Edin. New It Share Discussion Threads

[waldron] 14/3/2022 12:57

Eni SpA said Monday that it has reached an agreement to sell a 49% stake in subsidiary Enipower to investment company Sixth Street.

Eni will retain operational control of Enipower, which is the second-largest producer of electricity in Italy, the oil-and-gas company said.

The deal is part of Eni's strategy to free up resources for the energy transition, Eni's Chief Financial Officer Francesco Gattei said.

The agreement is subject to conditions including government regulatory approval, Eni said. The company didn't disclose the financial details of the stake sale.



Write to Joshua Kirby at [e-mail]; @joshualeokirby



(END) Dow Jones Newswires

March 14, 2022 08:32 ET (12:32 GMT)

[misca2] 11/3/2022 17:04

TOP NEWS: Eni, BP confirm merging of Angola assets into Azule Energy

Fri, 11th Mar 2022 16:21
Alliance News

(Alliance News) - Eni Spa on Friday said it is combining its Angolan assets with BP PLC's to create a new 50/50 joint venture called Azule Energy.

The Rome-based oil company said that Azule Energy will be a new international energy company

, independently managed, with more than 200,000 barrels equivalent a day of net oil & gas production. It will also have 2 billion barrels equivalent of net resources.

It is expected to be Angola's largest producer, holding stakes in 16 licences.

BP Chief Executive Bernard Looney said: "Angola has long been important for bp operations and this innovative new venture underscores and enables our continued commitment to the country. Eni is a valued partner to be working with in the region.

"Azule Energy draws on our combined strengths and skills and, more importantly, is anchored in our shared values and beliefs about what the future of energy should be. Ultimately Azule Energy will be able to drive efficiencies and realize new opportunities across an expanded and truly exciting portfolio."

Eni said Azule Energy will have a strong pipeline of new projects starting up over the next few years, including the new Agogo and PAJ oil projects in Blocks 15/06 and 31 respectively.

The two companies first announced their intent to combine their Angolan operations in May last year.

Once set up, Azule Energy will be equity accounted by bp and Eni.

Currently, Eni is operator of Blocks 15/06 Cabinda North, Cabinda Centro, 1/14, 28. In addition, Eni has a stake in the non-operated blocks 0 (Cabinda), 3/05, 3/05A, 14, 14 K/A-IMI, 15 and in Angola LNG.

BP is operator of Blocks 18 and 31 offshore Angola, and has non-operated stakes in blocks 15, 17, 20 and 29. bp also has non-operated interests in Angola LNG.

Angola LNG is a liquid natural gas facility in Soyo, Angola.

BP shares were down 0.5% to 361.65 pence each in London on Friday, while Eni

shares were up 0.1% to EUR13.11 each in Milan.

By Greg Roxburgh; [e-mail]

[adrian j boris] 09/3/2022 14:45

Eni to invest in New Energy One Acquisition's London Main Market float

Wed, 9th Mar 2022 14:30
Alliance News

(Alliance News) - New Energy One Acquisition Corp PLC on Wednesday announced its intent to float on the Main Market of the London Stock Exchange

to raise GBP175 million via an offering and subscription of shares at a price of GBP10.00 each.

The offering is for up to 15.65 million shares, with a subscription by Italian oil major Eni Spa for up to 1.75 million shares, reflecting 10% of the company's share capital.

Eni will also subscribe for up to 1.1 million sponsor shares, that will convert into ordinary shares on a one-for-one basis should certain events occur.

Eni has also entered a forward purchase agreement giving it the right to subscribe for up to 15% of shares issued in a future private investment in public equity deal. The shares would be worth up to GBP41 million.

New Energy One is a special purpose acquisition company which will focus on acquisitions in Europe that are set to benefit from the global transition towards a low carbon economy.

Once the company starts trading, it will have 15 months to complete a business combination.

JP Morgan Securities PLC and Merrill Lynch International are acting as joint coordinators and bookrunners.

