Edin. New It Share Discussion Threads

[ariane] 20/9/2023 07:58

Eni, Lukoil, and SNPC ink LNG sale and purchase agreement in a ‘significant milestone’ for Congo’s energy development



September 19, 2023, by Ajsa Habibic

Société Nationale des Pétroles du Congo (SNPC), Eni Congo, and Lukoil have signed a long-term contract for the purchase and sale of LNG with Eni SPA, marking an advancement in the LNG Marine XII project.


According to SNPC, the contract was signed on September 14, 2023, and will run for a period of 20 years.

Energy advocacy group African Energy Chamber (AEC) expressed its support for the contract stating it marks a “significant milestone in the Republic of Congo’s energy sector development, showcasing a dedication to harnessing natural gas potential for both domestic and international advantages”.

Involving an investment of nearly $5 billion, the LNG Marine XII project represents a pioneering initiative for the Republic of Congo.

It will leverage the natural gas resources within the Marine XII permit in two distinct phases. The maiden LNG carrier is set to sail from Congolese shores in December 2023, signaling the launch of the first phase with an export capacity of 0.6 million tons per annum (mtpa). The subsequent phase, planned for 2025, will elevate this capacity to 2.4 million metric tons per year, ultimately reaching an annual LNG export of 3 million tons.

In April 2023, Eni also demonstrated its commitment to advancing gas projects in the Republic of Congo through the Congo LNG project, aiming for an annual output of 3 million tons by 2025. This initiative involves deploying two floating LNG (FLNG) plants to process gas from existing and future fields. The FLNG facilities, boasting production capacities of 0.6 mtpa and 2.4 mtpa, are scheduled for operation in 2023 and 2025.

“The recent contract signing represents a monumental stride forward in unlocking the vast potential of natural gas resources in the Republic of Congo. The Chamber stands resolutely behind these efforts, which not only bolster the energy security of the nation but also contribute significantly to the economic growth and prosperity of the African continent as a whole. We commend the collaborative efforts of SNPC and the Ministry of Hydrocarbons for creating an enabling environment for this momentous endeavor,” stated NJ Ayuk, Executive Chairman of the AEC.

[sarkasm] 15/9/2023 12:01

Eni teams up with LG Chem to set up new biorefinery in South Korea

Using Eni's Ecofining technology, the biorefinery will be designed to process around 400,000 tonnes of bio-feedstocks annually.


The companies plan to complete the facility at the integrated petrochemical complex in Daesan, South Korea, by 2026. Credit: Tasos Mansour/Unsplash.

Eni Sustainable Mobility, a unit of Italian oil and gas company Eni, has partnered with chemicals company LG Chem to set up a new biorefinery.

The proposed facility is to be built at the chemical company’s Daesan chemical complex 80km south-west of Seoul, South Korea.

Under the partnership, the companies are assessing the economic and technical viability of the facility, leveraging their respective industry expertise.

A final investment decision for the project is expected by 2024, with plans to complete the facility at the integrated petrochemical complex by 2026.

Eni said the prospective biorefinery hopes to cater to the rising demand for fuels and plastics made using low-carbon technologies that are more environmentally friendly.

Using Eni’s Ecofining technology, the biorefinery will be designed to process around 400,000 tonnes of bio-feedstocks annually.

It will produce a variety of commodities such as bio-naphtha, hydrotreated vegetable oil and sustainable aviation fuel.

Developed in collaboration with Honeywell-UOP, the Ecofining technique is used to convert biologically derived raw materials into biofuel.

Eni said it will supply the South Korean biorefinery with sustainable feedstock that is mostly based on leftovers and waste products from the production of vegetable oils, used cooking oil, and vegetable oils from drought-resistant crops grown on degraded, semi-arid or abandoned soils.

Currently, the Italian oil and gas company operates two biorefineries at home in Porto Marghera, Venice and Gela, Sicily.

In June this year, Eni Sustainable Mobility formed a joint venture with PBF Energy by acquiring a 50% stake in the St. Bernard Renewables biorefinery.

Based in Louisiana, US, the bio-refinery also uses the Ecofining technology.

Earlier this month, Eni reached an agreement to sell Nigerian Agip Oil Company (NAOC) to Oando.

NAOC is engaged in onshore oil and gas exploration and production in Nigeria.

