fetching latest news
News tagged in:
BP has informed about first gas from Baltim field two months ahead of schedule. The firm has achieved an initial production rate of around 100 mmscfd. The production rate is expected to increase and reach 500 mmscfd before mid-2020. The production will be divided amongst BP, Eni (contractor), and the Egyptian General Petroleum Corporation. BSW was discovered in May 2016 and is said to have the potential of 610 BCF.
Indonesian Deputy Energy Minister yesterday informed about awarding the West Ganal oil and gas exploration block to a consortium led by Eni. The consortium, which also consists of Pertamina and Neptune Energy, has fixed a commitment of $159.3 million investment for the next three years. The Indonesian government received a signature bonus of $30.1 million through the deal.
Oil Ministry of Iraq is in conversation with energy giant ExxonMobil. Both the parties are discussing over a deal to enhance Iraq's southern oil infrastructure. Iraq has also made it clear that its deal with BP and Eni was for the construction of two seabed oil pipelines for its southern exports through the Gulf. And also, it was not a part of the $53 billion 30-year southern mega-project.
As announced in January, ADNOC and Eni have now closed their strategic partnership. After this, Eni acquired a 20% interest in ADNOC refining. OMV is also a partner of this new venture. Eni and OMV will help ADNOC to manage its international product flows and streamline its systems. "With this transaction, Eni enters the UAE downstream sector and increases its global refining capacity by 35 per cent", said Eni.
Norway's Eni (70%) and its partner Vitol (30%) has been awarded rights to Block WB03. The block is located in the prolific Tano basin, offshore Ghana. Apart from Vitol, the joint venture will have the Ghana National Petroleum Corporation (GNPC) and a local registered Company. Eni will be the operator of the license. This license will help Eni strengthen its presence in the country.
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.