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Tag: Italy’s

Italy’s Eni to try to repeat huge offshore Mozambique discovery

Italy’s Eni to try to repeat huge offshore Mozambique discovery

Business
Oct. 17 (UPI) -- Rome-based Eni, which earlier this decade led the discovery of an estimated 85 trillion cubic feet of natural gas in Mozambique, on Wednesday signed an accord in Maputo that will allow it to begin exploration work in a previously unexplored area in the country's deep waters. The contract involves rights for exclusive exploration and development of the offshore block A5-A which are deep waters of the Zambezi basin. In bidding, Eni was named as operator and awarded a 59.5 percent stake, South Africa's Sasol received a 25.5 percent and the Mozambique government held onto the rest, Eni said Wednesday. It is a "completely unexplored zone" with water depth ranging from 984 feet to nearly 6,000 feet, Eni said. The Mozambique National Petroleum Institute added that Energy ministr...
Italy’s ENI signs accord with BP, Libya to take over EPSA operation

Italy’s ENI signs accord with BP, Libya to take over EPSA operation

Business
Oct. 8 (UPI) -- Italian oil major Eni on Monday signed an accord with BP and Libyan officials under which Eni will get a 42.5% interest in an exploration and operation sharing agreement in the North African country, as well as become operator of an area where exploratory activities were suspended four years ago. The Libyan National Oil Corporation, or NOC, Chairman Mustafa Sanalla, BP chief executive Bob Dudley and Eni chief executive officer Claudio Descalzi on Monday signed a letter of intent to make this possible, according statements by both BP and Eni. BP currently holds an 85 percent working interest in the Exploration and Production (EPSA) sharing agreement in Libya, with the country's Investment Authority holding the remainder. Negotiations related to the accord, which aims at res...

Italy’s resilient savers are driving consolidation in asset management

Finance
THE rumour mill is grinding again. In early 2017 reports swirled of a possible merger between Generali, Italy’s biggest insurer, and Intesa Sanpaolo, the country’s second-biggest bank. That deal came to nothing. But Intesa is still looking for a partner. Now it is said to be in talks with BlackRock, the world’s biggest asset manager, about a stake in Eurizon, the bank’s asset-management unit. Deal or no deal, two things are clear. Italy’s asset-management industry is consolidating. And though investors fret over a populist government and towering public debt, its pool of private savings will keep them keen.Last year Amundi, a French asset manager, bought Pioneer, the fund-management arm of UniCredit, Italy’s biggest bank. Over half of assets under manage...