Edin. New It Share Discussion Threads

[waldron] 06/9/2022 17:37

Eni to invest €4.5 bln annually in upstream in Egypt, other several countries to 2025
By Fatma Ibrahim On Sep 6, 2022


Italian energy group Eni is planning to invest €4.5 billion ($4.47 billion) in upstream activities each year from now to 2025 focusing on several countries, including Egypt, said a senior official on Tuesday.

“We are fully committed to invest €4.5 billion per annum in the upstream to bring on line new gas supplies,” Cristian Signoretto, deputy chief operating officer for natural resources at Eni, said at the Gastech conference in Milan.

Signoretto mentioned the development of LNG projects in Qatar and Congo and also Egypt and Algeria, where Eni enjoys a longstanding presence.

“Indonesia is another area in which we are investing heavily,” he added.

In its 2022-2025 strategic plan, unveiled in February, Eni stated that it would invest €7 billion per year on average in its different businesses.

[gibbs1] 05/8/2022 19:49

Eni acquires the Tango FLNG to produce and export LNG from the Republic of Congo
05 August 2022 - 5:45 PM CEST


San Donato Milanese (Milan), 05 August 2022 - Eni informs that it has acquired the company Export LNG Ltd, which owns the Tango FLNG floating liquefaction facility, from Exmar group. The facility will be used by Eni in the Republic of Congo, as part of the activities of the natural gas development project in the Marine XII block, in line with Eni's strategy to leverage gas equity resources.

The Tango FLNG, built in 2017, has a treatment capacity of approximately 3 million standard cubic meters/day and an LNG production capacity of approximately 0.6 million tons per year (about 1 billion standard cubic meters/year). The acquisition of this facility allows the development of a fast-track model capable of seizing the opportunities of the LNG market. In addition, the high flexibility and mobility characteristics of the Tango FLNG will favour the development and enhancement of Eni's equity gas by accelerating production start-up time.

Tango FLNG will begin its activity in Congo in the second half of 2023, following the completion of mooring and connection works necessary to tie with the Marine XII network and infrastructure. LNG production from Marine XII is expected to begin in 2023, and when fully operational it will provide volumes in excess of 3 million tons/year (over 4.5 billion cubic meters/year).

[la forge] 05/8/2022 08:27

In a research note published by Michele della Vigna, Goldman Sachs advises its customers to buy the stock. The target price remains unchanged at EUR 18.

[sarkasm] 01/8/2022 20:07

Eni Secures $6.1B Sustainability-Linked Credit
by Paul Anderson
|
Rigzone Staff
|
Monday, August 01, 2022


Eni secures $6.1 billion revolving credit line linked to its two Sustainability-Linked Financing Framework targets.

Italian oil and gas company Eni has secured a $6.1 billion financing through its Sustainability-linked Financing Framework targets, updated in May 2022. The five-year sustainability revolving credit line is linked to two of the targets.

Specifically, with regards to the 2050 carbon neutrality strategy, Eni further strengthened its objectives, announcing in May a 35 percent reduction in net scope 1, 2, and 3 emissions by 2030 and 80 percent by 2040 with respect to 2018 levels (compared to the -25 percent and -65 percent targets in the previous plan).

For net scope 1 and 2 emissions, the company will achieve -40 percent by 2025 (compared to 2018 levels) and net zero emissions by 2035, five years ahead of the previous plan. It will also increase the share of investments dedicated to new energy solutions, targeting 30 percent by 2025, doubling to 60 percent by 2030, and reaching 80 percent by 2040.

The margin of the new credit line is linked to the achievement of sustainability targets relating to Net Carbon Footprint Upstream (Scope 1 and 2) and installed capacity for the production of electricity from renewable sources.

Depending on the achievement of each target, a step up/step down mechanism will be used and it will affect the margin applicable for subsequent uses of the credit line, as well as the fees for any unused portions of the line itself.

The operation is in line with Eni's goal of fully integrating its financing with its sustainability strategy aimed at achieving carbon neutrality by 2050 and contributing to the achievement of the United Nation’s Sustainable Development Goals (UN SDGs).

Moreover, the new facility will provide Eni with a flexible tool to manage any financial needs, further strengthening its solid liquidity position.

