Eni considers spinning off oil and gas assets in Africa and Middle East
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Eni is reportedly looking to spin off its oil and gas assets in West Africa and the Middle East into new joint ventures.
The move is part of the Italian company’s plan to cut debt and fund its plan to transition towards low-carbon energy, Reuters reported, citing the company and industry sources.
Eni intends to replicate its 2019 decision to spin off oil and gas assets in Norway. It formed a joint venture, Var Energi, which it retains a 69.6% stake.
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MILAN/LONDON (Reuters) - Italy’s Eni is considering spinning off oil and gas operations in West Africa and the Middle East into new joint ventures to help reduce debt and fund its shift to low-carbon energy, according to company and industry sources.
FILE PHOTO: The logo of Italian energy company Eni is seen at a gas station in Rome, Italy August 16, 2018. REUTERS/Max Rossi
The move is part of a major overhaul the company launched last year as it transitions into renewables and a gradual tapering of oil and gas output.
Eni aims to replicate the success of its 2019 oil and gas spin-off in Norway, where it formed joint venture Var Energi with private equity firm HitecVision and retains a 69.6% stake.
EnergyEXCLUSIVE Eni eyes oil spin-offs to tackle debt in energy transition
Ron BoussoStephen JewkesDmitry Zhdannikov
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The logo of Italian energy company Eni is seen at a gas station in Rome, Italy August 16, 2018. REUTERS/Max Rossi
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Italyâs Eni (ENI.MI) is considering spinning off oil and gas operations in West Africa and the Middle East into new joint ventures to help reduce debt and fund its shift to low-carbon energy, according to company and industry sources.
The move is part of a major overhaul the company launched last year as it transitions into renewables and a gradual tapering of oil and gas output.
Exclusive: Eni eyes oil spin-offs to tackle debt in energy transition reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Equinor says no single issue to blame for Johan Castberg weld defects
Equinor said today there was no single “event” that could have directly caused the welding issues found on the hull of its Johan Castberg production vessel.
Updated: 19/04/2021, 12:53 pm
The Johan Castberg production vessel at Sembcorp Marine in Singapore. (Photo: Equinor ASA)
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Equinor said today there was no single “event” that could have directly caused the welding issues found on the hull of its Johan Castberg production vessel.