Edin. New It Share Discussion Threads

[waldron] 26/7/2024 14:29

NEWS
Petronas, Eni, Japanese Biotech Firm to Build Biorefinery in Malaysia

by Rocky Teodoro
|
Rigzone Staff

| Friday, July 26, 2024 | 9:13 AM EST



Petroliam Nasional Berhad (Petronas), Enilive S.p.A, and Euglena Co., Ltd. (Euglena) have given the go signal for a biorefinery in Malaysia.

The three companies have made a final investment decision (FID) to develop a biorefinery within Petronas'’ Pengerang Integrated Complex (PIC) in Johor, Malaysia, according to a joint news release. Eni SpA is the parent company of Enilive.

The three parties will establish a joint venture company in Malaysia to construct and operate the biorefinery, with Petronas subsidiary Petronas Mobility Lestari Sdn Bhd (PMLSB) and Enilive as the largest shareholders, according to the release.

Targeted to be operational by the second half of 2028, the biorefinery will have the capability to produce sustainable aviation fuel (SAF) and other biofuels such as renewable diesel / hydrogenated vegetable oil (HVO) to cater to the growing demands of the global aviation and transportation industries by tapping each partner’s expertise, the release stated.

Construction of the biorefinery is expected to begin in the fourth quarter. It will have the capability to process about 650,000 metric tons per year of raw materials to produce SAF, HVO, and bio-naphtha.

The wastes and residue feedstocks for the biorefinery will consist of used vegetable oils, animal fats, waste from the processing of vegetable oils, and other biomass including microalgae oils, which will be explored in the mid-term. Leveraging PETRONAS’ PIC integrated facilities and utilities, “the biorefinery will be strategically located close to feedstock supply sources while having easy access to major international shipping lanes, enhancing its ability to meet the needs of its customers worldwide,” according to the release.

Petronas Vice President of Refining, Trading and Marketing Ahmad Adly Alias said, “As a progressive energy and solutions partner, this milestone will solidify our standing in the biofuels value chain beyond trading, paving the way for the establishment of a holistic bio-based ecosystem which offer a feasible and sustainable solution to reducing carbon footprint. By leveraging the strengths and expertise of our partners, we are well-positioned to support the advancements in the global bio-based economy while delivering affordable and accessible cleaner energy solutions to customers worldwide, particularly in the Asia Pacific region, in line with our Net Zero Carbon Emissions 2050 aspiration”.

Enilive CEO Stefano Ballista said, “Taking the final investment decision on the biorefinery project in Malaysia confirms Enilive's commitment in creating value in the biofuel business. It is a milestone to reach our 2030 targets of biorefining capacity of more than 5 million tonnes/year and SAF optionality up to 2 million tonnes/year. Since 2014, we have been running biorefineries in Italy and more recently in the United States of America as well. With this new initiative and in cooperation with PETRONAS and Euglena, we will enter into the Asian market and have a distinctive global footprint”.

Euglena Founder and President Mitsuru Izumo said, "I truly believe it is the mission for a startup like Euglena to take the very first step with courage and challenge what no other company in Japan has ever tried. We built the first small-scale biofuel production facility in Japan with the aim to support Japan’s advancement in biofuels. This project in Malaysia will enable us to pave the way to achieve [a] carbon neutral society and aspiration in Japan. The project team of three partners will make their best efforts to construct and operate the biorefinery with their strength of expertise and talents. Euglena will expedite our microalgae research and development activities and supply algae oil to [the] global market. Our biorefinery will successfully meet growing demand of biofuel for ASEAN countries where brighter future and cleaner environment are promised”.

Euglena is a biotechnology company that sells food products and cosmetics and develops and manufactures biofuels by utilizing microalgae Euglena and other organisms.

To contact the author, email [e-mail]

[waldron] 26/7/2024 10:15

Eni
14.528 +3.62%

[adrian j boris] 25/7/2024 10:44

Eni negotiating sale of up to 25% stake in biofuel unit Enilive to KKR

Eni is seeking a valuation of between €11.5bn ($12.46bn) and €12.5bn for Enilive, which focuses on biorefining and biomethane production.

