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E vs. ETF Alternatives
Tuesday, Apr 1511:27 AM
Tuesday, Apr 1511:27 AM| Comment!
- Italian Prime Minister Matteo Renzi replaces Eni (E -0.4%) CEO Paolo Scaroni with respected industry veteran Claudio Descalzi, head of E&P at the company; a change at Eni was widely expected by PM Renzi's new government in its pledge for a fresh start for Italy's economy.
- Descalzi's background in the upstream business suggests his promotion is validation of Eni's current strategy, Heard on the Street's Helen Thomas writes; Eni has discovered 2.5x its production during 2008-13 vs. 0.3x for its peers, and its organic reserve replacement ratio has averaged 130% in the past three years.
- Under Descalzi, Eni made the largest discovery in its history - a huge gas field off the cost of Mozambique - and has made huge oil finds off the Republic of Congo, but the successes have been tempered by the problems in Kashagan, the huge oilfield in Kazakhstan that has been dogged by cost overruns and delays.
Friday, Apr 118:53 AM
Friday, Apr 118:53 AM| Comment!
- Total (TOT) believes the giant Kashagan oil field in Kazakhstan will not yield much output this year, even if it resumes production at all, after a gas leak forced the company and its partners to stop production last October.
- The companies are waiting for results of analyses and ultrasound probes on the leaking pipeline to identify the problem and find ways to fix it; the area is still under a layer of ice, adding to the difficulty of the probe and any potential fix.
- The partners - which also include Exxon (XOM), Shell (RDS.A, RDS.B) and Eni (E) - are eager to resume output to recoup some of their combined $50B investment.
Tuesday, Apr 89:44 AM
Tuesday, Apr 89:44 AM| Comment!
- Gazprom (OGZPY) wants to push ahead with plans to build a €16B ($22B) pipeline to send gas from Russia across the Black Sea and into Italy - bypassing Ukraine, through which ~50% of Europe-bound Russian gas flows - but in the wake of Russia's annexation of Crimea, the fate of the project is now in limbo.
- Absent from today's talks between Gazprom and EU bureaucrats were executives from Gazprom's partners - Italy's Eni (E), Electricité de France (ECIFF) and Germany's Wintershall.
- Despite the uncertainty, Gazprom, which holds a 50% stake in the project, is pressing ahead with construction, laying pipes in Russia, Bulgaria and Serbia in the hope that the pipeline will be operational by 2015.
Monday, Apr 75:57 PM
Monday, Apr 75:57 PM| 2 Comments
- Production at Kazakhstan's giant Kashagan oilfield may fail to restart this year if test results expected next month show cracks in the offshore part of its pipeline network, Kazakh Oil and Gas Minister Uzakbai Karabalin says in the latest warning of the status of the nearly $50B project.
- "Suspicions have emerged" that there may be microcracks in the offshore stretch of the pipeline, the minister says, but if cracks are found only onshore. then output probably could resume this year.
- Exxon (XOM), Shell (RDS.A, RDS.B), Total (TOT), Eni (E) and state oil company KazMunaiGas each hold 16.81% stakes in Kashagan.
Thursday, Apr 32:57 PM
Thursday, Apr 32:57 PM| 2 Comments
- Production at the giant Kashagan oil field in Kazakhstan is unlikely to restart this summer, as the companies involved in the consortium running the project are still awaiting a report on a gas leak that closed the field last October, WSJ reports.
- Resuming output is important, so the companies - which include Exxon (XOM), Shell (RDS.A, RDS.B), Total (TOT) and Eni (E) - can start generating revenue to recoup some of the $50B they have spent on Kashagan over the last 17 years.
- It may be even more critical for the Kazakh government, which had based its economic forecasts on revenue from Kashagan, where output was expected to ramp up to 370K bbl/day from 180K bbl/day initially.
Monday, Mar 315:15 PM
Monday, Mar 315:15 PM| 2 Comments
- Eni (E) CEO Paolo Scaroni is found guilty in an Italian court of a crime of "inadequate environmental standards" while he served as CEO at utility Enel and receives a three-year prison sentence.
- In Italy, defendants who are convicted typically avoid serving prison terms for sentences of three years and less, but the verdict casts further doubt on whether the new government will renominate Scaroni for his present job as head of Eni when his current term expires in May.
Monday, Mar 3111:59 AM
Monday, Mar 3111:59 AM| 13 Comments
- Four global energy majors, 10 man-made islands and nearly $50B have added up to zero barrels of current oil production, as WSJ profiles the landmark Kashagan "elephant” project gone awry.
- It’s a story of sky-high investment at a time of record-high oil prices that is generating very little in return, as well as the sort of uncapped spending that has characterized the push into new frontiers is now being reined in.
- The project - co-developed by Eni (E), Total (TOT), Exxon (XOM) and Shell (RDS.A, RDS.B) - has been plagued by budget blowouts, engineering missteps and management disputes, and miles of leaky pipeline make up what is arguably the world's most expensive plumbing problem.
- If the era of big spending is to continue - if the push into the Arctic or deep-offshore Brazil or uncharted territories like Mozambique and Myanmar is going to succeed - then the price of crude may have to move higher.
Friday, Mar 2812:27 PM
Friday, Mar 2812:27 PM| 1 Comment
- Royal Dutch Shell (RDS.A, RDS.B) has received a high bid of $2.85B from Nigerian firms Taleveras and Aiteo for the biggest of four Shell assets up for sale, but it is holding out while trying to encourage a team-up with an existing operator.
