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at CNBC.com (Jul 31, 2013)
at CNBC.com (Apr 24, 2013)
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at CNBC.com (Apr 21, 2013)
at MarketWatch.com (Apr 5, 2013)
at CNBC.com (Mar 7, 2013)
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at MarketWatch.com (Feb 15, 2013)
at CNBC.com (Feb 15, 2013)
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at CNBC.com (Dec 17, 2012)
E vs. ETF Alternatives
Friday, Dec 62013, 9:59 AM
Friday, Dec 62013, 9:59 AM| 1 Comment
- Eni (E) CEO Paolo Scaroni doesn't expect the temporary stoppage of output at the giant Kashagan oil field to run into 2015, even as the consortium that runs it carries out tests after natural gas leaks.
- A prolonged halt at Kashagan, which has been plagued by years of delays and cost overruns, could be a drag on the finances of the consortium behind the project, which includes Eni, Exxon Mobil (XOM), Total (TOT) and Royal Dutch Shell (RDS.A, RDS.B).
- Scaroni also says Italy could produce up to 20% of its oil needs, but blames Italy's environmental regulations; he says that adopting regulations like those in force in Norway or the U.K. would allow Italy to double its domestic oil production.
Wednesday, Dec 42013, 5:34 PM
Wednesday, Dec 42013, 5:34 PM| 7 Comments
- Operators of the giant Kashagan oil field in Kazakhstan are scrutinizing microscopic cracks in a steel pipeline as they race to understand the cause of dangerous gas leaks that have forced them to halt output indefinitely and could result in hefty repair costs.
- A prolonged stoppage could be a drag on the finances of consortium members, including Royal Dutch Shell (RDS.A, RDS.B) and Eni (E), and could jeopardize Kazakhstan hopes of using the expected Kashagan windfall - the field is projected to yield 1.5M boe/day when it reaches full capacity - to turn it into a major oil exporter.
- If an investigation of the leaks shows cracks are affecting all the welds because the wrong alloy was selected during construction, the consortium may need to replace the entire pipeline and perhaps other equipment.
Wednesday, Dec 42013, 10:57 AM
Wednesday, Dec 42013, 10:57 AM| 18 Comments
- Iran wants U.S. companies such as Chevron (CVX) and ConocoPhillips (COP) to develop its oil and gas fields, the country's oil minister says, perhaps signaling a readiness to court American business amid a thaw in relations with the West.
- Western companies are still banned by their governments from investing in Iran's oil and gas fields, and this is the first time Iran has named particular U.S. companies it might like to see enter the country.
- In addition to CVX and COP, the minister mentioned European giants BP, Royal Dutch Shell (RDS.A, RDS.B), Total (TOT), Statoil (STO) and Eni (E), and says he is talking to some of them but doesn't say which.
- Though sanctions forced Western companies out of Iran, many also complained of Iran's tough contracts which gave some production from a field but no stake in it.
Friday, Nov 292013, 8:49 AM
Friday, Nov 292013, 8:49 AM| 1 Comment
- Eni (E) is eyeing southeast Asia as the company's next growth area for oil and gas exploration, CEO Paolo Scaroni says; it has returned to Indonesia, it is finding resource discoveries in Pakistan and is buying up exploration blocs in Vietnam and Myanmar.
- The Italian company also plans to pump $28B into exploration and production activities in Africa in the next few years.
- Eni says its recently announced plan to sell its stake in a natural gas field in the far north of Russia to Gazprom (OGZPY) for ~$2.9B does not mean it is pulling out of the Russian Arctic.
- Also, Scaroni confirms reports that Eni may demand as much as $10B from Statoil (STO) in arbitration from a dispute over several years of long-term gas contracts.
Monday, Nov 252013, 4:31 AM
Monday, Nov 252013, 4:31 AM| Comment!
- A number of international companies could benefit from the easing of sanctions on Iran, including in the areas of cars, petrochemicals, aviation parts, gold, and insurance for oil cargoes.
- Peugeot Citroen and Renault are particularly pleased, while Bayer (BAYZF), synthetic rubber supplier Lanxess (LNXSF), France's Arkema (ARKAF), and Belgium's Solvay (SVYSF) could also benefit.
- However, because the EU's oil embargo will remain in place, major oil providers such as Total (TOT), Eni (E) and Statoil (STO) won't enjoy an immediate boon.
- American companies don't stand to profit either, due to a decades-old ban on trade between the U.S. and Iran.
Wednesday, Nov 202013, 11:25 AM
Wednesday, Nov 202013, 11:25 AM| 1 Comment
- ConocoPhillips (COP +0.6%) says it has started gas production from the Jasmine field in the U.K. North Sea, the largest discovery to come onstream in the North Sea since the giant Buzzard field began production in 2007.
- Jasmine has the gross capacity to produce 140K boe/day in 2014; COP expects net production of ~40K boe/day.
- COP is operator of the field and the largest shareholder with a 36.5% interest, while Eni (E) holds 33% and BG Group (BRGYY, BRGXF) has 30.5%.
Wednesday, Nov 202013, 10:10 AM
Wednesday, Nov 202013, 10:10 AM| Comment!
- Libya's Mellitah port has resumed oil exports for an Eni (E) joint venture after protests ended there, a rare piece of good news for the country's oil production, much of which has shut down following a string of protests since July.
- An official with the state-owned National Oil Co. says a tanker is expected to leave later today with 600K barrels from the terminal, which exports oil from Eni's El Feel field.