July 24, 2024



Eni has entered an exclusivity agreement with investment company KKR for the potential sale of a minority stake in its biofuel unit, Enilive.

The deal, which could see KKR acquiring between a share of between 20% and 25%, is currently in the due diligence phase.

This move aligns with Eni’s satellite model strategy to attract investment and drive growth of its new businesses.

Eni is seeking a valuation of between €11.5bn and €12.5bn for Enilive.

While the finalisation of the transaction is contingent upon definitive documentation, both Eni and KKR are actively negotiating the terms.


Eni also indicated that the interest from financial investors might lead to a further sale of an additional 10% stake in Enilive.

[ariane] 20/7/2024 18:06

26th july 2024

Financial Results.

[la forge] 19/7/2024 23:48

africabusinesscommunities.com


19-07-2024
Hits: 409
By Bob Koigi | Channel: tech

Eni launches a new venture for the development of quantum computing

Eni and ITQuanta have agreed to form a joint venture, Eniquantic1, with the aim of developing an integrated hardware and software quantum machine2 capable of solving complex problems (mathematical optimisation, modelling and simulation, artificial intelligence) and initiating specific and significant quantum computing applications to support the energy transition.

In developing its technological roadmap, Eniquantic will benefit from the computational power of Eni's HPC (High Performance Computing) supercomputers both to explore possible integrations between quantum and classical architectures and to test the effectiveness of algorithms that simulate the principles of quantum computing on energy-related use cases directly relevant to Eni, such as:

energy generation and storage, for improving the production efficiency of energy resources, in particular for renewable energy;

simulation and modelling of the behaviour of matter using molecular dynamics and quantum mechanics techniques for the discovery of new high-performance materials to be applied to the development of new energy sources, such as magnetic confinement fusion;

carrying out and processing advanced analyses of complex systems to improve and optimize operational activities across the entire value chain, such as the trading of energy and other commodities.

The new venture Eniquantic will leverage Eni's operational and industrial excellence and the know-how of the start-up ITQuanta, which includes among its founders internationally recognised experts in atomic physics, information and quantum computation.

With this project, Eni strengthens its leadership in high-performance computing for industrial use and asserts itself as a highly innovative company.

The establishment of Eniquantic, the second venture launched as part of Eniverse's (Eni's corporate venture builder) initiatives, fits into the company's strategy aimed at enhancing in-house skills and technological solutions, whether proprietary or third-party, to create new high-potential entrepreneurial initiatives.

www.eni.com

[ariane] 18/7/2024 08:45

Eni
14.262 +0.91%

[waldron] 17/7/2024 19:51

Eni (E) and KMG Commence 250 MW Hybrid Plant in Zhanaozen

Zacks Equity Research July 17, 2024


Eni SpA , an Italian energy giant, and the National Company KazMunayGas (“KMG”) have announced the initiation of construction of their joint 250 MW Hybrid Renewables-Gas Power Plant Project in Zhanaozen, Mangystau Region, Kazakhstan.

This initiative marks the foundation of Kazakhstan’s first hybrid power plant, integrating solar, wind and gas power to supply low-carbon, stable electricity to KMG subsidiaries in the region.

The project also aligns with Eni's decarbonization strategy and demonstrates a joint commitment to leveraging cutting-edge technologies for a sustainable future in the Mangystau Region.

The hybrid power plant will combine state-of-the-art renewable energy systems, developed in collaboration with Eni’s subsidiary Plenitude, with a gas power plant to balance and stabilize electricity production. This innovative approach leverages Eni’s extensive international industrial expertise to deliver a reliable and environmentally friendly energy solution.

Eni has a long-standing presence in Kazakhstan (since 1992), where it is a joint operator of the Karachaganak field and holds equity stakes in several projects in the Northern Caspian Sea, including the Kashagan offshore field. Additionally, Eni is a joint operator with KMG in the exploration block Abay. In the renewables sector, E operates through Arm Wind, a Plenitude subsidiary, with a total installed capacity of 150 MW in Kazakhstan.

