Tue, Oct. 4, 3:17 PM
- BP (BP +0.3%) signs a 20-year deal with the Eni-operated (E -0.5%) Area 4 concession partners to purchase liquefied natural gas from the planned Coral South floating liquefied natural gas project offshore Mozambique.
- By guaranteeing a customer for the entire output of the big new field in the Indian Ocean, the BP contract clears the way for Eni to make its final investment decision on the multibillion-dollar project.
- The deal also could add impetus to Eni's efforts to sell a stake in its Mozambique assets, with ExxonMobil (XOM -1%) considered the most likely buyer.
- Eni holds a 50% stake in the Area 4 block involved in the contract, with the other half owned by China's CNPC (NYSE:PTR), Portugal's Galp Energia (OTC:GLPEF), South Korea's Kogas and Mozambique’s national oil company.
Mon, Sep. 12, 11:25 AM
- Qatar Petroleum is interested in Eni's (E -1%) Mozambique gas business, and could decide to join ExxonMobil (XOM +0.2%) in buying a multibillion-dollar stake, Reuters reports.
- Qatar Petroleum is in talks with XOM and Eni on some kind of involvement in Mozambique which could involve a joint investment with the U.S. company, although not a classic joint venture structure, according to the report.
- Reuters reported last month that XOM had reached a deal that could give it an operating stake in the onshore liquefied natural gas export plant while leaving Eni in control of the Area 4 gas fields feeding it; Area 4 is one of the biggest discoveries of recent years, holding ~85T cf of gas.
Oct. 28, 2015, 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.
Apr. 8, 2015, 3:48 AM
- European energy shares are having a party in early trading following confirmation of Shell's blockbuster deal to buy BG Group for $70B.
- Tullow Oil (OTCPK:TUWLF) soars 11.5%, BP (NYSE:BP) is +4.2%, Repsol (OTCQX:REPYY) +2.2%, Total (NYSE:TOT) +1.3% and Eni (NYSE:E) +1.5%. The STOXX Europe 600 Oil & Gas index is +5.4%.
- "The deal is done on a net asset value basis, and the good price tag is set to trigger some re-rating across the whole sector," says a Paris-based trader.
- ETFs: XLE, ERX, VDE, OIH, XOP, ERY, FCG, DIG, GASL, DUG, IYE, XES, IEO, IXC, IEZ, PXE, IPW, PXI, FENY, PXJ, PSCE, RYE, FXN, GNAT, DDG, FILL
Aug. 27, 2014, 6:11 AM
- Royal Dutch Shell (RDS.A, RDS.B) is leading a consortium to sell several Nigerian oilfields for approximately $5B, as foreign companies reduce their onshore oil presence in the country due to theft, sabotage and local disruptions.
- The four oilfields and a key pipeline are co-owned by Shell, France’s Total (NYSE:TOT) and Eni (NYSE:E) of Italy.
- A deal is expected in the next few weeks after which all potential buyers will require government approval.
Nov. 20, 2013, 7:08 AM
- Eni (E) has agreed to sell its 60% stake in Arctic Russia to to Yamal Development, a joint venture owned by Novatek (NOVKY) and GazpromNeft (OGZPY), for $2.94B.
- "With this sale, Eni monetizes its investment in Siberian upstream assets, which have...significantly matured," the company said.
- Arctic Russia owns 49% of Severenergia, which holds four licenses for the exploration and production of hydrocarbons in the region of Yamal Nenets in Siberia. (PR)
Nov. 18, 2013, 9:41 AM
- Seadrill (SDRL) reportedly is interested in buying Saipem's offshore drilling business in a deal that could cost as much as €3.9B.
- Such a deal could be positive for both Saipem (SAPMY, SAAYY) and parent Eni (E) by cutting their debt levels, analysts say.
- Proceeds from SDRL’s planned New York listing of its 74%-owned North Atlantic Drilling subsidiary could provide the funding for such an acquisition.
Mar. 14, 2013, 6:01 AM
Italy's ENI (E +1.9% in Milan) has agreed to sell a 28.6% stake in Eni East Africa to China National Petroleum Corp. for $4.21B. The deal will enable CNPC to indirectly acquire a 20% holding in the Area 4 natural gas field in Mozambique, after which Eni East Africa will retain a 50% stake in the field. (PR)| Mar. 14, 2013, 6:01 AM | 1 Comment
Nov. 9, 2012, 6:16 AM
Exxon Mobil (XOM) is in talks with BP (BP), Shell (RDS.A), Lukoil, CNPC and Eni (E) about selling its stake in the West Qurna-1 oilfield in southern Iraq, a senior government spokesman says. Exxon expects to complete a sale of the "super-giant oilfield" by the end of December. It's getting out so it can concentrate on exploration projects in Kurdistan, which is in a dispute with Baghdad over the region's energy resources.| Nov. 9, 2012, 6:16 AM
Jul. 1, 2012, 5:03 AM