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ENI S.p.A. (E)

  • Mon, Oct. 12, 2:57 PM
    • Eni (E -1%) and BP (BP -1.8%) say they have been awarded two new exploration licenses in the Mediterranean Sea off Egypt under this year’s acreage round.
    • BP will operate the North Ras El Esh block, where interest is split 50-50 between BP and Eni, while Eni will operate the North El Hammad block, with 37.5% interest along with BP's 37.5% and third partner Total's 25% stake.
    • Eni has been present in Egypt since 1954, and its current production there totals 190K boe/day.
    | Mon, Oct. 12, 2:57 PM | 5 Comments
  • Mon, Oct. 12, 11:25 AM
    • Western oil executives are warning Nigeria against major changes to commercial contracts that could lead to the government taking a bigger share of revenues from the country’s deepwater fields, FT reports.
    • The decision - which the government says will affect Royal Dutch Shell (RDS.A, RDS.B), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), Eni (NYSE:E) and others "in the weeks and months ahead” - has sparked concern among execs who say they know nothing of the details are have not been contacted.
    • Western companies would be almost certain to resist changes to the terms of existing agreements, many of which date back to the 1990s, while the development of eight planned deepwater projects due by 2020 that would contribute 1M bbl/day of output could be delayed or terminated as companies cut capital investment.
    | Mon, Oct. 12, 11:25 AM | 9 Comments
  • Wed, Oct. 7, 3:15 PM
    • Total (NYSE:TOT) CEO Patrick Pouyanne calls on the oil industry to be more proactive about finding solutions to reduce greenhouse gas emissions or risk being at the mercy of policy makers.
    • The comments come a week ahead of a conference next week in Paris to discuss climate change initiatives such as carbon pricing; Pouyanne will join CEOs of seven other energy companies, including Shell (RDS.A, RDS.B), BP, BG Group (OTCQX:BRGXF, OTCQX:BRGYY), Repsol (OTCQX:REPYF, OTCQX:REPYY), Eni (NYSE:E) and state-run firms from Saudi Arabia and Mexico.
    • Exxon (NYSE:XOM) CEO Rex Tillerson, who says innovation encouraged by free markets and competition is the best way to tackle climate change, will not be attending next week's confab.
    • Also not attending is Glencore (OTCPK:GLCNF, OTCPK:GLNCY) head of global coal assets Peter Freyberg, who points out the need for global policy that acknowledges the "global energy reality" that fossil fuels including coal will continue to be used and that "addresses the funding gap to facilitate the build of high-efficiency, low emission power stations."
    | Wed, Oct. 7, 3:15 PM | 72 Comments
  • Mon, Oct. 5, 5:34 PM
    | Mon, Oct. 5, 5:34 PM | 8 Comments
  • Mon, Oct. 5, 11:23 AM
    • Royal Dutch Shell (RDS.A, RDS.B) says it has started the third phase of its Bonga field off Nigeria's coast, as it pushes ahead with projects close to production.
    • Bonga phase 3 has a peak production capacity of ~50K boe, while the floating production and storage facility serving the third phase has a capacity of more than 200K bbl/day of oil and 150M cf/day of natural gas.
    • Shell operates and holds a 55% stake in Bonga, Exxon Mobil (NYSE:XOM) owns 20%, and units of Total (NYSE:TOT) and Eni (NYSE:E) each own 12.5%.
    | Mon, Oct. 5, 11:23 AM | Comment!
  • Wed, Sep. 30, 2:58 PM
    • Mexico awards three of five production-sharing contracts in the second round of its oil auction aimed at drawing private companies into its petroleum sector, earning a better reception than the first auction in July when only two of 14 blocks attracted bids.
    • Eni (E +1.5%) wins the contract for the Amoca, Mizton and Tecoalli fields while a consortium led by U.S.-based Fieldwood Energy secures the Ichalkil and Pokoch fields, and a team fronted by Argentina's Pan American Energy gets the Hokchi field.
    • Eni's three fields, containing light crude and gas, have certified proven reserves of 62.8M boe, and proven and probable reserves of 121.5M boe.
    | Wed, Sep. 30, 2:58 PM | Comment!
  • Mon, Sep. 28, 12:28 PM
    • Eni (E -2.4%) faces further delays in the development of its Goliat oil field in the Arctic and has yet to obtain permission from Norwegian authorities to start production.
    • Eni said last month it was only a few weeks away from producing its first barrels at Goliat - the first oilfield to be developed in the Arctic - but the field has been hit by several cost overruns and delays during construction.
    • The company maintains its belief that production will start later this year, rejecting a media report that output from the FPSO unit could be delayed until 2016.
    • When the field comes on stream, it would become the world's northernmost producing offshore oilfield, with output expected to peak at ~34M barrels of oil per year.
    | Mon, Sep. 28, 12:28 PM | 1 Comment
  • Wed, Sep. 16, 10:17 AM
    • Nigeria’s state oil company says it plans to renegotiate production sharing agreements with oil majors including Royal Dutch Shell (RDS.A, RDS.B), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM) and Eni (NYSE:E), as the country has been hit hard by the plunge in global oil prices.
    • "Some of the contracts were negotiated over 20 years ago and they have since been overtaken by new realities in the industry,’’ says Ibe Kachikwu, the new head of the Nigerian National Petroleum Corp.
    • Nigeria is Africa's top producer of crude oil and gets 70% of its government revenues from oil.
    | Wed, Sep. 16, 10:17 AM | 15 Comments
  • Mon, Sep. 14, 12:41 PM
    • Iraq's oil ministry warns foreign oil companies operating in the country such as Eni (NYSE:E), Lukoil (OTCPK:LUKOY, OTC:LUKOF), Royal Dutch Shell (RDS.A, RDS.B) and BP to submit conservative funding requests in 2016, given the effect of low crude prices and the fight against Islamic State.
