Edin. New It Share Discussion Threads

[sarkasm] 01/8/2022 19:07

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 14:29

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 10:49

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 18:05

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 08:12

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 06:54

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 20:48

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 08:27

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 14:20

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 12:15

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 16:20

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 07:57

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 05:40

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 05:40

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.

[waldron] 22/5/2022 16:55

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 09:40

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 08:02

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 06:46

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 09:41

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 06:40

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.