Edin. New It Share Discussion Threads

[florenceorbis] 10/7/2024 19:30

financial results.


26th july

[grupo guitarlumber] 10/7/2024 11:17

25th October


3rd Quarter Results



Latest Dividends

Summary Previous dividend Next dividend

Status Paid Declared

Type Quarterly Quarterly

Per share 23¢ 25¢

Declaration date 10 May 2023 (Wed) 11 Jan 2024 (Thu)

Ex-div date 20 May 2024 (Mon) 23 Sep 2024 (Mon)

Pay date 22 May 2024 (Wed) 25 Sep 2024 (Wed)

[grupo] 09/7/2024 15:31

Eni Makes Another Discovery in Sureste Basin Offshore Mexico
by Jov Onsat
|
Rigzone Staff

| Tuesday, July 09, 2024 | 9:40 AM EST




Eni SPA announced Monday another discovery in its 50 percent owned Block 9 in the Sureste Basin offshore Mexico.

“The preliminary estimates indicate a discovered potential of around 300-400 million barrels equivalents (Mboe) of oil and associated gas in place”, the Italian government-controlled company said in a statement.

The discovery well, Yopaat 1 EXP, was drilled in a water depth of 525 meters (1,722.4 feet) in mid-deepwater in the Cuenca Salina part of the basin. Yopaat 1 EXP, which sits about 63 kilometers (39.1 miles) off the coast, reached a total depth of 2,931 meters (9,616.1 feet). The rig encountered 200 meters (656.2 feet) of net pay of hydrocarbon-bearing sands in the Pliocene and Miocene sequences, Eni said.

Eni’s co-venturer in Block 9 is Spain’s Repsol SA, which owns the remaining half.

In the Sureste Basin, Eni had already found potential commercial wells in Blocks 7 and 10. “The overall estimate of resources in place currently exceeds 1.3 billion barrels of oil equivalent which allows Eni to advance with the studies towards a potential future ‘Hub’ development, including the discoveries and other prospects present in the area, in synergy with the infrastructures located nearby”, it said.

Last year Eni announced the Yatzil 1 EXP discovery in Block 7. It pegged the well’s potential resources at 200 MMboe.

Located 65 kilometers (40.4 miles) off the coast in mid-deepwater in Cuenca Salina, Yatzil 1 EXP was drilled in a water depth of 284 meters (931.8 feet). It reached a total depth of 2,441 meters (8,008.5 feet). Net pay sands stood over 40 meters (131.2 feet) long with “good quality” oil in the Upper Miocene sequences.

“Yatzil-1 EXP is the second commitment well of Block 7 and the eight successful one drilled by Eni in the Sureste Basin”, the integrated energy company said in a press release March 17, 2023, noting Yatzil 1 EXP sits just 25–30 kilometers (15.5–18.6 miles) away from other discoveries. With the Block 9 discovery announced Monday, Eni has now encountered nine successful wells in Sureste.

In Block 7, Eni holds a 45 percent interest. Scotland’s Capricorn Energy PLC owns 30 percent while Mexico’s Citla Energy SAPI de CV has the remaining 25 percent.

In Block 10, Eni has found two successful wells. In 2021 it announced Sayulita 1 EXP as an oil find, putting the volume of potential resources, based on preliminary estimates, at 150–200 MMboe. The well sits around 70 kilometers (43.5 miles) off the coast in Cuenca Salina in a water depth of 325 meters (1,066.3 feet), just 15 kilometers (9.3 miles) away from the earlier Saasken oil discovery in the same block.

The Sayulita well showed 55 meters (180.4 feet) of net pay of “good quality” oil in the Upper Miocene sequences after being drilled to a total depth of 1,758 meters (5,767.7 feet).

“The successful result, that comes after the 2020 discovery well Saasken 1 EXP, confirms the value of the asset and opens the potential commercial outcome of Block 10 since several other prospects located nearby may be clustered in a synergic development”, Eni said in a news release August 2, 2021.

The Saasken discovery, announced February 17, 2020, was estimated to hold a potential 200–300 barrels of oil. It sits 65 kilometers off the coast and was drilled in a water depth of 340 meters (1,115.5 feet). The discovery well yielded 80 meters (262.5 feet) of net pay of good-quality oil after reaching a total depth of 3,830 meters (12,565.6 feet).

