Eni has received approval from Mozambique’s government for the development of Coral Norte, the company’s second floating LNG platform in the gas-rich Rovuma Basin, paving the way for a final investment decision, Reuters reported on Wednesday.
Eni SpA said it will seek shareholder approval for a share repurchase program worth EUR 1.5 billion ($1.64 billion), increasable up to EUR 3.5 billion.
The program would run until April 2026. The board will put forward the plan in the company’s extraordinary shareholder meeting May 14, 2025.
Vitol will acquire interests in certain assets owned by Eni, including including the Baleine project in Cote d’Ivoire and Congo LNG project in the Republic of Congo, for $1.65 billion.
“This transaction is in line with Eni’s strategy aimed at optimizing upstream activities, through a rebalancing of the portfolio that provides for the early valorization of exploration discoveries through a reduction of participations in them (the so-called dual exploration model)”, Italy’s state-backed Eni said in an online statement Wednesday.
Government will have to mobilize $1.1 billion in 2025 to settle payments owed to ENI for gas supply, including monthly invoices, Letter of Credit (LC) replenishments, and outstanding arrears.
This financial obligation was disclosed during a meeting between Finance Minister Dr Cassiel Ato Forson, Energy Minister John Jinapor, and officials from ENI, where government reaffirmed its commitment to ensuring a steady gas supply despite the growing financial strain on the energy sector.
The Minister of Energy and Green Transition, John Abdulai Jinapor, acting on the orders of President John Dramani Mahama, has withdrawn the controversial Unitisation Directives imposed by the Akufo-Addo government on April 9, 2020, October 14, 2020 and November 6, 2020
Eni has signed three collaboration agreements with Emirati companies to develop data centres, enhance renewable energy transmission between Albania and Italy, and strengthen critical minerals supply chains, the Italian company said on Monday.
Hilong Offshore, a subsidiary of China-based Hilong Group, has secured a transportation and installation contract for phase two of Eni’s Congo LNG project. The deal is valued at approx. $55 million USD (400 million yuan).
Eni SpA (E – Free Report) , the Italian energy giant, is accelerating its asset divestment strategy. UBS analysts predict €3 billion in additional sales by the end of 2025. This milestone will bring Eni’s total asset sales to €8 billion, fulfilling its strategic goal two years ahead of schedule. The company has already completed disposals worth €5.9 billion
Eni SpA has signed an agreement to acquire a 49 percent stake in a portfolio of EDP Renewables projects comprising two operational photovoltaic facilities and an under-construction battery energy storage system (BESS) project in California.