The credit line has been granted by 23 leading global financial institutions, including Crédit Agricole CIB, Santander Corporate & Investment Banking, and Unicredit (as underwriters, global coordinators, bookrunners, and sustainability coordinators), and Intesa Sanpaolo (as bookrunner), in addition to HSBC (as mandated lead arranger), BBVA, Banco BPM, Bank of America, Barclays Bank, BayernLB, BPER Banca, Citi, Deutsche Bank, ING Bank, J.P. Morgan, Mizuho Bank, SMBC Bank, Société Générale and Standard Chartered (as lead arrangers) and Bank of China, Bankinter, Mediobanca and Morgan Stanley (as arrangers).

To contact the author, email [e-mail]

[sarkasm] 01/8/2022 15:29

Eni Makes Significant Gas Discovery In UAE
by Eldina Jahic
|
Rigzone Staff
|
Monday, August 01, 2022

Eni Makes Significant Gas Discovery In UAE


Eni has made another significant gas discovery of 1-1.5 trillion cubic feet of raw gas in place, in a deeper zone, in its first exploration well drilled in Offshore Block 2 near Abu Dhabi, UAE.

Italian oil major Eni has made another significant gas discovery of 1-1.5 trillion cubic feet (tcf) of raw gas in place, in a deeper zone, in its first exploration well drilled in Offshore Block 2 near Abu Dhabi, UAE.

Eni said that the discovery follows the initial finding in a shallower zone of the same well, aggregating to a total gas in place of 2.5 – 3.5 tcf. The gas-bearing reservoirs were tested with excellent flow rates and fast-track development options are currently under evaluation.

A consortium, led by Eni and PTT Exploration and Production Public Company Limited (PTTEP), was awarded the exploration rights for Offshore Block 2 in 2019 as part of ADNOC’s debut competitive block bid round. Eni has a 70 percent stake and is the Operator of Block 2, with partner PTTEP that holds the remaining 30 percent.

“This discovery further highlights how ADNOC’s accelerated exploration and development program is identifying untapped hydrocarbon resources, creating long-term value for the UAE. We are particularly pleased to see Eni and PTTEP pursuing deeper zones, which has demonstrated additional potential resources in place. We look forward to continuing to work with all our strategic partners to sustainably identify and further unlock Abu Dhabi’s hydrocarbon resources,” Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said.

ADNOC stated that both discoveries leveraged insights from ADNOC’s ongoing 3D mega seismic survey, underpinning the important role the survey is playing as it utilizes state-of-the-art technologies to help identify new hydrocarbon resources across the Emirate of Abu Dhabi.

This latest discovery builds on previously announced exploration concession discoveries. In May 2022, ADNOC also announced the discovery of approximately 100 million barrels of oil in place in Abu Dhabi’s Onshore Block 3, operated by Occidental, while in December 2021, up to 1 billion barrels of oil equivalent in Onshore Block 4 Exploration Concession, which is operated by INPEX/JODCO was confirmed.

ADNOC launched Abu Dhabi’s first and second competitive block bid rounds in 2018 and 2019 respectively, offering a set of major onshore and offshore blocks to international companies, on behalf of the Government of Abu Dhabi.

Based on existing data from detailed petroleum system studies, seismic surveys, exploration, and appraisal wells data, estimates suggest the blocks hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas.

Eni has been present in Abu Dhabi since 2018. The company is the operator of 3 exploration concessions and is participating with ADNOC in 3 offshore development and production concessions – Lower Zakum (5 percent), Umm Shaif and Nasr (10 percent), and Ghasha (25 percent).

To contact the author, email [e-mail]

[grupo guitarlumber] 31/7/2022 11:49

Upcoming events on ENI SPA

09/19/22 Ex-dividend day for interim dividend

10/28/22 Q3 2022 Earnings Release

10/28/22 Q3 2022 Earnings Call

[misca2] 29/7/2022 19:05

Eni Steps Up Buybacks After Quadrupling Q2 Earnings
By Tsvetana Paraskova - Jul 29, 2022, 10:00 AM CDT

Italy’s Eni followed other European majors in increasing share buyback programs after posting quadrupled second-quarter earnings beating expectations.

