past 52 weeks; Rigetti Computing Inc. (NASDAQ:RGTI) +1,930%, D-Wave Quantum Inc. (NYSE:QBTS) +1,064% and IonQ Inc. (NYSE:IONQ) +293%.

Three years ago, Matt Ocko, managing partner and co-founder of venture capital firm DCVC, predicted that quantum computing companies that get there first are likely to be ‘‘very impactful but transient" because conventional computers will eventually be able to catch up to quantum technology's computational power. Nevertheless, the temporary advantage is likely to be very economically valuable.

By Alex Kimani for Oilprice.com

[the grumpy old men] 28/12/2024 20:33

Eni starts production at Baleine Phase 2 offshore Côte d'Ivoire

Economy Materials 28 December 2024 19:58 (UTC +04:00)



Maryana Ahmadova
TRENDNEWSAGENCY

BAKU, Azerbaijan, December 28. Eni has successfully initiated production from Phase 2 of the Baleine field offshore Côte d'Ivoire, Trend reports.

With this new phase, production is set to reach 60,000 barrels of oil per day and 70 million cubic feet of associated gas, further boosting Côte d'Ivoire’s energy capacity.

The Phase 2 operations involve the deployment of the Floating Production, Storage and Offloading Unit (FPSO) Petrojarl Kong, alongside the Floating Storage and Offloading Unit (FSO) Yamoussoukro for oil export. Additionally, 100% of the processed gas will be directed to the local energy market through a pipeline established during Phase 1.

The FID for the project was made in December 2022, with Phase 1 commencing in August 2023, and Phase 2 completing safely and on time.

Since entering Côte d'Ivoire in 2015, Eni has been actively involved in the country's energy sector, with a daily production of around 22,000 barrels of oil equivalent. The company operates 10 deepwater blocks in Côte d'Ivoire, in partnership with Petroci Holding.

With Phase 2 now online and the development of Phase 3 under consideration, total production at Baleine is expected to reach 150,000 barrels of oil per day and 200 million cubic feet of gas, further solidifying Côte d'Ivoire's role as a regional energy hub.

[waldron] 27/12/2024 07:58

UPDATED 21:09 EST / DECEMBER 26 2024

Italian energy giant Eni cranks up world’s 5th most powerful supercomputer

by Mike Wheatley


Italian energy giant Eni S.p.A. has lifted the lid on one of the world’s most powerful new supercomputers, saying it will use the machine to scale up its oil and gas discovery efforts and advance its research into clean energy and decarbonization.

The supercomputer, dubbed HPC6, cost more than €100 million ($104.1 million), according to the company. It’s designed to handle a number of artificial intelligence functions, aided by almost 14,000 integrated graphics processing units.

Eni said the new supercomputer will help it to sift through vast amounts of data related to its exploration endeavors, with the aim being to discover new reservoirs of oil and gas. It obtained this data through drilling operations, seismic survey and various simulations. HPC6 will help it to examine the data and work out exactly where the biggest reserves of oil and gas are located, calculate how big those deposits are, and work out the best drilling strategies to access those resources.

In addition, the supercomputer is expected to help Eni with tasks such as well positioning, production forecasting, reservoir simulation and designing enhanced oil recovery techniques.

This isn’t the first supercomputer operated by Eni. Its older machines have already been used to improve its geological surveys for carbon storage and enhance its carbon storage methods, industrial plant operations and more. It has also designed more efficient batteries and biofuel supply chains with the help of supercomputers, the company says.

Eni said it switched on the HPC6 supercomputer for the first time on Christmas Day at its data center facility in Ferrera Erbognone, in the Lombardy region of Italy. Its specifications suggest it is the fifth-most powerful supercomputer in the world, according to the annual TOP500 rankings.

The Italian firm is notable in that, unlike some of its peers, it designs and produces its supercomputers by itself. This allows it to customize its machines for the tasks it wants to perform, and Eni says this makes HPC6 more efficient than commercially available cloud computing services.

