Eni has signed an exclusivity agreement with Ares Alternative Credit Management for the potential sale of a 20% stake in its renewables subsidiary Plenitude, Eni announced on Thursday.
Oil fell for a second day after President Donald Trump said the US and Iran are getting closer to a deal regarding Tehran’s nuclear program, a move that could unleash more supplies onto a market that is rapidly approaching a glut.
Eni SpA has put onstream the Merakes East field in the offshore part of the Kutei Basin in Indonesia, expecting net natural gas production of 100 million standard cubic feet a day (MMscfd) or about 18,000 barrels of oil equivalent per day (boed).
Libya’s latest upstream licensing round has already attracted more than 40 applicants, a signal of the country’s re-entry into the global energy arena and growing interest in its largely untapped hydrocarbon potential. This update was shared by Abdolkabir Alfakhry, Advisor to Libya’s Minister of Oil and Gas, during a session sponsored by ConocoPhillips at the Invest in African Energy Forum in Paris on Wednesday.
China Petroleum & Chemical Corporation (Sinopec) has announced a major shale gas exploration breakthrough of its Project Deep Earth – Sichuan and Chongqing Natural Gas Base. The vertical depth of the well reaches over 5,300 m with a 1,312-m-long horizontal section, setting a new record for vertical depth of shale gas wells in China.
Perenco has announced a successful drilling operation for its Onyx well, encountering significant columns of natural gas in two separate geological compartments. The Onyx field is an undeveloped gas discovery located within the TSP license, offshore Trinidad.
The producer aims to reach oil output of 2.4 million barrels a day after dropping to less than half of that level in 2022. Nigeria has taken measures to reduce vandalism and improve regulations, as oil majors have divested from onshore and shallow water fields due to security concerns. Local independent companies are expected to raise output as assets are transferred from recent sales.
“Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters,” Nigeria’s foreign minister said, as quoted by Reuters. The publication recalls that Brazil used to operate in the deepwater sector of Nigeria’s continental shelf some 30 years ago but a decade ago it sold its operations there to raise cash for growth at home.
“Our emerging partnership with Corcel is emblematic of our strategy to work with best-in-class partners and deploy high-impact capital that brings us exposure to large potential resource outcomes that require little additional capital. We look forward to the expansion of our West African conjugate margin exposure through KON-16, one of the most promising blocks in a proven, underexplored basin,” said Sintana CEO Robert Bose.
During the dealmaking round, Aramco finalized an agreement to buy 1.2 million metric tons per annum (MMtpa) of LNG for 20 years from the fourth train of the under-construction Rio Grande LNG project in Brownsville, Texas. Owner NextDecade Corp. is seeking purchase commitments to be able to make an FID (final investment decision) on trains 4 and 5. NextDecade has so far approved three trains, which comprise phase 1 – out of eight planned for the project.