High commodity prices, strong refining margins, and cost management helped Eni (NYSE: E) quadruple its adjusted net profit for the second quarter compared to the same period last year, beating the analyst consensus.

Eni’s adjusted net profit jumped to $3.87 billion (3.81 billion euro) for the second quarter of 2022, up from $943 million (929 million euro) for the same period of 2021. Adjusted operating profit also soared, by 186% year over year to $5.93 billion (5.84 billion euro) for Q2 2022.

Based on what CEO Claudio Descalzi described as “robust results,” Eni nearly doubled its share buyback program for 2022 to $2.44 billion (2.4 billion euro) and authorized another share repurchase plan for 2023 for up to $2.54 billion (2.5 billion euro).

Eni also updated its price deck for full-year 2022, expecting Brent Crude prices to average $105 per barrel, up from a previous forecast of $90 a barrel.

Following the results release, shares in Eni jumped by nearly 5% in pre-market trade in New York and were rallying by over 5% on Friday afternoon in Milan.

Eni’s robust earnings cap a week of strong financials reported by all European majors.

Equinor, for example, more than doubled its extraordinary cash dividend and increased its share repurchase program by $1 billion after reporting more than tripled adjusted earnings after tax for the second quarter amid soaring oil and gas prices.

Repsol’s net profit for the second quarter surged four times compared to the same period of 2021, thanks to much higher oil and gas prices following the Russian invasion of Ukraine, the Spanish energy firm, Europe’s first to pledge net-zero emissions by 2050, said on Thursday. On the same day, Shell reported a record quarterly profit for a second consecutive quarter, while TotalEnergies more than doubled its Q2 net income due to rallying oil and gas prices, record-high refining margins, and soaring LNG demand in Europe.

By Tsvetana Paraskova for Oilprice.com

[gibbs1] 29/7/2022 09:12

subsurface
29 Jul '22 - 08:59 - 57791 of 57791
0 0 0
Cote d'Ivoire: Eni drills and successfully tests Baleine East-1X well in Block CI-802 in Cote d’Ivoire

The activities in the Baleine Field will continue with the drilling of a third well which will ensure, together with the other two already drilled, the accelerated start-up of production, confirming first oil in the first half of 2023 - about a year and half from Baleine 1X discovery well - and reaffirming the effectiveness of Eni's phased development model and fast track.

[gibbs1] 29/7/2022 07:54

Eni SpA on Friday said that profit jumped in the second quarter of the year as performance benefited from the high commodity price environment as well as strong refining margins.

The Italian oil-and-gas major reported quarterly net profit of 3.82 billion euros ($3.88 billion) from EUR247 million in the same period a year earlier.

Adjusted operating profit was EUR5.84 billion in the quarter, compared to EUR2.05 billion the prior year. Sales came in at EUR31.56 billion from EUR16.29 billion.

Hydrocarbon production in the quarter was broadly stable at 1.58 million barrels of oil equivalent a day compared with 1.59 million boe/d a year ago. Eni expects production at 1.67 million boe/d in the full year.

The company said that it has raised its 2022 share buyback program by EUR1.3 billion to EUR2.4 billion. This follows a revision on Brent crude oil prices, now expected at $105 a barrel on average in the full year, and reflects the effects of a stronger U.S. dollar as well as broader strength in the company's cash flows.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

July 29, 2022 02:30 ET (06:30 GMT)

[waldron] 28/7/2022 21:48

ENI SIGNS NEW 6-BILLION-EURO SUSTAINABILITY-LINKED CREDIT LINE
28 July 2022 - 8:23 PM CEST


San Donato Milanese (Milan), 28 July 2022 – Eni has signed a new 6 billion Euro five-year Sustainability-Linked revolving credit line, linked to two targets of its "Sustainability-Linked Financing Framework" updated in May 2022.

The margin of the new credit line is linked to the achievement of sustainability targets relating to Net Carbon Footprint Upstream (Scope 1 and 2) and installed capacity for the production of electricity from renewable sources. Depending on the achievement of each target, a step up/step down mechanism will be used and it will affect the margin applicable for subsequent uses of the credit line, as well as the fees for any unused portions of the line itself.