Eni owns a 65 percent stake in Block 10. Russia’s Lukoil PJSC holds 20 percent while Capricorn has the remaining 15 percent.

Eni holds rights in five other exploration and production blocks in Sureste. Of the total eight blocks in the basin where Eni is a participant, seven are operated by the company, making Eni the “main foreign operator” in Mexico, according to the company.

To contact the author, email [e-mail]

[waldron] 09/7/2024 13:35

Eni
14.208 -0.66%

[waldron] 09/7/2024 13:32

PLUSE.COM.GH


Eni/Vitol trial: Tribunal rejects $7 billion claim against Ghana

Kojo Emmanuel

09 July 2024 10:59 AM

The International Arbitration Tribunal has delivered its Final Award in the Eni & Vitol v. Ghana and the Ghana National Petroleum Commission (GNPC) case.


According to the Attorney-General's Department, the decision is mixed for Ghana.




The Tribunal determined that the Unitisation Directives, as issued, were wrongful, including the imposition of unitisation terms and the arbitrary determination of initial tract participation.

On a positive note for Ghana, the Tribunal denied the Claimants' monetary damages, which initially stood at $7 billion and were later reduced to $915 million plus interest by the end of the proceedings.

The Tribunal also rejected the Claimants' request to declare that Ghana breached the Petroleum Agreement by refusing to withdraw or prevent reliance on the Unitisation Directives.


Furthermore, the Tribunal dismissed the Claimants' request that Ghana notify its High Court, Court of Appeal, and Supreme Court that the Unitisation Directives were issued in breach of the Petroleum Agreement.


However, the Tribunal found that the Unitisation Directives, in their issuance, violated the Petroleum Agreement by being contrary to applicable regulations and breaching Article 26(2).

Despite this, the Tribunal affirmed Ghana's authority to unitise oil fields for efficient exploitation.

The Tribunal dismissed all claims against GNPC and the Claimants' requests regarding the alleged breaches of the Petroleum Agreement by Ghana.


Regarding fees and costs, the Tribunal decided that both parties would cover their own legal fees and costs, with Ghana paying 50% of the Claimants' costs to the Swedish Chamber of Commerce, amounting to EUR 189,000. GNPC was not ordered to pay any amount, and the Claimants were denied interest on the costs.

Attorney-General Godfred Yeboah Dame expressed his satisfaction with the Tribunal's partial rejection of claims against Ghana and the complete dismissal of claims against GNPC, particularly the monetary compensation claims by ENI/Vitol.

He emphasised the need for the parties to determine the best way forward. While unitisation is not inherently unlawful, the Tribunal's issue was with the manner and circumstances of its execution.

Ghana can accept the Award or initiate proceedings to set it aside in the Swedish courts within two months.

This award is part of a series of successful defences by the Attorney-General's Office, including victories in cases against Beijing Everyway, Cassius Mining, and Messrs Micheletti Company Limited.

[la forge] 09/7/2024 07:18

Eni announces oil and gas discovery at Area 9 in the Gulf of Mexico

Author Sheky Espejo
Editor Juan Tolentino

Highlights

Eni discovers up to 400 million barrels of oil, gas in Yopaat-1 exploration well

Overall estimate exceeds 1.3 billion barrels of oil equivalent in area

Discovery allows studies for potential future hub development



Eni has made a new oil and gas discovery in the shallow-water Gulf of Mexico which could hold as much as 400 million barrels of oil and gas, the Italian firm said July 8.




The discovery was made at Area 9, an area where Eni is considering to develop a production cluster with projects that may not be viable on their own, but which could be commercially attractive if developed together.

Eni said it had made a new discovery on the Yopaat-1 exploration well, which had been authorized by the upstream regulator in April. The preliminary estimates indicate a potential of between 300 and 400 million barrels of oil and associated gas at Yopaat, Eni said.

Yopaat is one of the wells Eni Mexico is considering for the cluster, together with two others from the adjacent Area 10 also operated by the Italian firm, Saasken and Saasil, where the company struck oil. The drilling of Saasil was authorized in late January; Saaskem is already being appraised.

The overall estimate of resources in place in the areas currently exceeds 1.3 billion barrels of oil equivalent, the company said.

This allows "to advance with the studies towards a potential future hub development," it said.

