The Italian oil and gas company Eni has completed the combination of its upstream oil and gas assets in the United Kingdom with Ithaca Energy. The £754m (€900m) merger deal, however, excludes Eni’s East Irish Sea assets and CCUS activities.
Eni and the government agency Japan Organization for Metals and Energy Security (JOGMEC) have signed a memorandum of cooperation with the aim of collaborating in the gas and LNG field to increase diversification of supply sources.
Ithaca Energy completed a 754 million pound ($993 million) deal to buy nearly all of Eni’s UK oil and gas producing assets, it said on Thursday, an all-share transaction to create one of the biggest independent energy companies in the North Sea.
Fitch Ratings is maintaining Ithaca Energy plc’s (Ithaca) Long-Term Issuer Default Rating (IDR) of ‘B’ and senior unsecured rating of ‘B+’ on Rating Watch Positive (RWP). The Recovery Rating is ‘RR3’.
Eni SPA and the State Oil Company of the Azerbaijan Republic (SOCAR) agreed to cooperate on emission reduction projects in the COP29 host country at the same time pursuing hydrocarbon exploration and production to secure fuel for Europe.
Eni announces that the Indonesian authorities have approved the Plan of Development (POD) of the Geng North (North Ganal PSC) and Gehem (Rapak PSC) fields. The integrated development of the two fields will create a new production hub, called Northern Hub, in the Kutei Basin. The Indonesian authorities have also approved the POD for Gendalo&Gandang fields (Ganal PSC).
Indonesian authorities have approved Eni’s plan of development (PoD) for the Geng North and Gehem gasfields in the Kutei Basin, the Italian major announced on Friday.
Eni has finalized the divestment of its onshore oil and gas exploration and production subsidiary in Nigeria to local player Oando PLC for nearly $800 million.
Oando PLC has successfully completed its acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni for a total consideration of $783 million.
With oil, gas, and liquefied natural gas (LNG) still running the global energy show as the crown jewels within the ebbs and flows in the worldwide energy demand, the European and U.S. oil majors – the UK’s duo Shell and BP, France’s TotalEnergies, and Italy’s Eni alongside U.S.-based trio: ExxonMobil, Chevron, and ConocoPhillips – have collected a staggering $31.65 billion in combined profit during the second quarter of 2024. BP, Shell, Eni, ExxonMobil, and Conoco Phillips are among the lucky ones, which beat analysts’ expectations. However, TotalEnergies and Chevron got the shorter end of the stick with their financial performance falling below forecasts.