ENI.MI - Eni S.p.A.

Milan - Milan Delayed price. Currency in EUR
-0.17 (-1.21%)
At close: 5:41PM CET
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Previous close13.88
Bid13.67 x 0
Ask13.76 x 0
Day's range13.62 - 13.82
52-week range12.92 - 16.06
Avg. volume10,152,259
Market cap49.839B
Beta (5Y monthly)0.83
PE ratio (TTM)20.23
EPS (TTM)0.68
Earnings date10 Feb 2020 - 14 Feb 2020
Forward dividend & yield0.86 (6.20%)
Ex-dividend date23 Sep 2019
1y target est18.06
  • Reuters - UK Focus

    Nigeria charges ex-attorney general with financial crimes in $1.3 bln oil deal

    Nigeria's financial crimes watchdog charged a former attorney general suspected of taking bribes to facilitate a $1.3 billion oil block sale, the agency said on Tuesday, in the latest twist in one of the industry's biggest alleged corruption scandals. An international investigation into the 2011 sale of the offshore oilfield known as OPL 245 by Malabu Oil and Gas has entangled two of the industry's biggest players, Shell and Eni, as well as an array of powerful figures from the previous Nigerian government. Mohammed Adoke, Nigeria's ex-attorney general, was charged with receiving the U.S. dollar equivalent of 300 million naira in 2013 to facilitate the OPL 245 deal and help waive taxes for Shell and Eni, according to a charge sheet filed in an Abuja high court last week.

  • What Do World Powers Really Want in Libya?

    What Do World Powers Really Want in Libya?

