European clean energy stocks fall as Trump wins the presidency
After Donald Trump's election as president of the United States on Wednesday, shares in European clean-energy groups plunged. Investors were worried about a possible dismantling by the United States of its support for renewables. Trump pledged to cancel offshore wind projects via an executive order his first day of office, and roll back climate regulations that were implemented by President Joe Biden. This includes withdrawing from the Paris Agreement where countries commit to limit global heating and possibly undoing Biden’s Inflation Reduction Act which provides massive incentives and subsidies to clean energy technologies.
Eni Continues High-speed Gulf Drive
In less than 12 months Eni CEO Claudio Descalzi has turned the Middle East from a sideshow to a strategic hub for the Italian energy major. And the shift is not over.Since last March the 63-year-old has clinched nine deals in the United Arab Emirates, gained a toehold in Bahrain and expanded in Oman to reshape the group's future.In the latest deal on Sunday, Eni pledged $3.3 billion to buy part of the world's fourth-biggest refinery in the UAE, increasing its own refining capacity overnight by more than a third.But the buying spree is not over and the company is looking to further bolster its presence in the Gulf region…
European Shares Rise as Earnings Roll In
Supportive crude prices and strong results from energy firms and auto companies helped European shares rise on Wednesday. The pan-European STOXX 600 ended up 0.5 percent, broadly in line with euro zone stocks and blue-chips , as oil and gas shares gained 0.8 percent and autos climbed 0.6 percent. "Indications are more positive on the outlook for energy stocks, especially for the most geared such as oil services," said Angelo Meda, head of equities at Banor SIM in Milan. Tullow Oil rose 7.9 percent after higher output from new fields helped sales at the Africa-focused oil producer rise 46 percent in the first half…
European Banks' Risky Oil Loans Make Investors Edgy
Investors are growing increasingly anxious about the exposure of European banks to the oil sector, as a past credit binge threatens to lead to loan losses that could be worth up to $18 billion. Major banks ranging from ING to HSBC and Deutsche Bank put big bets on oil when record crude prices made even the most hazardous project look economically viable. But over the past year and a half, oil has slumped to near 12-year lows, spreading pain across financial markets. Now with some energy projects facing the threat of being shut down, banks may see the pain turning into losses or eating into their capital strength.
Eni Says Thieves Caused Nigeria Pipeline Fire
A fire that broke out at a pipeline of oil group Eni in Nigeria on Thursday was caused by oil thieves, the Italian company said on Saturday, as the death toll of the accident rose to 13 people. Last week Eni said an explosion at the pipeline killed at least 12 people, part of a maintenance crew carrying out repairs on the Tebidaba-Clough Creek pipeline in the Niger delta's Bayelsa state. "It appears likely the fire was triggered by people who previously worked on this pipeline to illegally obtain crude oil," Eni said in a statement following a first investigation into the matter.
Saras to Boost Rosneft Ties with New Trading Business
Italian oil refiner Saras will open a trading business in Geneva in the coming months to boost ties with its Russian investor Rosneft, Chairman Gian Marco Moratti said after reporting a jump in first-quarter core profit. The two companies abandoned plans for a trading joint venture last month because of western sanctions over Russia's involvement in the Ukraine crisis, but Saras expects its unilateral move to aid cooperation. "We announce the decision to start a trading company in Geneva in the coming months, also with the purpose of developing further the cooperation with Rosneft," Moratti said in a statement without providing further details.
Saipem to Pay 2014 Dividend Only for Saving Shares
Italian oilfield services company Saipem will pay holders of its saving shares a 2014 dividend of 0.05 euros apiece but will not distribute dividends to its ordinary shareholders, it said in a statement on Tuesday. Saipem, 43 percent owned by Eni, posted a net loss of 230 million euros in 2014. The company already gave preliminary results in February. (Reporting by Danilo Masoni; editing by Stephen Jewkes)
Saipem: No Financial Impact from Decision Over Seizure
Oil contractor Saipem said confirmation of a seizure order on the company on Thursday in a judicial case related to alleged international corruption would have no financial impact. An Italian appeals court said on Thursday it had upheld a 24.5 million euros seizure order against Saipem in a case related to alleged corruption in Nigeria. In a statement Saipem, which is 43 percent owned by Eni , said it would lodge an appeal against Thursday's ruling. Reporting by Danilo Masoni
Eni Makes New Oil and Gas Discovery in Egypt
Eni has made a new discovery of oil and gas in Egypt's Western Desert, the Italian group said in a statement on Thursday. The well in the West Melehia deep exploration prospect began production with an initial daily flow of 2,100 barrels, intended for the Melehia field infrastructure treatment, it said. "The discovery will be rapidly followed by the drilling of other delineation and development wells which should result in an estimated production of about 8,000 barrels per day by the end of 2015," Eni said. Eni holds 76 percent of the Melehia licence through its International Egyptian Oil Company subsidiary. Reporting by Danilo Masoni
Eni Wins Two Exploration Licenses in Norway
Italian oil and gas group Eni said on Tuesday it had won two exploration licenses in the Barents sea and in the North Sea in Norway. Following the award, Eni is now operator of the PL 806 area in the Barents Sea with a 40 percent stake, while E.ON E&P , Edison International and Petoro are partners with 20 percent each, it said in a statement. In the North Sea's PL 044 C area Eni is partner with a 13.12 percent stake, along with Statoil (30 percent) and Total (15 percent), while ConocoPhillips is the operator with 41.88 percent, it said. Eni has been present in Norway since 1965 and currently produces around 112,000 barrels of oil equivalent per day.
