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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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| Edin. New It | LSE:ENI | London | Ordinary Share | GB00B084LP54 | ORD 1P |
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| 0.00 | 0.00% | 62.00 | 0.00 | 01:00:00 |
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Edin. New It (ENI) Share Charts1 Year Edin. New It Chart |
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| 26/7/2024 | 15:29 | ENI S.P.A. Italian OIL Company | 425 |
| 21/1/2006 | 07:30 | Edinburgh New Income | - |
| 19/3/2003 | 19:52 | Enic - Large buys or sells? | 3 |
| 21/3/2002 | 18:11 | Enic not yet tracking AU. | 21 |
| 07/12/2000 | 15:11 | Undervalued with the rise in AU. | 4 |
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Posted at 25/7/2024 11:44 by adrian j boris Eni negotiating sale of up to 25% stake in biofuel unit Enilive to KKREni is seeking a valuation of between €11.5bn ($12.46bn) and €12.5bn for Enilive, which focuses on biorefining and biomethane production. July 24, 2024 Eni has entered an exclusivity agreement with investment company KKR for the potential sale of a minority stake in its biofuel unit, Enilive. The deal, which could see KKR acquiring between a share of between 20% and 25%, is currently in the due diligence phase. This move aligns with Eni’s satellite model strategy to attract investment and drive growth of its new businesses. Eni is seeking a valuation of between €11.5bn and €12.5bn for Enilive. While the finalisation of the transaction is contingent upon definitive documentation, both Eni and KKR are actively negotiating the terms. Eni also indicated that the interest from financial investors might lead to a further sale of an additional 10% stake in Enilive. |
Posted at 20/7/2024 00:48 by la forge africabusinesscommun19-07-2024 Hits: 409 By Bob Koigi | Channel: tech Eni launches a new venture for the development of quantum computing Eni and ITQuanta have agreed to form a joint venture, Eniquantic1, with the aim of developing an integrated hardware and software quantum machine2 capable of solving complex problems (mathematical optimisation, modelling and simulation, artificial intelligence) and initiating specific and significant quantum computing applications to support the energy transition. In developing its technological roadmap, Eniquantic will benefit from the computational power of Eni's HPC (High Performance Computing) supercomputers both to explore possible integrations between quantum and classical architectures and to test the effectiveness of algorithms that simulate the principles of quantum computing on energy-related use cases directly relevant to Eni, such as: energy generation and storage, for improving the production efficiency of energy resources, in particular for renewable energy; simulation and modelling of the behaviour of matter using molecular dynamics and quantum mechanics techniques for the discovery of new high-performance materials to be applied to the development of new energy sources, such as magnetic confinement fusion; carrying out and processing advanced analyses of complex systems to improve and optimize operational activities across the entire value chain, such as the trading of energy and other commodities. The new venture Eniquantic will leverage Eni's operational and industrial excellence and the know-how of the start-up ITQuanta, which includes among its founders internationally recognised experts in atomic physics, information and quantum computation. With this project, Eni strengthens its leadership in high-performance computing for industrial use and asserts itself as a highly innovative company. The establishment of Eniquantic, the second venture launched as part of Eniverse's (Eni's corporate venture builder) initiatives, fits into the company's strategy aimed at enhancing in-house skills and technological solutions, whether proprietary or third-party, to create new high-potential entrepreneurial initiatives. www.eni.com |
Posted at 16/7/2024 23:12 by waldron Eni to Form Quantum Computing JV Focused on Energy Systemsby Jov Onsat |Rigzone Staff | Tuesday, July 16, 2024 | 1:30 PM EST Eni and ITQuanta agreed to form a JV to develop an integrated hardware and software quantum computing system that would improve how energy systems, from production to market trading, work. Eni SPA and startup ITQuanta have agreed to form a joint venture (JV) to develop an integrated hardware and software quantum computing system that would improve how energy systems, from production to market trading, work. The end product, a full-stack quantum computing machine, would be “capable of solving complex problems (mathematical optimization, modeling and simulation, artificial intelligence) and initiating specific and significant quantum computing applications to support the energy transition”, Eni said in a statement. The JV is called Eniquantic. “Full-stack quantum computing integrates all hardware, software, firmware, and