Eni Chief Executive Claudio Descalzi said this kind of innovation is fundamental to maintaining the company’s leadership in energy transition. “Technological advancements allow us to use energy more efficiently by reducing emissions and promoting the development of new energy solutions,” he explained.

According to Descalzi, the HPC6 supercomputer will also help the company to achieve its goal of net-zero emissions, which is a state where its emissions of greenhouse gases are in balance with the amount of gases it’s able to remove from the atmosphere.


A message from John Furrier, co-founder of SiliconANGLE:

Your vote of support is important to us and it helps us keep the content FREE.

One click below supports our mission to provide free, deep, and relevant content.
Join our community on YouTube

Join the community that includes more than 15,000 #CubeAlumni experts, including Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger, and many more luminaries and experts.

“TheCUBE is an important partner to the industry. You guys really are a part of our events and we really appreciate you coming and I know people appreciate the content you create as well” – Andy Jassy

THANK YOU

[waldron] 12/12/2024 23:01

hybrid bond issue
12 December 2024 - 7:02 PM CET

San Donato Milanese (Milan), 12 December 2024– Eni's Board of Directors, chaired by Giuseppe Zafarana, today approved the possible issue of one or more hybrid subordinated bonds, to be placed with institutional investors, with a value up to a maximum aggregate amount of 1.5 billion euro, or its equivalent in other currencies, to be issued in one or more tranches by 30 June 2026.

The bonds, if issued, will enable Eni to maintain a well-balanced financial structure and will be used for general corporate purposes. The bonds are intended to be listed on one or more regulated markets or on multilateral trading facilities.

[ariane] 03/12/2024 13:03

Eni to supply easyJet with sustainable aviation fuel in Italy

Tue, 03rd Dec 2024 12:04
Alliance News

(Alliance News) - Eni Spa on Tuesday said its Enilive biofuel business has signed two agreements for the supply of sustainable aviation fuel to budget airline easyJet PLC.

The Rome-based oil major said the fuel purchased by the Luton, England-based airline is blended with conventional jet and possesses 20% purity and enables easyJet to meet the requirements for its two new routes to Norway over the winter period.

It added that the first agreement will be utilised by the airline for some routes from Milan Malpensa airport.

Eni added that easyJet will benefit from the Societa per Azioni Esercizi Aeroportuali SEA sustainable aviation fuel support programme which throughout 2024 has contributed EUR800 per tonne to carriers at Milan airport utilising the fuel, with a total value of EUR500,000.

Eni said the two firms have signed a letter of intent for the potential additional supply of approximately 30,000 tonnes of pure Enilive sustainable aviation fuel at other Italian airports.

Enilive is engaged in biorefining, biomethane production, and smart mobility solutions.

The agreements are in line with easyJet's recent commitments made to boost growth in the sustainable aviation fuel market, with the firm launching a new business travel solution earlier this month to explore partnerships to finance the use of the fuel.

easyJet Director of Tax & Fuel Strategy Raminder Shergill said: "SAF is key to our decarbonisation strategy and will play a vital role in helping the aviation sector achieve its net zero ambitions.

"We are therefore delighted to be working with Enilive and with our key partner SEA to sign this agreement and hope it provides another positive signal to stimulate further growth of the SAF industry."

Eni shares were up 0.9% at EUR13.46 on Tuesday in Milan. easyJet shares were up 3.6% at 566.60p in London.

By Christopher Ward, Alliance News reporter
[e-mail]
Alliance News Ltd

[adrian j boris] 30/11/2024 09:12

Eni: Agreement In Côte d’Ivoire To Protect And Restore 14 Forests In Total Area Of 155,000 Hectares

November 30, 2024

By Eurasia Review

Eni signed Friday an agreement with the Côte d’Ivoire’;s Ministry of Water and Forests to launch a project to preserve and restore forest areas in the country.

The initiative, which follows the feasibility study launched in September 2022 with the participation of local stakeholders, will cover 14 forests, identified in close cooperation with the competent authorities, over an area of 155,000 hectares, in the Lagunes and Comoé regions, located respectively in the south and south-east of the country.