The operation is in line with Eni's goal of fully integrating its financing with its sustainability strategy aimed at achieving carbon neutrality by 2050 and contributing to the achievement of the United Nation’s Sustainable Development Goals ("UN SDGs").

Moreover, the new facility will provide Eni with a flexible tool to manage any financial needs, further strengthening its solid liquidity position.

The credit line has been granted by 23 leading global financial institutions, including Crédit Agricole CIB, Santander Corporate & Investment Banking and Unicredit (as underwriters, global coordinators, bookrunners and sustainability coordinators) and Intesa Sanpaolo (as bookrunner), in addition to HSBC (as mandated lead arranger), BBVA, Banco BPM, Bank of America, Barclays Bank, BayernLB, BPER Banca, Citi, Deutsche Bank, ING Bank, J.P. Morgan, Mizuho Bank, SMBC Bank, Société Générale and Standard Chartered (as lead arrangers) and Bank of China, Bankinter, Mediobanca and Morgan Stanley (as arrangers).

[waldron] 26/7/2022 09:27

Eni Strikes Pay Again In Berkine Basin
by Bojan Lepic
|
Rigzone Staff
|
Tuesday, July 26, 2022

Eni Strikes Pay Again In Berkine Basin

Eni and Sonatrach have made a further discovery in the Sif Fatima II concession located in the Berkine North Basin in the Algerian desert.

Italian energy major Eni and Sonatrach have made a further discovery in the Sif Fatima II concession located in the Berkine North Basin in the Algerian desert.

The Rhourde Oulad Djemaa Ouest-1 (RODW-1) exploration well in the Sif Fatima II research perimeter is the third well in the exploration drilling campaign.

Eni said that it led to a discovery of oil and associated gas in the Triassic sandstones of the Tagi reservoir. During the production test, the well produced 1,300 bbl/day of oil and about 2 mmscfd of associated gas.

The RODW-1 discovery comes after the significant discovery made by the HDLE-1 well in Zemlet el Arbi, announced in March 2022, and the successful appraisal well HDLS-1 in the adjacent Sif Fatima II.

The development of these discoveries will be fast-tracked, thanks to their proximity to existing Berkine North and Rhourde Oulad facilities.

According to Eni, the RODW-1 discovery confirms the validity of Eni’s and Sonatrach’s successful near-field and infrastructure-led exploration strategy, which allows a rapid valorization of the new resources.

The Zemlet el Arbi and Sif Fatima II concessions are operated by a joint venture between Eni which holds a 49 percent stake and Sonatrach which holds the remaining 51 percent. The discovery is part of the new exploration campaign which will include the drilling of 5 wells in the Berkine North Basin.

Eni has been active in the Berkine basin recently. Just last week, Eni signed a new PSC for blocks 404 and 208 in Algeria with Sonatrach, Oxy, and TotalEnergies. The contract, signed under Algeria’s new hydrocarbon law of 2019, will allow the partners to boost investments, increasing the fields’ hydrocarbons reserves while extending their production life for further 25 years.

This means that Eni will invest $4 billion in a site located on the perimeter of Berkine to produce one billion oil equivalent barrels.

It is also worth noting that Italy and Algeria tightened their cooperation as Italian Prime Minister Mario Draghi signed 15 agreements and memorandums of understanding in areas ranging from energy to sustainable development, justice, and micro-enterprises during a visit to Algiers as part of the fourth Italy-Algeria intergovernmental summit.

The Italian government also finalized a major energy deal with Algeria for additional 4 billion cubic meters of gas, making the North African country Italy's biggest gas supplier – a position previously held by Russia. This makes Algeria Africa's biggest gas exporter to Europe.

Eni previously signed an agreement with Sonatrach that would allow the Italian firm to increase the quantities of gas imported through the TransMed/Enrico Mattei pipeline. The agreement would allow exploiting the pipeline's available transportation capacities to ensure greater supply flexibility, gradually providing increasing volumes of gas from 2022, up to 317.8 billion cubic feet per year in 2023-24.

The Italian firm has been present in Algeria since 1981. With an equity production of 100,000 barrels of oil equivalent per day, Eni is the main international company in the country.

