Edin. New It Share Discussion Threads

[waldron] 22/5/2022 17:55

Eni Plans €2.5 Billion in UK Investment Over Four Years: FT

Simon Lee, Bloomberg News





Eni SpA plans to spend at least 2.5 billion euros ($2.4 billion) over the next four years in the UK, amid government calls on energy companies to increase investments or face a windfall tax, the Financial Times reports, citing the company.

The pledge will see 80% of the planned spending go to carbon capture and renewable energy projects, and the remaining 20% to oil and gas production, according to the report.

“We believe that it would be best to ensure energy companies speed up investments in the energy transition rather than imposing a windfall tax which might have the effect of slowing down future investments,” Eni was cited in the report as saying.

Eni’s investment plan follows new spending commitments by rivals, with Harbour Energy Plc pledging to invest $6 billion in the UK over the next three years and BP Plc planning up to £18 billion in investments by 2030.

UK Business Secretary Kwasi Kwarteng said the government “want to see actual real spending” from the oil companies in an interview with Bloomberg TV on Friday.

[grupo guitarlumber] 13/5/2022 10:40

2022 Shareholders’ remuneration

The total annual dividend for 2022 is raised to €0.88/share, based on a 2022 Brent Reference price of 80 $/bbl approved by Eni Board of Directors on March 17, 2022.

The dividend will be equally split into 4 instalments paid in September 2022, November 2022, March 2023 and May 2023.

Reflecting the strength of Eni’s plan and the 2022 reference price, Eni will also launch a €1.1 bln share buyback, following shareholders’ approval in May.

In addition, Eni will update its 2022 buyback scenario assessment in July and October. For scenarios above 90 $/bbl, further buyback equivalent to 30% of the associated incremental FCF will be made.

Reflecting the underlying resilient performance of the business, the sliding scale of variable dividend per share from the floor level of €0.36 has also been simplified.

[la forge] 13/5/2022 09:02

Eni-Total to probably start drilling off Cyprus this month

13.05.2022 • 08:16

Cyprus Energy Minister Natasa Pilides said on Thursday that the Eni-Total joint venture’s next drilling in Cyprus’ exclusive economic zone will probably take place this month, as soon as the drilling rig concludes its work in Egypt.

In statements on the sidelines of the Famagusta Business Forum, Pilides also said that ExxonMobil-Qatar Energy will begin seismic research in the summer, most probably within June, in Block 5 of Cyprus’ EEZ and probably some parts of Block 10 as well.

The minister further stressed that Cyprus has joined efforts to end EU energy dependency on Russian natural gas.

Responding to questions by journalists, Pilides noted that the Eni-Total joint venture will most probably proceed with a second drilling in 2022.

She said there are continuous contacts with the EU, Cyprus has joined efforts to end EU energy dependency on Russian natural gas, “and we hope that we will have developments on this very soon.”

Asked about the purchases of drilling rigs by Turkey, Pilides said that this does not halt Cyprus’ energy plans.

“Certainly the support by the EU and the fact that Cyprus, Israel and Egypt have joined the plans for the provision of natural gas to the EU is a very important development which we consider will help speeding up our own program,” she added.

[maywillow] 02/5/2022 07:46

Goldman Sachs is positive on the stock with a Buy rating. The target price continues to be set at EUR 19.

[adrian j boris] 29/4/2022 10:41

Eni SpA said Friday that profit jumped in the first quarter on higher hydrocarbon prices, and confirmed its production outlook for the full year.

The Italian oil-and-gas major said net profit was 3.58 billion euros ($3.76 billion) from EUR856 million in the year-earlier period. On an adjusted basis, profit was EUR3.27 billion.

Sales increased to EUR32.13 billion from EUR14.49 billion the previous year.

Eni said hydrocarbon production in the quarter ticked lower to 1.65 million barrels of oil equivalent a day compared with 1.70 million boe/d the year prior, but was in line with guidance. The company confirmed it expects production at 1.7 million boe/d in the full year in a $80-a-barrel crude environment.

The company raised its expectations for the global gas and liquefied natural gas portfolio, saying the segment should register an adjusted operating profit of around EUR1.2 billion in 2022 from EUR900 million previously.