    • Analysts have warned that budget problems could affect Iraq's ability to pay oil companies, potentially resulting in no new development of any of the country's oil fields in 2016 beyond essential maintenance.
    • For example, BP is the lead operator of southern Iraq's Rumaila field, where production was 1.3M bbl/day at the end of 2014; plans are in place for a further multibillion-dollar field development that would add 800K bbl/day by 2020, but that timing is now under threat.
    | Mon, Sep. 14, 12:41 PM | 15 Comments
  • Fri, Sep. 4, 3:34 PM
    • Eni (E -2.1%) is in touch with cash-rich state holding Cassa Depositi e Prestiti as it looks for ways to take the debt of its Saipem (OTCPK:SAPMY) unit off its balance sheet, Eni's chairwoman says.
    • One of the solutions reportedly under consideration if for CDP, already the key shareholder in Eni, to take a direct stake in Saipem.
    • "Our aim is to de-consolidate Saipem's debt... we're studying several options," Emma Marcegaglia says.
    | Fri, Sep. 4, 3:34 PM | Comment!
  • Thu, Sep. 3, 12:29 PM
    • Noble Energy (NBL +1.3%) says it remains committed to the development of Israel's offshore natural gas fields for export, after Eni's (E +0.3%) recent discovery of the largest gas field in the Mediterranean that Israeli officials fear could threaten its deal with developers that was based on expectations of substantial gas exports to Egypt.
    • The Eni discovery is seen as sparing Egypt Pres. Al Sisi the political liability of doing a major gas deal with Israel.
    • Production of the Israeli fields already had been delayed by disagreements about regulation, pricing and profit-sharing, and NBL urges the government to "follow through on [the] approved framework without further delay."
    • NBL CEO David Stover says the competition from Egypt could help spur Israeli regulators to approve the framework that would allow the company to move forward with an expansion of the Tamar gas field and the development of Leviathan, and says the region’s demand for natural gas, as well as demand from export markets in Europe and Asia, is substantial enough to support production from both gas fields.
    • Israel's Leviathan field, found in 2010, had been considered the largest in the Mediterranean until the discovery in Egypt, and the smaller Tamar field was found in 2009.
    | Thu, Sep. 3, 12:29 PM | 2 Comments
  • Mon, Aug. 31, 12:27 PM
    • Eni’s (E +2.6%) discovery of a “super giant” natural gas field off the Egyptian coast will help make the company’s cash flow position "much more robust" and "positively" affect its dividend, CEO Claudio Descalzi says.
    • Eni says the deepwater deposit in the Zohr Prospect in the Shorouk block may hold 30T cf of gas; the CEO hopes Eni can begin producing gas "in a couple of years,” the development will be “low cost” since it is located near facilities it has in the area, and the company is open to selling a stake in the field.
    • The huge find could help meet energy-starved Egypt's gas needs for decades and complicate Israel's plans to export gas to Egypt; companies including Noble Energy (NBL -2.3%) and Delek Group (OTCPK:DGRLY -9.6%), which are developing gas fields in Israel, have been pushing plans to export the fuel to Egypt, Jordan and the Palestinian territories.
    | Mon, Aug. 31, 12:27 PM | 10 Comments
  • Mon, Aug. 31, 1:44 AM
    • Italy's Eni (NYSE:E) has discovered a "supergiant" natural gas field off the coast of Egypt, describing it as the "largest ever" found in the Mediterranean Sea.
    • According to the well and geophysical data available, the field could hold a potential 30T cubic feet of lean gas over an area of about 40 square miles.
    • "The discovery, after its full development, will be able to ensure satisfying Egypt’s natural gas demand for decades," Eni said in a statement.
    | Mon, Aug. 31, 1:44 AM | Comment!
  • Wed, Aug. 12, 8:09 AM
    • Mozambique names deputy trade minister Omar Mitha as new chairman of the state oil company, months before decisions are due on projects that could make the country the world’s third-biggest liquefied natural gas exporter.
    • Anadarko Petroleum (NYSE:APC), which has said it targets a final decision on whether to develop a project in the country before year-end, estimates it has 100T cf of gas in its offshore concession.
    • Eni (NYSE:E) has the rights to a neighboring resource and is working with APC to develop the infrastructure needed for gas liquefaction.
    • Mitha is a native of Cabo Delgado, the province where the APC and Eni projects are located.
    | Wed, Aug. 12, 8:09 AM | Comment!
  • Thu, Aug. 6, 5:29 PM
    • Eni (NYSE:E) says CEO Claudio Descalzi held oil talks this week in Tehran, making him the most senior western executive to travel to Iran since last month's signing of the nuclear deal.
    • Eni says it made a "major step forward" on the repayment of debts accrued by the Iranian state oil company, an amount that reportedly totals ~800M.
    • Iran's oil ministry also says the company has been in contact about returning to the giant Darkhovin oil field, after being forced in 2009 to abandon a $1.5B project amid escalating sanctions.
    | Thu, Aug. 6, 5:29 PM | Comment!
  • Thu, Jul. 30, 9:31 AM
    • ENI (NYSE:E): Q2 EPS of -$0.09
    • Revenue of €22.2B (-19.0% Y/Y)
    • Press Release
    | Thu, Jul. 30, 9:31 AM | 1 Comment
Company Description
Eni SpA together with its subsidiaries offers integrated energy services. Its business segments include Exploration & Production, Gas & Power and Refining & Marketing.