World Oil (Bloomberg) – Eni SpA, one of Europe’s largest oil companies, said it unwittingly purchased a consignment of crude from Iran — an act that would have breached U.S. sanctions. In 2019, the Rome-based company bought a shipment of oil that was purported to have come from Iraq — a fact that authorities in Baghdad denied. Eni said in
Reuters MILAN – Italian energy group Eni pledged higher shareholder returns after swinging to a net profit in the second quarter to beat expectations as firmer oil prices offset lower production. Adjusted net profit was 929 million euros ($1.1 billion), compared with a loss of 714 million euros in the year-earlier period, Eni said on Friday. The result beat an
Reuters MILAN – Eni ENI.MI has agreed to buy one of the largest onshore wind portfolios in Italy from fund manager Glennmont Partners as part of plans to expand its green energy business. The Italian energy group will buy a 315 megawatt portfolio comprising 13 plants, taking its overall wind capacity in Italy to 350 MW, it said in a statement
Reuters MILAN- Italian energy group Eni is planning to spin off a minority stake in its new retail and renewable business next year, it said on Friday, after announcing first quarter profits that missed expectations. Several European energy companies, including Spain’s Repsol , aim to divest parts of their renewables business to raise money to reduce debt and pay for
Reuters MILAN/LONDON – Italy’s Eni is considering spinning off oil and gas operations in West Africa and the Middle East into new joint ventures to help reduce debt and fund its shift to low-carbon energy, according to company and industry sources. The move is part of a major overhaul the company launched last year as it transitions into renewables and
Reuters LONDON/MILAN – Energy group Eni is looking to spin off its new retail and renewable energy business next year and could list a minority stake to raise money to bankroll the company’s energy transition, an industry source close to the matter said. The business, which includes renewable power generation and energy sales to customers, could be worth in the
Reuters MILAN – Italy’s Eni on Friday became the latest energy group to increase its climate ambition with a promise to be carbon neutral by 2050, as it seeks to keep pace in an industry under mounting investor pressure to curb emissions. Eni shares, which rose more than 3% after the plan, were up 1.2% by 1615 GMT versus a
Energy-Pedia Eni has announced a new oil discovery, in Meleiha Concession, in the Western Desert of Egypt. The discovery was achieved through the Arcadia 9 well, drilled on the Arcadia South structure, which is located 1.5 km south of the main Arcadia field already in production. The well encountered 85 feet of oil column in the Cretaceous sandstones of the Alam El Bueib 3G formation. The
Reuters OSLO/MILAN – Italy’s Eni is buying a 20% stake in the Dogger Bank Wind Farm project from Norway’s Equinor and Britain’s SSE as it seeks to gain expertise in the sector and cut its greenhouse gas emissions 80% by 2050. The project off the northeast coast of England is expected to become the world’s largest offshore wind farm, helping
CNBC Top energy chief executives say oil demand will recover next year, but they expect volatility to remain elevated, as the industry emerges from the reckoning of the coronavirus pandemic. “We face a lot of uncertainty,” Total CEO Patrick Pouyanne told an invitation-only gathering of more than 30 senior oil and gas executives, who met virtually on Wednesday for the
Reuters OSLO/MILAN – Norwegian private equity group HitecVision and Italy’s Eni have formed a joint venture to develop renewable energy in the Nordic region, building on their existing cooperation in oil, they said on Wednesday. The Vaargroenn venture, 69.6% owned by Eni, aims to install 1 gigawatt of electricity capacity towards 2030, initially targeting offshore wind in a forthcoming tender
The Oil & Gas Conference Publisher’s Note: Watch the replay of presentations for this year at The Oil & Gas Conference and starting next month also on Oil and Gas 360. SAVE THE DATE! At the Westin Denver Downtown August 15-18, 2021. See YOU next year! THANK YOU to our sponsors, presenters, attendees and our great EnerCom team for making