    (Bloomberg) -- Libya has been on fire since the 2011 ouster of Muammar Qaddafi, split between rival leaders fighting for control while world powers try to play kingmaker.Russia, Turkey, Egypt, the United Arab Emirates, Italy, and France have all been drawn in to the confrontation between the United Nations-backed government in Tripoli of Prime Minister Fayez al-Sarraj and eastern-based military commander Khalifa Haftar, whose forces have been camped on the southern outskirts of the capital since April.After brokering a truce, Russia and Turkey tried unsuccessfully on Monday to seal a peace deal in Moscow. Sarraj signed, but Haftar rebuffed. The commander then raised the stakes higher by halving Libya’s oil output with a port blockade on the eve of an international conference in Berlin that aims to end nine months of fighting.Failure risks seeing the holder of Africa’s largest oil reserves spiral into a major conflagration and Haftar’s latest move could change the calculus of the various foreign players. Sarraj said in an interview on Saturday it showed his rival isn’t ready for peace.Read More: Sarraj Says Oil Squeeze Shows Haftar Doesn’t Want PeaceHere’s a look at who’s coming to Berlin and why.TurkeyAnkara’s interest in Libya goes back to the Ottoman Empire. Turkish officers including Mustafa Kemal Ataturk, founder of modern Turkey, organized Libyan resistance against invading Italian armies a century ago.Today, President Recep Tayyip Erdogan sees a maritime border deal with the UN-backed government in Tripoli to be key to Turkish aspirations for more clout in the resource-rich waters of the Mediterranean, something that worries fellow NATO member Greece. Turkish contractors also have billions of dollars worth of receivables from past projects in Libya, where they were among the most active businessmen until Qaddafi’s ouster. RussiaAlong with Erdogan, President Vladimir Putin pushed Libya’s feuding rivals to attend the Moscow peace talks. Russia and Turkey back rival sides in Libya—just as they have in Syria—and Putin may use his leverage to secure concessions from Erdogan in both theaters of conflict. Brokering a settlement could also gain some useful kudos with Germany and the EU. But a bigger prize would be Russia securing access to Libyan oil deals.GermanySince the country wasn’t actively involved in Qaddafi’s overthrow, it can now present itself as a neutral mediator in the conflict. Chancellor Angela Merkel’s main interest is to reestablish a stable government that’s able to stop the flow of migrants from central Africa. Germany also sees Libya, which turned into a hotbed for militant Islamist groups in the post-Qaddafi chaos, as an important actor in the fight against the jihadists.ItalyLibya was an Italian colony from the early 20th century until the aftermath of World War II and the legacy of that era endures. Energy giant Eni SpA is the biggest player in the Libyan oil industry, while former Prime Minister Silvio Berlusconi was tight with Qaddafi and highly skeptical about his removal.Among Italian officials there’s a strong sense of “we told you so” about the mess that followed the NATO air campaign led by France and the U.K. In private, they’re highly critical of French intervention in the country. Italy is also on the front line of the refugee crisis as migrants cross the Mediterranean.FranceFrance was the driving force in the NATO-led air campaign that ousted Qaddafi and has been playing both sides in the current conflict. Since at least 2015, the year after the country split between rival administrations, Paris has backed the UN-mediated peace process though also helped Haftar.One reason is that the general is seen as someone who can stem the supply of arms and money to jihadist groups in the Sahel, where French troops are hunting down their leaders. President Emmanuel Macron has also burnished Haftar’s image politically, inviting the general and Sarraj to Paris in 2017 to try and broker a power-sharing deal. EgyptThe government in Cairo also sees Haftar as the only real bulwark against Islamist extremism. There’s concern Libya’s eastern border could become a safe haven for militants who would then send fighters and weapons into Egypt’s Sinai Peninsula. The kidnapping and beheading of 21 Egyptian Copts by a Libya cell linked to Islamic State heightened concerns. Haftar has admitted to close cooperation with Cairo, especially on intelligence sharing and military assistance. U.A.E. Like Egypt, the U.A.E. sees Haftar as a strongman able to crush the threat posed by Islamist militants. The Gulf state has provided the Libyan general with military and logistical support, and conducts drone strikes on his behalf.BritainThe U.K. has largely withdrawn from an active role in the Middle East, especially anything that smacks of regime change, since former Prime Minister Tony Blair’s decision to join U.S. President George W. Bush in toppling Saddam Hussein in Iraq.At one point, the U.K. seemed to be vying with France over who would lead the intervention, but Prime Minister David Cameron was criticized by lawmakers for contributing to the creation of a failed state. When it came to Syria two years later, Cameron lost a vote in Parliament on backing strikes. Since 2016, the country has been consumed by its tortuous quest to leave the EU.U.S.Ever since the killing of U.S. ambassador Chris Stevens in Benghazi in 2012, Washington has limited its role to occasional air strikes targeting members of Islamic State. It was sending mixed messages to Libya’s rival administrations until it noticed what Putin was doing. Officials told Bloomberg that Russia sent hundreds of mercenaries in September to support Haftar (Putin denies this). Weeks later, a U.S drone was downed and the Americans began pushing Haftar for a cease-fire and hoping for a peace deal that would squeeze out Russia.ChinaBeijing has called for a return to talks and an end to violence in Libya, in part to help its state-owned companies make deals and secure resources. While China has less at stake politically, it will want to ensure its interests are looked after and is sending a top diplomat to Berlin. In May 2018, for example, PetroChina agreed to buy Libyan crude. There might also be opportunities arising from the reconstruction of the country and to link up with other Chinese projects in the Mediterranean as part of the Belt and Road infrastructure initiative.\--With assistance from Caroline Alexander, Anthony Halpin, Arne Delfs, Onur Ant, Paul Tugwell, Samer Al-Atrush, Zoe Schneeweiss, Thomas Penny, Peter Martin, Patrick Donahue and Ania Nussbaum.To contact the editor responsible for this story: Flavia Krause-Jackson at fjackson@bloomberg.net, Rodney JeffersonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Oil Falls for Second Week as Ample Supply Offsets Trade Hopes