cloud portal components, which were developed by applying quantum physics principle… The quantum computer uses the microscopic properties of matter to perform complex operations, exponentially increasing the computing power achievable by traditional computers today”, Eni said. “In developing its technological roadmap, Eniquantic will benefit from the computational power of Eni's HPC (High Performance Computing) supercomputers both to explore possible integrations between quantum and classical architectures and to test the effectiveness of algorithms that simulate the principles of quantum computing on energy-related use cases directly relevant to Eni”, the company said. In energy generation and storage, the quantum computing system would improve energy production efficiency, particularly renewable energy production, according to Italian government-controlle Eniquantic would also be involved in the “simulation and modeling of the behavior of matter using molecular dynamics and quantum mechanics techniques for the discovery of new high-performance materials to be applied to the development of new energy sources, such as magnetic confinement fusion”. The JV also aims to optimize operations across the entire energy value chain, including energy trading. Eni will initially own 94 percent of Eniquantic’s shares, the remaining six percent by ITQuanta. Prof. Massimo Inguscio of ITQuanta has been appointed chair of Eniquantic. Eni’s Dario Pagani has been named chief executive. Eniquantic is the second venture under Eniverse, a subsidiary of Eni tasked with building corporate ventures. Eniverse, launched August 2022, aims to scale up the adoption of technological solutions, which can be from its portfolio or outside parties. The first Eniverse venture was Enivibes, aimed at expanding the market reach of the proprietary Eni Vibroacoustic Pipeline Monitoring System (e-vpms). “The technology is designed and developed by Eni to perform real-time analysis and monitoring activities on new or existing pipelines, both for hydrocarbon and water transportation, through an innovative vibroacoustic wave system that detects external interference, such as break-in attempts or accidental pipeline impacts, and flow variations, maximizing the efficiency of transportation systems”, Eni said March 30, 2023, announcing the formation of Enivibes. “This innovative solution, thanks to the installation of high-sensitivity acquisition stations, enables rapid and localized interventions” “Enivibes represents an important step forward in achieving the ambitious goal of launching five new startups by 2025, by leveraging the portfolio of technologies, internal skills and assets of Eni and its innovation ecosystem”, Eni added. To contact the author, email jov.onsat@rigzone.co |
Posted at 09/7/2024 16:31 by grupo Eni Makes Another Discovery in Sureste Basin Offshore Mexicoby Jov Onsat | Rigzone Staff | Tuesday, July 09, 2024 | 9:40 AM EST Eni SPA announced Monday another discovery in its 50 percent owned Block 9 in the Sureste Basin offshore Mexico. “The preliminary estimates indicate a discovered potential of around 300-400 million barrels equivalents (Mboe) of oil and associated gas in place”, the Italian government-controlle The discovery well, Yopaat 1 EXP, was drilled in a water depth of 525 meters (1,722.4 feet) in mid-deepwater in the Cuenca Salina part of the basin. Yopaat 1 EXP, which sits about 63 kilometers (39.1 miles) off the coast, reached a total depth of 2,931 meters (9,616.1 feet). The rig encountered 200 meters (656.2 feet) of net pay of hydrocarbon-bearing sands in the Pliocene and Miocene sequences, Eni said. Eni’s co-venturer in Block 9 is Spain’s Repsol SA, which owns the remaining half. In the Sureste Basin, Eni had already found potential commercial wells in Blocks 7 and 10. “The overall estimate of resources in place currently exceeds 1.3 billion barrels of oil equivalent which allows Eni to advance with the studies towards a potential future ‘Hub’ development, including the discoveries and other prospects present in the area, in synergy with the infrastructures located nearby”, it said. Last year Eni announced the Yatzil 1 EXP discovery in Block 7. It pegged the well’s potential resources at 200 MMboe. Located 65 kilometers (40.4 miles) off the coast in mid-deepwater in Cuenca Salina, Yatzil 1 EXP was drilled in a water depth of 284 meters (931.8 feet). It reached a total depth of 2,441 meters (8,008.5 feet). Net pay sands stood over 40 meters (131.2 feet) long with “good quality” oil in the Upper Miocene sequences. “Yatzil-1 EXP is the second commitment well of Block 7 and the eight successful one drilled by Eni in the Sureste Basin”, the integrated energy company said in a press release March 17, 2023, noting Yatzil 1 EXP sits just 25–30 kilometers (15.5–18.6 miles) away from other discoveries. With the Block 9 discovery announced Monday, Eni has now encountered nine successful wells in Sureste. In Block 7, Eni holds a 45 percent interest. Scotland’s