The well was drilled in a water depth of 525 meters and reached a total depth of 2,931 meters, finding about 200 meters of net pay hydrocarbon bearing sands in the Pliocene and Miocene sequences, the company said in a statement.

The area is one of the busiest in exploration activity in Mexico, with Repsol already having two discoveries: Polok and Chinwol, in the adjacent block to the north, known as Area 29, discovered in 2020. Repsol has renounced its rights to five other blocks to concentrate its efforts on Area 29, where it plans to drill up to three more wells. At Area 29, Repsol plans to operate a floating production, storage and offloading vessel.

According to the upstream regulator, the CNH, the FPSO is part of the infrastructure that can be shared. Zama, one of the most important discoveries in the country, is also in the area. Zama, operated by Pemex but discovered by Talos Energy, has been estimated to hold almost 700 million barrels of light crude, according to early estimates. The field is expected to yield as much as 150,000 b/d when it peaks and it will be one of the main private contributors to national production.

Eni's move to develop clusters is backed by the industry, which has been facing increased scrutiny and regulation.

The National Association of Hydrocarbon Companies, or AMEXHI, has noted that cooperation and sharing of infrastructure is one way to compensate for the lack of new auctions for additional blocks to continue the exploration of the resources identified in Mexico.

Upon taking office, President Andrés Manuel López Obrador cancelled the upstream auctions that his predecessor Enrique Peña Nieto started, which resulted in over 100 exploration and production contracts, many of which include Pemex.

According to the CNH, there are currently over 110 billion boe in prospective resources in Mexico, of which only 52 billion have been assigned for exploration, with Pemex holding 40 billion of those. The total crude production of Mexico since it began its oil industry around 1938 has been roughly 60 billion boe, according to CNH.

[sarkasm] 07/7/2024 13:34

The world’s largest oil importer flashes a warning about demand and crude prices

BYBill Lehane and Bloomberg


The number of supertankers headed for China dropped to the lowest in almost two years, adding to recent concerns about demand in the largest oil importer during the second half of the year.

Only 86 of the tankers are indicating China as their next destination in the coming three months, shrinking by five from last week. That is the lowest weekly tally since August 2022 in data compiled by Bloomberg.

The outlook for Chinese demand this half is showing signs of softness, potentially providing a headwind for crude prices. Concerns include slower-than-expected return of refineries from seasonal maintenance, softer purchases from some key suppliers in July, and a potential drop-off in monthly import volumes.

Some 35 tankers are headed for the US, dipping by two from a week ago. Fourteen vessels sailed for Angola, the highest rate since late-April. The southern African producer has been targeting increased exports since it left the OPEC+ producer group. Click here for a PDF giving more details on destinations.

A total of 546 vessels signaled future destinations on Friday in data based on vessels with arrival dates through Oct. 3 on MAP. Journeys are subject to change, and 37 of the tankers didn’t provide a clear destination.


global CEO

[sarkasm] 07/7/2024 09:21

Eni's Sale to Oando Approved Amid Nigeria Regulatory Shifts

by Zacks, Benzinga Contributor

July 5, 2024 12:43 PM | 3 min read |




The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved the sale of Eni SpA's local unit, Nigerian Agip Oil Company ("NAOC"), to Oando in a significant development for Nigeria's oil sector.

The approval marks a crucial step forward for the transaction, which includes the transfer of interests in four onshore oil mining leases - 60, 61, 62 and 63.

Announced initially in September 2023, the sale of NAOC to Oando had been pending for months due to regulatory requirements under Nigeria's new oil industry law. The law mandates that such deals receive a sign-off from the petroleum minister, a process that had caused considerable delays.

Gbenga Komolafe, the head of the NUPRC, confirmed the approval during an energy conference in Abuja, highlighting the regulatory body's commitment to facilitating smoother transitions in the sector. This move is seen as part of a broader strategy to streamline approvals and encourage responsible divestments by international oil companies.

Simultaneously, the NUPRC has sanctioned the sale of Equinor's assets to the new entrant, Project Odinmim. The transaction represents a notable entry for Project Odinmim into Nigeria's oil industry, underscoring the country's evolving landscape as established players divest from onshore operations.

While the approvals for Eni and Equinor's sales have been granted, other significant transactions remain in the pipeline. The recent approvals come amid broader challenges facing Nigeria's onshore oil operations, including theft, vandalism and environmental pollution. These issues have prompted major oil companies to shift their focus toward deepwater explorations, seeking more secure and profitable ventures.