Organic capital expenditure is projected at EUR8 billion, while adjusted cash flow pre-working capital is seen at EUR16 billion in a $90/bbl scenario, Eni said.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

April 29, 2022 02:42 ET (06:42 GMT)

[waldron] 29/4/2022 07:40

Total Seeks to Join Exodus of Oil Majors From Onshore Nigeria

William Clowes and Francois de Beaupuy, Bloomberg News




(Bloomberg) --

TotalEnergies SE will put up for sale its minority stake in a Nigerian oil joint venture, joining the exodus of supermajors from onshore fields in Africa’s largest crude producer.

The French energy giant will look to offload its 10% interest in a firm that holds 20 onshore and shallow water permits in the West African country, Chief Executive Patrick Pouyanne said on a conference call Thursday. Shell Plc, the operator of the licenses, is already considering bids from four local firms for its 30% shareholding in the company.

Oil majors have been selling onshore and shallow water assets to Nigerian independent producers for more than a decade. That process is accelerating, with Exxon Mobil Corp. agreeing in February to sell some of its Nigerian assets to Seplat Energy Plc for at least $1.28 billion.

International firms want to focus on deep-water fields away from the difficulties of operating in close proximity with local communities. Total also operates four other onshore and shallow water licenses in Nigeria.

“Disruption of local communities are sources of great concerns” in the country, TotalEnergies Chief Executive Officer Patrick Pouyanne said on conference call on Thursday.

The other shareholders in the joint venture are the state-owned Nigerian National Petroleum Co., which holds the majority stake, and Eni SpA, which has yet to reveal if it intends to sell its interest.

[waldron] 27/4/2022 19:36

Eni Prepares to Open Ruble Accounts for Gas as EU Warns Firms

Daniele Lepido, Alberto Brambilla and Chiara Albanese, Bloomberg News



(Bloomberg) -- Italian energy giant Eni SpA is preparing to open ruble accounts at Gazprombank JSC, allowing it to potentially comply with Russian demands that gas must be paid for in local currency, according to people familiar with the matter.

The move is precautionary as Eni seeks more guidance from the Italian government and European authorities on whether -- and under what conditions -- it may use the accounts to buy Russian gas, the people said.

A spokesman for Eni declined to comment.

European Commission President Ursula von der Leyen warned companies on Wednesday not to bend to Russia’s demands to pay for gas in rubles, saying that doing so would breach sanctions. Europe’s ability to maintain a united front against Moscow is set to be tested in the coming weeks as countries have to decide whether to accept Vladimir Putin’s demands or risk having to ration gas at home.

That unity may already be fraying. According to a person close to Russian gas giant Gazprom PJSC, four European gas buyers have paid in rubles and 10 have opened the accounts at Gazprombank needed to meet the new payment demands.

Eni hasn’t used the new mechanism, and has so far only paid in euros, the people said. The next round of payments isn’t due until the second half of May.

The EU has said that paying in rubles would breach sanctions. But companies continue to seek workarounds and the bloc has issued guidelines that appear to encourage that.

A Q&A issued by the EU last week said companies should carry on paying in euros, but noted that the Russian decree didn’t preclude exemptions. It told companies to seek confirmation from Moscow that paying in euros was still possible. Eni wants more clarity on the guidelines and will comply with sanctions, the people said.

Uniper SE, a massive German buyer of Russian gas, has also said it believes it can keep making purchases without violating sanctions.

Italy gets about 40% of its gas from Russia, though Prime Minister Mario Draghi has been scouring the globe for replacements and has secured new agreements with suppliers particularly in North Africa.

[waldron] 27/4/2022 19:27

Stocks
Eni SpA (E) is an Incredible Growth Stock: 3 Reasons Why
Contributor

Zacks Equity Research Zacks
Published
Apr 27, 2022 12:45PM EDT




Our proprietary system currently recommends Eni SpA (E) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

While there are numerous reasons why the stock of this energy company is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings Growth

Earnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Eni SpA is 11.8%, investors should actually focus on the projected growth. The company's EPS is expected to grow 106.5% this year, crushing the industry average, which calls for EPS growth of 70%.

Cash Flow Growth

Cash is the lifeblood of any business, but higher-than-average cash flow growth is more beneficial and important for growth-oriented companies than for mature companies. That's because, high cash accumulation enables these companies to undertake new projects without raising expensive outside funds.

Right now, year-over-year cash flow growth for Eni SpA is 86.3%, which is higher than many of its peers. In fact, the rate compares to the industry average of 46.3%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 12% over the past 3-5 years versus the industry average of 8.5%.