Capricorn Energy PLC owns 30 percent while Mexico’s Citla Energy SAPI de CV has the remaining 25 percent. In Block 10, Eni has found two successful wells. In 2021 it announced Sayulita 1 EXP as an oil find, putting the volume of potential resources, based on preliminary estimates, at 150–200 MMboe. The well sits around 70 kilometers (43.5 miles) off the coast in Cuenca Salina in a water depth of 325 meters (1,066.3 feet), just 15 kilometers (9.3 miles) away from the earlier Saasken oil discovery in the same block. The Sayulita well showed 55 meters (180.4 feet) of net pay of “good quality” oil in the Upper Miocene sequences after being drilled to a total depth of 1,758 meters (5,767.7 feet). “The successful result, that comes after the 2020 discovery well Saasken 1 EXP, confirms the value of the asset and opens the potential commercial outcome of Block 10 since several other prospects located nearby may be clustered in a synergic development”, Eni said in a news release August 2, 2021. The Saasken discovery, announced February 17, 2020, was estimated to hold a potential 200–300 barrels of oil. It sits 65 kilometers off the coast and was drilled in a water depth of 340 meters (1,115.5 feet). The discovery well yielded 80 meters (262.5 feet) of net pay of good-quality oil after reaching a total depth of 3,830 meters (12,565.6 feet). Eni owns a 65 percent stake in Block 10. Russia’s Lukoil PJSC holds 20 percent while Capricorn has the remaining 15 percent. Eni holds rights in five other exploration and production blocks in Sureste. Of the total eight blocks in the basin where Eni is a participant, seven are operated by the company, making Eni the “main foreign operator” in Mexico, according to the company. To contact the author, email jov.onsat@rigzone.co |
Posted at 22/5/2024 20:45 by misca2 Eni Is Studying 20% Stake Sale in Biorefining Unit EniliveAntonio Vanuzzo and Alberto Brambilla, Bloomberg News The company is working with advisers and values the whole business about €10 billion. (Bloomberg) -- Eni SpA is studying a sale of a 20% stake in its biorefining unit Enilive as it received expressions of interest from potential suitors, according to people familiar with the matter. The Italian energy company is now working with advisers and values the whole business about €10 billion ($10.8 billion), said the people, who asked not to be named as they aren’t authorized to discuss the matter publicly. Discussions over the size of the stake sale are at an early stage and the company is still assessing options for the unit, they said. A representative for Eni declined to comment. Read More: Eni CEO Confirms Plan to Sell Stake in Enilive or List Unit Eni has embarked on a reorganization to help fund a transition to gas and renewable energy. Chief Executive Officer Claudio Descalzi is pursuing a so-called “satellite model” for the company, which entails listing divisions or partnering with external investors to develop them. The new strategy started with the disposal of a minority stake in Eni’s green unit Plenitude to Energy Infrastructure Partners AG in 2023. The company is also targeting to split off its carbon capture unit and its biochemical subsidiary Novamont by 2027. Enilive comprises biorefining and biomethane assets as well as mobility solutions. It posted adjusted earnings before interest, taxes, depreciation, and amortization of €250 million in the first three months of 2024, up 27% compared to the same period last year. |
Posted at 21/5/2024 06:10 by grupo guitarlumber NEWSEni Gets $210MM Funding to Grow Biofuels Production in Kenya by Jov Onsat | Rigzone Staff | Monday, May 20, 2024 | 11:26 AM EST Eni secured $210 million in financing from the Italian government and the World Bank to grow its production of mainly oilseed-based biofuels in Kenya. Image by HPS-Digitalstudio via iStock Eni SPA has secured $210 million in financing from the Italian government and the World Bank to grow its production of mainly oilseed-based biofuels in Kenya. The International Finance Corp. (IFC), the World Bank’s private sector arm, is contributing $135 million while the Italian Climate Fund is chipping in $75 million, according to a joint press release by Eni and the two backers. The investments were announced at the Africa CEO Forum last week in Rwanda’s capital Kigali. The new support will help Italian government-controlle “The project will also work with farmers, providing inputs, mechanization, logistics, certification, and training to help them produce oilseeds, which are grown on degraded land not suitable for food production and/or grown in rotation with food crops, helping enhance soil fertility”, the news release stated. Eni chief executive Claudio Descalzi said in a statement, “By partnering with IFC and the Italian Climate Fund, Eni further enhances its agrifeed stock projects in Kenya, expanding its reach to up to 200,000 small-scale Kenyan farmers over the next five years, and strengthens the country’s integration in the biofuels value chain”. “This cooperation