Edin. New It Share Discussion Threads

[gibbs1] 31/5/2023 06:04

ENI, RINA PARTNER TO ACCELERATE MARITIME ENERGY TRANSITION, DECARBONISATION
May 29, 2023

RINA, an international company specialising in inspection, certification and engineering consultancy, and Eni have signed an agreement to jointly develop initiatives that can contribute to the energy transition and decarbonisation of their respective operations and particularly maritime transport, where RINA and Eni can benefit from each other's expertise.

Specifically, the agreement focuses on the use of HVO (Hydrogenated Vegetable Oil) biofuel produced by Eni in its Venice and Gela bio-refineries, as well as of other energy carriers such as “blue” or “green” hydrogen and ammonia from biogenic, renewable or waste raw materials not competing with the food chain, in the naval sector. Moreover, the partnership encompasses the development of initiatives for the logistics and value chain of new energy carriers, and the adoption of certified methods for the "taxonometric" calculation of the emissions benefits they will generate.


Eni and RINA will also consider carrying out experiments and pilot projects related to the on-board capture of CO2 emissions in order to further contribute to pursuing the naval sector's sustainability goals.

Ugo Salerno, Chairman and CEO of RINA, said: «Cooperation between companies is the way forward towards the common goal of decarbonising industry and transport. By sharing know-how and experience with Eni, we will contribute to developing innovative energy supply models. Our collaboration will begin by focusing on the maritime sector, a diversified and hard-to-abate industry that can draw on initiatives already adopted by other industrial segments to decarbonise operations».

Giuseppe Ricci, Chief Operating Officer for Energy Evolution at Eni, noted that Eni and RINA can make a significant contribution to the decarbonisation of maritime transport with their wealth of expertise and technological capabilities.

"Following a technology-agnostic approach, we are exploring multiple solutions," he said, adding that through this agreement, "we will have the opportunity to study and develop them in the short, medium and long term, with the objective of making maritime transport more sustainable and meeting the needs of shipowners and logistics operators."

[waldron] 30/5/2023 14:11

[Italy] ENI S.P.A (ENI)








Cboe Europe - 16:09:57 30/05/2023


12.97 EUR -1.82%

[gibbs1] 30/5/2023 07:15

Eni Enters Deal on Powering Maritime Transport with Biofuels
by Jov Onsat
|
Rigzone Staff
|
Tuesday, May 30, 2023


Eni SPA said Monday it has entered an agreement with an Italian engineering solutions company seeking to expand its biofuels market in the maritime transport sector.

Targeting shipping and logistics operators, the partnership with RINA SPA provides for the development of “initiatives that can contribute to the energy transition and decarbonization of their [Eni and RINA] respective operations and particularly maritime transport, where RINA and Eni can benefit from each other's expertise”, the Italian global energy giant said in a press release.

The deal focuses on the deployment of hydrogenated vegetable oil biofuel produced from Eni’s biorefineries in the Italian cities of Gela and Venice. The partnership also seeks to help fuel the naval sector with blue or green hydrogen and ammonia from biogenic, renewable or waste materials.

“Moreover, the partnership encompasses the development of initiatives for the logistics and value chain of new energy carriers, and the adoption of certified methods for the ‘taxonometric’ calculation of the emissions benefits they will generate”, the announcement said.

The two will also consider conducting experiments on the onboard capture of carbon dioxide emissions in the naval sector.

“Cooperation between companies is the way forward towards the common goal of decarbonizing industry and transport”, RINA chair and chief executive Ugo Salerno said in the announcement.

“Our collaboration will begin by focusing on the maritime sector, a diversified and hard-to-abate industry that can draw on initiatives already adopted by other industrial segments to decarbonize operations”, he added.

Giuseppe Ricci, Eni chief operating officer for energy evolution, said: “Thanks to this agreement, we will have the opportunity to study and develop them in the short, medium and long term, with the objective of making maritime transport more sustainable and meeting the needs of shipowners and logistics operators”.