Wednesday, Nov 202013, 7:08 AM
Wednesday, Nov 202013, 7:08 AM| Comment!
- 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)
Monday, Nov 182013, 9:41 AM
Monday, Nov 182013, 9:41 AM| 9 Comments
- 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.
Thursday, Nov 142013, 2:22 PM
Thursday, Nov 142013, 2:22 PM| 1 Comment
- Credit Suisse initiates coverage on the major European oil companies, headed by an Outperform rating for France's Total (TOT), which the firm thinks is turning the corner; with more than 95% of projects underlying TOT’s 2017 target already in production or development, the trajectory of upstream volumes is turning positive.
- Shell’s (RDS.A, RDS.B) resource depth and breadth, technology leadership, ability to cover both organic capital spending and a growing dividend also earn it an Outperform rating; the firm also believes capital allocation concerns are overdone.
- Earnings only Neutral ratings are BP, on concerns that a recovery may take longer than market expectations, and Statoil (STO), which still has the highest share of declining shorter-cycle fields, which keeps capital intensity high.
- Eni (E) is rated Underperform, citing upstream exposure to higher-risk countries.
Wednesday, Nov 132013, 12:23 PM
Wednesday, Nov 132013, 12:23 PM| Comment!
- Eni (E) reportedly is looking to sell its stake in Russian natural gas producer SeverEnergia after Italian utility Enel finally completed the $1.8B sale of its own interest to Rosneft (RNFTF), despite resistance from other shareholders.
- Rosneft has acquired Enel’s 40% interest in the Arctic Russia joint venture with Eni that holds a 49% stake in SeverEnergia, giving it a 19.6% holding in the West Siberia-focused producer.
Friday, Nov 82013, 8:25 AM
Friday, Nov 82013, 8:25 AM| 4 Comments
- Eni (E) reportedly is demanding NOK60B ($10.1B) from Statoil (STO), claiming it overcharged for natural gas over several years.
- Eni said in August that it had started arbitration proceedings against STO to secure a significant price cut, but did not give any detail on its claim at the time.
- The dispute stems from a 1997 supply agreement that ties natural gas prices to oil.
Friday, Nov 82013, 8:11 AM
Friday, Nov 82013, 8:11 AM| 3 Comments
- Oil production at the giant Kashagan field in Kazakhstan, halted since mid-October because of a dangerous gas leak, won't resume before next year, WSJ reports.
- The prolonged stoppage is another setback for the NCOC consortium, which has invested ~$40B over more than a decade to develop one of the largest hydrocarbon discoveries of the last 30 years.
- Ramping up production to 370K bbl/day in 2015 and eventually to 1.5M bbl/day is crucial for some members of the consortium, such as Total (TOT), which is relying on Kashagan to help offset output declines in other parts of the world.
- In addition to TOT, the consortium includes Kazakhstan's KazMunaigas, Exxon Mobil (XOM), Royal Dutch Shell (RDS.A, [RDS.B]]) and Eni (E), which each hold a 16.81% interest; Japan's Inpex owns a 7.56% stake, and China National Petroleum (PTR) recently acquired an 8.33% tranche from ConocoPhillips.
Tuesday, Nov 52013, 8:27 AM
Tuesday, Nov 52013, 8:27 AM| 1 Comment
- Eni (E) and Quicksilver Resources (KWK) sign an agreement to jointly explore and develop shale oil acreage in west Texas.
- As part of the deal, Eni will pay $52M for a 50% in two KWK acreages in the Delaware Basin, where current daily production is almost 500K boe; Eni estimates output from the Delaware Basin will double within five years.
- Eni is a relatively small player in the U.S. shale gas and oil boom, and this deal will help it gain a bigger foothold.
Wednesday, Oct 302013, 7:51 AM
Wednesday, Oct 302013, 7:51 AM| Comment!
- Eni (E) reports a 62% gain in Q3 net income to €4B ($5.5B), mostly because of a one-time €3B gain from the sale of a stake in its Mozambique gas discoveries to China National Petroleum.
- Adjusted net profit, which excludes the changes in the value of oil inventories and special gains or losses, fell 29% to €1.17B from €1.66B a year earlier, beating the analyst consensus forecast of €1.01B.
- Overall production fell 3.8% for the quarter, averaging 1.65M bbl/day, and 3.1% for the first nine months of 2013; key causes are unrest in Libya, where Eni has the biggest exposure among international firms, and oil theft in Nigeria.
- CEO Paolo Scaroni dismisses problems as temporary and says Eni will proceed with a planned share buyback program of up to €6B “given the solidity of our business.”
Tuesday, Oct 292013, 3:36 PM
Tuesday, Oct 292013, 3:36 PM| 1 Comment
- Production from the $10B Angola LNG project will fall short of design capacity through 2014 after upstream problems including a July rig disaster forced it to bring forward new supplies from other blocks; it's now producing at ~20%.
- Angola LNG is operated by Chevron (CVX +0.2%) with a 36.4% stake, while state-owned Sonangol has 22.8%; other stakeholders include Total (TOT), BP and Eni (E).
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Sal Marvasti:: For a swing trade, not investment.
Ashraf Eassa:: Could've gone the other way. You can NEVER predict the results or how people will react to them.
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murcilp640:: i dont think were headed to the 1300's, this is a medium correction before the final rally up
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Ocean Man:: Don't need to drill, just stop flaring what comes up w/ oil. The amount currently flared is enough to power the 6 largest cities in America.