Edin. New It Share Discussion Threads

[waldron] 17/3/2023 18:49

Eni makes new oil discovery offshore Mexico

March 17, 2023




Alex Procyk

Eni SPA made a discovery on the Yatzil exploration prospect in Block 7 in the mid-deep water of the Cuenca Salina in Sureste basin, about 65 km offshore Mexico. The discovery may contain about 200 MMboe in place.

Yatzil-1 EXP is the second commitment well of Block 7 and the eighth successful one drilled by Eni in Sureste basin. It is about 25-30 km away from other discoveries.

The well was drilled by the Valaris DPS5 semisub rig in 284 m of water and reached total depth of 2,441 m. Yatzil-1 EXP found in excess of 40 m net pay sands with good quality oil in the Upper Miocene sequences, with excellent petrophysical properties confirmed by an extensive subsurface data collection.

Eni is operator at Block 7 (45%) with partners Capricorn Energy PLC (30%) and Citla Energy (25%).

[grupo guitarlumber] 16/3/2023 06:40

ENI queues up for slice of Namibian oil and gas bonanza



After several recent discoveries by Shell and TotalEnergies, the Italian major ENI is working on all fronts with the Namibian authorities to invest in offshore permits.

Asian companies also have an eye on the zone. [...]

[grupo guitarlumber] 16/3/2023 06:33

Support nears 12.284 euros

[waldron] 12/3/2023 09:43

WOW

Nearing a 13 euros support

Will take as buying opportunity if fall further especially after ex divi day

[grupo guitarlumber] 11/3/2023 08:53

Next dividend

Quarterly

Per share 22¢ PERHAPS

Declaration date 23 Feb 2023 (Thu)

Ex-div date 20 Mar 2023 (Mon)

Pay date 22 Mar 2023 (Wed)

[grupo guitarlumber] 11/3/2023 08:52

Upcoming events on ENI SPA


April/28/2023 Q1 2023 Earnings Release

April/28/2023 Q1 2023 Earnings Call

May/10/2023 Shareholders Meeting

[adrian j boris] 11/3/2023 08:48

ENI : UBS reiterates its Buy rating
03/10/2023 | 01:30pm GMT


In a research note published by Henri Patricot, UBS advises its customers to buy the stock. The target price is unchanged at EUR 16.50.

[the grumpy old men] 09/3/2023 07:40

Analyst Christyan Malek from JP Morgan research gives the stock a Neutral rating. The target price remains set at EUR 18.

[waldron] 05/3/2023 20:03

RIGZONE


Eni CEO Meets Kenyan President in Nairobi
by Paul Anderson
|
Rigzone Staff
|
Sunday, March 05, 2023

Eni's CEO Claudio Descalzi met with the president of Kenya Samoei Ruto in Nairobi to discuss the company's activities in the country.

Eni’s agribusiness activities and the company’s decarbonization initiatives in Kenya were the topic of discussion at the meeting between CEO Claudio Descalzi and the country’s president Samoei Ruto. The meeting was also attended by cabinet secretary for Energy and Oil Davis Chirchir.

Eni said in its statement that Descalzi and the delegation illustrated to president Ruto the results of the project for the production of vegetable oil for biorefining, which the company launched in the country in 2022.

Based on an integrated supply chain model, the project leverages marginal or degraded land and crops that do not compete with the food supply chain, the statement reads. The first processing plant (or agri-hub) in Makueni county, has a capacity of 15,000 tons/year and its production of vegetable oil is already feeding the Gela refinery, in Italy. Eni said that the second agri-hub will be launched in the second half of 2023, and others in the following years, to reach a production target of 200,000 tons by 2026.

The social impacts are particularly relevant, Eni said, noting that 40,000 farmers have been involved to date for the production of oilseeds, to which another 40,000 will be added by the end of the year, with a projection of around 200,000 by 2026.

The agri-hub currently employs more than 100 resources directly, which will exceed 500 when the other agri-hubs are completed. Furthermore, 2,000 tons of animal feed for local consumption were obtained as a by-product of the oilseeds, the statement reads.

Descalzi also shared with President Ruto the Waste & Residue initiatives, also to provide feedstock for biorefining. The collection and export of used cooking oil began in 2022 and today involves over 400 suppliers, according to Eni.

The model has already been extended to other African countries, contributing to integrate the continent into the sustainable mobility value chain. Descalzi and President Ruto also discussed further initiatives in the areas of e-mobility and renewable energy. Specific focus was given to solar, wind and geothermal energy while there was also talk about waste to energy. These programs will be finalized in the next months, Eni said.

To contact the author, email [e-mail]

[waldron] 28/2/2023 16:58

Eni achieves the closing for the acquisition of BP’s business in Algeria, operating two major gas fields


28 February 2023 - 5:17 PM CET

The operation was announced in early September, with the aim of contributing to Europe’s gas needs and strengthening Eni's presence in Algeria.

