ENI CUTS 21%
Italy's Eni SPA has set group capital expenditures during 2016-19 at $41.78 billion, down 21% from the 2015-18 plan.
The new plan includes a disposal program targeting $7.9 billion of asset sales mainly through the dilution of high working interest stakes in recent material discoveries. In 2015, Eni met 90% of its previous 4-year plan disposal target.
Hydrocarbon production during the 2016-19 period is expected to rise 3%/year, the firm says, explaining the target will be met mainly through the ramp-up and start-up of new projects with a total contribution of 800,000 boe/d in 2019.
Eni expects 1.6 billion boe in oil and gas discoveries during the period while maintaining average exploration spending in line with 2015 levels. Notwithstanding an 18% reduction in overall upstream capex, cumulative production growth of 13% to 2019 is expected.
The firm notes that it has reduced its average breakeven price of new projects to $27/boe from $45/boe, citing portfolio flexibility, ongoing successful exploration strategy, synergies with existing assets, and contract renegotiations.
In its refining segment, Eni plans to address "structural weaknesses" by lowering its breakeven price to about $3/bbl by 2018 while maintaining its current refining capacity, resulting in cumulative cash flow from operations of $3.27 billion over the plan period.
"We are continuing to restructure our mid-downstream businesses successfully," said Claudio Descalzi, Eni chief executive officer. "In refining and marketing, we are focused on lowering our breakeven while enhancing the efficiency of our operations and defending our retail market share."
|February, 16, 23:45:00|
|February, 16, 23:40:00|
|February, 16, 23:35:00|
|February, 16, 23:30:00|
|February, 16, 23:25:00|
|February, 16, 23:20:00|
AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.