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Total and Eni have been awarded two new offshore oil and gas blocks each by Ivory Coast. This is an initiative by the world's top cocoa producer to develop its oil sector. "The government adopted a communication regarding talks on four contracts to share production with companies Total and ENI", said the company's government spokesman. Total will invest $90 million while Eni will invest $95 million during the exploration period.
Italian oil major, Eni has informed about discovering oil offshore Angola. Eni discovered hydrocarbons while drilling on the Ndungu-1 new field wildcat (NFW) well. The discovery is estimated to contain up to 250 million barrels of light oil. Eni operates Block 15/06 with an interest of 36.8421%, with partners Sonangol (36.8421%) and SSI Fifteen (26.3158%).
A lawsuit which was filed in 2016 by Nigeria, accused many companies of exporting a total of 57 million barrels of crude oil to the United States between 2011 and 2014. The names of the companies also included Eni and Petrobras. However, on Wednesday the Nigerian court ruled out all the claims of the involvement of the subsidiaries of Eni and Petrobras for illegally exporting crude oil to the US.
Senior executives at Shell and Eni are now facing additional corruption allegations over a Nigerian oil deal. In a London lawsuit hearing, Nigerian government asserted about the involvement of executives, including CEOs, into over $1 billion in bribery payments. The years-long dispute over exploration rights to OPL 245 has made it to courtrooms all across Europe. Nigeria has separately prosecuted JP Morgan Chase for transferring payments for the deal.
The acquisition of one of the biggest oil fields in the West African country in 2011 has now been surrounded by controversy. A court in Nigeria has ordered the arrest of two former ministers and others allegedly connected with the deal's illegal payments. Parties to the transaction, Shell and Eni are accused of settling the dispute over the oil field in an unlawful manner.
Eni SpA and PTT Exploration and Production Pcl have received rights for the exploration of oil and natural gas in Abu Dhabi. The energy majors have committed to invest at least $230 million to assess the offshore blocks. Once the production phase is reached, ADNOC will have the option to retain 60% of the fields. ADNOC’s CEO said “We are engaging with partners who actually put skin in the game”.
Italian oil major, Eni has reached an agreement with Caelus Natural Resources Alaska LLC to acquire 70% stakes in Alaska’s Oooguruk oil field. Eni already has 30% stakes in the field, and will now gain complete ownership and operatorship of the field. With the acquisition of Oooguruk, Eni’s production from Alaska will be boosted by approximately 7,000 bopd gross.
Eni has received an approval from Indonesia’s Minister of Energy for the Merakes development project. The project is in the Kutei Basin and will involve the drilling and construction of subsea wells. Eni’s Board of Directors have also given a go-ahead to investment plan for the Merakes project. The CEO commented that “the Merakes Development Project approval is an important step for our strategy in South East Asia”
Qatar Petroleum (QP) yesterday entered into an agreement with Italian energy multinational, ENI to acquire stakes in three oilfields, offshore Mexico. Briefing at a news conference in Doha, QP CEO Saad al-Kaabi informed about QP acquiring 35% stakes in in the Mexican oilfields. Production at these fields is projected to commence by mid-2019, which will be then ramped up to 90,000 bpd by 2021.
Nigerian government has accused energy super major Shell and Italy’s Eni for a 2011 oilfield deal. The government has filed a $1.1 billion lawsuit against the energy giants in a commercial court in London on Thursday. Shell and Eni’s former and current officials are also involved in the ongoing corruption trial in Milan where OPL 245 oilfield is a pressing matter.
Italian oil major, Eni reported oil discovery in the Afoxé exploration prospect, offshore Angola. The new discovery is projected to possess around 170 MMbbl to 200 MMbbl of light oil. The Afoxé-1 NFW well was drilled in a water depth of 780 metres, reaching a total depth of 1,723 metres. Intensive data collection from the well is indicating a production capacity of more than 5,000 bpd of oil.
Petroleum Ministry of Egypt has given approval to energy major BP and UAE’s Mubadala Investment Co., enabling them to buy stakes in the Nour gas field. Mubadala will buy 20% and BP will buy 25% of the Nour concession from Eni. After this, Eni will be holding only 40% of the concession. Remaining 15% will be held by Tharwa Petroleum Company of Egypt.
Indonesian Merakes project of Eni will start production of natural gas in 2021, informed country’s deputy energy minister. This offshore project is expected to produce 155 mmcfd of natural gas per day initially which might rise to 391 mmcfd. According to the latest revision, Eni and its partner Pertamina will take 67% of crude oil and 72% of natural gas production and the rest will go to the Indonesian government.
Eni has been awarded 25% stakes in a mega offshore gas project of ADNOC. CEO of Eni and UAE Minister of State and ADNOC’s Group CEO have signed a concession agreement for the same. Under this, Eni will be paying 25% of the development cost to enter the concession. This 40 year term project includes Hail, Ghasha, Dalma and other offshore fields which are located in the Emirate’s Al Dhafra region.
Oil majors Sonatrach, Total and Eni yesterday inked two agreements to pursue offshore exploration in Algeria. The agreements were signed at the Algeria Future Energy Summit in Algiers. Additionally, Eni and Total will look for obtaining exploration permits, which will enable rapid completion of the hydrocarbon potential assessment. Eni already has a presence in Algeria since 1981.
Italian energy multinational, Eni yesterday reported a sixfold jump in profit for the third quarter. The adjusted net profit for the firm climbed to 1.39 billion euros from 0.23 billion euros in the previous year. Eni performed well above analysts’ consensus forecast of 1.02 billion. The Italian oil major thereby signalled the possibility of a share buyback next year.
The CEO of energy major, BP informed that the company will start the exploration in Libya with Eni in the first quarter of next year. He said that the set of offshore rig takes time and that is why he is not sure if the activity will start this year. In October, Eni bought 85% of BP’s stake in Libya oil and gas license.
Eni Mexico has handed Japan’s MODEC a Letter of Intent for supplying, chartering and operating an FPSO vessel for its Area 1 project in Mexico. MODEC will carry out the engineering, procurement, construction, mobilization, installation and operation of the FPSO at the Area 1 project. First oil production by FPSO is scheduled in 2021.