"We are proud to be launching NEOA as the first SPAC listed on LSE

focused on driving the Energy Transition. In order to achieve the net zero targets that have been set globally, and recommitted at COP26 in Glasgow, we need to supercharge decarbonisation of industrial processes, decarbonisation of fossil fuels and produce transition fuels - blue hydrogen, green hydrogen, green ammonia at commercial scale and price point.

NEOA as a SPAC provides an innovative investment asset class with the capital and industry expertise to invest in leaders that are integral to accelerating the journey towards net zero commitments," said Executive Director Sanjay Mehta.

New Energy One did not disclose its expected timeframe for admission

.

Shares in Eni were down 1.9% at EUR13.41 on Wednesday in Milan.

By Dayo Laniyan; [e-mail]

[waldron] 08/3/2022 12:45

(MT Newswires) -- Eni (ENI.MI, ENI.BR) said Tuesday it signed a cooperation agreement with the Republic of Benin to jointly develop initiatives on the agro-industrial chain for biorefining use.

As part of the agreement, the Italian oil and gas company will evaluate opportunities in the field of agriculture and vegetable raw material for its biorefining system, while focusing on low indirect land use change crops in Benin.

Subsequently, Eni will work on the development of new industrial models in the country, which is expected to play a key role in the energy transition of both Eni and Benin.

Shares in Eni were up nearly 1% on Tuesday morning.

[grupo guitarlumber] 07/3/2022 17:08

Capital Markets Day 2022

Friday, 18 March, 14:00 CET - live video streaming

[florenceorbis] 07/3/2022 17:05

Eni
13.406 +4.29%

[florenceorbis] 07/3/2022 16:53

Eni SPA (E) to End Its Pipeline JV With Gazprom in Russia
Contributor
Zacks Equity Research Zacks
Published
Mar 7, 2022 9:47AM EST



Eni SPA E will dissolve its 50/50 pipeline joint venture (JV) with Gazprom as part of its move to seclude Russia in retaliation to the country’s attack on Ukraine.

Eni has collaborated with Russia-based energy company Gazprom on projects for more than 50 years.

In response to Russia’s invasion of Ukraine, Eni will divest its 50% stake in the Blue Stream subsea gas pipeline, which transports gas from Russia to Turkey through the Black Sea.

Notably, Blue Stream has a carrying capacity of 16 billion cubic meters per year.

Eni currently has a marginal presence in Russia, one of the world's most resource-rich countries.

The company has already discontinued its JVs with Russia-based Rosneft regarding the exploration licenses in the Arctic area.

This was due to the international sanctions, which have been imposed on Moscow since 2014.

Russia is the third-largest oil producer and the biggest exporter of gas in the world.

Over the last decade, the country was regarded as the most promising exploration and development destination globally.

However, Russia’s invasion of Ukraine has had widespread repercussions in the energy sector.

International oil majors like Shell plc SHEL, BP plc BP and Exxon Mobil Corporation XOM announced their exits from the Russia operations.

Shell is dumping Russian energy investment.

The company intends to exit the Sakhalin-2 LNG project and its JVs with Gazprom.

Beside this, it plans to end its involvement in the Nord Stream 2 pipeline project.

At the end of 2021, Shell had $3 billion in non-current assets in the Russia joint ventures.

The company expects the decision to start the discontinuation of JVs with Gazprom and related entities to impact the book value of its Russia assets and lead to impairments.

BP is withdrawing its stake in the Russia-based oil and gas company, Rosneft, after operating for more than 30 years in the country. It was one of the biggest foreign investors in Russia before exiting its position. The decision can hit BP financially by $25 billion and slash almost half of its hydrocarbon reserves.

BP is also planning an exit strategy from its other businesses in Russia, which involves three JVs, with a carrying value on its books of $1.4 billion.

The company’s board believes that these decisions are in the best long-term interests of all shareholders.

Another global energy company, ExxonMobil, recently announced that it commenced the process of discontinuation of operations at Sakhalin-1.

It plans to make no new investments in Russia.

With the exit from the key oil and gas project, located off the eastern coast of Russia, ExxonMobil is concluding its operations in Russia that spanned over decades.

Thus, ExxonMobil is aligning its interests with the business communities across the world that are isolating Russia over its violent and unprovoked invasion of Ukraine.