The agreement focuses on two areas of intervention. The first aims to conserve the remaining existing forest heritage and biodiversity by strengthening the control measures already in place to prevent the risk of deforestation, fires and poaching, and it is based on an extensive awareness-raising and training programme involving local communities and relevant institutions. The second foresees the restoration of some 130,000 hectares of forest area through the planting of some 12 million trees of local species in abandoned and degraded areas, accompanied by agro-forestry initiatives to promote more sustainable farming practices and improve the productivity of cultivated land for the benefit of local farming communities.

The project, defined in partnership with the Ivorian authorities, is in line with the country’s National Development Plans and the Ivorian strategy to reduce deforestation and related emissions, including by leveraging forest area restoration. It also aligns with Eni’s decarbonisation plan, contributing to the achievement of zero net upstream emissions (Scope 1 and 2) in the Baleine development.

[maywillow] 29/11/2024 16:57

Eni signs agreements for four offshore exploration blocks in Côte d’Ivoire


The newly acquired blocks, CI-504, CI-526, CI-706, and CI-708, span a total area of approximately 5,720km


Swagath Bandhakavi 29th Nov 2024
NS ENERGY


Italian energy company Eni has acquired four new offshore exploration blocks in Côte d’Ivoire through agreements signed with the country’s Ministry of Mines, Oil and Energy.

The signing took place during the inaugural International Exhibition of Extractive and Energy Resources (SIREXE) in Abidjan.

The acquired blocks, CI-504, CI-526, CI-706, and CI-708, cover a combined area of approximately 5,720km.

The blocks are located at depths ranging from 1,000 to 3,500m and are situated near Block CI-205, which contains the Calao discovery. According to Eni, their location presents opportunities to optimise operations through potential synergies in exploration and development.

The agreements grant Eni the rights to explore the new areas for up to nine years.

Since entering Côte d’Ivoire in 2015, Eni has increased its presence, producing approximately 22,000 barrels of oil equivalent per day.

In Côte d’Ivoire, the Italian oil and gas firm company currently operates six offshore blocks, CI-101, CI-205, CI-401, CI-501, CI-801, and CI-802. These operations are conducted in partnership with Petroci.

The company’s operations in Côte d’Ivoire have led to the discovery of the Baleine and Calao fields, which represent the largest oil finds in the country.

Eni is advancing development plans to expand production from its existing assets.

The Baleine field, which began production in August 2023 under Phase 1, is expected to move to Phase 2 in December 2024. This phase is projected to increase production to 60,000 barrels of oil per day (bpd) and 70 million cubic feet (MMcf), or approximately two million cubic metres, of associated gas.

A third development phase is under evaluation, with plans to boost production further to 150,000bpd and 200MMcf of associated gas.

All gas produced from the Baleine field during the initial and subsequent development phases will be transported onshore through a newly constructed pipeline. This infrastructure is designed to support Côte d’Ivoire’;s domestic electricity market by meeting local energy demands while improving access to power.

[waldron] 28/11/2024 13:33

Eni Acquires 4 New Exploration Blocks Offshore Ivory Coast



November 28, 2024



Energy major Eni has signed an agreement with Ivory Coast’s Ministry of Mines, Oil and Energy for the acquisition of 4 new offshore exploration blocks.

Situated in close proximity to Eni’s Calao discovery, Blocks CI-504, CI-526, CI-706 and CI-708 cover a total area of 5,720km2 and are situated in water depths between 1,000m and 3,500m.

Under the agreements, Eni is permitted to explore the area for up to nine years, further consolidating the company’s presence in Ivory Coast.


Matthew Goosen is a Video Editor and Content Writer at Energy Capital & Power. He holds an Honours Degree in Film and Media Studies at the University of Cape Town and is currently undergoing his Masters Degree. Born in Pretoria and raised internationally, he has been living in Cape Town since 2013.

