Iran's Oil Customers in Europe Might Reduce Imports
European oil companies are not ruling out reducing Iranian oil imports after the threat of new U.S. sanctions, with some expecting banking issues to hinder trade, but there was no rush to immediately cut volumes.U.S. President Donald Trump said on Tuesday the United States was exiting an international nuclear deal with Iran and would impose new sanctions that seek to reduce oil exports from OPEC's third-largest producer.But as of Friday, companies in Europe said they were still taking Iranian oil.
Eni to Invest $1.8 Bln in Offshore Mexican Oil Fields by 2040
Italian oil major expects to invest $1.795 billion in three offshore Mexican oil fields by 2040, according to a development plan approved by Mexico's oil regulator on Tuesday.The plan covering the Amoca, Mizton and Tecoalli shallow water fields is the second one approved by the regulator, known as the National Hydrocarbons Commission (CNH), following a landmark 2013 energy opening that has led to more than 100 oil and gas contracts being awarded in a series of auctions.Eni sees initial crude oil production of 8…
MOL Snaps Up Adriatic Gas via Croatian Unit
MOL Group’s Croatian INA agreed to buy Eni Croatia BV, a wholly-owned member of Eni Group, through which Eni participated in the joint project of gas production in Croatia’s offshore areas Northern Adriatic and Marica. INA will become the 100% owner and the sole operator of the Northern Adriatic and Marica fields after all conditions are fulfilled, including receiving clearance from the antitrust authorities, which is expected in the coming months. The transaction covers 4.3 million…
Offshore Energy: LR Supports Mozambique FLNG Project
The scope of work that LR is undertaking covers design, procurement, certification, construction, integration and commissioning, as well as providing classification services under a risk based inspection regime to the FLNG when it enters into service in 2022.The Coral South field is being developed by Eni in Area Four of the Rovuma Basin, off the coast of Mozambique. The floating liquefied natural gas (FLNG) unit will be Africa’s first floating gas facility. The size, quality and position of the field’s resources are set to transform Mozambique’s economy.
MOL buys Eni's Adriatic Offshore Gas Stakes
MOL Group’s Croatian INA agreed to buy Eni Croatia BV, a wholly-owned member of Eni Group, through which Eni participated in the joint project of gas production in Croatia’s offshore areas Northern Adriatic and Marica.INA will become the 100% owner and the sole operator of the Northern Adriatic and Marica fields after all conditions are fulfilled, including receiving clearance from the antitrust authorities, which is expected in the coming months.The transaction covers 4.3 million…
Global FPSO Market to Exceed USD 115 bln by 2024.
Global FPSO Market is anticipated to witness growth of 19% and exceed USD 115 billion by 2024. Rising demand of hydrocarbons and increase drilling activities for exploration and production will drive the industry growth.Increase in the conversion of vessel to FPSO to augment the productivity and minimize the capital expenditure may complement the business growth, said a report from Global Market Insights.Converted FPSO market is witnessed to grow over 18%. Comparison with new built…
Shell to Make Final Investment Call on Nigeria Oilfield in 2019
Royal Dutch Shell and its partners will decide next year on whether to go ahead with the development of Nigeria's Bonga Southwest offshore oilfield, a senior company official said on Tuesday.The project, one of the country's largest with an expected production of 180,000 barrels per day, will generate profit at below $50 a barrel, Bayo Ojuli, managing director of Shell Nigeria Exploration and Production Company, told reporters.Shell is currently negotiating a production sharing contract with the Nigerian government which will determine the viability of the project, he said. The negotiations are expected to finish this year.Shell operates the project and ExxonMobil, Total , Eni and the Nigerian National Petroleum Company are partners.(Reporting by Ron Bousso; editing by Jason Neely)
Lebanon Will Use Energy Block Disputed by Israel
Lebanese Energy Minister Cesar Abi Khalil vowed on Friday there would be full exploration in offshore energy Block 9, part of which lies in waters disputed by neighbouring Israel. Lebanon said on Friday it had signed its first offshore oil and gas exploration and production contracts for two energy blocks. A consortium of France's Total, Italy's Eni and Russia's Novatek signed contracts for two of the five blocks that Lebanon put up for tender. Israel and Lebanon have exchanged threats and condemnation over the tender, amid rising tensions over territorial and marine boundaries. Reporting by Ellen Franci
EU Tells Turkey to Avoid Damaging Actions after Cyprus Ship Incident
The European Union on Monday called on Turkey to avoid threats and "refrain from any actions that might damage good neighbourly" ties after Cyprus, a member of the bloc, accused the Turkish military of obstructing a ship exploring for gas. Cyprus is one of several states, also including Israel and Lebanon, racing to tap gas deposits in the eastern Mediterranean. Greek Cypriots run Cyprus's internationally recognised government, while Turkish Cypriots have a breakaway state in the north - recognised only by Ankara - and say resources around the island belong to them too. Cyprus said on Sunday the Turkish military had obstructed a vessel contracted by Italian oil company Eni which was approaching an area to explore for natural gas.