If this trend continues, Russia will lose foreign investment in its crucial energy sector.


Headquartered in Rome, Italy, Eni is one of the leading integrated energy players in the world.

Shares of Eni have underperformed the industry in the past six months. The stock has gained 18.6% compared with the industry’s 44.7% growth.




Zacks Rank

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

[grupo guitarlumber] 27/2/2022 12:25

Which company has the most petrol stations?
This database contains all key information about international and national Petrol retail chains, the numbers of gas stations and often also turnover.
...
European forecourt retailing - Rankings and Profiles.

Rank Brand Nr of stations

1 Total 8,250*

2 BP 8,200

3 Esso 6,050e

4 ENI 5,411

[waldron] 18/2/2022 06:55

Q4 2021 financial highlights

Group adjusted EBIT: €3.8 bln in the fourth quarter of 2021, up 53% compared to the third quarter of 2021.

The quarterly Group result was driven by the positive performance of all Eni’s businesses:


- E&P: adjusted EBIT of €3.64 bln, up 49% vs. the third quarter of 2021 (up 354% vs. the same period of 2020) due to a strengthening pricing environment and a 3% increase in production to 1.74 mln boe/d.


- GGP: strong performance reported in the fourth quarter of 2021 with an adjusted EBIT of €536 mln, up €486 mln from the third quarter of 2021, driven by portfolio optimizations and contractual renegotiations.


- Plenitude & Power business: adjusted EBIT at €97 mln, increasing by 52% compared to the third quarter of 2021 due to seasonal factors in the retail sales.


- R&M: negative adjusted EBIT of €36 mln compared to a profit of €161 mln in the third quarter 2021.

Reported an improved performance of €23 mln compared to the fourth quarter of 2020 as a result of higher volumes sold by commercial businesses, driven by the recovery in consumptions.


- Chemicals: negative adjusted EBIT of €69 mln, €94 mln lower compared to the third quarter of 2021 due to a normalization in products margins and a catch up in maintenance activity that was delayed to capture the upside of the strong market trends in the second quarter of 2021.


Adjusted net profit: €2.1 bln in the fourth quarter of 2021, 47% higher than third quarter of 2021 due to strengthening market trends and production growth.

Compared to the corresponding 2020 reporting periods, which were impacted by the COVID-19 pandemic, the performance recorded a material recovery, with net adjusted results up €2.1 bln and €5.5 bln respectively vs the fourth quarter and full year 2020.


Cash flow from operations before changes in working capital at replacement cost: €4.6 bln in the fourth quarter of 2021, enough to fund net capex of €1.8 bln.

Portfolio: net investment of about €2.9 bln in the full year of 2021 (including net borrowings of acquired entities), fully deployed to accelerate growth in the renewables and low-carbon businesses.

Net borrowings ante IFRS 16: €9 bln, down €2.6 bln vs. December 31, 2020. Leverage lowered to 0.20 (vs. 0.31 as of December 31, 2020).

Buy-back: in December 2021 finalized the €400 mln buy-back program started in August 2021, purchasing 34.11 mln shares.

Confirmed the 2021 dividend proposal already disclosed to the market of €0.86 per share (of which, €0.43 paid as interim dividend in September 2021).

Outlook 2022

The Group financial outlook, its business prospects and the key industrial and profitability targets in the short, medium and long term will be disclosed during the Capital Markets Day scheduled on March 18, 2022.

A press release illustrating the Group’s strategy will be issued on the same day and disseminated through the Company’s website (eni.com) and other public channels as required by applicable listing standards.



The full version of the Press Release is available in PDF format.

[grupo] 16/2/2022 09:43

Eni Pipeline Spills 500 Barrels Of Oil Off UK
by Bojan Lepic
|
Rigzone Staff
|
Wednesday, February 16, 2022
submit to reddit
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Eni Pipeline Spills 500 Barrels Of Oil Off UK
Several hundred barrels of oil have spilled into the Irish Sea after a pipeline operated by Eni leaked off the coast of the UK.

Several hundred barrels of oil have spilled into the Irish Sea on Monday after a pipeline operated by Italian supermajor Eni leaked off the coast of the UK.