San Donato Milanese (Milan), 28 February 2023 – Eni announces that it has achieved the closing for the acquisition of BP business in Algeria, regarding the two gas-producing concessions “In Amenas” and “In Salah”, which are jointly operated with Sonatrach and Equinor.

The transaction has been approved by the competent national and antitrust authorities.

Eni has been present in Algeria since 1981. Following this operation - and the development programs already underway in the Berkine basin - Eni's equity production in Algeria will rise to approximately 130,000 barrels of oil equivalent per day in 2023, further confirming the company's position as the main international energy company operating in the country.

[misca2] 26/2/2023 15:01

Saipem's Drilling and Construction Fleet to Run on Eni's Biofuels
by Paul Anderson
|
Rigzone Staff
|
Sunday, February 26, 2023


Saipem’s drilling and construction vessels could be running on biofuels following a Memorandum of Understanding signed with Eni Sustainable Mobility. The two companies noted in a joint statement that particular attention will be given to operations in the Mediterranean Sea. Saipem’s fleet for drilling and construction includes 45 vessels.

Through the MoU, both companies are strengthening their mutual efforts to diversify energy sources and reduce the carbon footprint across offshore operations. Eni has been producing biofuels since 2014, as it converted its Venice and Gela refineries into biorefineries, which, as the statement stressed, have been palm oil free since the end of 2022.

Eni is using its proprietary Ecofining technology to process vegetable raw materials or animal waste and HVO (Hydrotreated Vegetable Oil) biofuel products. According to Eni’s plan to hit carbon neutrality by 2050, biofuels are a major strategic pillar. Eni is focused on a decarbonization process aiming to reduce emissions from industrial processes and products.

“This agreement forms part of the execution of Saipem’s strategy for the reduction of GHG emissions and implements, together with the other initiatives and investments envisaged in the Group's strategic plan, which encompasses the reduction of its Scope 1 and Scope 2 emissions by 2035 and the achievement of Net Zero (including Scope 3) by 2050,” the joint statement read.

Both companies will bring their respective expertise to the table with Eni Sustainable Mobility being among the first producers of biofuels in Europe. The company aims to bring its global expertise in providing solutions to reduce carbon emissions.

Saipem is committed to the energy transition and has set a target of increasing the share of alternative fuels used by its fleet which would result in lower emissions, not only for Saipem but its clients as well.

“Thanks to the use of biofuel, Saipem will potentially be able to reduce emissions by around 550,000 Tonnes of CO2eq per year, equal to 60% of its total annual Scope 1 emissions,” the statement said.

To contact the author, email [e-mail]

[waldron] 24/2/2023 14:43

UPSTREAM

Eni targets 17 countries in multibillion-barrel oil and gas exploration blitz

Italian major will spend $2.2 billion by 2026 to hunt for more hydrocarbons, as new projects boost production to 1.9 million barrels of oil equivalent per day


24 February 2023 12:28 GMT Updated 24 February 2023 14:02 GMT


By Iain Esau
in London

Eni aims to discover 2.2 billion barrels of hydrocarbon resources over the next four years, building on what chief executive Claudio Descalzi said was an “outstanding” 2022.

The Rome-headquartered player has been one of the standout explorers over the past decade, making major new finds in Africa, Europe, Central America, the Middle East and Asia and then fast-tracking development of these discoveries.

Speaking at Eni’s capital markets day yesterday, Descalzi said that in 2022, Eni found resources of 750 million barrels of oil equivalent — about 125% of its production in 2022 — at under $2 per barrel, adding that between 2015 and 2022, the company had discovered about 4 billion barrels.

[misca2] 24/2/2023 07:06

Trending: Eni Posts Lower 4Q Profit, Shares New Shareholder Remuneration Policy
02/23/2023 | 06:02pm GMT


1746 GMT - Eni SpA is among the most mentioned topics across news items over the past 12 hours, according to Factiva data, after it posted results for the fourth quarter and a new shareholder remuneration plan as part of a new strategy until 2026.

The Italian oil-and-gas major booked a quarterly net profit of 550 million euros ($583.4 million), down from EUR3.52 billion in the year-earlier period. The result was affected by fair-valued commodity derivatives, asset impairments and extraordinary, solidarity tax contributions.


On an adjusted basis, net profit was EUR2.50 billion, the company said. Separately, Eni unveiled a plan to simplify its shareholder remuneration policy as part of a strategy from 2023 to 2026, and raised the dividend for the current year by 7% to EUR0.94 a share.


Eni said it aims to distribute between 25%-30% of annual cash flow from operations through a combination of dividend and share buyback.

Analysts at RBC Capital Markets say in a note that Eni's updated corporate plans look weaker than expected, given a higher capex run-rate relative to consensus while volume targets look broadly in line.