fits with Eni’s model to leverage public-private partnerships to support communities, generate long-term value, and create virtuous, lasting alliances with African countries”, Descalzi added. IFC managing director Makhtar Diop was quoted as saying, “This project marks the dawn of a new industry for Kenya, an industry where Kenya could become a world leader”. Eni noted world biofuel demand has climbed nearly six percent annually in the last five years driven by the transport sector. Using data from the International Energy Agency’s World Energy Outlook 2022 report, Eni said, “In a net zero by 2050 scenario, the use of biofuels in transportation is expected to more than double to 9 percent by 2030”. “While production of sustainable biofuels is currently more expensive than traditional fuels, costs are expected to fall as more capacity is built up and technology advances. This new investment will support these efforts”, Eni added. Eni, which claims to be the first company to convert traditional refineries into biorefineries through two projects in Italy, plans to expand its biorefining capacity from 1.65 million metric tons per annum (MMtpa) as of 2023 to over five MMtpa by 2030. Eni has pledged to go carbon dioxide-neutral by 2050, and the “development of biofuels is one of the Eni’s Just Transition drivers based on the circular economy”, as stated in Eni’s 2022 annual report on its net zero progress. Besides funding, IFC will provide advisory services for the development of the advanced biofuel value chain in the Eastern African country “including through the promotion of good agricultural practices and the professionalization of farmer aggregators”, Eni said. Eni plans to replicate its Kenyan biofuels campaign in other countries in Africa. It said it will work to obtain International Sustainability and Carbon Certification for all its biofuel feedstocks. To contact the author, email jov.onsat@rigzone.co |
Posted at 31/1/2024 19:16 by waldron ENERGYVOICEEni completes $4.9bn acquisition of Neptune Energy By Allister Thomas 31/01/2024, 5:11 pm Eni is growing its international portfolio with the deal, including the UK. Italian oil giant Eni (BIT: ENI) has completed its multibillion-dollar takeover of North Sea operator Neptune Energy. The firm’s $4.9bn acquisition plan was unveiled in June, following months of speculation as Neptune’s private equity owners make an exit. Eni has acquired the firm’s entire operation, save for Norway – which is going to Var Energi (itself part owned by Eni) through a separate deal – and the business in Germany, which has had its own carve-out. The Italian major has a limited operation in the UK meaning there is no expected impact on the workforce at Neptune, covering around 200 people between Aberdeen and London. However, the future of the top leadership team, reported to own 1% of the business and due for a whopping payday, led by executive chairman Sam Laidlaw, is unclear. Eni said in June that it was taking on a “world class portfolio” covering Western Europe, North Africa, Indonesia and Australia. In the UK, Eni is acquiring the Cygnus gas field, the flagship asset of Neptune Energy and one of the country’s most prolific gas fields. Other notable assets include the recent Seagull tie-back to BP’s ETAP hub. Prior to the deal, Neptune Energy was owned by China Investment Corporation, funds advised by Carlyle Group and CVC Capital Partners, and some management owners. CCS Eni is also gaining access to Neptune Energy’s recently-awarded carbon capture and storage (CCS) sites, having won a trio of awards during 2023’s licensing round. CCS is a burgeoning area of interest for the Milan-headquartered firm, which runs the HyNet development in North-west England. Eni itself won a licence award during last year’s CCS round for its Hewett gas field in the southern North Sea. The ENI SpA logo sits on the company’s headquarters office building seen through trees in Rome, Italy, Announcing the deal closure today, Eni pointed to assets it is acquiring internationally. “The acquisition is strategic in terms of increased gas production in North Africa, where Eni consolidates its position as the leading international energy company, and in Northern Europe, where the transaction opens up new CCS opportunities. “Eni regards CCS as a key lever in its decarbonization strategy and there are further possible synergies with the projects Neptune is pursuing in Norway and the Netherlands.” Norway Var Energi is acquiring stakes in 12 producing assets, three of which will be as operator. The deal adds 67,000 barrels of daily production, and 265m to its 2P reserves. Neptune Norway will operate as a fully-owned subsidiary of Var Energi and change its name to Var Energi Norge. CEO Nick Walker said: “Var Energi is one of the fastest growing E&P companies in the world and is on track to nearly double production by end-2025. The acquisition of Neptune Norway is an important step to this end. Neptune Norway’s complementary assets and highly skilled organisation are a perfect fit to Vår Energi. “We will work as one strong team, a company committed to delivering high value barrels from one of the most attractive oil and gas regions in the world with low cost and low emissions. The transaction is cash generative from day one supporting attractive and predictable dividends going forward.” |