- Shell is said to be concerned about the risk of selling to two exporters of crude and importers of gasoline that have no previous experience in running producing oil assets.
- Shell is divesting its 30% stake in four Nigerian oil blocks, with Total (TOT) and Eni (E) also set to profit from their respective 10% and 5% stakes; Nigeria's state-owned oil company owns the remaining 55%.
- Glencore (GLCNF, GLNCY) has said it was interested in the assets, but sources say it has since backed away.
Friday, Mar 287:57 AM
Friday, Mar 287:57 AM| 1 Comment
- Eni (E) of Italy launches the sale of a 7% stake in Portuguese utility Galp Energia (GLPEF), pressing ahead with plans to offload non-core assets and raise cash.
- Based on Galp's closing share price Thursday, the stake is valued at €724M ($993M); following the sale, Eni will own ~9% of Galp.
- At one time, Eni held as much as one third of Galp's share capital and was seen as a candidate to buy more of its shares.
Thursday, Mar 2712:16 PM|Thursday, Mar 2712:16 PM| 1 Comment
Wednesday, Mar 268:55 AM
Wednesday, Mar 268:55 AM| 11 Comments
- Statoil (STO) says it and 50-50 partner ConocoPhillips (COP) have been awarded a deepwater exploration block in the Myanmar waters of Bay of Bengal as part of the country's 2013 offshore bid round; STO is the operator.
- Block AD-10 covers more than 9K sq. km, and is "a large and virtually unexplored area in a basin with a proven petroleum system and thick sedimentary deposits."
- BG Group (BRGYY, BRGXF) wins four blocks, two as operator; others winners include Shell (RDS.A, RDS.B), Chevron (CVX), Eni (E) and Total (TOT).
Wednesday, Mar 1210:58 AM
Wednesday, Mar 1210:58 AM| Comment!
- Norway's sovereign wealth fund is examining the operations of oil firm Total (TOT) in Western Sahara to determine whether its activities there are unethical.
- The $850B fund, which invests Norway's revenues from oil and gas for future generations, invests only in companies it considers ethical, and has blacklisted 63 firms; it is one of the world's largest investors, with holdings in 8,200 companies, including a 2.06% stake in TOT worth ~$3B, which makes it the company's fourth-biggest investor.
- The fund also has been recommended by its ethics council to put Royal Dutch Shell (RDS.A, RDS.B) and Eni (E) on review for possible investment for up to four years over oil spills in Nigeria.
Tuesday, Mar 113:34 AM
Tuesday, Mar 113:34 AM| 1 Comment
- Major oil companies are facing a legal limbo over Black Sea energy prospects because of Crimea's decision to hold a referendum over whether to secede from Ukraine and join Russia.
- A consortium that includes Exxon (XOM) and Shell (RDS.A, RDS.B) planned to invest $735M on drilling two wells off Crimea, while Eni (E) has a license to explore in the region.
Monday, Mar 1011:59 AM
Monday, Mar 1011:59 AM| Comment!
- Iranian officials say foreign oil companies hoping to invest in Iran as sanctions are relaxed won't be able to count Iranian reserves among their assets under the draft terms of new contracts; the ability to book reserves has been a key demand from Western companies looking to enter Iran.
- But overseas oil companies may be allowed to wholly own Iranian oil services companies as part of the country's privatization program, and Iran could sweeten some of its investment terms to attract to Western investors to its oil sector.
- Iranian oil officials are said to have discussed potential joint ventures with Total (TOT), Eni (E), Statoil (STO), Gazprom (OGZPY) and Lukoil (LUKOY); Iran would like to enter TOT's Iraqi Kurdish acreage or its Asian liquefied natural gas terminals, or partner with Lukoil and Gazprom in China or Africa.
Friday, Mar 78:41 AM
Friday, Mar 78:41 AM| 6 Comments
- Kazakhstan's government is suing foreign oil companies developing its huge Kashagan oilfield in the Caspian Sea, a tactic used earlier in securing the government large stakes in two of the three multinational energy projects on its territory.
- The development consortium, led by Exxon (XOM), Shell (RDS.A, RDS.B), Total (TOT) and Eni (E) as well as Kazakh state oil firm KazMunaiGas, may face Kazakhstan seizing a bigger stake in Kashagan or refusing to reimburse part of the $50B spent on bringing it onstream.
- Repeated delays at Kashagan have infuriated the government; production finally began in September after 13 years but was stopped a few weeks later after gas was found to be leaking from its pipelines.
- The government says its checks show the volume of gas burned off after the discovery of the leak totaled 2.8M cubic meters, and thus is claiming $737M against the consortium.
Friday, Mar 78:27 AM
Friday, Mar 78:27 AM| Comment!
- Australia's Tap Oil is seeking to sell more assets, and has sent out information documents on several stakes in oil and gas fields off the country’s northern coast.
- Among assets up for sale is Tap’s 10% stake in the Apache-operated (APA) Taunton oil field in Western Australia, which is currently being assessed for development after oil flowed from a test well at rates of 2,800 bbl/day.
- Also up for sale is Tap’s 12% stake in the Prometheus and Rubicon gas discoveries in offshore northwestern Australia, which are operated by Eni (E) and may contain 335B cf of natural gas.