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New Saipem profit warning rattles investors

June 17, 2013 07:38
By Giancarlo Navach and Stephen Jewkes MILAN (Reuters) - A second profit warning in less than 5 months wiped over a quarter from the share price of Italy's Saipem <SPMI.MI> on Monday, leaving Europe's biggest oil industry group worth half what it was at the start of the year.

Saipem "could lose 500 mln euros" in Algerian probe

April 23, 2013 13:01
MILAN (Reuters) - Italian oil services group Saipem <SPMI.MI> could lose up to 500 million euros (426 million pounds) in payments due from Algeria because of a probe into allegations that it paid bribes to win contracts there, the company said on Tuesday. "We are having some difficulties to get recent payments and the worst-case scenario is we won't get these payments," Chief Executive Umberto Vergine told analysts.

Eni aims to strengthen oil, gas business in Indonesia

April 12, 2013 17:32
Italy's biggest oil and gas firm Eni would raise investment in Indonesia to make the country its major presence in the world, a top official of the firm said here on Friday. Eni's CEO Paulo Sacroni told a joint press conference with Indonesian Energy and Mineral Resources Minister Jero Wacik after meeting. Eni has invested about 400 million U.S. dollars in Indonesia since 2001 and has developed 13 blocks nationwide, said Scaroni."...and we plan to continue to invest because we have very promising blocks in front of us," said Sacroni.

Mozambique government okays new oil law

April 10, 2013 12:45
The Mozambican government has approved a draft of a new petroleum law which will see communities get a slice of the country's oil revenues. The spokesman for the Council of Ministers, Alberto Nkutumala, said the decision was taken at a session late on Tuesday. "Of the revenues that result from oil operations in Mozambique, a part shall go to communities that are located in areas where operations take place," said Nkutumala. It is not yet clear what the allocation to local communities would be.

Italy's ENI curbs activities in Nigeria due to oil theft

March 23, 2013 11:15
Italian energy major ENI said on Saturday it had suspended its activities in Bayelsa state in southern Nigeria due to frequent thefts from pipelines. "The decision was taken due to an intensification of bunkering activities, or sabotage of the pipelines," the company said in a statement. ENI said it had completely suspended all onshore activity at the Swamp Area site in Bayelsa in the night between Thursday and Friday.

URGENT ¥¥¥ Italy's ENI curbs activities in Nigeria due to oil thefts

March 23, 2013 11:00
Italian energy major ENI said on Saturday it had suspended its activities in Bayelsa state in southern Nigeria due to frequent thefts from pipelines. "The decision was taken due to an intensification of bunkering activities, or sabotage of the pipelines," the company said in a statement. dt/mbx

March 23, 2013 10:30
Italy's ENI curbs activities in Nigeria due to thefts dt/mbx

British gas prices slump as Qatar, Trinidad imports eases reserves worry

March 22, 2013 05:00
LONDON (Reuters) - British wholesale gas prices fell by up to 20 percent on Monday, undermined by major gas shipments due from Qatar and Trinidad to help replenish stored gas reserves depleted by weeks of abnormally cold weather. The price of gas for weekend delivery fell about 20 percent to 84 pence per therm, while the day-ahead gas contract slumped to 93.50 pence, a drop of around 11 percent.

ENI sells Mozambique stake to CNPC for $4.21bn

March 14, 2013 07:31
Italian energy group Eni said Thursday it has sold a 20 percent stake in an offshore energy field known as Area 4 in Mozambique to China's state-owned giant CNPC for $4.21 billion. "CNPC’s entrance into Area 4 is strategically important for the project thanks to the worldwide relevance of the new partner in the upstream and downstream sectors," Eni said in a statement.

ENI sells Mozambique stake to CNPC for $4.21bn

March 14, 2013 06:00
Italian energy group Eni said Thursday it has sold a 20 percent stake in an oil field known as Area 4 in Mozambique to China's state-owned CNPC for $4.21 billion. "CNPC’s entrance into Area 4 is strategically important for the project thanks to the worldwide relevance of the new partner in the upstream and downstream sectors," Eni said in a statement. Eni will retain 50-percent ownership of Area 4, while the rest is already owned in equal parts by Empresa Nacional de Hidrocarbonetos de Mocambique, Kogas and Galp Energia.
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