The construction of the 250 MW Hybrid Renewables-Gas Power Plant represents a significant step toward a low-carbon future, showcasing the potential for hybrid energy solutions in meeting regional energy needs while reducing environmental impact.





Zacks Research

[grupo guitarlumber] 17/7/2024 18:20

financial results.


26th july 2024

[la forge] 17/7/2024 07:44

Eni, KazMunayGas Begin Construction of Kazakh Hybrid Power Plant

July 16, 2024 at 11:12 am EDT


(MT Newswires) -- Eni (ENI.MI) and KazMunayGas began construction of Kazakhstan's first hybrid power plant in the Mangystau region, according to a Tuesday release.

The 250-megawatt facility to be built in Zhanaozen will combine solar, wind, and gas power components to produce and deliver low-carbon, stable electricity to KazMunayGas' regional subsidiaries, the Italian energy company said.

[waldron] 16/7/2024 22:12

Eni to Form Quantum Computing JV Focused on Energy Systems

by Jov Onsat
|Rigzone Staff

| Tuesday, July 16, 2024 | 1:30 PM EST

Eni and ITQuanta agreed to form a JV to develop an integrated hardware and software quantum computing system that would improve how energy systems, from production to market trading, work.




Eni SPA and startup ITQuanta have agreed to form a joint venture (JV) to develop an integrated hardware and software quantum computing system that would improve how energy systems, from production to market trading, work.

The end product, a full-stack quantum computing machine, would be “capable of solving complex problems (mathematical optimization, modeling and simulation, artificial intelligence) and initiating specific and significant quantum computing applications to support the energy transition”, Eni said in a statement. The JV is called Eniquantic.

“Full-stack quantum computing integrates all hardware, software, firmware, and cloud portal components, which were developed by applying quantum physics principle… The quantum computer uses the microscopic properties of matter to perform complex operations, exponentially increasing the computing power achievable by traditional computers today”, Eni said.

“In developing its technological roadmap, Eniquantic will benefit from the computational power of Eni's HPC (High Performance Computing) supercomputers both to explore possible integrations between quantum and classical architectures and to test the effectiveness of algorithms that simulate the principles of quantum computing on energy-related use cases directly relevant to Eni”, the company said.

In energy generation and storage, the quantum computing system would improve energy production efficiency, particularly renewable energy production, according to Italian government-controlled Eni.

Eniquantic would also be involved in the “simulation and modeling of the behavior of matter using molecular dynamics and quantum mechanics techniques for the discovery of new high-performance materials to be applied to the development of new energy sources, such as magnetic confinement fusion”.

The JV also aims to optimize operations across the entire energy value chain, including energy trading.

Eni will initially own 94 percent of Eniquantic’s shares, the remaining six percent by ITQuanta. Prof. Massimo Inguscio of ITQuanta has been appointed chair of Eniquantic. Eni’s Dario Pagani has been named chief executive.

Eniquantic is the second venture under Eniverse, a subsidiary of Eni tasked with building corporate ventures. Eniverse, launched August 2022, aims to scale up the adoption of technological solutions, which can be from its portfolio or outside parties.

The first Eniverse venture was Enivibes, aimed at expanding the market reach of the proprietary Eni Vibroacoustic Pipeline Monitoring System (e-vpms).

“The technology is designed and developed by Eni to perform real-time analysis and monitoring activities on new or existing pipelines, both for hydrocarbon and water transportation, through an innovative vibroacoustic wave system that detects external interference, such as break-in attempts or accidental pipeline impacts, and flow variations, maximizing the efficiency of transportation systems”, Eni said March 30, 2023, announcing the formation of Enivibes. “This innovative solution, thanks to the installation of high-sensitivity acquisition stations, enables rapid and localized interventions”.

“Enivibes represents an important step forward in achieving the ambitious goal of launching five new startups by 2025, by leveraging the portfolio of technologies, internal skills and assets of Eni and its innovation ecosystem”, Eni added.