Short Selling on Saipem Stock Banned
Italian market regulator has banned short selling on Saipem shares on Tuesday after sharp losses on Monday sent the stock to its lowest level in more than 10 years. Shares in the Italian oil services group, which have sufferd from the scrapping of the key South Stream gas project announced in December, were hit on Monday by a profit warning at British rig-maker Lamprell Plc and by broker dowgrades. (Reporting by Danilo Masoni)
Eni Enters Portuguese Upstream
Italian oil and gas group Eni has acquired from Petrogal a 70 percent stake in three offshore exploration permits in Portugal, it said on Thursday, as it seeks to diversify its exploration portfolio. In a statement Eni said the permits, known as Gamba, Santola and Lavagante, give it rights as operator over an unexplored area of 9,100 square kilometers in offshore Portugal. The permits were awarded to Petrogal, a unit of Galp Energia , in 2007 by the Portuguese state, it said. (Reporting by Danilo Masoni; editing by Stephen Jewkes)
Eni Puts Saipem Stake Sale on Hold
Italian oil major Eni has put the sale of its stake in Saipem on hold after the cancellation of the lucrative South Stream gas pipeline project and plunging oil prices shaved off almost half the oil contractor's market value in two months. In July state-controlled Eni laid out plans to sell assets, including its 43 percent stake in Saipem, to help fund its transformation into a leaner oil and gas outfit. On Thursday Eni said in a statement it still considered Saipem as non strategic but that it had put any assessment of options on hold because of difficult market conditions.
Saipem to Review of 2015 Business Prospects
The board of Saipem started on Wednesday to review the Italian oil service company's business prospects for 2015 following a recent slump in oil prices and the loss of lucrative contracts linked the South Stream gas pipeline project. In a statement, the company said the board would approve its 2015 guidance by a meeting scheduled in February and that it would update the market about developments regarding South Stream as soon as it obtains new information. Reporting by Danilo Masoni
Eni Starts Production at Angola Oilfield
Eni has started production from an Angolan deep offshore field with daily output seen more than doubling to a maximum of 100,000 barrels in the coming months, the Italian oil group said in a statement on Monday. The West Hub Development Project currently produces 45,000 barrels per day. It is part of the Block 15/06, approximately 350 km northwest of Luanda and 130 km west of Soyo, Eni said. Block 15/06, of which Eni is the operator with a 35 percent stake, will see overall daily output rise to 200,000 barrels with the start-up of the East Hub Development, expected in 2017. Sonangol EP is the concessionaire of the block.
Eni, Sonangol Ink Oil & Gas Deal
Eni and Angola's national oil company Sonangol signed on Monday an agreement on joint projects in the oil and gas sector in the African country, the Italian group said on Monday. Under the deal, the firms will set up a joint team to study the potential of the so-called 'non-associated' gas present in the Lower Congo Basin, a highly promising area in terms of hydrocarbon production located offshore Angola, Eni said in a statement. Eni and Sonangol will be committed to develop projects on the mid-downstream business to be carried out in Angola, it added. Reporting by Danilo Masoni
Snam to Buy Stake in TAG Pipeline
Italian gas grid operator Snam has approved the purchase for 505 million euros ($654 million) of an 89.2 percent stake in the TAG pipeline carrying Russian gas into Italy, the company said on Friday. The acquisition of the stake from Italian state lender Cassa Depositi e Prestiti (CDP) is part of Snam's four-year business plan to 2017, which was unveiled in March. Snam will raise the money to pay for the stake through a capital increase reserved to CDP GAS, an investment vehicle owned by CDP, it added in a statement. The closing of the deal is expected by the end of March 2015.
Italy's ERG to Build Wind Farm in Poland
Italian energy group ERG said on Thursday its renewable energy unit ERG Renew had agreed to buy the Polish company EW Orneta 2 to build a wind farm in Poland. In a statement ERG said it would invest around 65 million euros ($89 million) in the project - an amount which includes the 7.2 million-euro enterprise value paid for the company. EW Orneta has the permits to build a 42 megawatt wind farm in Poland, it said. ($1 = 0.7294 Euros) (Reporting by Stephen Jewkes, editing by Danilo Masoni)
Saipem: No Complaints about Kashagan Leaks
Italian oil industry services company Saipem said on Tuesday it had not received any complaint regarding pipes it laid for the giant Kashagan offshore oil field in Kazakhstan where production has been halted due to leaks in the network. Production at Kashagan, the world's biggest oil find in 35 years, started last September but was stopped in early October after gas leaks were found in the pipeline network. "Saipem laid the pipes, welded them and tested the welding before delivery in 2008," Chief Executive Umberto Vergine told reporters on the sidelines of Saipem's annual shareholders' meeting.
GE Says No Room to Buy Ansaldo STS
U.S. conglomerate General Electric Co does not see room for a deal to buy rail signalling firm Ansaldo STS from Italian defence group Finmeccanica, GE Europe President and CEO Nani Beccalli-Falco said on Friday. "When things drag on for a long time it becomes difficult to conclude. The first time we looked at Ansaldo STS was ten years ago and we never concluded anything. There is no room to reach an agreement," he said on the sidelines of the Ambrosetti business gathering on the shores of Lake Como in Italy. State-controlled Finmeccanica…
