| Eni Inks New Agreements to Continue Oil Exploration in Egypt | |
| | |
|
Eni SpA E has inked three amendments for the IEOC concessions and one new concession agreement with the Egyptian government.
The three amendment agreements relate to Sinai 12 and Abu Madi, North Port Said, and Baltim (in partnership with BP). The new Concession Agreement – Ashrafi – is in partnership with ENGIE.
The agreements involve an investment of over $2 billion for the realization of projects to be implemented over the next four years. These projects are expected to make substantial contribution to the incremental energy needs of Egyptian local demand.
Moreover, they reflect the successful conclusion of the first set of agreements that were mentioned in the Heads of Agreement (HoA) inked during the Egypt Economic Development Conference in Sharm El Sheikh in Mar 2015.
Three more agreements included in the HoA have already been finalized and the authorization process is likely to be concluded before the end of this year. Some of the proposed activities are currently being executed and an additional well in Baltim Concession has already started production.
Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering industries. The company’s major business segments are Exploration and Production, Gas and Power, and Refining and Marketing.
The company conducts its major exploration and production activities for hydrocarbons. Eni SpA operates these activities out of Italy, Croatia, North Africa, West Africa, the North Sea, the Gulf of Mexico, the Middle and Far East, the Caspian Sea, Australia and Latin America. Other segments are Chemicals, Services & Engineering, Other & Corporate, and Corporate & Financials.
Eni currently carries a Zacks Rank #3 (Hold).
Some better-ranked players from the energy sector are FutureFuel Corp. FF, Matrix Service Company MTRX and Total S.A. TOT. Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TOTAL FINA SA (TOT): Free Stock Analysis Report ENI SPA-ADR (E): Free Stock Analysis Report MATRIX SERVICE (MTRX): Free Stock Analysis Report FUTUREFUEL CORP (FF): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
|
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
ENI is based in Italy. ENI is listed in Italy. Its market capitalisation is €UR 55.3 billions as of today (US$ 59.3 billions, € 55.4 billions). Its stock quote reached its lowest recent point on April 23, 2021 at €UR 10.01, and its highest recent level on April 25, 2024 at €UR 15.22. ENI has 3 634 189 824 shares outstanding. |