Eni this month unveiled various partnerships on biofuels and cleaner energy as part of its emissions reduction strategy, including with the governments of Guinea-Bissau and Vietnam.

To contact the author, email [e-mail]

[sarkasm] 27/5/2023 16:03

Consensus

Mean consensus OUTPERFORM


Number of Analysts 27


Last Close Price 13,19 €


Average target price 16,35 €
Spread / Average Target 24,0%

High Price Target 19,50 €
Spread / Highest target 47,8%

Low Price Target 13,01 €
Spread / Lowest Target -1,38%


seems to be bumping along support levels

[grupo guitarlumber] 20/5/2023 19:10

Ex-div date 22 May 2023 (Mon)

Pay date 24 May 2023 (Wed)

[florenceorbis] 14/5/2023 05:44

Latest Dividends

Summary Next dividend

Quarterly

Per share 22¢

Declaration date 12 May 2023 (Fri)

Ex-div date 22 May 2023 (Mon)

Pay date 24 May 2023 (Wed)

[ariane] 11/5/2023 07:15

News | May 10, 2023

Eni Publishes Eni For 2022, Outlining The Main Outcomes And Objectives In The Energy Transition Pathway

Milan Eni published Eni for 2022 – A just transition, the company’s voluntary sustainability report. It describes Eni’s contribution to a just transition that ensures access to efficient and sustainable energy, sharing the social and economic benefits of the path towards net zero emissions by 2050 with employees, suppliers, communities, and costumers with an inclusive and transparent approach.

“In addressing the challenges in the energy sector that Eni faces, we keep our priorities firmly on track with an ongoing commitment to promote energy access, local development, and environmental protection. The success of our strategy cannot be achieved without collaboration with our stakeholders, from private individuals to the public sector, international organizations, civil society associations, and research institutes. Today, more than ever, it is necessary to pool resources and human capital, through a broad vision that allows us to align our common goals, to reduce geographical gaps and promote global human progress”, said Claudio Descalzi, Eni’s Chief Executive Officer.

With regards to the carbon neutrality strategy, Eni remained firm in its commitments towards net zero emissions by 2050 and confirmed all its decarbonization targets, which are anchored on sound investments. The company achieved a 17% reduction in Scope 1, 2 and 3 emissions, compared to 2018 levels, and continued implementing the necessary measures to achieve Scope 1 and 2 net zero emissions in the Upstream by 2030, by investing in emission-reduction technologies and developing low-carbon projects. In this context, in 2023, Eni launched the FPSO that will be used for production from the Baleine field in Côte d’Ivoire, the most important discovery ever made in the country and the first net zero development for Scope 1 and 2 emissions in Africa.

In Eni’s strategy, the United Nations’ Sustainable Development Goals are a fundamental reference for conducting activities in the countries of operations. Agri-business projects, for example, embodies the fundamental pillars of Eni approach for the just transition, an energy transition with a strong innovative component combined with a concrete focus on the social dimension. In this context, Eni is committed to ensure that the decarbonization process offers opportunities to convert existing activities and develop new production chains with significant perspectives in the countries where it operates. In 2022, the first cargo of vegetable oil produced in Kenya not competing with the food production chain, from waste and raw materials produced on degraded land, was delivered to Eni’s biorefining plant in Gela, with substantial positive impacts on employment and local development. The model will be replicated in other countries

To achieve a just transition, particular attention was paid to initiatives to promote access to energy and education in the countries of operation. These include the projects in Côte d’Ivoire, Mozambique, and Ghana to facilitate access to clean cooking. In Côte d’Ivoire, more than 20,000 cooking stoves were distributed in just six months, reaching more than 100,000 beneficiaries. Eni has promoted the right to education in Congo, Ghana, Iraq, Mexico, Mozambique, and Egypt, where it opened the Zohr Applied Technology School to significantly increase the number of youths with upgraded technical and professional skills in the energy and technology fields.