Posted at 10/11/2023 00:02 by pj84 This super-cheap oil stock is the toast of the world’s top ‘value’ investorsWhen a stock suddenly becomes more popular with the best-performing fund managers in the world, it’s worth a closer look. This is what has happened to Eni, the Italian oil and gas giant, which has surged to a top AAA rating from Citywire Elite Companies, which rates stocks on the basis of their backing by the world’s top professional investors. Seven of these fund managers – each among the top-performing 3pc of the 10,000 equity fund managers tracked by the financial publisher Citywire – own shares in Eni, which has climbed from the lowest + rating to AAA status in the past month. What unites these investors, apart from their strong performance, is their style of “value” investing. Examine Eni in more detail and it’s clear why its shares are particularly appealing to them. Even in an oil and gas sector where low valuations are the norm, Eni stands out for the cheapness of its shares. Compared with eight of its largest oil and gas rivals, Eni’s shares trade on the lowest price-to-earnings ratio of 6.6 times expected profits over the next 12 months. Its forecast dividend yield of 6.2pc, based on the expected dividend and the current share price, is meanwhile the highest. By historic standards too, the shares’ valuation looks low. Valued according to forecast earnings, sales and free cash flows, the shares are trading towards the bottom of their 10-year range. But unlike many shares on rock-bottom valuations, Eni has been a very good investment over recent years. It is not a “falling knife”. In sterling terms, since hitting a lockdown low almost exactly three years ago, the shares have clocked up a 200pc total return. Better-than-expected third-quarter results at the end of last month are cause for further optimism, even as rivals such as BP have disappointed. Industry trends also look supportive. The American oil and gas “supermajors&r Eni’s acquisition record is less extravagant; the Italian government’s 30pc stake is a limiting factor. But a $4.9bn deal announced in June to buy Neptune Energy looks strategically sound. The takeover, which should complete early next year, will help Eni achieve a target of producing 60pc of output from gas by 2030. As gas produces fewer carbon emissions than oil, the European Commission has designated it a transition fuel, which will help underpin long-term demand. Increasing gas production will also mean that Eni’s liquified natural gas (LNG) business becomes less reliant on third-party supplies, the risk of which has been brought home by Russia’s invasion of Ukraine. Another opportunity for investors lies in potential divestments and in particular the mooted flotation of its green energy arm, Plenitude. Original plans for a listing were delayed last year as investors turned from hot to cold on renewable energy companies. Now Eni is considering selling a stake in the division before potentially floating it next year. If successful, this could prove particularly beneficial for shareholders. That’s because one explanation for Eni’s low valuation is investors’ preference for oil companies that stick to their fossil-fuel roots and hand back excess cash to shareholders via dividends and share buybacks rather than spending it on expensive renewable energy projects. Eni’s valuation of Plenitude suggests the bar is set low for the flotation to deliver value for shareholders. Outside investors could put a higher price on the business, which is working towards ambitious targets. Eni aims to increase renewable energy production from 2.2 gigawatts last year to 15 gigawatts by 2030 and 60 by 2050 and treble Plenitude’s earnings on the “Ebitda” (earnings before interest, tax, depreciation and amortisation) measure by €1.8bn by 2026. While Eni is increasing spending, raising a four-year investment plan from €28bn to €37bn this year, those commitments are unlikely to threaten returns to shareholders. Net debt remains comfortably inside the target range of 10pc to 20pc of net assets, while Eni is committed to annual dividend increases and will continue to buy back shares with spare cash. Buybacks reduced the share count by 6pc in the 12 months to the end of September. These cash returns should help support the shares, while Eni’s low valuation should mean it won’t take much to send them higher. |
