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Aug 31, 2015

Eni’s credentials boosted by giant gas find in Egypt

MILAN (Reuters) – Eni’s “supergiant” gas find off the coast of Egypt bolsters its top-flight exploration credentials and gives the Italian energy group access to easy reserves that fit its strategy of seeking growth without sacrificing dividends.

Eni said on Sunday that its discovery ranked as the largest known gas field in the Mediterranean, covering an area of about 100 square kilometers (39 square miles) and containing a potential 30 trillion cubic feet (tcf) of gas.

Aug 30, 2015

Italy’s Eni makes mega gas discovery off Egyptian coast

ROME/MILAN, Aug 30 (Reuters) – Italian energy group Eni
said on Sunday it had discovered the largest known gas
field in the Mediterranean off the Egyptian coast, predicting
the find could help meet Egypt’s gas needs for decades to come.

The Italian major said in a statement the offshore “Zohr”
field could hold 30 trillion cubic feet of gas, covering an area
of about 100 square kilometres (60 square miles).

Aug 24, 2015

Enel picks EPH for exclusive talks on Slovakia sale

MILAN, Aug 24 (Reuters) – Italy’s biggest utility Enel
is in exclusive talks with EPH about selling a stake
in Slovakia’s Slovenske Elektrarne to the Czech-based company to
help fund a facelift.

State-controlled Enel, which owns 66 percent of Slovenske,
said on Monday it may sign a binding agreement with EPH
regarding Slovakia’s biggest power generator in coming weeks.

Jul 30, 2015

Eni production growth takes sting out of Saipem writedown

MILAN, July 30 (Reuters) – Italian oil and gas group Eni
raised its production targets for the year on Thursday,
boosting its shares after second-quarter net profit slumped due
to lower oil prices and a heavy loss at subsidiary Saipem
.

Oil and gas production is targeted to rise more than 7
percent this year, up from a previous 5 percent target, helped
by output in Venezuela, Norway, the United States, Angola and
Republic of Congo, and expectations of higher volumes in Libya.

Jul 28, 2015

Terna looks to grow power grid business outside Italy

MILAN (Reuters) – Power grid company Terna  is looking to develop new business outside Italy by working with oil major Eni and renewable energy group Enel Green Power on power line projects in places like Latin America and Africa.

Terna, one of Europe’s biggest power grid operators, raises most of its revenues from power transmission in Italy by developing the domestic grid and making it more efficient.

Jul 24, 2015

Saipem hires Bain to get in shape for cheaper oil

MILAN, July 24 (Reuters) – Italian oil contractor Saipem
is working with Bain & Company to draw up a
restructuring plan to help it cut costs and counter falling oil
prices that have sapped its order book and stretched its balance
sheet, three sources said.

Saipem, 43 percent owned by state-controlled Eni,
has lost around three-quarters of its value in the last 30
months after a corruption probe in Algeria, two profit warnings
and increasingly bleak business prospects. The cancellation of
a Black Sea pipeline contract was the latest blow.

Jun 17, 2015

EU without Britain is “impossible”, says Italy’s Renzi after talks with Cameron

MILAN/LONDON (Reuters) – A European Union without Britain would be “impossible”, Italian Prime Minister Matteo Renzi said on Wednesday, after talks with Prime Minister David Cameron about his plans to reshape Britain’s EU ties before an in-out membership referendum.

Ireland said it had begun contingency planning for a British exit from the EU.

Cameron, re-elected last month, is due to present his reform plans in more detail at an EU summit in Brussels next week and hopes to hold preliminary talks with EU leaders before then.

Jun 17, 2015

Renzi’s digital plan sets new industrial course for Italy

MILAN (Reuters) – Italy’s Prime Minister Matteo Renzi and the chief of Enel SpA (ENEI.MI: Quote, Profile, Research, Stock Buzz) took time out of a visit to Malta in April to discuss a matter of national importance: how to use the state-controlled utility’s pipes and pylons to help get high-speed Internet to all Italian homes.

Renzi had long wanted Telecom Italia (TLIT.MI: Quote, Profile, Research, Stock Buzz) to cable the country for super-fast Internet to get Italy’s digital reach up to speed with the rest of Europe and help kick-start a suffering economy. But the former state phone monopoly had deemed the effort too expensive, considering the low demand.

Jun 4, 2015

Saipem shares suspended after sharp fall sparked by cash call report

MILAN, June 4 (Reuters) – Shares in Saipem fell to
a seven-week low in early trading on Thursday and were suspended
from trading after a report that the Italian oil services group
was considering a share sale to raise some 1.5 billion euros
($1.7 billion).

Italian newspaper Il Sole 24 Ore said in an unsourced report
investment banks had begun stepping up their pitching for a cash
call at Saipem after the arrival of Stefano Cao as chief
executive in April.

May 29, 2015

Eni, trattative vendita quota Mozambico a rilento per calo petrolio

MILAN, May 29 (Reuters) – Le trattative fra Eni e i
potenziali interessati al 15% del giacimento petrolifero in
Mozambico, inclusa l’utility cinese Huadian, si stanno
trascinando a seguito delle differenze legate al prezzo, secondo
alcune fonti industriali e bancarie.

La major petrolifera italiana punta a vendere asset per 8
miliardi di euro nei prossimi cinque anni per crescere in nuovi
mercati e proteggere il dividendo.

    • About Stephen

      "Based in Milan, I cover the Italian energy sector for the Italian team. I have followed energy in Italy for the last 10 years, previously for Bridge News, AFX and Thomson."
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