Source: Eni

[florenceorbis] 28/4/2023 10:07

RIGZONE


Eni Beats Profit Forecasts But Lowers Outlook on Weaker Gas Prices
by Bloomberg
|
Alberto Brambilla
|
Friday, April 28, 2023


Eni SpA posted a first-quarter profit that beat estimates on strong gas trading, but trimmed its full-year earnings guidance due to lower prices for the fuel.

The Italian oil and gas giant said it expects 2023 adjusted operating profit to be €12 billion ($13.2 billion), down from previous guidance of €13 billion. Cash flow from operations was trimmed by roughly the same amount to €16 billion.

Eni is among the first oil majors to report earnings in a season that’s expected to deliver sizable cash flows even as profit falls from last year’s record levels. So far, companies have been using the profit bonanza to reward investors and pay down debt and there’s little sign of that changing, despite speculation about whether there’ll be a pivot to faster growth through big deals.

The company reaffirmed the previously announced increase in its dividend to €0.94 a share and plans for €2.2 billion of share buybacks, pending shareholder authorization at a May 10 meeting. Its shares were little changed at 13.41 euros as of 10:08 a.m. in Milan.

“Eni has delivered an excellent set of operating and financial results despite a weakening scenario,” Chief Executive Officer Claudio Descalzi said in a statement on Friday. “We remain financially disciplined as a necessity to meet the challenges of the energy market and deliver value for our shareholders.”

First-quarter adjusted net income was €2.91 billion, according to the statement, beating the average analyst estimate of €2.3 billion. Its gas business reported an adjusted operating profit of €1.37 billion, 47% higher than a year earlier and well above estimates, thanks to “optimization and trading activities,” according to the statement. The exploration and production division’s adjusted operating profit of €2.79 billion also beat estimates.

“Eni continues to benefit from strong trading opportunities in the European gas market,” according to a note from Morgan Stanley. “Following several quarters of misses, upstream oil and gas production was strong this quarter.”

The adjustment to Eni’s full-year earnings guidance primarily reflects lower gas prices as the energy crisis in Europe caused by Russia’s invasion of Ukraine eases. The revised outlook is modeled on a gas price of €529 per thousand cubic meters, down from €970 previously. It’s estimate for Brent crude was unchanged at $85 a barrel.

The guidance is “nothing to be concerned about” said Banco Santander SA analyst Jason Kenney. Its is ahead of previous implied price-sensitivity guidance and so can be seen as “positive,R21; he said in a note.

--With assistance from Chiara Remondini.

[florenceorbis] 28/4/2023 07:01

Eni SpA on Friday said that profit fell in the first quarter mainly due to a decline in the energy scenario, but saw a recovery in hydrocarbon production and a very strong gas performance.

The Italian oil-and-gas major said net profit was 2.39 billion euros ($2.64 billion) from EUR3.58 billion in the year-earlier period. On an adjusted basis, profit was EUR2.91 billion.

Sales decreased to EUR27.19 billion from EUR32.13 billion the previous year.

Eni said hydrocarbon production in the quarter was stable on year at 1.66 million barrels of oil equivalent a day. The company expects production in the range of 1.63 million boe/d and 1.67 million boe/d in the full year. In the second quarter, production is seen at 1.6 million boe/d due to planned maintenance.

The company lowered its capital expenditure guidance for 2023 to around EUR9.2 billion from previously EUR9.5 billion as it takes into account a strong euro.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

April 28, 2023 02:29 ET (06:29 GMT)

[florenceorbis] 28/4/2023 06:51

Eni Trims Its 2023 Profit Outlook on Lower Energy Prices

Alberto Brambilla, Bloomberg News



(Bloomberg) -- Eni SpA posted a first-quarter profit that beat estimates but trimmed its full-year earnings guidance due to lower commodity prices.