High Seas Standoff: Cyprus Says Turkey Blocks Drill Ship
Cyprus on Sunday accused the Turkish military of obstructing a ship contracted by Italian oil company Eni from approaching an area to explore for natural gas, highlighting tensions over offshore resources in the east Mediterranean. A spokesman for Eni said on Sunday the Saipem 12000 drill ship had been heading from a location southwest of Cyprus towards an area southeast of the island on Friday when it was stopped by Turkish military ships and told not to continue because of military activities in the destination area. Turkey, which does not have diplomatic relations with Cyprus, claims that certain areas in Cyprus's offshore maritime zone, known as an EEZ, fall into the jurisdiction of Turkey or that of Turkish Cypriots.
Eni Ramping up Production at Zohr Field
Production from Egypt's huge Zohr offshore gas field in the Mediterranean will reach 2.9 billion cubic feet per day by mid-2019, Italy's Eni said on Monday. Speaking at an industry event in Cairo, CEO Claudio Descalzi said the goal was to reach output of 1.8 bcf to 2 bcf per day by the end of 2018 and then ramp up to 2.9 bcf per day by mid-2019. Discovered in 2015 by Eni, the field contains an estimated 30 trillion cubic feet of gas. Descalzi confirmed that by mid-2019, seven trains would be operating. Egypt has been seeking to speed up production from recently discovered fields, with an eye to halting imports by 2019 and achieving self-sufficiency.
Turkish Blockade off Cyprus 'out of Eni's control'
A Turkish blockade of a ship hired by Eni to drill for gas off the Cyprus coast is a diplomatic issue that is out of the Italian oil company's hands, Eni's CEO said on Friday. Last week, the Saipem 12000 drill ship heading from a location southwest of Cyprus towards an area southeast of the island was stopped by Turkish military ships and told not to continue because of military activities in the destination area. The ship is still halted, a Saipem spokesman said. Asked about the incident, Claudio Descalzi said Italy, Europe, France, Cyprus and Turkey were discussing the issue. "It's not really under our control," he told analysts during a conference call on the company's fourth quarter results.
Cyprus Accuses Turkey of Blocking Drillship Again
Cyprus accused Turkey on Friday of threatening to use force against a drillship chartered by Italy's Eni, in a standoff over hydrocarbons rights in the eastern Mediterranean. There was no immediate reaction from Turkey, which has vowed to prevent Greek Cypriots from exploring for oil or gas around the ethnically-split island and says some areas of Cyprus's offshore maritime zone fall under its jurisdiction. On Feb. 9, the Turkish navy on manoeuvres in the Mediterranean stopped the Saipem 12000 vessel on its way to drill for gas in the waters off Cyprus, triggering a diplomatic standoff which has underscored tensions in the region over competing claims for offshore resources.
ADNOC Signs Major Offshore Concession Agreements with Total
The Abu Dhabi National Oil Company (ADNOC) has signed agreements with Total of France, awarding them stakes in two of Abu Dhabi’s new offshore concessions. Under the terms of the agreements, Total has been awarded a 20% interest in the Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession. Total is ADNOC’s largest and one of its longest international partners, active in Abu Dhabi’s oil and gas sector since 1939. Today, the French super-major collaborates with ADNOC across the value chain…
Production Floaters Orders Are on the Rebound
Fifteen production floaters were contracted in 2017 – 11 FPSOs, two production semis, a wellhead TLP and an FLNG – and the number of deep water projects in the near-term planning queue indicates production floater orders are set to accelerate. This is a big change from 2016 when orders for new units totally dried up and the deepwater future looked pretty bleak. Here’s a round-up of contracts awarded last year and in January 2018. Tempera FPSO - Keppel in January 2017 received a contract from Dixstone Holdings…
BW Offshore Gets FPSO Abo extension
Global provider of floating production services to the oil and gas industry BW Offshore has signed an interim extension agreement for Abo FPSO with Nigerian Agip Exploration Ltd, a subsidiary of ENI S.p.A., until 30 April 2018. The short term extension has been agreed to secure operational continuity while joint work is continuing to conclude the negotiations. Two weeks ago, BW Offshore received notice from Petrobras of the exercise of a one-year extension of the contracts relating to the FPSO Cidade de São Mateus.