Eni UK said in a statement that a hydrocarbons release of around 500 barrels occurred on Monday, February 14, from its pipeline between the Conwy and Douglas Installations, some 20 miles from the North Wales coast.

According to Eni, all the relevant authorities have been promptly informed and the company is working in full collaboration with them. Eni also stated that there was no impact to any personnel on the installations.

The Italian firm is still confirming the details of the incident but has immediately shut down the Conwy to Douglas line at the time of the spill. The pipeline is still offline.

An Incident Management Team has been mobilized and is working closely with the relevant authorities and response contractors to understand the situation and minimize any effect on the environment.

The Conwy field is located within Block 110/12a in the East Irish Sea and exports reservoir fluids via a subsea pipeline to the Eni-operated Douglas field installation in adjacent block 110/13b.

Conwy was discovered in 2009 and was developed via a Not Permanently Attended Installation (NPAI) with three platform production wells, a water injection well, and one condensate injection well.

The field has not been a part of Eni’s portfolio for a long time. Namely, the company bought the Conwy field from Tailwind Energy just last year. It must be said that Tailwind wasn’t an owner of the field for long either as Tailwind acquired the asset as part of its purchase of EOG Resources UK in 2018.

In a pair of social media posts, Greg Hands – the UK’s Minister of State for Energy, Clean Growth and Climate Change – said: “I am being kept regularly updated following a release of oil from a pipeline in the Irish Sea.

“The pipeline was immediately shut off. Aerial surveillance has been undertaken [and] specialist teams have been mobilized along Lancashire's coast to respond if any oil beaches.

“We’re in touch with local Members of Parliament and councils, as well as Eni UK – the company that owns and operates the pipeline.

“The Offshore Petroleum Regulator is working closely with the Maritime And Coastguard Agency and relevant local authorities to ensure Eni fulfills its legal obligations,” Hands said on Twitter.

To contact the author, email [e-mail]

[waldron] 15/2/2022 08:15

STOCKHOLM--Norwegian oil-and-gas company Var Energi AS said late Monday that its initial public offering, including the overallotment option and the upsize option, is multiple times oversubscribed at the offer price of 28 Norwegian kroner ($3.15) a share.

The offering consists of up to 220 million existing shares offered in equal parts by the company's shareholders Eni Spa and HitecVision AS. In addition, the shareholders have an option to sell in equal parts up to 55 million additional existing shares through an upsize option and the joint global coordinators may overallot up to 41.25 million additional shares.

Eni Spa and HitecVision AS have resolved that the upsize option will be utilized in full, it added.

Var Energi earlier Monday priced its initial public offering at NOK28 a share, the bottom of the indicative range, valuing the company at NOK70 billion ahead of its planned listing on the Oslo Stock Exchange on Wednesday.



Write to Dominic Chopping at [e-mail]



(END) Dow Jones Newswires

February 15, 2022 02:18 ET (07:18 GMT)

[the grumpy old men] 03/2/2022 10:03

Abu Dhabi: Adnoc announces offshore natural gas discovery
Between 1.5 to 2 trillion standard cubic feet of raw gas is in place

by A Staff Reporter

Published: Thu 3 Feb 2022, 12:23 PM

Last updated: Thu 3 Feb 2022, 12:27 PM

The Abu Dhabi National Oil Company (Adnoc) announced discovery of natural gas resources offshore of the Emirate of Abu Dhabi.



Interim results from the first exploration well in Abu Dhabi’s Offshore Block 2 Exploration Concession operated by Eni, indicate between 1.5 to 2 trillion standard cubic feet (TSCF) of raw gas in place.

This discovery marks the first from Abu Dhabi’s offshore exploration concessions, highlighting the continued success of Adnoc’s block bid rounds and its expanded approach to strategic partnerships.

A consortium led by Eni and PTT Exploration and Production Public Company Limited (PTTEP) were awarded the exploration rights for Offshore Block 2 in 2019 as part of Adnoc’s debut competitive block bid round.

Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc managing director and group CEO, said: “The discovery of material natural gas resources in Offshore Block 2 underscores how Adnoc’s expanded approach to strategic partnerships is enabling us to accelerate the exploration and development of Abu Dhabi’s untapped hydrocarbon resources and create long-term value for the UAE, in line with the leadership’s wise directives.

"We congratulate our valued partners, Eni and PTTEP, on this achievement and we look forward to continuing to work with all our strategic partners to sustainably unlock Abu Dhabi’s hydrocarbon resources and stay ahead of the world’s growing demand for lower-carbon energy.”



Offshore Block 2 covers an area of 4,033sqkm northwest of Abu Dhabi. The discovery in the block was enabled by new insights from the world’s largest combined onshore and offshore three-dimensional (3D) mega seismic survey currently underway in Abu Dhabi.


Yaser Saeed Almazrouei, Adnoc Upstream executive director, said: “The positive interim results recorded by our partners, Eni and PTTEP, in the exploration of Offshore Block 2 follows the recent significant discovery in Onshore Block 4, highlighting the continued success of Adnoc’s accelerated exploration and development programme. Both discoveries leveraged insights from Adnoc’s ongoing 3D mega seismic survey, underpinning the important role the survey is playing for us and our strategic partners as it utilises state-of-the-art technologies to help identify new hydrocarbon resources across Abu Dhabi.”

Earlier, in December 2021, up to 1 billion barrels of oil equivalent (BBOE) was discovered in Onshore Block 4 Exploration Concession.

[the grumpy old men] 24/1/2022 11:19

Eni’s Var Energi plans IPO in bet on strong future for natural gas
Lars Erik Taraldsen 1/24/2022

(Bloomberg) --Eni SpA’s Norwegian joint venture, Var Energi AS, will apply for an initial public offering in Oslo on a bet there’s still investor demand for shares in oil and gas companies in Europe.

The company is considering seeking a valuation of about $10 billion in the listing, people familiar with the plan said, cautioning the target may change depending on investor feedback. It comes after several proposed European oil and gas IPOs were paused in the past two years as the pandemic roiled markets, while growing environmental concerns also weakened investor interest. But confidence has gained as recovering energy demand buoys prices.

“Oil and gas will continue to be part of the energy mix for decades to come, and the current gas-market developments in Europe confirm our view that a reliable and safe supply of natural gas from Norway to Europe will be crucial,” said Torger Rod, Var’s chief executive officer. “An initial public offering and listing is a natural next step for Var Energi in realizing our full potential.”

The IPO will comprise a private placement and public offering to investors in Norway, Sweden, Finland and Denmark, as well as a private placement to institutional investors outside Norway and the U.S., Var said Monday in a statement. The offering follows a strategic review of Var by Eni and fellow shareholder HitecVision -- who currently own 69.85% and 30.15%, respectively -- and will consist of a sale of their existing stock.

Italian energy giant Eni intends to retain a majority stake in Var, which has grown into one of the largest independent exploration and production companies in Norway following its emergence from the 2018 merger of Eni Norge and Point Resources AS.

‘Unique Position’

Big Oil’s retreat from the North Sea has caused some concern in the industry, but firms like Var contend that smaller, Norway-focused companies could be better at creating value from older and marginal fields than supermajors spread across the globe. Var operates Goliat, the only oil deposit currently on-stream in the Barents Sea, and is a partner in the Johan Castberg development.

“Var Energi is in a unique position in the Barents Sea, we are positioned where we know there is oil,” Rod said on a conference call. “We are located in the right place.”



The company’s average net production for the three months through September was 247,000 barrels of oil equivalent a day, the statement showed. It’s aiming for 350,000 barrels a day in 2025, Rod said on the call. He didn’t give details on possible IPO pricing or timing.

Var intends to pay a dividend of $200 million for the first quarter of 2022, in line with its policy of distributing a minimum of $700 million over the year, according to the statement.

[waldron] 14/1/2022 16:01

Kenya drills for oil in contested area of Indian Ocean

Published date: 14 January 2022


Kenya has continued oil and gas exploration activities in a disputed part of the Indian Ocean after rejecting an International Court of Justice (ICJ) ruling that awarded half of the offshore area to neighbouring Somalia.