Posted at 08/11/2023 15:25 by waldron Eni Nears $800 Million Sale of Renewables Unit Stake to EIPAlberto Brambilla and Tommaso Ebhardt, Bloomberg News (Bloomberg) -- Eni SpA is nearing an accord with Energy Infrastructure Partners AG to sell just under 10% of its Plenitude renewables unit for around €750 million ($800 million), according to people familiar with the matter. Plenitude is set to be valued at about €8 billion in the deal, which could be announced by the end of this month, said the people, asking not to be named discussing private information. Talks are in the final stages but a definitive decision has not yet been reached, they said. Italian oil and gas major Eni entered into talks with EIP, a Zurich-based fund, on a potential deal earlier this year, as it sought a partner for the unit in the run-up to a future stock market listing. Plenitude sells energy to households and businesses, produces renewable power, and runs electric-vehicle charging stations. It serves about 10 million retail clients across Europe, operating in 15 countries globally. Read More: Eni Boosts Full-Year Guidance as Profit Beats Estimates The sale of a stake could help Eni lock in the unit’s value while giving it more cash for investments, paving the way for an initial public offering as soon as next year. Eni Chief Executive Officer Claudio Descalzi acknowledged in late September that talks were ongoing with potential suitors for a stake in Plenitude. Representatives for Eni and EIP both declined to comment. Energy Crisis The plan to list Plenitude was postponed last year with Europe in the throes of an energy crisis, but Eni still aims to proceed with the listing on the Euronext Milan exchange when market conditions permit, likely in 2024, Descalzi has said. The current valuation for the unit is higher than the €6 billion to €7 billion the state-controlled energy firm considered setting for it in mid-2022, people familiar with the matter said at the time. Milan-based Plenitude, which is targeting around €900 million in Ebitda for this year, was set up to pool Eni’s energy retailing and renewables businesses. --With assistance from Tiago Ramos Alfaro and Paula Doenecke. |
Posted at 28/7/2023 10:19 by grupo guitarlumber ‘ResilientRChief executive Descalzi noted another “excellentR 28 July 2023 6:26 GMT Updated 28 July 2023 8:18 GMT By Davide Ghilotti in London Italian oil major Eni posted a sharp decline in its latest quarterly profits, which fell nearly 50% but topped analysts' expectations. Eni reported adjusted net profit of €1.94 billion ($2.14 billion), 49% down on the same time last year but above analysts' consensus of €1.64 billion. Eni eyes new IPO for ‘$11 billion’ renewable energy unit Plenitude Chief executive Claudio Descalzi spoke of a “less supportive environment” having characterised the business in the second quarter of the year, as lower oil and gas prices affected realised sales, and refining margins decreased. “This resilience is significant after having successfully captured upside in the previous stronger scenario,” said Descalzi. He highlighted an “excellentR Eni said the market continued to show “some degree of volatility and arbitrage opportunities” Meanwhile, E&P, the major’s single largest division, saw adjusted operating profits fall 58% in the period, to €2.07 billion. Supermajor capital distribution takes centre stage amid expectations for smaller second quarter profits The company confirmed its quarterly dividend increase to €0.94 per share from September, and maintained a share buyback programme of €2.2 billion that started in May. In line with its peers, the major had to contend with falling oil and gas prices in the quarter, after the highs reached in 2022 amid energy shortage concerns in Europe that followed disruption of Russian piped gas flows. Eni described a “highly robust” result despite a 30% decrease in crude oil prices, and a 60% decline in gas prices and refining margins in the period. Total hydrocarbons production in the quarter rose 2% to 1.61 million barrels of oil equivalent per day. Performance in E&P was affected by lower prices as well as the impact of the deconsolidation of Azule, the joint venture business which Eni set up with BP in Angola last year. Eni’s renewables business, Plenitude, recorded an 18% increase in adjusted operating profit in the quarter against year-ago levels, to €165 million. Ramp-up of renewable energy installed capacity and production volumes contributed to the increase. Algeria, Egypt, Indonesia, Norway: Neptune’s crown jewels changing hands with Eni takeover In June, the Italian major and its Norwegian subsidiary, Vaar Energi, set out to acquire UK independent oil and gas producer Neptune Energy in a $4.9 billion deal, which is expected to conclude at the beginning of next year. The takeover will bring Eni a widespread portfolio of gas-oriented operations in Western Europe, Indonesia, Australia and North Africa. Eni said the deal will allow Eni and Vaar to increase their total production plateau by over 100,000 boepd. Earlier this month, Eni closed the acquisition of Chevron’s development and production assets IDD offshore Indonesia, where the Italian company was already a minority partner in the project. Upstream is part of DN Media Group. |
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