Key Takeaways Eni discovered Calao South in Block CI-501 offshore Cote d'Ivoire, its second-largest find after Baleine.The Calao South is estimated to hold 5 Tcf of gas and about 450M barrels of condensate in Cenomanian sands.Eni operates Block CI-501 with a 90% stake; a drill stem test is planned to assess flow potential.Eni S.p.A. (E) announced a major gas and condensate discovery offshore Cote d'Ivoire in Block CI-501 with the Murene South-1X exploration well. The latest discovery has been named Calao So ...

Key Takeaways BP plc announced an oil discovery at the Algaita-01 well offshore Angola via Azule Energy.Azule Energy's fourth find since beginning 2025 includes oil at Algaita-01 and gas at Gajajeira-01 in Angola.The new Algaita-01 finding can be tied to nearby infrastructure, lowering costs and boosting BP's cash flow.BP plc (BP) announced an oil discovery at the Algaita-01 exploration well situated offshore Angola through its joint venture Azule Energy.Azule Energy is a joint venture between Eni S.p.A. (E ...

Eni has announced a gas and condensate discovery in Block CI-501 offshore Côte d'Ivoire following the drilling of the Murene South-1X well. According to the Italian energy company, the discovery, dubbed Calao South, underscores the potential of the Calao channel complex. Estimated volumes for the Calao South discovery are up to five trillion cubic feet (tcf) of gas and 450 million barrels (mbbl) of condensate, equating to approximately 1.4 billion barrels of oil. Eni holds a 90% operating stake in Bloc ...

Core Insights - Eni has announced a significant gas and condensate discovery in Ivory Coast, named Calao South, which confirms the potential of the Calao channel complex and is the second-largest discovery in the country after Baleine [1] Company Summary - Eni operates in Ivory Coast with a 90% stake in Block CI-501, in partnership with state-owned Petroci Holding [1] - The Calao South discovery is estimated to contain up to 5.0 trillion cubic feet of gas and 450 million barrels of condensate, equivalent to approximately 1.4 billion barrels of oil [1] Industry Summary - The output from Baleine, the largest hydrocarbon development in Ivory Coast, is projected to increase to 150,000 barrels of oil and 200 million cubic feet of gas per day with the launch of Phase 3, highlighting its importance for the country's domestic energy needs [1]

Core Insights - The US has relaxed sanctions on Venezuela's energy sector, allowing global energy companies to resume operations and negotiate new contracts following the removal of President Nicolas Maduro [1] Group 1: Sanctions and Licenses - The US Treasury Department's OFAC issued general licenses to companies like Chevron, bp, Eni, Shell, and Repsol, enabling them to operate oil and gas projects in Venezuela [2] - A separate license allows international companies to engage with PDVSA for new investments, requiring additional permits from OFAC and excluding transactions with entities in Russia, Iran, or China [3] Group 2: Company Responses and Developments - Chevron stated that the new General Licenses and changes in Venezuela's Hydrocarbons Law are crucial for developing Venezuela's resources and enhancing regional energy security [4] - India's Reliance Industries has secured a general license from the US to purchase Venezuelan oil directly, facilitating a shift from Russian crude to discounted Venezuelan oil [5] Group 3: Economic Strategy and Future Prospects - The relaxation of sanctions is part of a broader strategy to support Venezuela's economic recovery and responsible investment, with a $100 billion reconstruction plan aimed at revitalizing the oil industry [6] - ExxonMobil and ConocoPhillips are evaluating potential re-entry into Venezuela after their assets were expropriated in 2007 [7]

Eni has confirmed a significant offshore oil discovery in Angola’s Block 15/06, with preliminary estimates pointing to around 500 million barrels of oil in place, strengthening the country’s upstream outlook and underscoring the value of infrastructure-led exploration. The discovery was made in the Algaita-01 exploration well, located roughly 18 kilometers from the Olombendo FPSO. Drilled in 667 meters of water by the Saipem 12000 drillship, the well encountered oil-bearing sandstones across multiple Uppe ...

Key TakeawaysU.S. Treasury eases Venezuela sanctions, granting general licenses to major energy firms including Chevron (CVX), BP (BP), and Shell (SHEL) to resume operations and negotiate new investments.White House Trade Adviser Peter Navarro dismisses rumors of steel and aluminum tariff reductions, labeling the existing duties as "sacred" to the administration.Anthropic is reportedly preparing for an initial public offering (IPO) as soon as late 2026, recently adding former Microsoft and GM executive Chri ...

Core Insights - Eni has commenced gas exports from the Nguya FLNG facility, marking the start of Phase 2 of the Congo LNG project, with a goal to expand its LNG portfolio to 20 million tonnes per annum by 2030 [1][4] Group 1: Project Details - Phase 2 of the Congo LNG project increases liquefaction capacity to 3 million tonnes per annum, equating to 4.5 billion cubic metres of gas annually, utilizing resources from the Nené and Litchendjili fields [2] - The project highlights Eni's capability to convert gas resources into strategic assets for local and global markets, emphasizing cost-effectiveness and environmental performance [2] Group 2: Timeline and Production - Phase 1 of the Congo LNG project began with the Tango FLNG unit and achieved start-up in December 2023, while Phase 2 started just 35 months after the Nguya FLNG unit's construction began [3] - Eni has been operating in the Republic of Congo since 1968, with equity production expected to reach 110 kboed by 2026 [3] Group 3: Economic Impact - Eni supplies gas to the Congo Power Plant, which generates approximately 70% of the country's electricity, contributing to local energy needs [4] - The decision to invest in gas over 20 years ago has led to sufficient volumes for export, enhancing gas availability in international markets and supporting Italian and European energy security [5]

Core Insights - The global liquefied natural gas (LNG) market is expected to remain finely balanced in the current year due to thin supply buffers, low European inventories, and recovering Asian demand [1] Supply and Demand Dynamics - Supply buffers in the LNG market are described as thin, indicating limited capacity to absorb unexpected disruptions [1] - European inventories of LNG are reported to be low, which could exacerbate supply challenges [1] - There is a noted recovery in demand from Asia, contributing to the tight market conditions [1] Market Vulnerabilities - The combination of low inventories and recovering demand leaves little room for unexpected weather shocks that could impact supply or demand [1]

Core Insights - The decline in oil prices over the past year has negatively impacted the earnings of major oil companies, with prices around $60 per barrel compared to $100 in 2022 and $80 in 2023 and 2024, indicating that shareholder returns may not be sustainable going forward [1] Group 1: Impact on European Oil Majors - European oil firms may announce cuts to their share buybacks in response to lower oil prices [2] - Analysts predict that European majors could reduce buybacks by 10% to 25% due to sustained low oil prices [6] - Companies like BP, Shell, TotalEnergies, Equinor, and Eni are expected to report lower earnings for the fourth quarter compared to the third quarter, influenced by low liquids prices and reduced chemicals margins [7] Group 2: Comparison with U.S. Peers - U.S. supermajors, such as ExxonMobil and Chevron, have maintained their share repurchase programs and reiterated buyback plans through 2026 under reasonable market conditions [3] - Unlike European firms, U.S. companies have not shifted their focus away from oil production, maintaining high-margin assets [4] Group 3: Strategic Adjustments - European majors are currently adjusting their strategies to focus back on oil and gas while reducing investments in renewables [4] - TotalEnergies has indicated plans to lower buybacks for the fourth quarter of 2025 and for 2026, aligning with hydrocarbon prices and refining margins [8]