Promising Earnings Estimate Revisions

Superiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The current-year earnings estimates for Eni SpA have been revising upward. The Zacks Consensus Estimate for the current year has surged 19% over the past month.

Bottom Line

Eni SpA has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #1 because of the positive earnings estimate revisions.


This combination positions Eni SpA well for outperformance, so growth investors may want to bet on it.

[the grumpy old men] 22/4/2022 12:31

THE NEW ARAB


How Algeria is emerging as Europe's energy partner of choice
Analysis
7 min read
Umud Shokri
22 April, 2022


Analysis: Algeria has emerged as a strong contender to help Europe end its dependence on Russian energy. But can the North African country meet its growing demand?


The Ukraine war has strengthened Europe's resolve to reduce its dependence on Russian energy resources. As a result, the position of energy-rich countries in North Africa, especially Algeria and Libya, has been strengthened as key alternatives.

Increasing North Africa's share of European gas imports - given the proximity to the region and the current pipeline infrastructure - is both economically and logistically reasonable, but it poses serious challenges and unpleasant political questions.

Algeria's high energy potential is one of the most important options available to European and Western governments looking to reduce the EU's dependence on Moscow's natural gas.

It should be noted that the degree of dependence of European countries on Russian natural gas varies; countries such as Finland, Germany, Poland, Slovakia and Bulgaria import more than 60% of their gas from Russia, while the Czech Republic is completely dependent on Russian natural gas.

"Algeria's high energy potential is one of the most important options available to European and Western governments looking to reduce the EU's dependence on Moscow's natural gas"

Algeria's main source of foreign exchange earnings is energy exports, and rising oil and natural gas prices have relatively improved the country's economic situation. Given that Algeria's natural gas reserves exceed its oil reserves, the government is trying to provide the necessary financial resources and technology to increase the capacity for production and export of natural gas.

Algeria reached a historic record in 2021, producing nearly 100 billion cubic metres of natural gas. Its natural gas production capacity in 2020 was about 81 billion cubic metres, making it the largest producer of natural gas in Africa. After Algeria, Egypt with 58.5 billion cubic metres, Nigeria with 49.4 billion cubic meters and Libya with 13.3 billion cubic metres follow in the ranks of top natural gas producing countries.

Natural gas extracted from the country's Hassi R'Mel gas field is transported to Spain via Morocco. The pipeline, which runs through Algeria, Morocco, Spain and Portugal, is known as the Maghreb-Europe Natural Gas Pipeline, but was closed on October 31, 2021 due to the deterioration of diplomatic relations between Morocco and Algeria when Algeria announced that it would not renew the current 25-year contract.

In the wake of the Russian invasion of Ukraine, the Italian Minister of Ecological Transition , Roberto Cingolani, briefed the parliament about the search for an alternative energy supplier. In his statement in the senate, Cingolani said that the amount of natural gas imported by Italy from Russia has increased from 20 billion cubic metres to 29 billion cubic metres in the last 10 years.


According to Cingolani's statement, Italy still relies on imports for 95 percent of its natural gas needs, of which Russia provides 40 percent. For this reason, Minister Cingolani said that they are still "dependent" on Russia and stated that in the long run it will be necessary to substitute Russian gas for other sources, a sentiment echoed by many other leaders across Europe.

Securing an alternative energy source and reducing dependency on Russia was precisely the goal of the Italian Prime Minister's 'energy focused' visit to Algeria earlier this month. According to a new agreement, the gas supply from Algeria to Italy will be increased by 9 billion cubic metres, still much less than what Russia provided.

The agreement was signed between Eni and Sonatrach, two powerful energy companies in Italy and Algeria, respectively. In order to be able to fulfil the agreement and increase its natural gas export capacity in the medium-term plan, the government of Algeria intends to increase the extraction coefficient of reservoirs while managing domestic demand.

Among the measures proposed by the Algerian government to achieve these goals are to reevaluate domestic consumption, and to consider adjustments of price and gas subsidies given the high volume and cheap fuel prices.


In the same context, the new agreement between Eni and Sonatrach to pump additional quantities of gas to Turkey allows for a review of prices based on market data for 2022 and 2023.

In the medium term, African countries could partially replace Russian gas in Europe's energy mix. Once the Nigerian Trans-Saharan Gas Pipeline is complete, Nigeria can export up to 30 billion cubic metres per year to Europe. Additional investment in Nigeria’s gas sector can add more, especially in the form of LNG Nigeria, and in a few years, it can add additional gas exports to Europe.