Fire in Sauna Shuts World's Northernmost Oilfield
The world's northernmost oilfield was shut on Friday when a fire broke out in a sauna in the oil platform's living quarters, Eni, the Italian oil company that operates the field, said. The Arctic Goliat field is in the Barents Sea about 88 kilometers off the coast of Norway and inside the Arctic Circle. The platform has floating production, storage and offloading facilities and can produce close to 100,000 barrels of crude per day. The fire was quickly put out, and no crew members were injured, although some smoke did develop, Eni said.
Goliat Field Output Resumed After Fire
Oil firm Eni said output from Norway's Goliat field has resumed after being shut since Friday morning following a small fire. The platform has a capacity to produce almost 100,000 barrels per day (bpd) of oil. "Production resumed Sunday morning," a Eni spokeswoman told Reuters. (Reporting by Ole Petter Skonnord Editing by Edmund Blair)
Eni has no plans to pull out of Rosneft deal after sanctions
Italian oil major Eni has no plans to pull out of its joint venture with Russia's Rosneft despite escalating sanctions against Russia, the head of Eni said on Wednesday."We certainly have not pulled out, we're working with them," CEO Claudio Descalzi said on the sidelines of a conference.Eni, one of Europe's biggest importers of Russian gas, extended a cooperation agreement with Rosneft last year to explore the Russian Barents Sea and the Black Sea, and to consider further opportunities together.But after the United States imposed major new sanctions against Russia earlier this month, speculat
Eni Staying in Cyprus Despite Island's Standoff with Turkey
Italy's Eni will not relinquish its interests in Cyprus, its CEO said on Wednesday, as an uneasy standoff between Turkey and the Mediterranean island lingered over offshore hydrocarbons resources.The Italian state-controlled energy giant had to abandon a scheduled drill for oil and gas south of Cyprus in February because of Turkish military exercises. The broader region has yielded some of the largest natural gas finds worldwide in recent years."I just want to remind (sic) that so far we have invested about 700 million euros in Cyprus. That means that there's strong engagement and commitment towards the country," Eni CEO Claudio Descalzi…
DP World Opens Limassol Passenger Terminal
The new cruise passenger terminal at DP World Limassol was inaugurated today by Cyprus President, His Excellency Mr. Nicos Anastasiades; Minister of Transport, Communications and Works, Mrs. Vassiliki Anastassiadou; the Mayor of Limassol, Nicos Nicolaides and DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem. The operational opening of the terminal was attended by almost 300 guests and will enable the largest cruise ships in the world to visit the country for the first time.
Cyprus-Egypt Gas Pipeline to Cost $800 mln-$1 bln
A pipeline connecting Cyprus' Aphrodite gas field to Egypt's liquefied natural gas (LNG) facilities will cost between $800 million and $1 billion, Egyptian petroleum minister Tarek El Molla said on Monday. Egypt has rapidly increased its production of natural gas and is hoping to become a hub for exporting to Europe after making a series of big discoveries in recent years. Molla, speaking at a joint news conference with Cyprus energy minister Yiorgos Lakkotrypis, said Cypriot gas would be used in part for domestic consumption and in part for export. Lakkotrypis said a final agreement on the pipeline would be signed as quickly as possible but did not specify when. Egypt is hoping to halt gas imports by 2019 and achieve self-sufficiency.
Egypt Approves Oil Exploration Deal with Eni, Tharwa
Egypt has approved an exploration agreement with Italy's Eni and the Egyptian Tharwa company to search for oil and gas in the Mediterranean off the coast of northern Sinai, the Egyptian oil minister said on Wednesday.Under the deal, Eni and Tharwa will spend $105 million in two stages over six years, which involve drilling one well in the first stage and another in the second, Tarek El Molla told journalists.Reporting by Momen Saeed Atallah, writing by Sami Aboudi