    Oil Falls for Second Week as Ample Supply Offsets Trade Hopes

    (Bloomberg) -- Oil declined for the second week as signs that supplies remain plentiful offset optimism over the signing of the U.S.-China trade agreement.Futures in New York were little changed Friday but ended the week 0.9% lower. Refiners have turned a crude surplus into a product surplus with U.S. gasoline and distillate stocks expanding by over 40 million barrels during the last three weeks. The build overshadowed Beijing’s commitment to spending $52.4 billion in additional purchases of American energy in the next two years as part the phase-one trade deal between the world’s biggest economies.“There is a positive vibe after the trade deal, but the fact is we are so oversupplied it’s going to be difficult to get the market up past $60,” said Bob Yawger, futures director at Mizuho Securities USA LLC in New York.Before the landmark U.S.-China accord was signed, prices reached a six-week low Wednesday after U.S. government data showed petroleum inventories in the country expanded to the highest levels since September. Supplies at the critical Cushing, Oklahoma, commercial storage hub rose for the first time in 10 weeks. American crude production continues to set new records, reaching 13 million barrels a day earlier this month.Oil drilling rose for the first time in four weeks, led by the Permian Basin, indicating that oil supplies are poised for more gains in the near term.West Texas Intermediate futures for February delivery settled up 2 cents at $58.54 a barrel on the New York Mercantile Exchange.Brent for March settlement rose 23 cents to $64.85 on the ICE Futures Europe exchange in London after climbing 1% on Thursday. That put its premium over WTI for the same month at $6.27 a barrel.The market may have to contend with another week of inventory builds as fog on the U.S. Gulf Coast has intermittently suspended marine traffic and slowed exports, according to Andy Lipow, president of Lipow Oil Associates LLC in Houston.The International Energy Agency noted on Thursday that global markets have a “solid base” of inventories and climbing supplies from outside the OPEC cartel, even as elevated tensions in the Middle East endanger production from Iraq and elsewhere.(A previous version corrected the timeframe of the stock build in the second paragraph.)\--With assistance from James Thornhill, Elizabeth Low, Grant Smith and Jackie Davalos.To contact the reporter on this story: Sheela Tobben in New York at vtobben@bloomberg.netTo contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Catherine Traywick, Mike JeffersFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    Venezuela’s Demand for Payments in Crypto Pauses on Some Oil Purchases

    (Bloomberg) -- Some buyers of Venezuelan crude oil have halted purchases after the country started demanding payment of port fees in its failed cryptocurrency.Exports of at least 1 million barrels of oil were put on hold after the government announced this week that certain maritime fees, currently paid in euros, must be paid in Petros starting Monday, according to people with knowledge of the situation. Buyers worry the payment may be in violation of sanctions after the U.S. targeted the cryptocurrency, calling it a “scam.”The oil-rich nation launched the Petro two years ago as a way to navigate wide-reaching U.S. sanctions that have cut off Venezuela from international capital markets. Although banners with the Petro symbol adorn government buildings in downtown Caracas, it’s largely ignored by Venezuelans who don’t know how or where to buy it. It’s backed by the country’s oil reserves, the world’s largest.The move to require payments in Petros is an attempt to boost the crypto and help Venezuelan President Nicolas Maduro’s reduce his country’s dependence on foreign currencies. It comes as crude exports are starting to recover from U.S. sanctions on Venezuela and its oil company, Petroleos de Venezuela SA. Oil exports rebounded in December, surpassing the 1 million-barrel-a-day mark for the first time since February.Crude buyers typically use shipping agencies based in Venezuela to pay port fees. Although buyers are not directly involved, at least one company last year included a clause prohibiting shipping agents from using money transfers to buy digital currencies in Venezuela after the Petro was sanctioned in March 2018, according to a document seen by Bloomberg.Most companies taking Venezuelan crude no longer pay cash. Instead, they engage in swap transactions, where they take crude oil in exchange for gasoline or diesel. Others, like Eni SpA and Repsol SA, get oil in payment for old debts.To contact the reporter on this story: Lucia Kassai in Houston at lkassai@bloomberg.netTo contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Mike Jeffers, Catherine TraywickFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters - UK Focus

    UPDATE 1-Eni, Total among winners of rights to develop Angolan "frontier" blocks

    Italian oil major Eni and France's Total were among the successful bidders for rights to develop three offshore blocks in Angola out of 10 auctioned late last year, the country's petroleum regulator said on Thursday. Eni and Total won operator rights to blocks 28 and 29 respectively in the offshore Namibe basin, while Angola's state oil company Sonangol and majors Equinor and BP won smaller stakes, regulator ANPG said in a statement. Sonangol won a 35% interest in block 27, but the remaining 65% interest is still on offer.

  • Reuters - UK Focus

    Angola awards licenses in 3 of 10 "frontier" blocks auctioned

    Angola has awarded rights to three offshore blocks, out of a total of 10 auctioned late last year, the country's petroleum regulator said on Thursday. Italian oil major Eni and France's Total won operator rights to blocks 28 and 29, respectively, in the offshore Namibe basin, while Angola's state oil company Sonangol and majors Equinor and BP won smaller stakes, regulator ANGP said in a statement.

