Money Buzz! Europa

Tag: eni

  • Eni will pay 405 million pounds for a 20% stake in the UK Dogger Bank project

    Eni will pay 405 million pounds for a 20% stake in the UK Dogger Bank project

    Eni enters the world’s largest offshore wind project with the acquisition of a 20% stake in the UK Dogger Bank (A and B) 2.4 GW project.

    The project involves the installation of 190 state-of-the-art turbines situated approximately 80 miles from the British coast.

    Each turbine has a capacity of 13 MW for a total capacity of 2.4 GW.

    At full capacity, Dogger Bank (3.6 GW) will be the world’s largest project of its kind, generating around 5% of UK demand for renewable electricity and supplying energy to approximately 6 million British families.

    The construction of the Dogger Bank (A and B) is expected to cost a total of £6 billion and will take place in two stages, with the first to be completed by 2023, and the second by 2024.

  • Eni confirms and expands gas and condensate potential in Vietnam

    Eni confirms and expands gas and condensate potential in Vietnam

    Eni announces that its exploration well, Ken Bau-2X, located in Block 114, Song Hong Basin, offshore Vietnam, has confirmed a significant hydrocarbon accumulation on the Ken Bau discovery, further expanding its potential.

    Ken Bau 2X was drilled 2 km apart from the discovery well in 95 m of water depth till a  total depth of 3658m below sea level and encountered a pay in excess of 110m in several intervals of Miocene sandstones interbedded with shale.  

    Two mini drill stem tests (DST) were conducted, coupled with an extensive data acquisition campaign comprising fluid sampling.

    Preliminary estimates of Ken Bau accumulation provide a range between 7 and 9 trillion cubic feet (Tcf) of raw gas in place with 400 – 500 million barrels (Mbbl) of associated condensates. The well will now be plugged and abandoned.

    Ken Bau 2X results confirm the importance of the discovery made in 2019, and Eni Vietnam’s and its partner Essar E&P efforts to swiftly appraise the full extent of the accumulation despite the significant operational challenges posed by the COVID-19 pandemic during these months.

    Eni Vietnam is the Operator of Block 114 with a 50% share; Essar E&P holds the remaining 50%.

    Eni Vietnam with its partner is currently planning additional drilling and testing on Ken Bau discovery coupled with new drilling and seismic activity in the Song Hong basin, where Eni operates with a 100% share the neighbouring Block 116.

    Eni has been in Vietnam since 2013, and currently operates four blocks all located in the underexplored Song Hong and Phu Khanh basins, offshore central Vietnam.

  • Eni found new gas in the Mediterranean Sea offshore Egypt

    Eni found new gas in the Mediterranean Sea offshore Egypt

    Eni have successfully drilled the first exploration well in the North El Hammad license, in the conventional Egyptian waters of the Nile Delta, on the prospect called Bashrush.

    The discovery further extends to the west the gas potential of the Abu Madi formation reservoirs discovered and produced from the so-called “Great Nooros Area”.

    The new discovery is located in 22 meters of water depth, 11 km from the coast and 12 km North-West from the Nooros field and about 1 km west of the Baltim South West field, both already in production.

    The well discovered a single 152 meters thick gas column within the Messinian age sandstones of the Abu Madi formation with excellent petrophysical properties.

    The well will be tested for production.

    In the North El Hammad concession, which is in participation with the Egyptian Natural Gas Holding Company (EGAS), Eni through its affiliate IEOC holds 37.5% interest, the role of Operator, BP holds the 37.5%, and Total holds the 25% of the Contractor interest.

    Eni has been present in Egypt since 1954, where it operates through IEOC Production.

  • Eni acquires three wind projects in Italy

    Eni acquires three wind projects in Italy

    Eni acquired from Asja Ambiente Italia 100% of the shares in CDGB Enrico, CDGB Laerte e Wind Park Laterza.

    The three wind farms, that will be built in Comune di Laterza, in the Puglia region, have a peak capacity of 35.2 MW and are expected to produce approximately 81 GWh annually, avoiding around 33.400 tonnes of CO2 emissions per year.

    The three plants will consist of sixteen aerogenerators producing 2.2 MW each, and will be connected to the National Transmission Grid.

    The construction work for the plants is scheduled for the third trimester of 2021. It is the first wind project of Eni to take place in Italy.

    With this new acquisition, Eni further progresses in its decarbonisation process that aims to reduce 80% on greenhouse gases net emissions by 2050 over the entire cycle of its energy products.

  • Eni and Korea Gas Corporation signed a Memorandum of Understanding

    Eni and Korea Gas Corporation signed a Memorandum of Understanding

    Claudio Descalzi, Eni CEO, and Hee-bong Chae, Korea Gas Corporation President and CEO signed a Memorandum of Understanding (MoU) to identify specific cooperation opportunities.

    This will include different areas such as exploration and production projects, LNG projects, downstream and infrastructure projects and in particular circular economy and low-carbon energy projects.

    The two companies have been cooperating in Exploration and Production business over the past decade in Africa, Middle East, South-East Asia and Mediterranean.

    In particular, the Mozambique Area 4 project and the Iraq Zubair project are representative example of success cooperative relationship between two companies.

    Claudio Descalzi, CEO of Eni said: “As Eni wants to play a decisive role in the process of energy transition towards a low-carbon future, this collaboration is in line with the direction we want to follow to ensure sustainable growth. This MoU fits our culture based on integration, efficiency and a constant focus on technological innovation and research, which has allowed Eni to enhance the assets in a different way.”