"The simplification of the distribution policy, while expected, should be taken well, although we believe some investors had expected a higher payout ratio," the analysts say. Dow Jones & Co. owns Factiva. ([e-mail])

(END) Dow Jones Newswires

02-23-23 1301ET

[misca2] 24/2/2023 07:03

Saipem investigates use of biofuels on offshore fleet

Feb. 23, 2023

Eni Sustainable Mobility and Saipem have signed a memorandum of understanding on use of biofuels to power Saipem’s 45-strong fleet of drilling and construction vessels.



MILAN, Italy — Eni Sustainable Mobility and Saipem have signed a memorandum of understanding on use of biofuels to power Saipem’s 45-strong fleet of drilling and construction vessels, with a special focus on operations in the Mediterranean Sea.

The two companies are both committed to diversifying their energy sources and reducing the carbon footprint across their offshore operations.

Eni has been producing biofuels since 2014, after converting its refineries in Venice and Gela to biorefineries.

Through application of Ecofining technology, biofuel products are processed from vegetable raw materials or animal waste.

Saipem said it aims to increase the use of alternative fuels on its vessels to cut its own and its clients’ emissions. Using biofuel, it aims for emissions cuts of about 550,000 metric tons per year of CO2, equivalent to 60% of its total annual Scope 1 emissions.

02.23.2023

[waldron] 23/2/2023 13:39

Oil Major Eni Books Highest Annual Earnings In Over A Decade
By Tsvetana Paraskova - Feb 23, 2023, 6:36 AM CST

Italy’s Eni (NYSE: E) reported on Thursday its highest annual net profit in over a decade, joining other international oil majors in reporting high or record earnings for 2022 on the back of soaring oil and gas prices.

Eni’s adjusted net profit surged to $14.1 billion (13.3 billion euros) for 2022, up by $9.5 billion (9 billion euros) compared to 2021, due to a strong operating performance and higher results of equity-accounted entities, the Italian company said today.


However, the slide in prices in the fourth quarter resulted in fourth-quarter earnings slowing from the previous quarter and in line with analyst forecasts, although they were nearly 50% higher than in Q4 2021. The slowdown in exploration and production in the fourth quarter sent Eni’s shares dipping by 3.6% in Milan mid-day and down by 4% in pre-market trade in New York.



Commenting on Eni’s gas deals last year, chief executive officer Claudio Descalzi said, “During the year, we were able to finalize agreements and activities to fully replace Russian gas by 2025, leveraging our strong relationships with producing states and fast-track development approach to ramp-up volumes from Algeria, Egypt, Mozambique, Congo and Qatar.”

Despite a weaker performance for the fourth quarter, Eni joins the other international majors in reporting bumper annual profits for 2022.

Each of the world’s biggest oil and gas majors reported record profits for 2022 earlier this month, doubling their combined net earnings from 2021 and booking the best-ever year for Big Oil.


Combined, the net profits of Exxon, Chevron, BP, Shell, Equinor, and TotalEnergies surged to $219 billion for 2022, up from around $100 billion booked for 2021, as oil and gas prices surged following the Russian invasion of Ukraine and the majors raised oil and gas production to meet growing demand for oil and limited gas supply from Russia to Europe.

By Tsvetana Paraskova for Oilprice.com

[waldron] 23/2/2023 13:11

The company has set the 2023 annual dividend at EUR0.94 per share, which represents a 7% increase on year, and said it will launch a 2.2 billion euros ($2.33 billion) share buyback following shareholder approval.

[waldron] 23/2/2023 13:09

ENI : UBS keeps its Buy rating
02/23/2023 | 01:01pm GMT

In a research note published by Henri Patricot, UBS advises its customers to buy the stock. The target price continues to be set at EUR 18.

[waldron] 23/2/2023 13:08

Eni SpA has simplified its shareholder remuneration policy as part of its strategic plan for 2023-26 and raised the dividend for the current year.

The Italian oil-and-gas major said at its capital markets day on Thursday that it aims to distribute between 25%-30% of annual cash flow from operations through a combination of dividend and share buyback.

The company has set the 2023 annual dividend at EUR0.94 per share, which represents a 7% increase on year, and said it will launch a 2.2 billion euros ($2.33 billion) share buyback following shareholder approval.

Eni has also outlined its financial objectives, saying it targets earnings before interest and taxes of EUR13 billion in 2023. CFFO before working capital is seen at over EUR17 billion in 2023 and over EUR69 billion over the plan period. The company said this will allow it to organically fund investment and enhance shareholder distributions while maintaining leverage in a 10%-20% range.

Capital expenditure is seen at around EUR9.5 billion in 2023 and EUR37 billion over 2023-26.