  • China Opens Up to Oil Majors at the Wrong Time

    China Opens Up to Oil Majors at the Wrong Time

    (Bloomberg Opinion) -- Broad new horizons in key markets are opening for the world’s energy companies. Don’t expect to see a land rush any time soon. China will allow all large domestic and foreign companies to apply for oil and gas exploration licenses that were previously only open to state-owned enterprises, the country’s resources ministry said at a briefing Thursday. In India, regulators will also let private and international companies bid for a group of coal blocks it’s putting up for auction starting this month, the country’s coal and mines minister Pralhad Joshi said this week, chipping away at a near-monopoly enjoyed by state-controlled Coal India Ltd.A decade or so ago, such announcements might have caused international energy companies to salivate with excitement. All the fear back then was that state-owned giants like Saudi Arabian Oil Co. and Petroleos de Venezuela SA controlled all the viable assets to fuel a coming era of ever-increasing fossil fuel demand, leaving listed businesses running out of reserves. How things have changed.For one thing, it’s national governments rather than independent companies that are now worried about supply shortages. China’s domestic oil production has fallen about 10% since peaking five years ago. India’s coal output is still edging up, but not fast enough to meet demand: Net imports have accounted for about a quarter of consumption in recent years, up from 10% a decade ago.Meanwhile, energy companies are awash with supply. The revolution in fracking means that America’s shale patch would count as one of the world’s top three oil producers if considered on its own. It briefly overtook Saudi Arabia for the number two spot behind Russia after an attack on the Gulf country’s oil facilities in September.Conventional oil and gas discoveries are booming, too, hitting a four-year high of 12.2 billion barrels of oil equivalent last year, according to consultancy Rystad Energy AS. Storied oil majors Exxon Mobil Corp., Total SA, BP Plc and Eni SpA chalked up some of the year’s best discoveries. On the demand side, consumption of petroleum may peak as soon as a decade from now, well within the lifetime of most conventional oilfields.As a result, the interests of fossil fuel producers and the energy-hungry governments seeking to attract them are fundamentally opposed. Beijing and New Delhi ultimately want to boost domestic output at all costs, and hope that foreign businesses can sprinkle some innovative magic that local giants can’t muster. International oil companies, on the other hand, are ruing a decade when they chased barrels to the exclusion of all else. They’re now much more focused on developing only the most profitable fields, wherever they’re to be found.It’s probably unfair to characterize the state-owned Chinese and Indian companies as lazy behemoths, too. PetroChina Co.’s capital spending is bigger than that of Exxon Mobil and BP put together, and about half the wells it drills each year are in the Changqing field, where most new development is in difficult formations similar to those in the U.S. shale patch. Coal India, likewise, is hampered by the fact that most of the country’s coal is high in ash and low in energy, and dependent on a creaky rail network to make it to power stations.The problem, instead, is that the remorseless facts of poor geology make it nearly impossible to develop domestic reserves profitably, especially when government targets are driving state-owned companies to increase output with little regard for cost.Take the Qingcheng field, a corner of the Changqing deposit that counts as PetroChina’s largest single shale find. Even after recent efforts to drive down costs, the internal rate of return for Qingcheng wells is now only 8% to 9%, Cathy Chan, an analyst at CCB International Holdings Ltd., wrote in an October note.It’s fanciful to think this would tempt foreign investors. Such returns barely cover PetroChina’s own cost of capital. In Texas’s Permian basin, comparably low returns were last seen in early 2016, when the local fracking industry was on the brink of collapse. IRRs of 20% to 40% are typical for unconventional petroleum in the U.S. Given the substantial political risks that come from operating in China these days, it’s very hard to see the attraction here for international energy businesses.The best path to energy security for China and India is to encourage their own renewable energy and electrified transport industries — an approach that will improve the health of their populations, reduce climate risks, and leave them far less dependent on imported fuels. That’s a much better idea than wasting money trying to get blood from a stone, or hoping that clever foreigners will be able to find hidden deposits where local talent has failed.To contact the author of this story: David Fickling at dfickling@bloomberg.netTo contact the editor responsible for this story: Rachel Rosenthal at rrosenthal21@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Oilprice.com

    US Urges All Americans To Leave Iraq After Soleimani Assassination

    The US embassy in Baghdad has urged all US citizens to leave Iraq immediately, after the US killed Iranian military general and hardliner Qassem Soleimani

  • Is Eni S.p.A.'s (BIT:ENI) High P/E Ratio A Problem For Investors?
    Simply Wall St.

    Is Eni S.p.A.'s (BIT:ENI) High P/E Ratio A Problem For Investors?

    This article is written for those who want to get better at using price to earnings ratios (P/E ratios). We'll apply a...