[la forge] 09/9/2023 08:25

Borsa Italiana - 11:44:59 2023-09-08 am EDT


Eni S.p.A


14.80 EUR +0.39%

[ariane] 30/8/2023 07:57

Eni starts production from Baleine oil and gas field in Côte d’Ivoire


By NS Energy Staff Writer 29 Aug 2023

According to Eni, the offshore Baleine field is currently the largest hydrocarbon discovery in the Ivorian sedimentary basin with an estimated 2.5 billion barrels of oil and 3.3 trillion cubic feet of associated gas in place, which will be developed in multiple phases


Eni has achieved the start of production of oil and gas from the Baleine field in the waters of Côte d’Ivoire, just under two years after making the hydrocarbon discovery in September 2021.

The milestone for the Italian energy company comes less than 18 months after taking the final investment decision (FID) on the African oil and gas project.

Eni CEO Claudio Descalzi said: “The first oil from Baleine is a milestone in Eni’s operations. Stemming from an extraordinary exploration success, we have achieved an industry-leading time-to-market of under two years from the declaration of commercial discovery.

“This outcome expresses the core principles of our strategy, encompassing Africa’s pioneering net-zero project, accelerated development, local gas supply, and the promotion of a just transition”.

According to Eni, currently, Baleine is the largest hydrocarbon find in the Ivorian sedimentary basin. The company is partnered with Ivorian state-owned national oil and gas company PetroCi in the offshore oil and gas field that is spread over the CI-101 and CI-802 blocks.

The Baleine field will see a multi-phase development to exploit the estimated 2.5 billion barrels of oil and 3.3 trillion cubic feet of associated gas in place. The project involves the development of the oil discovery made in the CI-101 block in 2021 and the Baleine East discovery made in July 2022 in the CI-802 block.

During the initial phase, production is carried out using the Baleine floating production storage and offloading (FPSO) unit. Formerly called FPSO Firenze, the vessel has been refurbished and upgraded to handle up to 15,000 barrels per day (bbl/d) of oil and approximately 25 million cubic feet per day (Mscf/d) of associated gas.

Phase 2 of the Baleine field development is anticipated to commence by the end of next year. It is expected to boost field production to 50,000bbl/d of oil and around 70Mscf/d of associated gas.

The objective of the third development phase will be to raise the output to 150,000bbl/d of oil and 200Mscf/d of gas.

All the gas produced from the Baleine field during the initial phase of development as well as the subsequent phases will be transported onshore via a newly built pipeline. This infrastructure will allow Côte d’Ivoire to fulfil its domestic electricity market requirements, enhance energy accessibility, and reinforce its position as a regional energy hub for neighbouring nations, said Eni.

[waldron] 28/8/2023 13:58

Eni Begins Oil And Gas Production Offshore Cote d’Ivoire
By Tsvetana Paraskova - Aug 28, 2023, 7:00 AM CDT

Italy’s energy major Eni said it started on Monday oil and gas production from an offshore field in Cote d’Ivoire in West Africa less than two years after the discovery.

Production at the Baleine field, currently the largest oil and gas discovery in Ivorian sedimentary basin, started via a refurbished and upgraded Floating Production Storage and Offloading (FPSO) unit capable of handling up to 15,000 barrels per day of oil and around 25 Mscf/d of associated gas. With a second and third phase of development, the field will see production rise to 150,000 bpd of oil and 200 Mscf/d of gas, the Italian company said.

The gas production from the Baleine field will be delivered onshore through a newly constructed pipeline, enabling Cote d’Ivoire to meet its domestic electricity market demands, facilitate energy access, and strengthen its role as a regional energy hub for neighboring countries, Eni noted.

Europe and Eni are also increasingly betting on Africa to import large volumes of pipeline gas and LNG to replace pipeline gas supply from Russia, which was Europe’s top gas supplier before the Russian invasion of Ukraine.

Eni has been particularly active in securing more natural gas supply for Europe from Africa and has fast-tracked projects in Africa to meet Europe’s gas demand in the absence of Russian pipeline deliveries.

In April, Eni launched the construction works for the first natural gas liquefaction project in the Republic of the Congo, which is expected to supply LNG to Europe.

Early this year, Eni’s chief executive Claudio Descalzi told the Financial Times in an interview that Europe should look to Africa for a “south-north” energy axis that would deliver gas from Africa to the EU.

At the announcement of the 2022 results in February, 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.”

By Tsvetana Paraskova for Oilprice.com

[grupo guitarlumber] 19/8/2023 08:25

Borsa Italiana - 11:44:59 2023-08-18 am EDT




Intraday chart for Eni S.p.A 5-day change 1st Jan Change



14.03 EUR +0.43%

Heres to a promising and positive forthcoming week

[waldron] 16/8/2023 20:16

Analysts' Consensus

Mean consensus
OUTPERFORM

Number of Analysts
24

Last Close Price
14.01EUR

Average target price
16.39EUR
Spread / Average Target
+16.97%

[waldron] 16/8/2023 20:15

Eni bought back own shares for more than EUR44 million
Today at 08:02 am


(Alliance News) - Eni Spa reported Wednesday that it purchased 3.2 million of its own ordinary shares between Aug. 7 and Aug. 11.