Eni expects production to grow at an average of 3%-4% over 2023-26 and plateau to 2030, and said it will progressively increase the share of gas in the portfolio to 60% by the end of the decade. The upstream segment's capex will be between EUR6 billion-EUR6.5 billion on average per year during the strategy plan period.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

February 23, 2023 07:39 ET (12:39 GMT)

[misca2] 23/2/2023 07:35

Eni 4Q Profit Fell, 2022 Performance Driven by Favorable Commodity Environment
02/23/2023 | 07:26am GMT

By Giulia Petroni

Eni SpA on Thursday said that profit fell in the fourth quarter of 2022 but full-year earnings benefited from a favorable commodity and refining environment.

The Italian oil-and-gas major booked a quarterly net profit of 550 million euros ($583.4 million) from EUR3.52 billion in the year-earlier period. The result was affected by fair-valued commodity derivatives, asset impairments and extraordinary, solidarity tax contributions. On an adjusted basis, net profit was EUR2.50 billion.

Sales increased to EUR31.25 billion in the quarter, compared with EUR26.76 billion a year earlier, the company said.

Quarterly hydrocarbon production was down to 1.62 million barrels of oil equivalent a day, from 1.74 million boe/d a year earlier.

In full-year 2022, Eni said that net profit soared to EUR13.81 billion from EUR5.82 billion in 2021, while adjusted operating profit came in at EUR20.39 billion driven by the exploration and production segment.

"While market conditions were clearly supportive, our 2022 financial results were underpinned by capital and cost discipline, operating performance and by effective risk management of price volatility and supply tightness," Chief Executive Claudio Descalzi said.

The company is set to release financial and operational targets later on Thursday at the capital markets day.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

02-23-23 0225ET

[la forge] 18/2/2023 06:54

Eni Sustainable Mobility, PBF partner for St. Bernard biorefinery in US



By NS Energy Staff Writer 17 Feb 2023

PBF will contribute its industrial know-how to the facility and will also manage the project execution and serve as the operator after the construction is complete, while the biorefinery will use Eni’s Ecofining process
tasos-mansour-NRfNe4ys_bM-unsplash (2)

Eni Sustainable Mobility, PBF enter JV agreement. (Credit: Tasos Mansour on Unsplash)

Eni’s subsidiary Eni Sustainable Mobility and US-based petroleum refineries company PBF Energy have signed an agreement to form a joint venture, dubbed St. Bernard Biorefinery (SBR).

The joint venture will develop the biorefinery that is currently under construction and co-located with PBF’s Chalmette Refinery in Louisiana, US.

Under the terms of the agreement, Eni Sustainable Mobility will contribute a total of $835m in the capital, along with additional milestones payments totalling up to $50m.

The partnership will leverage the experience and expertise of both Eni Sustainable Mobility and PBF, for the development of St. Bernard biorefinery.

PBF will contribute its industrial know-how to the facility and will continue to manage project execution and serve as the operator after the construction is complete.

The biorefinery will also use the Ecofining process, which Eni has developed in partnership with Honeywell UOP, along with Eni’s experience in biorefining.

Eni Sustainable Mobility CEO Stefano Ballista said: “Eni Sustainable Mobility is a pioneer in the biorefining industry, and it is also studying the possible construction of two new biorefineries in Italy and Malaysia.

“We do believe the role of HVO will strongly contribute to decarbonization of road transports, including hard to abate heavy-duty sector, as it leverages existing infrastructure and can immediately fuel existing vehicle fleets.

“Biofuels are part of Eni’s strategy to achieve carbon neutrality by 2050 through the reduction of the emissions generated during the entire products life cycle.”

The St. Bernard Renewables biorefinery will have the capacity to process about 1.1 million tonnes of raw materials a year, with full pre-treatment capabilities.

It is expected to commence commercial operations in the first half of this year.

The biorefinery will primarily produce Hydrotreated Vegetable Oil (HVO) Diesel, commonly known as renewable diesel, with a production capacity of 306 million gallons per year.

The joint venture, SBR, will operate as an independent entity with a dedicated team managing feed procurement and product distribution.

PBF president Matthew Lucey said: “We’re excited to enter this strategic partnership with Eni Sustainable Mobility, a global leader in biorefining. The SBR biorefinery will benefit greatly from PBF and Eni’s complementary strengths and expertise.

“The project will utilise existing processing infrastructure and diverse inbound and outbound logistics and is ideally situated to support growing demand for low-carbon fuels.

“Our partnership with Eni signals a major milestone for PBF and demonstrates our commitment to contributing diversified sources of energy to the global mix while lowering the carbon intensity of our operations and the products we manufacture.”

[waldron] 17/2/2023 13:39

In a research note, UBS analyst Henri Patricot maintained his recommendation on the stock and advised to buy it.

The price target remains at EUR 18.