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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.
Italy’s oil and gas contractor, Saipem released its third quarter earnings reporting significant losses. The firm is working at a pre-tax loss of £136 million, a loss of £50 million on the same period in 2017. This year, the firm went through a loss of £315m. CEO of Saipem commented “In what is still a complex context, the first nine months of 2018 Saipem revealed a good operational and managerial performance, in particular in Offshore Engineering & Construction and Drilling.”
Eni has been given a notice by The Health and Safety Executive because many “defective” valves were found on the UK arm of Eni operated platforms. According to HSE, 20 out of 33 safety critical isolation valves were “seized open” on the DA and DD platforms of the Douglas Complex of the company. HSE has also said that the Italian oil firm was aware about the “degraded situation” since 2014.
The liquefied natural gas (LNG)-powered truck will undergo test runs to understand its safety and economic feasibility, informed the state-run Korea Gas Corp. (KOGAS) on Friday. This truck has been developed in cooperation with KOGAS and Daewoo Tata Commercial Vehicle Company, nation’s second-largest truck manufacturer. This 400 horsepower LNG powered-truck will have an engine by Italy’s Fiat Powertrain Technologies and it will be built on Tata Daewoo frame.
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 firm, Saipem in an announcement said that it has received more than £600 million worth of contract for projects across Saudi Arabia, Serbia, Mexico, Iraq, and Nigeria. Further, the company also declared contract awards from ExxonMobil and Petróleos Mexicanos for various projects and it will also be leading a JV with Chiyoda and Daewoo, a FEED contract awarded by Nigeria LNG Limited.
A new polymer plant has been constructed under SOCAR Polymer project in Sumgayit Chemical Industrial Park. This project strengthens the industrial potential of Azerbaijan, commented the Italian President while talking about the significance of the project during the inauguration of the same. Talking about the relations of Italy and Azerbaijan, he thanked SOCAR and Maire Tecnimont for the success of the project.
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.
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.
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.
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.
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.
ADNOC has entered into a 40 year liaison with the Italian oil syndicate Eni. This marks the entry of an Italian energy establishment in Abu Dhabi’s oil and gas sector with a 10% stake in the Umm Shaif and Nasr offshore oil and 5% holding in Lower Zakum. ADNOC CEO believes that this partnership shall enhance their growth prospects and upgrade integration across the upstream sector.