The shares were taken over at an average unit price of EUR13.8733, for a total value of EUR44.2 million.

As of today, the company holds 85.5 million treasury shares, or 2.5 percent of its share capital.

Eni's stock is down 0.6 percent at EUR13.93 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to [e-mail]

[waldron] 16/8/2023 20:14

Borsa Italiana - 11:44:59 2023-08-16 am EDT



13.93 EUR -0.60%

[waldron] 15/8/2023 10:58

Eni prolongs BW Offshore FPSO’s assignment off Nigeria



August 15, 2023, by Melisa Cavcic

Italian-headquartered oil and gas giant Eni has awarded another short-term contract extension to BW Offshore for one of its floating, production, storage, and offloading (FPSO) vessels, which is carrying out operations on a field located offshore Nigeria.


BW Offshore has inked a short-term extension for the FPSO Abo with Nigerian Agip Exploration, a subsidiary of Eni, enabling the FPSO to work on the Abo field until 31 August 2023. The previous contract extension expired on 14 August 2023. The FPSO owner is engaged in divestment dialogues for this FPSO, which were previously expected to close in 1H 2023.

The license entails three fields – Abo, Abo North and Okodo – eight producing wells, two water injectors, and two gas injectors. These wells are tied back to the FPSO Abo. Agip is the operator with 85 per cent working interest, while Oando Energy Resources holds the remaining 15 per cent.

Located in the OML 125 license some 40 kilometres off the Nigerian coast on the western edge of the Niger Delta, at a water depth of 550 to 1,100 metres, the Abo field covers an area of 1,983 km² (490,010 acres). It contains light sweet crude oil, typically 39° to 41° API, and natural gas.

The Abo FPSO comes with a storage capacity of 930,000 barrels of oil, an oil treatment capacity of up to 45,000 bopd, a water injection capacity of 30,000 bopd, and a gas compression capacity of 48,4 mmscfd. This FPSO has been working on the Abo field with Eni’s Agip since the start of production in 2003.

BW Offshore is putting the wheels into motion to expand the niche oil and gas segment by redeploying existing FPSOs and divesting non-core assets. The firm already sold multiple FPSOs, including Sendje Berge, Espoir Ivoirien, BW Athena, BW Opportunity, Cidade de São Vicente, and BW Joko Tole. In addition, the FPSO operator expects the recycling of the FPSO Petróleo Nautipa late in 2023.

[adrian j boris] 13/8/2023 08:56

Mean consensus
OUTPERFORM


Number of Analysts
23


Last Close Price
14.05EUR


Average target price
16.45EUR
Spread / Average Target
+17.11%

High Price Target
19.50EUR
Spread / Highest target
+38.81%


Low Price Target
13.50EUR
Spread / Lowest Target
-3.90%

[adrian j boris] 13/8/2023 07:50

Saipem secures $700m new offshore contracts from Eni Congo, BP


By NS Energy Staff Writer 11 Aug 2023

Eni Congo has awarded a contract for the conversion of Scarabeo 5 semisubmersible drilling unit into a Floating Production Unit (FPU), and BP awarded the other contract for offshore activities related to the Argos FPU in the Gulf of Mexico


Italian oilfield services company Saipem has awarded two new contracts worth a total of around $700m from British oil and gas company bp and Eni’s Congo business arm Eni Congo.

Eni Congo awarded a contract for the conversion of Scarabeo 5 semisubmersible drilling unit into a Floating Production Unit (FPU), with separation and boosting plants.

The FPU receives production fluids from wellheads riser platforms, separates the gas from liquids and boosts the gas to feed the nearby Floating LNG (FLNG) unit.

Under the terms of the contract, Saipem will carry out the engineering, procurement, construction, transportation and commissioning of the FPU.

The FPU will be installed offs the coast of the Republic of Congo, northwest to the Djeno Terminal, in a water depth of nearly 35m.

Saipem said that the contract award follows an agreement signed early this year, for the execution of preliminary engineering and procurement activities.

The offshore works related to the FPU commissioning and its start-up are scheduled by the fourth quarter of 2025.

Saipem, in its statement said: “This contract awarded to Saipem is part of Eni’s Congo LNG Project, the country’s first natural gas liquefaction project that is expected to reach an overall liquefied natural gas (LNG) production capacity of 3 million tons per year from 2025.”