In response to these challenges, the NUPRC introduced measures to expedite pending asset sales. One notable condition was that the selling companies must take responsibility for oil spills and provide compensation to affected communities. This stipulation aims to prevent prolonged delays caused by disputes over liability and ensure that transactions proceed more swiftly.

The NUPRC's recent approvals signify a pivotal moment for Nigeria's oil sector, reflecting both challenges and opportunities within the industry. As Oando and Project Odinmim prepare to take over their newly acquired assets, the focus will be on how these transitions impact the broader market dynamics and address the longstanding issues of theft, vandalism and environmental concerns.

With significant transactions still awaiting approval, the coming months will be critical in shaping the future landscape of Nigeria's oil industry.


Currently, Eni carries a Zacks Rank #3 (Hold).



Zacks.com

[the grumpy old men] 07/7/2024 08:31

Certainly seems to be going no where apart from down towards supports as unable to break Resistance

Perhaps late July info will make a positive difference


Borsa Italiana 11:44:59 2024-07-05 am EDT

14.45 EUR -1.04%

[gibbs1] 05/7/2024 15:13

Eni
14.44 -1.14%

[ariane] 05/7/2024 08:04

Technical analysis trends

Short Term Mid-Term Long Term

Resistance 14.71 14.71 15.73

Support 14.11 13.51 13.51

[florenceorbis] 04/7/2024 18:37

Eni
14.606 +1.00%

[ariane] 04/7/2024 07:22

Borsa Italiana 03:20:31 2024-07-04 am EDT

14.5 EUR +0.25%

[grupo] 02/7/2024 12:51

Price Change %

Eni
14.684 +1.05%

[adrian j boris] 01/7/2024 08:51

Borsa Italiana 04:49:54 2024-07-01 am EDT

14.48 EUR +0.86%

[waldron] 01/7/2024 07:13

Vaar Energi extends gas supply agreement with Eni by 12 years

July 01, 2024 at 02:25 am EDT

Vaar Energi has extended a natural gas supply agreement with Eni for 12 years.

The Norwegian company announced this in a note, adding that under the new agreement, Vaar Energi will supply up to 5 billion cubic meters of natural gas between 2024 and 2036 to the Emden and Dornum terminals in Germany at market prices.

"The agreement demonstrates Europe's trust and dependence on Norway as a key energy supplier at a testing time for the continent," said Nick Walker, Vaar's chief executive officer.

Last month, Vaar signed a similar agreement with Germany's Vng.

Norway became Europe's largest gas supplier in 2022, overtaking Russia after Moscow's invasion of Ukraine.

(Translated by Laura Contemori, editing Sabina Suzzi)

[waldron] 01/7/2024 07:12

Borsa Italiana 03:10:19 2024-07-01 am EDT



14.55 EUR +1.37%

[the grumpy old men] 30/6/2024 08:01

NS Energy

Staff Writer 28th Jun 2024


Eni to sell upstream assets in Alaska

This transaction is consistent with Eni's strategy focused on the rationalization of the upstream activities by rebalancing its portfolio and divesting non-strategic assets

Eni has signed a binding agreement with Hilcorp, one of the largest US private company with extensive experience operating in Alaska, for the sale of 100% of the Nikaitchuq and Oooguruk assets owned by Eni in Alaska.

This transaction is consistent with Eni’s strategy focused on the rationalization of the upstream activities by rebalancing its portfolio and divesting non-strategic assets.

Within Eni’s financial framework, supporting the Company’s distinctive growth-oriented strategy, Eni is committed to delivering a net €8 billion of net portfolio inflow, front-end loaded, over the 2024-27 Plan. Proceeds are anticipated to come from three main sources: high-grading the Upstream portfolio, diluting down high equity ownership exploration discoveries, and accessing new pools of capital via Eni’s satellite strategy to support the growth of its transition businesses while confirming progress in value creation.

The closing of this transaction is subject to appropriate regulatory approvals and other customary terms and conditions. The value of the transaction will be announced upon its closing.

[the grumpy old men] 29/6/2024 08:26

financial results.



26th july

[the grumpy old men] 29/6/2024 08:22

- Borsa Italiana 11:44:59 2024-06-28 am EDT


14.35 EUR +0.28%