To contact the author, email [e-mail]

[waldron] 20/7/2022 15:20

Eni signs a new contract on blocks 404-208 in Algeria



By NS Energy Staff Writer 20 Jul 2022

A new Production Sharing Contract (PSC), jointly signed by Eni, SONATRACH, Oxy and TotalEnergies, will allow to increase investments in the country



Eni signed today with SONATRACH, Oxy and TotalEnergies a new PSC for blocks 404 and 208 in Algeria. These blocks are located onshore in the prolific Berkine basin, in Eastern Algeria, an area where Eni has been present since the 80s.

The contract, signed under Algeria’s new hydrocarbon law of 2019, will allow the partners to boost investments, increasing the fields’ hydrocarbons reserves while extending their production life for further 25 years. Furthermore, it will also enable future valorisation of significant quantities of associated gas which might become available for export, contributing to the diversification of gas supplies to Europe.

The agreed plan of activities will also include new technologies to improve the reserves recovery factor and reduce CO2 emissions through energy efficiency and decarbonizations projects.

Eni CEO, Claudio Descalzi, commented: “Through this new contract, additional volumes of gas will be made available for export and for the domestic market, coherent with Eni’s commitment to the energy transition. It also highlights the importance of the strategic partnership with SONATRACH, aimed at long term investments in Algeria to maximize asset value”.

Eni has been present in Algeria since 1981. With an equity production of 100,000 barrels of oil equivalent per day, Eni is the main international company in the country.

Source: Company Press Release

[waldron] 19/7/2022 13:15

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.

[waldron] 19/6/2022 17:20

DAILY SABAH



Italy energy giant ENI, Qatar pens multibillion-dollar gas deal
by Agencies


Jun 19, 2022 - 6:02 pm GMT+3





Italian energy giant Eni has joined Qatar Energy's $28.75 billion project that will expand production at the world's biggest natural gas field.

The deal Sunday comes days after Russia slashed supplies to Italy and will help ensure gas supplies to the country.

It will see Eni, a partially state-owned company, take a 25% share in a joint venture with Qatar Energy. That joint venture will, in turn, own a 12.5% stake in the North Field East expansion project, according to the Deutsche Presse-Agentur (dpa).

The overall project is set to boost Qatar's export capacity for gas from 77 million tons a year to 110 million tons annually. Production is expected to start before 2025 and the deal is supposed to last for 27 years.

Eni itself will own a stake of just over 3% in the project, Qatar Energy's CEO told a signing ceremony in Doha.

Qatar announced last week that France's TotalEnergies will be its first and largest foreign partner in the development, with a 6.25% share.

An unknown number of companies are also set to be named.

"Today I'm pleased ... to announce the selection of Eni as a partner in this unique strategic project," said Qatar's Energy Minister Saad Sherida al-Kaabi, who is also president and CEO of state-owned Qatar Energy.

The project's LNG – the cooled form of gas that makes it easier to transport – is expected to come on line in 2026. It will expand Qatar's LNG production from 77 million tons a year to 110 million, Qatar Energy said.

The Qatari company estimates that the North Field, which extends under the Gulf sea into Iranian territory, holds about 10% of the world's known gas reserves.

Russia's invasion of Ukraine has injected urgency into efforts around the world to develop new energy sources as Western countries try to reduce their reliance on Russia.

On Friday, Eni said it would receive only 50% of the gas requested from Russia's Gazprom, the third day running of reduced supplies. Rome has accused Gazprom of peddling "lies" over the cuts.

"We have a lot of things to learn from your leadership and also from your standards and from your ability to adapt to very difficult circumstances," Eni CEO Claudio Descalzi told his Qatari counterpart.



'Geopolitical vision'

Kaabi refused to divulge how many more partners will be announced. "We signed with everybody. We're just not telling you," he told reporters.

More announcements are due this week. Industry sources have discussed ExxonMobil, Shell and ConocoPhillips, while Bloomberg has reported that Chinese companies are in talks.

Qatar, which is one of the world's biggest LNG exporters, is "sharing the risks of commercialization" by bringing partners on board, said Thierry Bros, a professor at Paris's Sciences Po and an expert on energy and climate.