  • Bloomberg

    Mexico’s AMLO Is Still Working to Win Over Private Sector Skeptics

    (Bloomberg) -- Over the past few months, Mexican President Andres Manuel Lopez Obrador has made a bit of a show of cozying up to people in what he used to call the “mafia of power.”He took the stage with Carlos Slim, the country’s richest person, at a news conference. He stood with leaders of the two of the biggest business groups as he declared the private sector crucial to growth. He tweeted a photo of himself with the head of Italy’s Eni SpA, which has an oil-drilling project in Tabasco.The Twitter post most intrigued the investors and analysts reading the National Palace tea leaves, stirring speculation the president would lift his controversial embargo on oil-field auctions, which had brought in billions of dollars in foreign investment.This was wishful thinking. AMLO, as the president is known, has extended the occasional olive branch to the business community without delivering what it wants -- which is, basically, a return to the more business-friendly policies of his predecessor, Enrique Pena Nieto.Investors remain skittish as Lopez Obrador enters his second year in office, with the country convulsed by violent crime and drug cartel turf wars. The Mexican economy is in a slump and many forecasts for 2020 are grim.Ernesto Revilla, Citigroup Inc.’s head of Latin American economics and a former chief economist at the Finance Ministry, expects the economy to grow just 1% next year in the second-worst performance since 2009.The worst? This year.“To have a more positive outlook and scenario going forward, you would need a dramatic change in investor sentiment,” Revilla said. “The majority of the private sector in Mexico is still skeptical.”Before his landslide election in July 2018, Lopez Obrador provoked anxiety among the corporate elite, as he disparagingly called it, dismissing big-business people as “traffickers of influence.”Since his inauguration last December, he has done little to calm their nerves. Two of his shock moves were scuttling a new $13 billion airport for Mexico City that had been under construction for three years and was one-third complete and demanding natural gas companies renegotiate long-ago signed pipeline contracts.Then there was the moratorium on oil-field auctions. Pena Nieto had opened up the once-vital sector to try to kick some new life into it. The country’s output has been falling for 15 years, and state-owned Petroleos Mexicanos is the world’s most indebted oil company.“Renewing the oil rounds would be a very positive piece of news that would generate confidence,” said Gustavo de Hoyos, the head of Coparmex, which represents 36,000 companies in Mexico, and a frequent critic of the president. “I don’t have any indication that it’s going to happen.”One reason Lopez Obrador may be reluctant to change course on the auctions is fear of upsetting the leftist wing of the diverse movement that backs him. Rocio Nahle, the energy minister, has championed the state’s historic primary role in producing crude. Lopez Obrador is wary of making decisions that could tip the balance in his cabinet and among his base, according to one person close to him.It’s not all bad news in the economy. Inflation is near the central bank’s 3% target, less than half what it was two years ago. The national government will likely have another primary budget surplus next year.Multinationals that have operated in Mexico for decades haven’t abandoned the country; foreign direct investment grew by 7.8% in the first three quarters of the year. The replacement for the North American Free Trade Agreement could soon go into effect.On the other hand, gross fixed investment has fallen an average 5% monthly from a year earlier under Lopez Obrador. Domestic companies don’t trust the administration will respect the rule of law and not pull the rug out from under them, according to interviews with six executives who declined to speak on the record for fear of reprisals.That’s an unfounded concern, said Jesus Ramirez, Lopez Obrador’s spokesman. “It is a government for all, both the public sector and private sector,” he said. The two “have to agree on common strategies to shore up the economy, so that there’s economic growth and that there are jobs.”Lopez Obrador has pledged to lift economic growth to 4% and plans spending $44 billion on infrastructure to help get there, with most of the capital coming from the private sector. “Participation of the private sector in the country’s growth is necessary,” he said when he unveiled the package, which includes highway, railway, port, airport and telecommunications projects.That could be “a catalyst for economic development,” Slim, who owns or has stakes in Mexican consumer goods, mining, construction and real estate ventures, said that day.Read More: Slim, AMLO Reunite on Mexican Pipeline After Feud Over AirportBut analysts complained that details were scarce, and the S&P/BMV IPC stock index fell 1.6% the day the plan was announced. It was the biggest drop for the benchmark in eight weeks, coming amid a broad decline in Latin American equities.“The national infrastructure plan is a step in the right direction but is unlikely to be a catalyst for Mexico to exit its investment limbo,” Morgan Stanley analyst Nikolaj Lippman said in a research report.If the administration is ever going to win the trust of business, it will take more effort and time, Revilla said. “Most of the slowdown in the economy in 2019 can be traced to internal factors and the cancellation of the airport. The initial confidence shock was big enough to scare investment away for some time.”\--With assistance from Andrea Navarro.To contact the reporter on this story: Eric Martin in Mexico City at emartin21@bloomberg.netTo contact the editors responsible for this story: Juan Pablo Spinetto at jspinetto@bloomberg.net, Anne Reifenberg, Larry ReibsteinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Oilprice.com

    Should Arctic Oil Be Kept Underground?

