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Tue, Jan. 26, 1:49 PM
- Oilfield services company Saipem (OTCPK:SAPMY) and energy group Ansaldo Energia (OTC:ASDOF) are among Italian companies that signed deals valued at ~€17B ($18.36B) during Iranian Pres. Rouhani’s visit to Europe, his first overseas trip since the European Union lifted sanctions on Iran.
- Eni (E +3.3%) - a majority owner of Saipem - also is among European companies expected to move quickly to resume business with Iran, which is eager to drum up foreign investment in sectors including energy after years of sanctions.
- Saipem entered an MoU with the Parsian Oil and Gas Development Co. to upgrade two refineries and a second one with the National Iranian Gas Co. on pipeline projects covering 1,800 km (1,100 miles); no financial terms were released.
- Italian steel firm Danieli (OTC:DNIFY) said during the visit it would sign deals valued at ~€5.7B, and French car maker Peugeot (OTCPK:PEUGF) is expected to complete an agreement to manufacture cars in Iran as part of a 50-50 JV with an Iranian automaker valued at more than €300M.
Tue, Jan. 19, 2:43 PM
- Anadarko Petroleum (APC -4.3%) says it achieved first oil at its Heidelberg field, the company's second of a pair of truss spar developments in the deepwater Gulf of Mexico.
- Lucius, the spar’s sister development, began production last January; the spars have design capacities of 80K bbl/day and 80M cf/day.
- APC operates Heidelberg and holds a 31.5% interest; partners include Freeport McMoRan (FCX -8.2%) and Eni (E -0.5%), each with a 12.5% stake; Statoil (STO -1.1%), with 12%, and Exxon Mobil (XOM -2.5%) and Cobalt Energy (CIE -10.4%), with 9.375% each.
Thu, Jan. 14, 3:26 PM
- Energy stocks are broadly higher as U.S. crude oil bounces off $30/bbl to end pit trading at $31.22, +2.6%; the SPDR Energy ETF (XLE +5.1%) soars 5%, with 36 of its 40 equity components trading higher, after closing yesterday at its lowest level since September 2010.
- Exxon Mobil (XOM +5.5%) and Chevron (CVX +5.9%) are the Dow's top two gainers; and pipeline companies sport strong showings with Kinder Morgan (KMI +8.2%), Plains All American Pipeline (PAA +11.7%) and Williams Cos. (WMB +27.4%) among the biggest winners.
- Among other major energy movers: ETE +22.6%, BP +7.6%, MRO +7.5%, OXY +7.1%, PBR +7%, COP +7%, RDS.A +6.7%, SE +6.1%, PSX +6.1%, ETP +6.1%, EPD +5.3%, APA +5%, E +4.6%, HES +4.1%, MPC +4.1%.
- Amid overwhelmingly negative sentiment, a few analysts are venturing out to say the worst may be over or nearly so: Deutsche Bank’s Torsten Slok thinks "we now have the worst behind us in terms of the negative impact of falling oil prices on the economy," and Gluskin Sheff’s David Rosenberg argues that the oil selloff is getting “long in the tooth.”
- ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
Mon, Jan. 11, 10:43 AM
- Eni (E +1.6%) says it has started production from the Mpungi Field in the West Hub development project offshore Angola, with plans to ramp up production to ~199K bbl/day of oil per day later this quarter.
- The start-up of Mpungi field follows the West Hub’s first oil from the Sangos field in November 2014 and the Cinguvu field in April 2015.
- The West Hub project encompasses the development of the Sangos, Cinguvu, Mpungi, Mpungi North, Ochigufu and Vandumbu fields.
Dec. 15, 2015, 11:33 AM
- Statoil (STO +2.7%) says its development of the Johan Castberg oil field will move ahead as planned despite the decision by Norway's oil ministry to give up seeking permission from European competition authorities to provide state support to the project.
- Norway had wanted to offer a package of incentives to STO and partner Eni (E +2%) to help set up an onshore processing oil terminal for the field, which is believed to contain up to 650M boe.
- Separately, STO awards contracts worth up to NOK24B ($2.77B) for the maintenance of its offshore and onshore oil and gas installations in Norway, saying it had designed a new compensation system to save more money on oil services.
Dec. 8, 2015, 3:36 PM
- "What is worrying me is not the price of today; it is what is happening in the industry,” Eni (E -2.8%) CEO Claudio Descalzi tells Bloomberg, worried that the global oil industry is set to repeat this year’s $200B of investment cuts in 2016 and "create in the mid term an imbalance between supply and demand."
- Consultants at Rystad Energy say spending has been cut by $250B this year from 2014, with another $70B reduction in store 2016 - a figure that may move higher following OPEC’s decision to set aside its production target.
- Descalzi also says a “right price” for Brent oil is $60/bbl, which fell below $40 today for the first time in almost seven years.
Dec. 7, 2015, 12:47 PM
- Anadarko Petroleum (APC -5.8%) plans to make a final decision in H2 next year on how it will develop the vast gas discoveries it has made offshore Mozambique, CEO Al Walker tells Financial Times.
- APC has discovered more than 75T cf of gas in the Rovuma Basin, while Eni (E -2.8%) has identified ~85T cf; combined, the resources have the potential to transform Mozambique into one of the world’s top producers of liquefied natural gas.
- "By the end of the 2020s, as we approach 2030, Mozambique probably will be second only to Qatar in terms of providing lowest-cost LNG in the world," the CEO says.
Nov. 23, 2015, 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.
Nov. 20, 2015, 5:38 PM
Oct. 12, 2015, 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.
Sep. 30, 2015, 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.
Sep. 28, 2015, 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.
Sep. 4, 2015, 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.
Aug. 31, 2015, 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.
Apr. 17, 2015, 5:36 PM
Apr. 15, 2015, 12:32 PM
- Anadarko Petroleum (APC +2.1%) says it may close sales accords in the coming months that would enable it to authorize a Mozambican project that has the potential to make the country one of the top three liquefied natural gas exporters.
- A final investment decision depends on converting a non-binding heads of agreement that the APC-led project has in place for 8M metric tons/year of gas with customers in Japan, China, Thailand and Singapore into a sales contract.
- APC’s Area 1 and Eni’s (NYSE:E) Area 4 in the Rovuma Basin off Mozambique’s north coast together hold technically recoverable reserves of 120T cf, according to industry consultant Wood Mackenzie.
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