BP awarded the other contract, for offshore activities related to the Argos Floating Production Unit (FPU) in the Gulf of Mexico.

Argos FPU is designed for oil and gas production in deepwater environments and will be operated in the Green Canyon Block 780, at a water depth of around 1,400m.

The oilfield services company will deploy its Saipem Constellation vessel to carry out the offshore activities required for the project.

Saipem will manage the works under the contract through its execution centre in Houston, which serves as a strategic hub for its activities in the region.

Saipem added: “This contract represents a significant milestone as it will be the first project involving the deployment of the Saipem Constellation in the Gulf of Mexico and follows a series of awards for projects in Australia and Guyana.

“In addition, the award proves Saipem’s expertise in delivering cutting-edge offshore solutions for the energy industry.”

[gibbs1] 12/8/2023 07:33

yes, must break that resistance

Borsa Italiana - 11:44:59 2023-08-11 am EDT



14.05 EUR -0.55%

[waldron] 10/8/2023 10:38

Must now break thru resistance convincingly

[waldron] 09/8/2023 12:20

Eni
13.954 +2.41%

[waldron] 09/8/2023 12:17

if convincingly broken thru current resistance 14.82 euros might be the next stop

[sarkasm] 07/8/2023 10:10

Borsa Italiana - 0:08:43 2023-08-07 am


13.68 EUR -0.31%

TARGET APPARENTLY 15 EUROS

[ariane] 07/8/2023 07:05

Latest Dividends

Summary Previous dividend Next dividend

Status Paid Declared

Type Quarterly Quarterly

Per share 22¢ 24¢

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

Ex-div date 22 May 2023 (Mon) 18 Sep 2023 (Mon)

Pay date 24 May 2023 (Wed) 20 Sep 2023 (Wed)

[waldron] 05/8/2023 23:07

French ambassador discusses promising opportunities in Libyan energy market
by AbdulkaderAssad Sat, 05/08/2023 - 22:36



The French ambassador, Mostafa Mihraje, discussed the promising opportunities in Libyan energy market for French and European companies, reaffirming his keenness to attend the second round of Libyan Summit for Energy and Economy next November.

Mihraje's remarks came during his meeting with the Executive Director of "Energy Capital & Power" and a number of sector experts and companies' representatives.

The French ambassador underscored the promising opportunities in the Libyan energy market, especially renewable energy, and the importance of enabling an economic environment in Libya to attract international companies.

He also discussed Libya's relationship with Europe as a major energy supplier and an important investment destination, which were issues that would be extensively addressed in the second round of the Summit.

Mihraje reiterated the readiness of French companies to explore investment opportunities in Libya in the fields of renewable energy, oil and gas, infrastructure, manufacturing, and other sectors.

The second round of the Libya Energy and Economy Summit will be held on November 8 and 9 in the capital, Tripoli, to build on the success achieved by its first round, which was held in 2021.

[ariane] 04/8/2023 06:19

Oil majors including BP, Eni to resume operations in Libya

Fri, 04th Aug 2023 05:54
Alliance News

(Alliance News) - Three major international oil companies have announced a resumption of their operations in Libya after a 10-year absence, the Libyan National Oil Company said on Thursday.

The NOC said in a press release it "received official notifications from the Italian company [Eni Spa] and the British company [BP PLC] regarding the lifting of force majeure and the resumption of exploration and contractual obligations in the blocks awarded to them in the Ghadames Basin (A-B) and offshore Block C".

It said it had also been notified by Algeria's Sonatrach that "exploration and fulfilment of contractual obligations in blocks 065 and 96/95 in the Ghadames Basin" had resumed.

The Ghadames Basin is in southwest Libya in an area rich in oil and gas on the border with Algeria and Tunisia.

In December, the NOC called on foreign companies with which it had hydrocarbon exploration and production agreements to lift the force majeure they had invoked, arguing that the security situation had improved.

Force majeure is a measure invoked in exceptional circumstances, allowing exemption from liability in the event of non-compliance with contractual obligations.

Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict, involving foreign powers and a myriad of militias, since a Nato-backed revolt toppled strongman Moamer Kadhafi in 2011.

Over the past decade, Libya has been regularly plagued by clashes between rival factions from the east and the west, badly affecting oil and gas operations.

The country sits on Africa's biggest oil reserves but the wedge between the eastern government and a United Nations-recognised administration in Tripoli has hampered Libya's efforts to sharply ramp up output in response to a surge in European demand for non-Russian oil and gas.