“Italy and Spain can be the main beneficiaries, but gas can reach neighbouring countries too,” Dr Anas Alhaji, Editorial Advisor of Attaqa, an energy-focused media platform, explained to The New Arab.

Another important factor is the surging domestic demand for gas. Algeria has been extending its gas pipeline grid into remote parts of the country and aiming to increase its petrochemical capacity. When increasing gas reinjection volumes into oil fields are also considered, Algeria might consume more gas at home than it is exporting in the future.

"Unless production growth outpaces demand growth in the future, gas available for exports will become limited, a cause for major concern"

Unless production growth outpaces demand growth in the future, gas available for exports will become limited, a cause for major concern. Moving faster towards renewable energy sources for electricity generation and lowering oil output targets by reducing gas volumes for reinjection to free up more gas to sell may become crucial policy choices in the future. The magnitude of Algerian gas exports in the future will depend on all those factors.

As for the route, Algeria cannot export more gas by pipeline to Spain because the Medgaz pipeline is used in full capacity and the Maghreb-Europe pipeline only has a capacity of 11.5 billion cubic metres per year. This leaves the underutilised Transmed pipeline to Italy through Tunisia, which is currently significantly underutilised.

The recent announcement about a deal to boost gas deliveries from Algeria to Italy suggests the use of the Transmed pipeline, but how much additional gas could be exported through this pipeline will depend on the other dynamics, explained Dr Sobet Karbuz, a senior non-resident fellow at Bilkent University Energy Policy Research Centre to The New Arab.

In order to rise to Europe's energy demand, Algeria is not stopping at its own borders. Rather, in order to enable African gas to be transmitted to Europe, Algeria is going beyond its own gas reserves to establish a trans-Saharan pipeline. Both Algeria and Morocco are competing with their pipeline proposals for the transmission of Nigerian gas to Europe.


Algeria could use this opportunity to assume a leading role in establishing a connection between Africa and Europe and even beyond Europe. However, there are significant challenges that these projects may face, such as the physical distances between the countries, the challenge of establishing agreements with transit countries, the amount of investment needed, and the insecurity of large areas of land.

Gas resources are not an issue, because Algeria’s gas reserves remain largely unexplored. The issue then, will depend on Algeria’s ability to increase its gas production capacity and transportation abilities. Plenty of new discoveries have been reported in the past few years, but most of these discoveries were made in extensively explored mature basins.

For years, Algeria has been trying to revive the foreign investors’ diminishing interest in its hydrocarbons sector. The new hydrocarbons law was designed to improve the attractiveness of investing in the country’s upstream sector, including offshore and unconventional gas.


However, the 51/49 ownership in favour of Sonatrach in upstream projects remains. Since the law came into force, Sonatrach has signed several memorandums of understanding with several major companies for cooperation in upstream activities.

It seems that by increasing imports of natural gas from Algeria and other suppliers, such as Azerbaijan, Italy can minimise the damage from its overwhelming dependence on Russian gas for the next five years.

Among European countries, Spain can also resort to importing more gas from Algeria. Nigeria can also play an important role in the energy security of some European countries.

To secure Europe’s energy future, European companies must invest in infrastructure and oil and gas fields of African countries to increase their production capacity. Europe must provide the conditions for the stability of central governments in Africa to ensure the security of the pipeline.

If European countries were not so dependent on Russian energy resources, they could easily have imposed sanctions on Moscow’s energy industry to stop the military offensive against Ukraine.

Umud Shokri is a Washington-based senior foreign policy and energy geopolitics advisor and author of 'US Energy Diplomacy in the Caspian Sea Basin: Changing Trends Since 2001'

He has served as a visiting research scholar at the Centre for Energy Science and Policy (CESP) and is an advisor at Gulf State Analytics (GSA), a Washington-based geopolitical risk consultancy

Follow him on Twitter: @ushukrik

[waldron] 17/4/2022 18:20

AMWAL AL GHAD



Eni unearths new discoveries in Western Desert of Egypt

By Esraa Ibrahim On Apr 17, 2022


Eni announced on Thursday new oil and gas discoveries in the Meleiha concessions, in Egypt’s Western Desert, for approximately 8,500 barrels/day of oil equivalent.

These new discoveries have already been linked to production, in line with the exploration strategy led by Infrastructure, which maximises exploration possibilities close to existing infrastructures.