Italian firm Eni started drilling the Mlima 1 deepwater exploration well in block L11B in the Lamu basin last month. The block is located within a 100,000km² triangle of the Indian Ocean that is believed to be rich in oil and gas and has long been contested by Kenya and Somalia.

Kenya maintains that the maritime border runs due east from where the two countries meet at the coast, whereas Somalia argues that it should follow on in the same direction as their land border. In 2019 Kenya accused Somalia of auctioning exploration rights in the contested region, leading to Nairobi recalling its ambassador to Mogadishu.

In October last year, judges at the UN's ICJ ruled largely in Somalia's favour, drawing a new line that splits the disputed area into two. But Kenya has refused to recognise the ICJ's ruling and, as such, there is no reason for Eni to relinquish the block, according to Kenyan petroleum commissioner Martin Heya.

"We hope to make an announcement about a new oil discovery from Lamu in the next 2-3 months," Heya told Argus.

Eni declined to elaborate. "We can only confirm that the well has been spudded, no further info is available at the moment," the firm said.

Kenya started mapping for oil and gas deposits in the disputed area in April last year despite the pending case at the ICJ. Kenya's president Uhuru Kenyatta has since said the country will not cede an inch of the disputed area.

The offshore exploration activity comes as Kenya prepares to develop onshore crude reserves in the South Lokichar basin. The government expects London-listed independent Tullow Oil and its partners to take a final investment decision on the South Lokichar project before the middle of this year, paving the way for first oil in late 2023 or early 2024.

By Mercy Matsiko

[waldron] 14/1/2022 15:57

Bootycall
14 Jan '22 - 15:45 - 56542 of 56542
0 0 0


Note at the end of the article the expectation that Tullow’s Kenyan project will be at FID before middle of the year….can you imagine analysts having to rework their numbers to allow for that !

Have a great weekend .Booty

[waldron] 12/1/2022 14:44

seeking alpha


Morgan Stanley's 2022 outlook for European oils -- bullish

Jan. 12, 2022 8:50 AM ETBP, EQNR, TTE, E, RDS.A, USO, CO1:COM

By: Nathan Allen, SA

News Editor

Rise in gasoline prices concept with double exposure of digital screen with financial chart graphs and oil pumps on a field.


Morgan Stanley's commodities strategist and head of European oils, Martijn Rats, is out with a note this morning detailing his view of the year ahead for European energy - he remains constructive, with many of the factors contributing to 2021 outperformance driving repeated outperformance in 2022.

Starting with the commodity, the Bank sees Brent oil prices (CO1:COM) (NYSEARCA:USO) hitting $90 a barrel later this year, as low inventories, low spare capacity, and low investment drive prices higher; the bank assumes an average Brent price of $78 in 2022.

Improved cash flow management will lead the five European majors (Total (NYSE:TTE), Equinor (NYSE:EQNR), Shell (NYSE:RDS.A), Eni (NYSE:E), BP (NYSE:BP)) to generate $76b in free cash flow during 2022, or ~14% of their combined market caps -- this is double what these companies generated in all of 2011-2014, when Brent was above $100.

The bank anticipates a rotation out of growth stocks, into value stocks during 2022, and thinks energy will be a direct beneficiary, given the compelling 14% free cash flow yield and average 8% shareholder payout.

Finally, Mr. Rats thinks the ongoing energy crisis could change perceptions about the industry, driving investors to reconsider the "benefits" of divestment.

Top pick remains Shell (RDS.A) given his view that the dividend will rise faster than the market expects (and faster than Management has guided); additionally the market will begin to ascribe value to Shell's ability to allocate capital to the energy transition.

ENI (E) is also buy rated, given the potential to unlock value as the Company plans to partially list its retail and renewables businesses; the dividend framework also ties payouts to the oil price, which leads to a ~7% yield in Morgan Stanley's forecast.

The focus on Shell is in-line with most Wall Street peers, as robust free cash flow, gas-heavy commodity exposure, and underperformance have earned the stock several buy ratings into 2022; Eni however, is a non-consensus pick and will be interesting to watch as the year unfolds.