Production has recovered in recent months to reach 1.2 million barrels per day, most of which is for export.

source: AFP

[waldron] 03/8/2023 12:26

Eni Revokes Force Majeure Status on Three Exploration Assets in Libya
03/08/2023 12:12pm
Dow Jones News




Thursday 3 August 2023


By Giulia Petroni


Italian oil-and-gas major Eni has revoked a force majeure status declared in 2014 on three exploration assets in Libya and said it will resume activities in the area.

The move follows an assessment of security conditions in the areas where the exploration program will be carried out, the company said on Thursday.

Eni operates the onshore and offshore exploration areas with a 42.5% stake, along with BP and the Libyan Investment Authority. Production activities are operated through a joint venture between Eni and Libya's National Oil Corporation called Mellitah Oil and Gas.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

August 03, 2023 06:57 ET (10:57 GMT)

[adrian j boris] 31/7/2023 06:23

Eni Logs 92 Percent Fall in Quarterly Profit Year on Year
by Jov Onsat
|
Rigzone Staff
|
Monday, July 31, 2023


Eni SPA has reported $324 million (EUR 294 million) in net income for the second quarter, down 92 percent against the same period 2022 on lower oil and gas prices.

Despite weaker prices, the Italian global energy giant expects to raise production in the third quarter to 1.63 million barrels of oil equivalent a day (MMboed) from an achieved output of 1.611 MMboed in the three months ended June, according to its results report Friday. For the full year Eni plans output at 1.63-1.67 MMboed if prices average $80 per barrel.

In the second quarter, "production was supported by the ramp-up in Mozambique and Mexico, higher activity in Algeria, which also benefited from the business acquisition, in Kazakhstan due to unplanned events occurred in the same period of 2022, as well as in Indonesia and Iraq", it said. "These increases were offset by planned maintenance activities, particularly in Libya, and lower production due to mature fields decline."

Eni earlier said it had completed the purchase of BP's operation in Algeria. The two acquired gas concessions would add about 130,000 boed this year "further confirming the company's position as the main international energy company operating in the country", it said February 28.

If adjusted for non-recurring costs, the state-controlled company's net earnings totaled $2.1 billion (EUR 1.935 billion) for the second quarter, down 49 percent by year-ago comparison. Adjusted first half net profit decreased 32 percent at $5.3 billion (EUR 4.842 billion).

Eni collected $8.2 billion (EUR 7.425 billion) in net cash from operations for January-June 2023, up two percent compared to the first two quarters of last year. Free cash flow stood at $1.4 billion (EUR 1.276 billion) by the end of the second quarter, while net debt after lease liabilities stood at $14.3 billion (EUR 12.941 billion).

The second quarter of 2023 presented a "less supportive environment", chief executive Claudio Descalzi said in a statement.

Eni saw a 28 percent year-on-year decline in realized prices for hydrocarbons at $53.31 per barrel of oil equivalent.

Refining margins, or the difference in value between refinery output and input, plunged 62 percent at $6.6 per barrel compared to $17.2 in the same quarter a year ago. "Refining margins decreased materially driven by lower demand for all kinds of refined products particularly gasoil reflecting weak industrial activity and ample supplies", it said.

Last year Eni achieved a company record collecting $22.5 billion (EUR 20.386 billion) in adjusted operating income. " This performance was driven by the E&P [exploration and production] segment due to a strong recovery in commodity prices, by the GGP [global gas portfolio] segment leveraging on continuing optimization across the flexible gas and LNG portfolio, as well as by the R&M [refining and marketing] business due to plant availability and cost and output optimization allowing to capture the upside of a strong refining environment", the company said in its annual report released January 26, noting an upward pull on prices by the Russia-Ukraine war.

Annual average prices for the North Sea-based Brent and the West Texas Intermediate, which are global benchmarks for spot crude, in 2022 were the highest since 2014, according to data from the USA Energy Information Administration (EIA). That of the Henry Hub distribution center in Louisiana state, an international standard for gas pricing, was the highest since 2009, according to the EIA database.

While noting a weaker business environment in the second quarter of 2023, Descalzi said, "Considering our first half results and continuing business performance that drives raised guidance, we have a solid position from which to pay our first quarterly installment of the raised €0.94 [$1] per share 2023 dividend in September and continue our €2.2 bln [$2.4 billion] buyback which commenced in May".

Eni plans to limit capital spending to below $9.9 billion (EUR 9 billion) this year. Capital expenditure has now been revised twice from $10.5 billion (EUR 9.5 billion) originally, due to "continuing optimization and efficiency measures", Eni said.

It targets to hit 700 MMboe in exploration in 2023.

Eni closed the week 0.52 percent lower at $15 (EUR 13.66) on the Millan stock exchange but 0.43 percent higher at $30.18 in New York.

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