fetching latest news
News tagged in:
Italy’s oil and gas major, Eni has discovered gas in the Egyptian Western Desert. The 17,000 ft well was drilled on the Faramid South in East Obayed concession whose capacity is 25 MMscfd. After drilling, numerous gas-bearing layers in Kathabta sandstones were encountered. Eni is making efforts to increase the gas production capacity of the company from the Western Desert basin.
Algerian state energy firm’s head informed that the country has signed an agreement with Spain and Italy’s Eni to provide gas. 9 bcm of gas per year will be supplied to Spain for a period of nine years and 3 bcm of gas per year will be supplied to Eni for an unspecified period of time. Talks between Sonatrach and Shell are in progress over the joint projects in Algeria.
Italian oil giant, Eni released its second-quarter earnings on Friday, reporting a massive 66% jump in the profits. Net profit climbed to 767 million euros, a little shy of the analyst’s estimate of 1 billion euros. The report reflected that the firm faced higher tax rates this year. With a 5% rise in output for the quarter, Eni is sticking with its estimated 4% production growth for the year.
Italian oil firm, Eni yesterday announced the discovery of second light oil in the Egyptian Western Desert. The well has, until now, delivered 5,130 barrels of oil per day of light oil with low associated gas. Eni is now planning to drill other exploratory prospects located nearby which might lead to a new productive area for the oil major in Egypt.
Mellitah Oil & Gas, which is a joint venture of oil majors Eni and NOC, has commenced production from the first well of the offshore Bahr Essalam Phase 2 project. Libya’s largest offshore producing gas field will have an increased production potential of 400 MMscfd, post-completion of Phase 2 of the project. Total field production from Bahr Essalam will reach to 1,100 MMscfd by October of this year.
Italian oil major, Eni commenced gas production from the Sankofa field in the Offshore Cape Three Points (OCTP) Integrated Oil and Gas Project in Ghana. The company said that the Sankofa field would supply 180 million SCFD, and will continue to do so for the next 15 years. The FPSO vessel “John Agyekum Kufuor” was deployed at the field, and production began from two fields connected to the vessel.
Chief Executive of Italian oil major, Eni said yesterday that the company will announce the binding commitments to achieve carbon neutral state, by the end of 2018. Eni’s announcement to achieve carbon neutrality will be the first by an oil major. Some of the other big players have specified goals to reduce or at least keep carbon emissions flat, in the light of increasing pressure from investors and shareholders.
Eni and HitecVision have entered into an agreement to merge Point Resources AS into Eni Norge AS, and rebranding the merged entity as Vår Energi AS. The newly formed company will own reserves and resources of more than 1,250 million barrels of oil equivalent (Mboe). Additionally, Var Energi is looking to invest more than USD 8 billion to bring projects on stream, rejuvenate older fields and explore for new resources.
Italian oil major, Eni has reported new oil discovery in the Kalimba exploration prospect, offshore Angola. The new discovery is projected to contain somewhere around 230 and 300 MMbbl. This discovery in the Southern part of Block 15/06 has opened the portal to new opportunities for oil exploration in the area, which was, until now, though to be mainly gas prone.
In a major stake acquisition deal, Eni has sold 100% of its interests in Croatia to the Croatian multinational, INA-INDUSTRIJA NAFTE, d.d. Eni Croatia b.v has an oil production of about 2,500 boed. INA and Eni are coming to an agreement for the supply of natural gas from Croatia to the Italian market. This deal marks the end of Eni’s upstream business in Croatia’s upstream segment.
With the approval from authorities on an exploration plan submitted by a consortium of France’s Total, Italy’s Eni and Russia’s Novatek, Lebanon has begun its search for oil and gas assets in Block 4 and 9. Lebanon is on the Levant Basin where the presence of many big sub-sea gas fields were discovered since 2009. Lebanon signed its first offshore oil and gas exploration and production agreements in February.
Eni has announced the start-up of the third production unit (T-2) of the Zohr project. It is increasing the installed capacity to 1.2 Bcfd. One of Eni’s seven record-breaking projects, Zohr project is now producing 1.1 Bcfd in ramp-up and is playing a fundamental role in supporting Egypt’s independence from LNG imports.
Eni, the Italian oil major has reported an oil discovery in the Faghur basin located in the Egyptian Western Desert. It will the first well drilled by Eni for exploring the deep geological sequences of the Faghur basin. The well has been opened to production and delivered 2,300 bpd of light oil (32° API) and 0.4 MMscfd of associated gas.
According to the daily National, Oman, the largest oil producer in the Middle East region, is looking forward to setting up deals with global oil giants like Shell, Total and Eni for hydrocarbon exploration in an attempt to raise production in the sultanate. The contracts would combine bilateral tie-ups, alongside awards offered last year in a licensing round.
Despite major new sanctions imposed against Russia by the United States earlier this month, Italian oil major Eni has no plans to pull out of its joint venture with Russia’s Rosneft. The CEO of Eni has said that working in cooperation with Roseneft is strategic for the energy security of Italy.
Eni Spa, the Italian oil major, is in talks to sell 20% to 35% of its stake in its giant oil discovery in Mexico to Qatar Petroleum International. Presently, the negotiation isn’t public. Since Mexico opened its oil industry to competition in 2013, this deal would be the first Mexico farm-out, a joint venture in which help in developing an oil area is exchanged for a stake.
China National Petroleum Corporation (CNPC) has entered into an agreement with ADNOC following which it has been awarded stakes in two of Abu Dhabi’s offshore concession areas-10% interest in the Umm Shaif and Nasr concession and a 10% interest in the Lower Zakum concession. ADNOC Group CEO believes that CNPC’s engagement would maximise the returns and strengthen the global energy markets’ confidence in ADNOC’s 2030 growth strategy.
Eni is Egypt’s main producer with production worth more than 250,000 boed. Reaching a production of 32 MMcmgd which is equivalent to around 215,000 boed from the Nooros gas field, Eni has strengthened its output. Nooros is presently Eni’s prime gas producing field and a successful example of the firm’s integrated model. This major feat has been possible due to the starting up of the NW-7 well.