Connect to share and comment

Turkey, Russia agree on boosting Blue Stream gas pipeline: minister

ANKARA (Reuters) - Turkey and Russia have agreed in principle on raising the capacity of the Blue Stream pipeline, which brings in Russian gas via the Black Sea, to 19 billion cubic meters (bcm) annually from 16 bcm, Energy Minister Taner Yildiz said on Monday. Yildiz also said Turkey would hold talks with Russia on a new contract for the private sector to buy natural gas at a 'reasonable' price and that it may import electricity from Iran, Georgia and Bulgaria in the summer if there was a problem with electricity production due to drought.

Italy names new heads of four state firms

The Italian government named four new directors, including three women, to state-controlled companies Monday and capped executive pay at such firms at 238,000 euros a year. The shakeup affects some of the country's largest state-controlled companies: oil firm Eni, energy company Enel, industrial giant Finmeccanica and the Italian postal service. Emma Marcegaglia, ex-chief executive of employers' federation Confindustria, takes over at Eni, while Patrizia Grieco, head of tech firm Olivetti, will be the new boss at Enel.

Kashagan oil field: Stuck between 'a widow maker' and 'a rotating bomb'

By Oleg Vukmanovic and Stephen Jewkes MILAN (Reuters) - Western oil majors struggling to restart production at one of the world's biggest offshore oilfields in Kazakhstan have found that whole kilometers of pipeline are defective, two people recently returned from the $50 billion project say. Replacing the damaged section altogether may be a better bet than trying to repair it.

Eni's Scaroni optimistic Libya gas secure in case Russia supplies hit, but amounts still small

MILAN - The CEO of Italian energy company Eni says he's optimistic that Italy has a secure gas supply from Libya in case imports from Russia are hurt by sanctions. But the amounts, analysts warn, are dwarfed by the size of Russian supplies.

CEO of Italy's Eni oil company presses interim Libyan leader on increasing production

MILAN - Eni CEO Paolo Scaroni has pressed Libya's interim prime minister, Abdullah al-Thinni, on increasing the Italian gas and oil company's production. An Eni statement Monday said that Scaroni emphasized that Eni's gas production is critical to generate electricity for domestic consumption and is of "growing importance" to Italy's gas supply security.

ENI hails 'big success' in Statoil gas deal

ENI chief executive Paolo Scaroni on Friday hailed an initial deal with Norway's Statoil to revise gas supply contracts as "a big success", as the Italian energy major seeks to lower purchasing costs. "I feel calmer over the chances of keeping the promise made to the market of bringing all gas supply contracts to market prices by 2016," Scaroni was quoted by the Il Sole 24 Ore business daily as saying. Arbitration proceedings initiated by ENI last year against Statoil over the gas contracts will now be suspended to allow the two sides to formulate a definitive agreement.

ENI hails 'big success' in Statoil gas deal

ENI chief executive Paolo Scaroni on Friday hailed an initial deal with Norway's Statoil to revise gas supply contracts as "a big success", as the Italian energy major seeks to lower purchasing costs. "I feel calmer over the chances of keeping the promise made to the market of bringing all gas supply contracts to market prices by 2016," Scaroni was quoted by the Il Sole 24 Ore business daily as saying. Arbitration proceedings initiated by ENI last year against Statoil over the gas contracts will now be suspended to allow the two sides to formulate a definitive agreement.

Energy company Eni reports Q4 loss due to disruptions in Libya, Nigeria, weak Italian sales

MILAN - Italian oil and gas company Eni posted a fourth-quarter loss of 611 million euros ($832 million) due to ongoing difficulties in its Libya and Nigerian operations and weak sales in its main Italian market. The quarterly losses compared with a profit of 1.52 billion euros in the same period a year earlier. Eni said Thursday that its full-year profits dropped 40 per cent to 4.4 billion euros from 7.325 billion euros.

Uganda signs agreement with foreign oil companies, clearing the way for crude production

KAMPALA, Uganda - Uganda's government has signed an agreement with three foreign oil companies, a government official said Thursday, clearing the way for commercial production of crude reserves. A memorandum of understanding signed on Wednesday lays out the strategy for oil production amid warnings that the sector hasn't been transparent enough to avoid corruption and misuse of oil revenue.

Uganda signs agreement with foreign oil companies, clearing the way for crude production

KAMPALA, Uganda - Uganda's government has signed an agreement with three foreign oil companies, a government official said Thursday, clearing the way for commercial production of crude reserves. A memorandum of understanding signed on Wednesday lays out the strategy for oil production amid warnings that the sector hasn't been transparent enough to avoid corruption and misuse of oil revenue.
Syndicate content