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ENI S.p.A. (E)

  • Tue, Nov. 24, 6:45 PM
    • The massive Zohr gas discovery found offshore Egypt earlier this year by Eni (NYSE:E) has been seen as a major competitor to Israel’s Leviathan field discovered by Noble Energy (NYSE:NBL) in 2010, but a new report research firm GlobalData says it actually could provide the catalyst needed to ignite broader development of the entire eastern Mediterranean.
    • But Eni may be able to move faster than NBL and spend less to develop its project because it has the backing of top Egyptian leaders including Pres. Al-Sisi, according to GlobalData.
    • The report expects Zohr, which could hold as much as 22T cf of natural gas, could cost ~$7.7B to develop, similar to Eni’s estimates of $7B-$10B, while Leviathan, estimated to contain about half as much gas at 12.5T cf, likely will cost ~$8.9B to bring online.
    | Tue, Nov. 24, 6:45 PM | 3 Comments
  • Mon, Nov. 23, 10:59 AM
    • Eni (E +1.6%) soon will start production in a field in the Barents Sea almost 300 miles north of the Arctic Circle, the northernmost offshore oil platform in the world, where output should eventually reach 100K bbl/day, WSJ reports.
    • The huge cost of pushing ahead with such projects, amid the sharp fall in crude oil prices over the past 12 months, has prompted companies to ditch Arctic drilling plans, but for Eni, the $6B Goliat project was too far advanced to be called off.
    • Eni CEO Claudio Descalzi says the Barents Sea is "a completely different kind of Arctic than northern Alaska” because the former is free of ice and is near a populated area where oil companies have been exploring for two decades.
    | Mon, Nov. 23, 10:59 AM | 1 Comment
  • Fri, Nov. 20, 5:38 PM
    • Top gainers, as of 5.25 p.m.: NVCR +18.0%. CLLS +4.3%. E +3.3%. KBIO +2.2%. CS +2.2%.
    • Top losers, as of 5.25p.m.: NYMT -1.7%.
    | Fri, Nov. 20, 5:38 PM | 1 Comment
  • Fri, Nov. 20, 7:45 AM
    • Eni (NYSE:E) agrees to sell its remaining 4% stake in Galp Energia (OTC:GLPEF) for €325M ($348M), disposing of 33.1M shares of Portugal’s biggest oil company at €9.81 each to institutional investors.
    • The move is the Italian energy company's latest disposal of assets that are not part of its main business; last month it sold a 12.5% stake in Saipem.
    • Eni started selling down its 33.3% stake in Galp in 2012 and has raised a total of €3.28B from the disposal.
    | Fri, Nov. 20, 7:45 AM | 1 Comment
  • Mon, Nov. 16, 11:58 AM
    • Noble Energy (NBL +1.1%) agrees to sell its 47% stake in two undeveloped gas fields in the eastern Mediterranean to Israeli partner Delek Group (OTCPK:DGRLY) for $67M to satisfy concerns that NBL held too much control over Israel’s natural gas resources.
    • The deal allows Delek to have exclusive control to sell the full rights to a separate buyer within 14 months as part of an arrangement with Israel's government to open the country’s reserves to additional developers.
    • Hess (HES -0.1%), EOG Resources (EOG +0.4%) and Eni's (E +0.4%) are considered potential buyers, Globes reports; the two fields - the Karish and Tanin fields contain a total of ~3T cf of gas.
    | Mon, Nov. 16, 11:58 AM | 2 Comments
  • Wed, Nov. 11, 8:31 AM
    • Occidental Petroleum (NYSE:OXY) will sell its stake in the 4B-barrel Zubair oil field to Iraq's state-run South Oil Company, Iraqi oil officials say.
    • OXY owns a 29.69% stake in the field in southern Iraq, Eni (NYSE:E) operates the field and holds 41.56%, South Korea's KOGAS has 23.75% and another state-run Iraq company owns 5%; the group signed a 20-year deal with Iraq in 2010 to develop the field.
    | Wed, Nov. 11, 8:31 AM | 6 Comments
  • Tue, Nov. 10, 11:38 AM
    • Israel's energy minister says the country is encouraging global oil companies to further explore its offshore waters for natural gas, adding that he has met senior execs of more than 20 energy companies, including Eni (NYSE:E), Royal Dutch Shell (RDS.A, RDS.B), Exxon Mobil (NYSE:XOM) and Hess (NYSE:HES) to gauge interest.
    • Yuval Steinitz estimates 350T-530T cf of gas, or at least 60B boe, in the whole of the eastern Mediterranean basin, which includes Israeli, Egyptian and Cypriot waters.
    • Steinitz also says a framework agreement on two gas fields would be signed off by the prime minister this year and that exploration for more fields could begin thereafter; Noble Energy (NYSE:NBL) and Delek (OTCPK:DGRLY) had been negotiating long-term contracts to sell gas from the fields to companies in Egypt, but the deals were delayed by bureaucratic hurdles in Israel.
    | Tue, Nov. 10, 11:38 AM | 7 Comments
  • Thu, Nov. 5, 2:59 PM
    • Eni (E -1.1%) is the latest energy producer to announce a discovery off the coast of the Congo, saying it found natural gas and crude oil condensate at a pre-salt exploration well in the Nkala Marine basin.
    • Eni estimates the size of the discovery at 250M-350M boe, and says the entire Marine basin may hold up to 5.8B boe.