[adrian j boris] 26/11/2024 19:57

Eni and MSC Forge Landmark Partnership to Accelerate Sustainable Fuels

Mike Schuler

November 26, 2024


Energy giant Eni and global shipping leader MSC Group have signed a groundbreaking memorandum of understanding to advance their joint pursuit of sustainable shipping and energy transition initiatives.

The collaboration builds upon an existing partnership between the two industry titans, with Eni’s commitment to achieving carbon neutrality by 2050 aligning perfectly with MSC’s position as a world leader in transport and cruise services.

At the heart of this transformative agreement lies a comprehensive strategy focusing on innovative fuel solutions. The partnership will explore the implementation of LNG and advanced lower-carbon alternatives, including HVO (hydrotreated vegetable oil) and bio-LNG biofuels, alongside renewable-sourced lubricants for MSC’s extensive logistics and cruise fleet.

The partnership extends beyond fuel solutions to embrace circular economy principles, incorporating sustainable practices such as the use of renewable and recycled plastics in onboard operations and implementing advanced waste management systems.

“There are many parts of our economic and industrial systems where we must act to reduce emissions,” said Eni CEO Claudio Descalzi. “The only way to succeed is by uniting the skills, resources and technologies across a range of stakeholders.”

MSC Group President Diego Aponte reinforced the partnership’s strategic importance, noting, “At MSC we are focused on achieving a successful energy transition and to do this we need the partners we can trust and rely on. Eni has been one of these partners for many years and this MoU is a welcome and natural evolution of our relationship.”

The agreement also encompasses ambitious plans for intermodal transport solutions, agro-industrial activities, and participation in the Open-es platform for value-chain sustainability.

[adrian j boris] 21/11/2024 10:58

ANSA.it
ANSA English

ENI case prosecutors omitted key evidence says judge

Data harming their thesis surgically removed - motivation

ROME, 21 November 2024, 11:15



Two Milan prosecutors who were convicted for failing to file documents that were in favour of the defence in the high-profile Eni/Shell-Nigeria corruption case only used evidence that could benefit their case, leaving out all data that could have contributed to the defendants' acquittal, Judge Roberto Spanò wrote in the motivation of the sentence published on Thursday.

A court in Brescia chaired by Spanò last month handed an eight-month suspended sentence to Milan State attorneys Fabio De Pasquale and Sergio Spadaro on charges of refusal to perform a duty for failing to file documents that were in favour of the defence in the Eni/Shell-Nigeria corruption case that ended with the acquittal of all defendants.

The State attorneys "only used what could benefit their thesis" in terms of evidence, "surgically omitting harmful data" for their case which had been brought to their attention, wrote Spanò in the motivation of the sentence.

Such facts are "particularly grave", said the motivation.

The court in Brescia chaired by Spanò last month handed an eight-month suspended sentence to Milan prosecutors Fabio De Pasquale and Sergio Spadaro on charges of refusal to perform a duty for failing to file documents that were allegedly in favour of the defence in the Eni/Shell-Nigeria corruption case that ended with the acquittal of all defendants.

Brescia has jurisdiction over magistrates in the nearby city of Milan.

The Brescia judges ruled that De Pascale and Spadaro as State attorneys had a legal obligation to present all documents during the trial, including those that could have helped the defence's case and had infringed the defendants' rights by failing to provide them.

Oil giants ENI and Shell and all defendants were acquitted in March 2021 by a tribunal in Milan over allegations of corruption in Nigeria.

The long-running case focused on the 1.3-billion dollar purchase of an offshore oil block in 2011 in which prosecutors had claimed the majority of the money was used to bribe Nigerian officials.

However, the court in Milan said the two companies and 13 defendants, who were executives at the two firms, had no case to answer.

[adrian j boris] 20/11/2024 20:26

Eni S.p.A. Boosts Shareholder Value with Buyback Program

TipRanks Auto-Generated Newsdesk

Nov 20, 2024, 05:29 PM

Eni S.p.A. recently acquired 889,000 treasury shares on the Euronext Milan, valued at approximately 12.5 million euros, as part of its ongoing buyback program aimed at enhancing shareholder returns.