To contact the author, email [e-mail]

[florenceorbis] 14/7/2024 08:09

Analysts' Consensus

Mean consensus
OUTPERFORM

Number of Analysts
22

Last Close Price
14.29 EUR

Average target price
17.06 EUR

Spread / Average Target
+19.38%

High Price Target
19.5 EUR

Spread / Highest target
+36.42%

Low Price Target
14 EUR

Spread / Lowest Target
-2.06%

[florenceorbis] 14/7/2024 08:06

Caspian Sunrise's Explorer begins drilling in Caspian Sea

July 12, 2024 at 05:04 pm EDT



Caspian Sunrise PLC - Kazakhstan-focused oil and gas exploration and production company - Says first commercial charter for its Caspian Explorer drilling vessel commences on time. The operation in the Caspian Sea is expected to take around two months, with a planned depth of 2,500 meters. The vessel will operate under the Isatay Operating Co, a joint venture between Eni Spa and Kazakh state oil company KazMunayGas.

Further, company announces trading of ordinary shares to be restored following the publication of its 2023 annual report on July 14.

Also updates on drilling at the BNG contract area in western Kazakhstan. Says drilling first begun in the first quarter is now complete at well 155. Oil has been detected over a 22 meter interval. Announces a 16 meter interval was perforated, through which oil has flowed over the past two weeks. Flow rate has been reduced to about 700 barrels of oil per day to sustain output. At well 803, says oil has been detected over a 60 meter interval at a depth between 3,360 meters and 3,420 meters. Findings above expectation and located above main salt layer. Also announces drilling at new well 815 on the area's South Yelemes shallow structure has reached 240 meters without incident. The well has a planned total depth of 1,900 meters.



By Aidan Lane, Alliance News reporter

Comments and questions to [e-mail]

[waldron] 12/7/2024 20:43

Eni's Versalis Makes Breakthrough in Food Contact Packaging

by Zacks, Benzinga Contributor

July 12, 2024 2:11 PM | 3 min read |




chemical company, Versalis, in collaboration with Forever Plast, has launched REFENCE, an innovative range of recycled polymers designed for food contact packaging.

REFENCE is now available in the market, specifically for polystyrene applications such as yogurt pots, trays for meat and fish, and various types of rigid and expanded packaging. This new range enhances the Versalis Revive portfolio of mechanically recycled materials, pushing the boundaries of its applications and enabling direct contact with food.

The development of REFENCE has been made possible through NEWER technology, a groundbreaking advancement developed in Versalis' research laboratories in Mantua and industrialized at Italy's leading post-consumer plastic recycling company Forever Plast's facilities in Lograto (Brescia).

The co-development agreement between Versalis and Forever Plast has resulted in a purification process for recycled polymers that complies with EU Regulation 1616/2022 on recycling. Additionally, the technology has received a non-objection letter from the U.S. Food and Drug Administration, further validating its safety and effectiveness for food contact applications.

Circularity stands as a fundamental strategic lever for Eni and Versalis. As part of their commitment to enhancing the value of end-of-life plastics, they are developing complementary recycling processes and integrating these processes into Italy's national collection chain. This commitment is exemplified by the ongoing construction of their first advanced mechanical recycling hub in Porto Marghera, which focuses on post-consumer plastics, particularly styrenic polymers.

The collaboration between Versalis and Forever Plast aims to address application sectors, such as food packaging, wherein sustainability and quality are paramount. By advancing recycling technologies and processes, the companies are strengthening their leadership in mechanical recycling within Europe and setting new standards for the industry.

With REFENCE, Versalis and Forever Plast are not only redefining the limits of recycled polymer applications but also contributing to a more sustainable and circular economy. This innovative product range is poised to make a significant impact on the food packaging industry, ensuring that recycled materials meet the highest standards of safety and quality.



Eni currently carries a Zacks Rank #3 (Hold).


BENZINGA

[grupo] 12/7/2024 18:00

Eni
14.294 +0.66%

[waldron] 11/7/2024 08:05

Eni - in the green by 0.5 percent - reported Wednesday the purchase of 2.6 million shares that took place between July 1 and 5 for a total value of EUR38.1 million.

[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%