(Oil Price) – The European Union needs to suspend its planned ban on imports of Russian LNG, currently slated to take place on January 1, 2027, as the Middle East war has roiled energy markets, according to Claudio Descalzi, the chief executive of Italy’s oil and gas major Eni. “I think that it is necessary to suspend the ban that
(World Oil) – The discoveries were made at the Bahr Essalam South 2 (BESS-2) and Bahr Essalam South 3 (BESS-3) structures, located about 85 km offshore in roughly 650 ft of water and approximately 16 km south of the Bahr Essalam gas field. The wells—B2-16/4 and C1-16/4—encountered gas-bearing intervals within the Metlaoui Formation, the main producing reservoir in the area. According
(World Oil) – Eni has announced a significant gas and condensate discovery offshore Côte d’Ivoire with the Murene South-1X exploration well in Block CI-501, confirming the potential of the Calao channel complex. The discovery, named Calao South, is estimated to contain up to 5 Tcf of gas and 450 MMbbl of condensate, making it the country’s second-largest discovery after the Baleine field. The well encountered
(BOE Report) – European energy companies Eni and Repsol are struggling to recover recover about $6 billion in gas payments from Venezuela and are facing indifference from U.S. officials about the debt, the Financial Times reported on Tuesday. Eni, Repsol, and the U.S. Treasury did not immediately respond to Reuters’ request for a comment. Reuters could not immediately verify the report. Italy’s
(Oil Price)– China has formalized a barter-style framework with Iran in which crude oil is exchanged for infrastructure projects (from rail lines and ports to industrial works) rather than cash. The volumes involved are substantial: Beijing already imports an estimated 1.4 to 1.6 million barrels per day of Iranian crude, much of it under disguised labels. The new structure secures
(Oil Price) – Eni has completed the sale of 30% in the giant operational Baleine oil and gas project offshore Cote d’Ivoire to the world’s biggest independent oil trader, Vitol, the Italian energy major said on Thursday. The Baleine project is Cote d’Ivoire’s main offshore development and after the transaction is now owned by Eni with a 47.25% stake, Vitol with 30%, and
(Oil Price) – U.S. Commonwealth Fusion Systems (CFS), which is developing fusion energy, has signed a more than $1-billion power purchase agreement with Italy’s energy major Eni as the two companies continue to partner to bring fusion power to commercial use. Nuclear fusion has long been considered the answer to zero-emission by-product-free energy generation. However, no one has cracked the nuclear fusion code
(World Oil) – Eni has reached financial close with the UK Government’s Department of Energy Security and Net Zero (DESNZ) for the Liverpool Bay CCS project, where Eni is the operator of the CO2 transport and storage system (T&S) of the HyNet industrial Cluster. The financial close allows the Liverpool Bay CCS project to move into the construction phase, unlocking
(World Oil) – Eni is launching three exploration plays, TotalEnergies is expecting promising results from its recent onshore exploration project, and other developments were shared during an upstream IOC-led panel at the Libya Energy & Economic Summit. Libya’s National Oil Corporation (NOC) and international energy companies TotalEnergies, Eni, OMV, Repsol and Nabors outlined key exploration milestones and strategies to advance
(Oil Price) – Italian energy major Eni has started production from the second phase of its oil and gas development Baleine offshore Cote d’Ivoire, boosting output from the field in West Africa. This weekend, Eni announced the successful start-up of Phase 2 at the Baleine field, which will raise production to 60,000 barrels of oil per day (bpd) and 70 million cubic feet
(World Oil) – Nigerian regulators approved the sales of units of Eni SpA and Equinor ASA after months of delay as oil majors continue exiting operations in the West African nation. The acquisitions of Eni’s Nigerian Agip Oil Company Ltd. by Oando and those of Equinor by Project Odinmim Investments Ltd. were announced at an industry event Wednesday in Abuja.
(World Oil) – Eni and KKR have signed an agreement under which KKR will take a 25% stake in Enilive’s share capital, for a total agreed consideration of €2.938 billion. The transaction will be funded through: 1) the subscription of a capital increase in Enilive reserved to KKR amounting to €500 million; 2) the purchase of Enilive’s shares from Eni