The Italian oil and gas giant said it expects 2023 adjusted operating profit to be €12 billion ($13.2 billion), down from previous guidance of €13 billion. The figure was revised due to lower gas and oil prices than previously estimated. Cash flow from operations was trimmed by roughly the same amount to €16 billion.

Eni is among the first oil majors to report earnings in a season that’s expected to deliver sizable cash flows even as profit falls from last year’s record levels. So far, companies have been using the profit bonanza to reward investors and pay down debt and there’s little sign of that changing, despite speculation about whether there’ll be a pivot to faster growth through big deals.

“We remain financially disciplined as a necessity to meet the challenges of the energy market and deliver value for our shareholders,” Chief Executive Officer Claudio Descalzi said in a statement on Friday.

Eni’s first-quarter adjusted net income was €2.91 billion, according to the statement, beating the average analyst estimate of €2.3 billion.

Descalzi was appointed for a fourth consecutive term as CEO earlier this month despite a shakeup of state-controlled companies by Italian Prime Minister Giorgia Meloni’s government.

[grupo guitarlumber] 24/4/2023 04:00

$1.1bn Deal: Elumelu's Firm Buys Shell, Total, ENI Stakes In Oil Block
January 16, 2021
Sahara Reporters, New York
News

The company said it was committed to transferring OML 17 in an orderly and responsible manner to the new owner, which would help provide a sustainable long-term plan

Three international oil companies operating in Nigeria have sold their combined 45 per cent interest in Oil Mining Lease 17 and related assets in the Eastern Niger Delta to TNOG Oil and Gas Limited, an integrated energy company founded by Mr Tony Elumelu.

Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited assigned their interests of 30 per cent, 10 per cent, and five per cent respectively in the lease to TNOG Oil and Gas.



SPDC announced in a statement on Friday the completion of the sale of its 30 per cent interest in OML 17 and associated infrastructure to TNOG Oil and Gas for a consideration of $533m.

The oil major said the completion followed the receipt of all approvals from the relevant authorities of the Federal Government of Nigeria.

TNOG Oil and Gas is a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc, both of which have Elumelu as their chairman.

"A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area," the SPDC said.

The company said it was committed to transferring OML 17 in an orderly and responsible manner to the new owner, which would help provide a sustainable long-term plan to unlock its full potential.

"As with previous divestments, we will facilitate a successful transition to new ownership. Shell has been in Nigeria for over 60 years and remains committed to a long-term presence here," said the Managing Director of SPDC and Country Chairman of Shell companies in Nigeria, Mr Osagie Okunbor.

Heirs Holdings said in a statement that TNOG Oil and Gas would have sole operatorship of the asset.

It described the transaction as one of the largest oil and gas financings in Africa in more than a decade, with a financing component of $1.1bn provided by a consortium of global and regional banks and investor.

It said the deal also involved Schlumberger as a technical partner and the trading arm of Shell as an off-taker.

OML 17 has a current production capacity of 27,000 barrels of oil equivalent per day and 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential, according to the statement.

[grupo guitarlumber] 21/4/2023 08:27

Eni
13.68 +0.71%

Still holding its own

will hold off buying for a bit longer

[grupo] 19/4/2023 18:58

oil and GAS JOURNAL

Eni lets 2-year contract extension for Saipem drillship

April 19, 2023


OGJ editors

Eni SpA has let a 2-year contract extension to Saipem for use of the Santorini drillship. The contract extension will give continuity to the ongoing activity and will come into force in August.

The vessel is currently in operation in the US Gulf of Mexico under a contract originally set to expire in this year’s third quarter.

Santorini is a seventh-generation drillship acquired by Saipem in December 2022, capable of performing drilling activities at depths up to 12,000 ft.

The service provider puts the value of the contract at $280 million dollars.

[adrian j boris] 19/4/2023 17:47

JP Morgan's research confirms its advice and maintains its neutral view on the stock.

The price target has been lowered from EUR 18 to EUR 16.