“The results were obtained through Nada E Deep 1X well, which encountered 60m of net hydrocarbon pay in the Cretaceous-Jurassic Alam El Bueib & Khatatba formations, Meleiha SE Deep 1X well, which found 30m of net hydrocarbon pay in the Cretaceous-Jurassic sands of the Matruh & Khatatba formations, and Emry Deep 21 well, which encountered 35m of net hydrocarbon pay in the massive cretaceous sandstones of Alam El Bueib.” Eni statement read.

“These results, added to the discoveries of 2021 for total of 8 exploration wells, give a 75% of success rate, confirming the potential of the area.

Other exploration activities in the concession are ongoing with promising indications.”

Eni, with these discoveries, through AGIBA, a JV between Eni and EGPC, continues to follow up its near field strategy in the mature basin of the Western Desert, aimed to increasing production at maximum, by containing development costs and minimizing time to market.

furthermore, Eni renews its pledge in the Western Desert with the recent acquisition of two exploration blocks with the planning in 2022 of a new high-resolution 3D seismic survey in the Meleiha concession, also aimed at inquiry the gas potential of the area, in line with the energy transition goals.

[adrian j boris] 16/4/2022 10:14

(MT Newswires) -- Eni (ENI.MI) on Thursday offloaded and exported the first cargo out of the MIAMTE floating production, storage and offloading, or FPSO, operating at the Miztón, Amoca and Tecoalli fields in offshore Mexico.

The system can treat 90 thousand barrels of crude oil per day with a storage capacity of 700,000 barrels, plus gas treatment capacity of 75 million standard cubic feet per day. MIAMTE FPSO started operations on Feb. 23.

[grupo guitarlumber] 16/4/2022 08:58

Tullow Oil and ENI utilise Russia-Ukraine war to pressure executive



Oil companies operating in Ghana want to increase their offshore fields' gas production.


They hope to convince the Akufo-Addo administration to go along with them, given the risk that Russia's war in Ukraine poses to LNG imports into Africa.

[waldron] 16/4/2022 07:54

Eni makes new hydrocarbon discoveries in Egypt’s Western Desert

Oil & GasUpstreamOnshore

By NS Energy Staff Writer 14 Apr 2022

Made through the drilling of the Nada E Deep 1X, Meleiha SE Deep 1X, and the Emry Deep 21 wells, the new oil and gas discoveries have been already connected and tied into production, said the Italian energy company
oil-drilling-rig-1477861

Eni has added nearly 8,500 barrels/day of oil equivalent to production through the new discoveries. (Credit: rsvstks/Freeimages)

Eni has claimed to have made new oil and gas discoveries estimated to contain nearly 8,500 barrels/day of oil equivalent in the Meleiha concessions in Egypt’s Western Desert.

The Italian energy firm said that the new hydrocarbon discoveries have been already connected and brought into production. This approach aligns with the infrastructure-led exploration strategy that enables maximising exploration opportunities adjacent to existing infrastructures, said the company.

Eni’s new discoveries have been made through the drilling of the Nada E Deep 1X, Meleiha SE Deep 1X, and the Emry Deep 21 wells.

The Nada E Deep 1X well intersected 60m of net hydrocarbon pay in the Cretaceous-Jurassic Alam El Bueib and Khatatba formations.

At the Meleiha SE Deep 1X well, 30m of net hydrocarbon pay was found in the Cretaceous-Jurassic sands of the Matruh and Khatatba formations.

By drilling the Emry Deep 21 well, Eni intersected 35m of net hydrocarbon pay in the cretaceous sandstones of Alam El Bueib.

Eni stated: “These results, added to the discoveries of 2021 for total of 8 exploration wells, give a 75% of success rate, confirming the potential of the area. Other exploration activities in the concession are ongoing with promising indications.”

The Italian oil and gas firm has a joint venture called AGIBA with Egypt’s national oil company Egyptian General Petroleum Corporation (EGPC) in the Western Desert.

Eni said that AGIBA has been successfully pursuing its near field strategy in the mature basin of the region with an objective to maximise production by keeping the development costs under check and minimising time to market.

In a separate development, Eni signed a framework agreement with Egyptian Natural Gas Holding Company (EGAS) that will allow maximising gas production and LNG exports. The objective of the agreement is to promote gas export from Egypt to Europe, and particularly to Italy.

Both parties agreed to valorise Egyptian gas reserves by ramping up their jointly operated gas activities and identifying the scope for maximising short-term gas production.

