All articles tagged with #eni
The piece outlines a mix of U.S.-backed and private oil deals in Venezuela, including the government stake in NABEP and Chevron’s plan to expand production, with aims to lift output toward 2 million barrels per day while addressing governance, geopolitics, and the impact on Venezuelans rather than external exploitation.
Eni is expanding into nuclear fusion, aiming to commercialize a European fusion plant by the early 2040s via a partnership with Commonwealth Fusion Systems, and leveraging its hydrogen/hydrocarbon know-how. The plan includes a US plant expected in the 2030s and a European second site, plus a fuel-cycle venture with the UK Atomic Energy Authority, as it joins a broader industry race to commercialize fusion—though the technology has yet to prove it can scale commercially.
European energy companies Eni and Repsol are struggling to recover $6 billion in gas payments from Venezuela due to US sanctions and policy restrictions, leading to ongoing supply without payment and unresolved debts, amid limited US government support for resolving the issue.
Commonwealth Fusion Systems has secured over $1 billion in power purchase agreements for its upcoming fusion reactor, Arc, expected to be operational in the early 2030s near Richmond, Virginia. The deal with Eni marks the second major agreement, following Google's purchase of half the reactor's output, and aims to establish a market for fusion energy while attracting further investment. The company is progressing with its demonstration reactor, Sparc, and aims to demonstrate the viability of fusion power as a clean energy source.
Israel's Energy Ministry has awarded 12 licences to six companies, including Eni, BP, and Socar, to explore for natural gas off the country's Mediterranean coast. The aim is to create more competition and diversify suppliers. The licences will last for an initial three years, with the option to extend up to seven years, depending on progress. The companies have committed to significant investment in exploration, which could lead to the discovery of new gas reservoirs. Israel hopes to increase its gas reserves and advance plans to export gas to Europe.
Eni, the Italian energy company, has signed an agreement to sell its unit Nigerian Agip Oil Company (NAOC) to Nigerian counterpart Oando, as part of a trend of energy giants exiting onshore operations in Nigeria. The move comes as international oil majors, including Shell and Exxon Mobil, are trying to sell their onshore assets in the country due to issues such as oil theft, community clashes, and exploration budget cuts. Eni's NAOC has interests in four onshore blocks and two onshore exploration leases in Nigeria. The deal is subject to local and regulatory authorization.
Italian energy company Eni and Saudi Acwa Power have signed a Memorandum of Understanding (MoU) to jointly develop a green hydrogen project in the Middle East and Africa. The agreement was made at the Investment Forum between Italy and Saudi Arabia in Milan, where Acwa Power also signed an MoU with regional utility A2A and electrodes maker De Nora to collaborate on green hydrogen.