Since the start of the second tranche in June 2024, Eni has purchased over 70 million shares, representing 2.13% of its share capital.

This strategic move reflects Eni’s commitment to optimizing its capital structure and delivering additional value to its investors.

[the grumpy old men] 19/11/2024 18:38

Eni Launches New Supercomputer HPC6 That Ranks No.5. In The TOP500 List
November 19, 2024 0 Comments

By Eurasia Review

Eni announced Tuesday the completion and launch of a new supercomputing system (High Performance Computing – HPC) HPC6. HPC6 provides a significant increase in computational powerto a peak of 606 PFlop/s, or over 600 quadrillion mathematical operations per second.

The system has achieved a debut ranking of No.5. in the new TOP500’s list (released on November 18, 2024) of super computers. This is an excellent result that ranks HPC6 as first supercomputer in Europe, the world’s first industrial-use supercomputer and the only non-US system among the top 5 in the world.

The launch of HPC6 marks a pivotal moment in Eni’s decarbonisation strategy, where technology and innovation differentiate Eni’s approach and deliver value creation through the development of new businesses related to the energy transition.

For years, Eni has been leveraging supercomputing to optimize industrial plant operations, enhance the accuracy of geological and fluid dynamics studies for CO2 storage, develop more efficient batteries, optimize the biofuel supply chain, and develop innovative materials for applications in biochemistry. Eni has also used supercomputing to simulate plasma behavior in magnetic confinement fusion. HPC6’s significant computing power will continue the acceleration of Eni’s transformation process, enabling the identification of innovative, scalable, and economically sustainable solutions, and accelerating the development of new, high-potential businesses related to the energy transition.

The availability of a high computing power, such as HPC6, further strengthens the relationship between Eni and its Satellite companies and will play a key role in building new partnerships. Eni has always placed technology and innovation at the center of its strategy. It was one of the first companies in the world to invest in high-performance computing for industrial use. In recent years, the company has increasingly applied its research in computing across its work in the energy transition.

Eni’s CEO stated, Claudio Descalzi: “Innovation and the constant evolution of technologies are fundamental to maintaining and strengthening Eni’s leadership in the energy transition. Technological advancements allow us to use energy more efficiently by reducing emissions and promoting the development of new energy solutions. We have integrated supercomputing throughout our entire business chain, transforming it into an indispensable lever for achieving Net Zero and creating value. Eni has developed a unique heritage of technological knowledge and programming that gives us a competitive advantage on the international stage and supports the speed of our transformation while simultaneously driving our growth.”

Specifically, Eni’s new HPC system delivers a significant increase from the 70 PFlop/s of HPC4 and HPC5 to over 600 peak PFlop/s of HPC6, representing an increase in computing capacity of an order of magnitude. Based on cutting-edge architecture similar to the most powerful systems worldwide, HPC6 combines CPUs and GPUs in a hybrid configuration, with over 3400 compute nodes and nearly 14,000 GPUs, optimizing both computational performance and energy efficiency.

HPC6 is installed in a dedicated area within Eni’s Green Data Center, one of the most energy-efficient data centers in Europe among the best for its low carbon footprint. From its start the primary objectives have been operational efficiency and the minimization of environmental impact, placing sustainability at the core of its mission. This goal has been achieved through the implementation of a new liquid cooling system, which can improve energy efficiency by optimizing the absorption of heat generated by the new machine. Eni’s Green Data Center enables the company to combine skills, technologies, and diverse business lines to support the energy transition, operating as a globally advanced energy center in Ferrera Erbognone, near Milan.

With HPC6, Eni strengthens its leadership in high-performance computing for industrial applications and reaffirms its position as a technology-driven company supporting the energy transition.

Credit: Eni

[waldron] 17/11/2024 21:03

Ex-dividend date: November 18, 2024



Record date: November 19, 2024




The second tranche will be paid on November 20, 2024