    • Chevron said earlier this week it started oil and gas production from the offshore Lianzi field straddling the borders of Congo and Angola, and Eni has revealed discoveries totaling ~4B barrels of oil in basins off the Congolese and Gabonese coasts since it started work there more than four years ago.
    | Thu, Nov. 5, 2:59 PM | 1 Comment
  • Thu, Oct. 29, 9:29 AM
    • ENI (NYSE:E): Q3 Adjusted EPS of -$0.16
    • Revenue of €18.81B (-29.3% Y/Y)
    • Press Release
    | Thu, Oct. 29, 9:29 AM | 1 Comment
  • Wed, Oct. 28, 6:26 PM
    • Mozambique’s government awards six licenses to search for oil and gas, including three licenses for offshore blocks to Exxon Mobil (NYSE:XOM) in partnership with Rosneft (OTC:RNFTF), and one to a consortium led by Eni (NYSE:E) that includes Sasol (NYSE:SSL) and Statoil (NYSE:STO), Bloomberg reports.
    • The government says the proposed exploration programs have the potential for investments of up to $700M, with the opening of a minimum of 10 wells.
    • Mozambique hopes to attract investments to exploit huge gas finds in the offshore northern Rovuma basin that could help turn the country into the world’s third-biggest liquefied natural gas exporter in a decade.
    | Wed, Oct. 28, 6:26 PM | 1 Comment
  • Wed, Oct. 28, 8:41 AM
    • Eni (NYSE:E) agrees to sell a 12.5% stake in Saipem (OTCPK:SAPMY, OTCPK:SAPMF) to Fondo Strategico Italiano as part of a larger deal that will allow it to reduce its net debt by ~€5.1B and focus on exploration and production.
    • Eni will collect ~€6.5B ($7.2B) from the deal - €6.1B from the repayment of Saipem’s debt and €400M for the value of the stake.
    • Saipem’s borrowings have weighed heavily on Eni, its largest shareholder, amid a slump in crude prices; Eni will continue to hold ~30% of Saipem after the close of the deal.
    | Wed, Oct. 28, 8:41 AM | Comment!
  • Tue, Oct. 27, 10:55 AM
    • Kazakhstan’s government is considering levying a penalty on a venture led by BG Group (OTCQX:BRGXF, OTCQX:BRGYY) and Eni (NYSE:E) that operates the country’s second-biggest producing oil and gas field, Bloomberg reports.
    • The fine on the Karachaganak project could be as much as $2B, which would be roughly in line with penalties the government threatened to impose in a 2010 dispute that ended with the state taking a 10% stake in the project.
    • Kazakhstan depends on energy products for ~75% of its exports and needs more funds to balance its budget after the collapse in crude oil reduced state revenue and weakened the currency.
    • BG and Eni each own 29.25% of the project, and Chevron (NYSE:CVX) has 18%.
    | Tue, Oct. 27, 10:55 AM | 10 Comments
  • Wed, Oct. 21, 4:48 PM
    • BP says it was awarded three new offshore exploration blocks in Egypt, and that it and its partners have committed to invest $229M in the blocks.
    • BP will have 100% equity and operate the North El Tabya block, located in deep waters north of its recent Salamat and Atoll discoveries.
    • The North Ras El Esh Block will be operated by BP with 50% equity, with the remaining stake held by a subsidiary of Eni (NYSE:E).
    • The third block, North El Hammad, which will be operated by the Eni subsidiary, which will hold 37.5% equity, as will BP, while Total (NYSE:TOT) will own 25%.
    | Wed, Oct. 21, 4:48 PM | 5 Comments
  • Tue, Oct. 20, 12:49 PM
    • Eni (E -0.5%) is exploring the sale of its Versalis chemical division for as much as €1B (~$1.1B), Bloomberg reports.
    • Versalis is Italy’s largest chemical company by sales, producing polymers used in industries from food packaging to car parts and toy manufacturing.
    • A sale would fit with Eni’s current focus on oil and gas exploration, alongside a restructuring program to cut costs and upgrade the portfolio in areas such as refining and chemicals.
    | Tue, Oct. 20, 12:49 PM | 1 Comment
  • Tue, Oct. 20, 8:33 AM
    • Eni (NYSE:E) says it will look to fast-track development of its recent giant Zohr gas discovery offshore Egypt in an attempt to get the field onstream as soon as possible.
    • The announcement was made as Eni CEO Claudio Descalzi met with Egypt Pres. Al-Sisi in Cairo Sunday to discuss the company's plans for the area, including the possibility of Egypt becoming a hub for the transit of natural gas in the eastern Mediterranean.
    • Eni has said it would take an investment of ~$10B to build the infrastructure necessary to exploit Zohr - which could hold reserves of as much as 30T cf of natural gas - to its full potential.
    | Tue, Oct. 20, 8:33 AM | Comment!
  • Fri, Oct. 16, 10:38 AM
    • Executives of 10 of the world's largest oil and gas companies declare their support for a climate agreement to be reached at an upcoming UN summit in Paris, but are unable to agree on a common position for carbon pricing.
    • Producers including BP, Total (NYSE:TOT) and state-run Saudi Arabian and Mexican companies agree to support policies consistent with the goal of keeping the increase in average global temperatures to within 2 degrees Celsius (3.6 degrees Fahrenheit).
    • The group also included BG Group (OTCQX:BRGXF, OTCQX:BRGYY), Eni (NYSE:E), Reliance Industries, Repsol (OTCQX:REPYF, OTCQX:REPYY), Royal Dutch Shell (RDS.A, RDS.B) and Statoil (NYSE:STO).
    | Fri, Oct. 16, 10:38 AM | 8 Comments
Company Description
Eni SpA together with its subsidiaries offers integrated energy services. Its business segments include Exploration & Production, Gas & Power and Refining & Marketing.