    With the launch of the huge Johan Sverdrup field, the question arises how many large oilfields Norway will commission in the next couple of years

  • A Bullish End To The Year For Oil Markets

    A Bullish End To The Year For Oil Markets

    Oil markets have finished the year roughly 30 percent higher than they were 12 months ago, but it would be a mistake to believe the downside risks have vanished entirely

  • Is Eni S.p.A.'s (BIT:ENI) ROE Of 4.8% Concerning?
    Simply Wall St.

    Is Eni S.p.A.'s (BIT:ENI) ROE Of 4.8% Concerning?

    Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is...

  • Reuters - UK Focus

    Norway's Solveig buys oilfield operator Capricorn from Cairn

    Norwegian pipeline firm Solveig Gas has agreed to buy oil firm Capricorn Norge from Cairn Energy for $100 million, completing its transformation into a North Sea field operator, Solveig's owner HitecVision said on Wednesday. The private equity fund told Reuters earlier this year it aimed to turn Solveig into an integrated exploration and production company, using the cash flow from its gas pipelines to fund expansion. Cairn separately confirmed the deal, adding it will use the proceeds to fund its ongoing oil business in British waters.

  • Reuters - UK Focus

    UPDATE 1-Kazakh oilfield Kashagan halves output due to unplanned maintenance - sources

    Oil and gas condensate output from Kazakhstan's giant Kashagan project has more than halved from early November levels due to unplanned maintenance that started last week, two industry sources told Reuters on Tuesday. The Kazakh energy ministry said last week that Kashagan was undergoing maintenance at a gas compressor unit, which was expected to last for seven days. The energy ministry said on Tuesday that Kazakhstan's total daily oil and gas condensate output had fallen to 240,700 tonnes from 264,000-270,000 tonnes at the start of the month, equivalent to around 1.9 mln bpd and 2.09-2.13 mln bpd respectively.

  • Reuters - UK Focus

    UPDATE 1-Norway's oil industry raises 2019-2020 investment forecasts

    Norwegian oil and gas investments will probably hit a five-year high next year, extending a recovery that has boosted the economy, a survey by Statistics Norway (SSB) showed on Thursday. The closely watched forecasts, based on data from oil and gas companies working in Norway, showed 2019 and 2020 investment plans had been raised since August. Norway's central bank raised interest rates four times since September 2018, as oil investment rebounded from a 2015-2017 slump, but it has since put monetary policy on hold.

  • Reuters - UK Focus

    UPDATE 1-Nigeria's ex-attorney general arrested in Dubai over $1.3 bln oil deal

    Nigeria's former attorney general Mohammed Adoke has been arrested in Dubai, his lawyer said, seven months after Nigeria's anti-graft agency issued a warrant for his arrest as part of an investigation into one of the oil industry's biggest suspected corruption scandals. Adoke's lawyer, Mike Ozekhome, said Adoke was arrested by Interpol on Monday 11 Nov., after travelling to Dubai for a medical appointment. The investigation by Nigeria's anti-graft agency relates to the $1.3 billion sale of a Nigerian offshore oilfield known as OPL 245 by Malabu Oil and Gas in 2011.

  • Reuters - UK Focus

    UPDATE 1-Shell appoints Citi for $1 bln sale of Egypt assets -sources

    * Western Desert sale process to launch end of Nov. LONDON, Nov 15 (Reuters) - Royal Dutch Shell has appointed investment bank Citi to run the sale of its onshore Egyptian oil and gas assets which could fetch around $1 billion, sources close to the process said. The sale process is expected to be officially launched at the end of November, the sources said.

  • Reuters - UK Focus

    Norway approves ConocoPhillips field development

    Norway approved the plans of ConocoPhillips for a 6.1 billion crowns ($667.10 million) development of the Tor II field, which is expected to start production in the final quarter of 2020, the oil and energy ministry said on Thursday. ConocoPhillips has a 30.66% stake in the license, Total 48.2%, Eni's subsidiary Vaar Energi 10.82%, Equinor 6.64% and Petoro 3.69%.

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