[florenceorbis] 10/4/2022 10:35

Drilling of first Eni-Total well expected in the coming weeks – Energy Minister

By Staff ReporterApril 10, 2022


Cyprus’s Energy Minister, Natasa Pilides, said that drilling of the first well in the Eni-Total consortium will get underway in the coming weeks.

Pilides, in an interview to Greek-language newspaper Kathimerini, said that the government is in continuous contact with the Eni-Total consortium for two exploratory wells in 2022.

According to the Energy Minister, the consortium’s delay until now has been due mainly to the effects of measures taken worldwide to address the Covid pandemic.

Regarding the results of drilling at the Glafcos 2 target well by ExxonMobil and Qatar Petroleum (QP), Pilidou expressed the government’s satisfaction. “Preliminary results are expected in the coming months,” she said, noting that no announcement is expected before the evaluation is completed.

In relation to the exploitation of Cyprus’s Aphrodite deposit, the Energy Minister pointed out that since November 2019 when the exploitation licence was issued, until today, there has been a significant change in the data, while in the meantime, Chevron acquired Noble Energy.

[la forge] 07/4/2022 08:54

European Gas Hovers With EU Still Reluctant to Ban Russian Flows



(Bloomberg) -- Natural gas prices in Europe fluctuated after a four-day slide, with the European Union still reluctant to ban shipments from Russia and supplies currently stable.

The EU extended its debate on fresh sanctions against Russia into Thursday. Italy said it would support a ban on Russian gas if the bloc was united behind the idea -- which it currently isn’t.

Robust inflows of liquefied natural gas into the continent, coupled with climbing temperatures, also help keep prices in check. Still, supplies from Russia -- broadly steady for now -- remain in focus, especially after President Vladimir Putin’s demand to EU buyers to pay for the fuel in rubles.

Dutch front-month gas, the European benchmark, traded 0.7% lower at 106 euros a megawatt-hour by 8:48 a.m. in Amsterdam.

Most of Russia’s major buyers are still assessing the implementation of the new payment mechanism, while Hungary signaled Wednesday it wouldn’t have a problem paying in the Russian currency.

“If followed by other nations, this is likely to dent the EU’s market power, potentially paving the road for intra-EU competition and an ‘every man for himself’ approach, that will result ultimately in higher volatility in prices,” Vinicius Romano, a senior analyst at Rystad Energy, said in a note. “Russia may have operational issues managing an eventual supply halt only to specific markets.”

Italy would support a ban on Russian gas imports if the EU is united behind it, Prime Minister Mario Draghi said Wednesday. Draghi said that while such a proposal isn’t yet on the table, alleged Russian massacres of civilians in Ukraine is pushing EU leaders to take an increasingly harsh stance.

Ukraine Update: UN to Vote on Dropping Russia From Rights Body

[waldron] 28/3/2022 14:13

We won't pay for Russian gas with roubles - Eni's Descalzi
Contract says 'payment should be made in euros'

Redazione ANSA ROME
28 March 202211:27
News




(ANSA) - ROME, MAR 28 - Eni CEO Claudio Descalzi said Monday that the Italian energy giant will not comply with Russia's demands for payments for gas to be made in roubles.

"Eni will not pay for Russian gas in roubles," Bloomberg quoted Descalzi as telling a panel discussion in Dubai.

"Eni doesn't have roubles.

"The contracts say that fuel payments should be made in euros and the contracts need to be amended to change the terms".
(ANSA).

[waldron] 27/3/2022 15:30

Exxon Weighs Taking Bitcoin Pilot to More Countries
by Bloomberg
|
Naureen S. Malik
|
Sunday, March 27, 2022

North Dakota, Colorado and Wyoming are among the first places to use crypto mining to slash methane emissions.

Exxon Mobil Corp. is running a pilot program using excess natural gas that would otherwise be burned off from North Dakota oil wells to power cryptocurrency-mining operations and is considering doing the same at other sites around the globe, according to people familiar with the matter.

The oil giant has an agreement with Crusoe Energy Systems Inc. to take gas from an oil well pad in the Bakken shale basin to power mobile generators used to run Bitcoin mining servers on site, said the people, who asked to not be named because the information isn’t public. The pilot project, which launched in January 2021 and expanded in July, uses up 18 million cubic feet of gas per month that would have otherwise been burned off -- or flared -- because there aren’t enough pipelines.

