Oil & Gas

Eni raises output target as Q2 profits slump on Saipem

Italian oil and gas group Eni raised its production targets for the year on Thursday as second-quarter net profit slumped due to lower oil prices and a heavy loss at oil contractor subsidiary Saipem. State-controlled Eni said adjusted net profit in the second quarter was 0.14 billion euros ($153 million), below the consensus forecast of 0.48 billion euros in a Reuters poll of analysts. Stripping out the Saipem effect, adjusted net profit was 0.45 billion euros. On Tuesday, Saipem reported a quarterly adjusted operating loss of 738 million euros after heavy writedowns as part of a turnaround plan.

Health, Safety & Environment

Italy’s Foreign Minister urges ‘prudence and discretion’ over kidnappings

Italy’s Foreign Minister said “prudence and discretion” were essential as the country attempts to bring four kidnapped oil workers home from Libya. The families of four men have been in an anxious wait for news after they were taken near to an industrial complex owned by energy company Eni in the western city of Mellitah. Foreign Minister Paolo Gentiloni said: "Prudence and discretion....are needed to bring home our four countrymen.


Four workers kidnapped in Libya

Four Italian workers have been kidnapped in Libya. The incident happened near an industrial complex owned by energy company Eni in the western city of Mellitah. The Italian Foreign Ministry said the employees had been kidnapped on Sunday.

Oil & Gas

Eni discovers up to 15 bln cubic metres of gas in Nile Delta

Italy's Eni has discovered gas reserves of up to 15 billion cubic metres in Egypt's Nile Delta region, with production set to start in two months, the Egyptian oil ministry said on Monday. The discovery was made in Western Abu Madi, 120 km northeast of Alexandria, where Eni holds 75 percent of exploration rights through an Egyptian subsidiary, with Britain's BP holding a 25 percent stake. Eni made the discovery at a depth of 3,600 metres and initial estimates point towards reserves of up to 15 billion cubic metres of natural gas and natural gas condensate, an Egyptian oil ministry statement quoted the company as saying.

Health, Safety & Environment

12 people killed in Nigerian oil pipeline explosion

Twelve people died and three were injured in an explosion during repair work at an Eni SpA crude oil pipeline in Nigeria. The victims worked on a maintenance team for a local service company, Rome-based Eni said in a statement Friday. The Tebidaba-Clough Creek pipeline in the Niger delta was previously “damaged by acts of sabotage.” The company said it is still investigating the cause of Thursday’s blast.

Oil & Gas

Egypt raises gas price paid to Italy’s Eni and Edison

Egypt has raised the prices it pays Eni and Edison for the natural gas they produce in the country, an official with state-owned gas company EGAS said on Sunday. The agreements mark the latest move by Egyptian authorities to improve terms for foreign oil and gas businesses in the hope that more competitive pricing will encourage investment in the energy-hungry country.


Eni profit falls more than 60 percent on lower oil prices

Eni SpA reported a 64% decline in profit caused by falling oil prices and losses on the fair-value interests in Galp and Snam. Adjusted net income for the fourth quarter fell to 464 million euros ($529 million euros) from a year earlier, the Rome-based company said in a statement. That was below the 597 million-euro average estimate of 13 analysts surveyed by Bloomberg. Revenue declined 10 percent to 26.8 billion euros.


Eni signs agreement with Yinson for FPSO

Malaysian company Yinson has signed an agreement with Eni to supply an FPSO (Floating Production Storage and Offloading) vessel in Ghana. The deal is for a firm charter period of 15 years with five yearly extension options exercisable by Eni Ghana. The FPSO will process oil and gas from the Offshore Cape Three Points (OCTP) block which is located in the Tano Basin.

Oil & Gas

Eni makes oil discovery in Egypt

Italian company Eni has made a new oil and gas discovery in Egypt. The company said the exploration well, located in the Melehia licence, was drilled to a depth of 4,175metres. It met a 20metre net mineralized accumulation of light oil in the Lower Cretaceous age of the Alam El Bueib formation.

Oil & Gas

Eni boss warns oil price could jump to $200

Italian oil firm Eni has warned oil could jump to as much as $200 per barrel if the Organisation of Petroleum Exporting Countries (OPEC) fail to cut production. The company said the oil price slide is leading to under investment within the oil industry. Claudio Descalzi, Eni’s chief executive, said mismanagement may lead to longer-term shortages and cause prices to soar several years’ time.


Eni signs concession agreement for Egyptian block

Eni has signed a new concession agreement to operate in the South West Melehia block in the Western Desert of Egypt. It follows the Egyptian General Petroleum Corporation’s (EGPC) 2013 international competitive bid round. The company said the new acquisition adds to the list of exploration successes achieved in the area over the past two years.


Rockhopper awarded stake in Croatian block

Rockhopper Exploration has been awarded a 40% share in an offshore block in Croatia in a partnership deal with Eni. Block 9 is located in shallow waters of the Northern Adriatic gas province and contains the previously discovered Ksenija accumulation along with the Klaudija prospect. The company said the anticipated work programme consists of seismic acquisition, processing and re-processing during the first exploration phase, with the drilling of a well in the second exploration phase.


Eni makes oil discovery in Congo

Eni has announced its third quarter results alongside the discovery of up to one million barrels of oil in the Congo. The company posted its third quarter results, which showed net profit of €1.71billion was down by 57% since the same time last year.