"There could also be a geopolitical vision," he added.

South Korea, Japan and China have been the main markets for Qatar's LNG but since an energy crisis hit Europe last year, the Gulf state has helped Britain with extra supplies and also announced a cooperation deal with Germany.

Europe has in the past rejected the long-term deals that Qatar seeks for its energy but the Ukraine war has forced a change in attitude.

Poland, Bulgaria, Finland and The Netherlands have had their natural gas deliveries from Russia suspended for refusing to pay in rubles.

"In the near-term, we see LNG demand being all about Europe as those European buyers look to wean themselves off Russian gas," Daniel Toleman, an analyst at resources consultancy Wood Mackenzie, told AFP.

"But in the longer term, it does switch back to Asia, and Qatar has a shipping advantage over those U.S. projects and it will be able to supply the Asian (customers)."

[sarkasm] 09/6/2022 08:57

Finance, strategy and reporting


Eni announces its intention to proceed with the listing of Plenitude on Euronext Milan

09 June 2022 - 9:30 AM CEST


San Donato Milanese (Milan), 9 June 2022 – Eni S.p.A. (“Eni”) announces today its intention to launch an initial public offering (the “IPO”) for Eni Plenitude S.p.A. Società Benefit (“Plenitude221; or the “Company”;) for the listing of Plenitude’s ordinary shares on Euronext Milan, a regulated market which is organized and managed by Borsa Italiana S.p.A..

The IPO is expected to consist of a public offering to the general public in Italy and of a private placement reserved for qualified investors in Italy and the European Economic Area and to foreign institutional investors outside the United States of America pursuant to Regulation S of the United States Securities Act of 1933, as amended (the “Securities Act”) and in the United States of America only to “qualified institutional buyers” pursuant to Rule 144A of the Securities Act, excluding those countries in which the offer is not permitted without an authorization by the competent authorities, in accordance with applicable laws, or applicable statutory or regulatory exemptions.

The free float required for listing purposes will be reached through the sale of shares by Eni. The listing will attract new capital to Eni, maximizing the value of Plenitude and the stake owned by Eni and unlocking new resources to be allocated for the energy transition path.

The IPO is consistent with the strategic approach developed by Eni that includes the creation of dedicated entities with tailored business models focused on their customers and the capability to independently access the capital markets. Eni will continue to retain a majority stake in the Company, preserving its consolidation. Following the completion of the IPO, Plenitude will continue to benefit from Eni’s support, including its R&D, HSE culture, project management and financial strengths.

Claudio Descalzi, Eni CEO, commented: “Plenitude will help millions of customers across Europe switching to sustainable energy. Partially selling the business will unlock significant value and accelerate its growth, helping Eni cut the Scope 3 emissions currently generated by our customers - a key step to achieving our net zero target. We will continue invest in innovation to accelerate the energy transition and ensure our new businesses have the operational and financing models they need to scale quickly”.

Plenitude supplies natural gas and energy to around 10 million customers, has a portfolio of around 1.4 GW of installed renewable energy capacity in operation and intends to reach over 6 GW installed by 2025 and over 15 GW by 2030. In the e-mobility sector, as of March 2022 the Company has a network of around 7,300 recharging points and it plans to expand it to about 30,000 recharging points by 2025 and over 35,000 by 2030.

Plenitude was formed in 2017 from the combination of Eni’s retail gas & power activities. Today the Company has more than 2,000 employees and operates within the entire electricity value chain with a unique business model, which combines generation of electricity from renewables, sale of energy and energy services to retail customers, and a capillary network of charging points for electric vehicles.

Plenitude is a “Società Benefit”, which aims to have a positive impact on people, communities and the environment, and is part of Eni's broader commitment to create value through the energy transition and achieve carbon neutrality by zeroing net Scope 1, 2 and 3 CO2 emissions by 2040.

[waldron] 23/5/2022 06:40

next dividend due May 2022 at 0.43 euros

Ex-div date 23 May 2022 (Mon)

Pay date 25 May 2022 (Wed)

[waldron] 23/5/2022 06:40

worldoil



Eni plans €2.5 billion in UK investment over four years

Simon Lee 5/22/2022

(Bloomberg) — 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.