Exxon, the largest U.S. oil producer, is considering similar pilots in Alaska, the Qua Iboe Terminal in Nigeria, Argentina’s Vaca Muerta shale field, Guyana and Germany, one of the people said.

“We continuously evaluate emerging technologies aimed at reducing flaring volumes across our operations,” and Exxon expects to meet the World Bank’s call to end routine flaring by 2030, spokeswoman Sarah Nordin said in an email. She declined to comment on “rumors and speculations regarding the pilot project.”

Crusoe declined to comment.

Oil and gas producers are increasingly under pressure from regulators and investors to reduce their carbon footprint to help combat climate change. That includes reducing the amount of gas they flare. At the same time, there is a rush of miners trying to use cheap gas in oil producing fields to fuel their operations. The gas is still burned, releasing carbon dioxide into the atmosphere, but the energy is put to use instead of simply being wasted.

Last month, ConocoPhillips said that has been supplying gas from the Bakken shale in North Dakota to a Bitcoin mining firm for the first time.

Shale oil produces so much excess gas that it ends up being vented into the air or burned off. Natural gas is comprised mostly of methane, a global warming agent that is more than 80 times more powerful than carbon dioxide during its first two decades in the atmosphere. North Dakota, Colorado and Wyoming are among the first places to use crypto mining to slash methane emissions.

Crusoe Energy, backed by Bain Capital, the Winklevoss brothers and Tesla Inc.’s first institutional investor Valor Equity Partners, has 20 portable engines permitted in North Dakota, of which 11 have operated, according to the North Dakota Department of Environmental Quality. The start-up has similar projects in place for Equinor ASA and Devon Energy Corp., according to the state records and a Crusoe statement last spring.

The push by crypto miners into North Dakota’s oil fields may only be beginning, said Craig Thorstenson, manager of the permitting program at the state’s Division of Air Quality. He estimated that about 90% of the gas produced in the state makes its way into pipelines to be used at power plants and elsewhere. The rest goes to waste.

Danielle Fugere, president of As You Sow, an environmental shareholder-activist group, that said it’s a positive step for Exxon to find a use for gas that would otherwise be burned off into the atmosphere. “It is creating use of what would be otherwise wasted,” she said.

But it would be better if the company worked more aggressively to transition away from fossil fuels, Fugere said.

[ariane] 27/3/2022 07:19

guardian.ng


Eni, NNPC, FAO Commission 11 solar-powered water schemes in Northeast

By Azeez Olorunlomeru

27 March 2022 | 2:39 am

Eni, through its Nigerian subsidiaries, Nigerian Agip Exploration (NAE) and Agip Energy & Natural Resources (AENR), and the Food and Agriculture Organisation of the United Nations (FAO) have commissioned 11 water schemes in Borno and Yobe States, Northeast Nigeria.

The integrated water schemes comprise of boreholes, solar power systems, treatment facilities and fetching points to provide water for domestic consumption and irrigation purposes.

The FAO Country Representative in Nigeria and to the Economic Community of West African States (ECOWAS), Fred Kafeero, while stressing the importance of the eleven facilities as they were handed over to the authorities of Borno and Yobe States, said: “The solar boreholes and FAO’s larger investment in irrigation and water management is a signal of our commitment to support the government of Nigeria in achieving its development goals.

In the northeast, the availability of safe drinking water and water for agriculture is central to growth and livelihood recovery.”

Eni’s Head of Sustainable Development, Alberto Piatti, said: “The handover of the water schemes is a cornerstone in the collaboration with FAO in the region that is contributing to improving the life of the communities.

“With the completion of the project, thousands of people will have access to clean water, which is a concrete step to enhancing the overall living conditions of the inhabitants, providing them a safe source also for other uses, such as agriculture, to boost concrete social development,” he said.

The water wells, powered with photovoltaic systems, were completed between 2018 and 2020 in various communities located in selected local councils of Borno (Chibok, Biu, Damboa, Gwoza) and Yobe (Machina, Fune, Gujba, Geidam, Bade, Potiskum and Fika).

The official commissioning and handover of the water schemes could not be held until now due to the volatile situation in the area.

[grupo guitarlumber] 19/3/2022 09:36

Already positive, the research from Jefferies and its analyst Giacomo Romeo still consider the stock as a Buy opportunity.


The target price remains unchanged at EUR 16.80.

[grupo guitarlumber] 19/3/2022 09:35

Upcoming events on ENI S.P.A.

Projecte

april/29/2022 Q1 2022 Earnings Release