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Eni S.p.A.

Eni S.p.A.

$E
NYSEEnergy

214 stories mentioning Eni S.p.A.Updated 1d ago

Eni's renewable arm Plenitude completed a 330-MW solar project in Spain as energy stocks rose late in the session.

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Oil & Energy

Market Chatter: Vancouver-China Aframax Freight Rates Reach Record High on Firm Demand

Aframax tanker Vancouver-China freight rates hit an all-time high Thursday amid tightening vessel supply and firm demand, while competing trade economics improved in Asia and the Arab Gulf, S&P Global reported, citing shipbrokers.The Vancouver-China Aframax rate stabilized near $3.1 million through August and early September. However, shipowner Centrofin secured a $7.5 million trans-Pacific run from ExxonMobil (XOM) after the charterer entered the market late for an end-September cargo. The rate reached its highest level since Platts began publishing the benchmark in October 2024.Six transatlantic fixtures emerged from the US Gulf Coast Thursday, with rates climbing through the day. Eni (E), Sinochem, Equinor (EQNR), and BP (BP) all booked cargoes, each at a higher rate than the last.The gains come amid a fresh escalation between the US and Iran, with US forces striking Iranian tankers this week and Iran claiming retaliation against vessels in the Gulf.ExxonMobil, Eni, Sinochem, Equinor and BP did not immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $164.80, Change: $-0.44, Percent Change: -0.26%

$BP$E$EQNR$XOM
Asia Markets

European Equities Traded in the US as American Depositary Receipts Rise in Friday Trading

European equities traded in the US as American depositary receipts were trending higher late Friday morning, rising 0.53% to 1,939.78 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by telecommunications company Nokia (NOK) and lender Banco Bilbao Vizcaya Argentaria (BBVA), which were up 3.1% and 1.8% respectively. They were followed by medical device maker EDAP TMS (FOCL) and lender Banco Santander (SAN), which increased 1.7% and 1.4% respectively.The decliners from continental Europe were led by biopharmaceutical company Cellectis (CLLS) and pharmaceutical company Novo Nordisk (NVO), which dropped 3.5% and 2.8% respectively. They were followed by biopharmaceutical company DBV Technologies (DBVT) and oil and gas company Eni (E), which lost 1.5% and 1.3% respectively.The gainers from the UK were led by biopharmaceutical companies Biodexa Pharmaceuticals (BDRX) and Mereo BioPharma Group (MREO), which surged 86% and 13% respectively. They were followed by biopharmaceutical company Akari Therapeutics (AKTX) and software firm Endava (DAVA), which advanced 2.7% and 1.8% respectively.The decliners from the UK and Ireland were led by biotech firms Trinity Biotech (TRIB) and Autolus Therapeutics (AUTL), which fell 12% and 4.1% respectively. They were followed by pharmaceutical company Silence Therapeutics (SLN) and communications company WPP (WPP), which were down 1.1% and 1% respectively.

$AKTX$AUTL$BBVA$BDRX$CLLS$DAVA$DBVT$E$FOCL$MREO$NOK$NVO$SAN$SLN$TRIB$WPP
Asia Markets

European Equities Traded in the US as American Depositary Receipts Decline in Wednesday Trading

European equities traded in the US as American depositary receipts were trending lower late Wednesday morning, declining 0.46% to 1,952.20 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by petroleum refiner Equinor (EQNR) and biotech firm Evaxion (EVAX), which advanced 4% and 3.5% respectively. They were followed by telecommunications company Nokia (NOK) and oil and gas company Eni (E), which increased 2.1% and 1.4% respectively.The decliners from continental Europe were led by brewing company Anheuser-Busch InBev (BUD) and biopharmaceutical company Cellectis (CLLS), which dropped 2.1% and 1.9% respectively. They were followed by lender Banco Santander (SAN) and internet browser company Opera (OPRA), which lost 1.7% and 1.6% respectively.The gainers from the UK were led by biopharmaceutical company Akari Therapeutics (AKTX) and biotech firm Trinity Biotech (TRIB), which rose 3.7% and 3.6% respectively. They were followed by pharmaceutical company Silence Therapeutics (SLN) and oil and gas company BP (BP), which were up 1.4% and 1.2% respectively.The decliners from the UK and Ireland were led by biotech firm Autolus Therapeutics (AUTL) and biopharmaceutical company Mereo BioPharma Group (MREO), which fell 1.9% and 1.8% respectively. They were followed by biopharmaceutical company Bicycle Therapeutics (BCYC) and lender Barclays (BCS), which were down 1.7% and 1.1% respectively.

$AKTX$AUTL$BCS$BCYC$BP$BUD$CLLS$E$EQNR$EVAX$MREO$NOK$OPRA$SAN$SLN$TRIB
Oil & Energy

McDermott Wins First Eni Subsea Award For Cyprus Cronos Gas Field

McDermott won a subsea contract from Eni Cyprus (E) for the Cronos gas field offshore Cyprus, marking its first subsea award from Eni and strengthening its position in the Eastern Mediterranean, it said Tuesday.The contract covers project management, engineering, procurement and installation support for the offshore Cronos gas field development.McDermott will draw on teams in Houston, Perth, London and Kuala Lumpur to execute the work, with support from its marine construction fleet."Our global execution teams, supported by reliable local partnerships, will help advance the Cronos development safely and efficiently," said Mahesh Swaminathan, McDermott's senior vice president, subsea and floating facilities."This award demonstrates the strength of McDermott's integrated subsea engineering, procurement, construction and installation capabilities and reflects the value we bring through our technical expertise and differentiated deepwater asset, the Amazon," Swaminathan added.Price: $54.89, Change: $+1.31, Percent Change: +2.44%

$E
Asia Markets

European Equities Traded in the US as American Depositary Receipts Fall in Tuesday Trading

European equities traded in the US as American depositary receipts were tracking lower late Tuesday morning, declining 0.46% to 1,968.02 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by biotech firm Evaxion (EVAX) and telecommunications company Nokia (NOK), which rose 2.6% and 6.5% respectively. They were followed by petroleum refiner Equinor (EQNR) and oil and gas company Eni (E), which were up 2.3% and 2.2% respectively.The decliners from continental Europe were led by biotech firm BioNTech (BNTX) and internet browser company Opera (OPRA), which fell 4.9% and 2% respectively. They were followed by biopharmaceutical companies argenx (ARGX) and Cellectis (CLLS), which were down 2.2% and 0.3%, respectively.The gainers from the UK were led by biopharmaceutical company Akari Therapeutics (AKTX) and oil and gas company BP (BP), which increased 2% and 2.5% respectively. They were followed by mining company BHP Group (BHP) and oil and gas company Shell (SHEL), which advanced 3.4% and 2.5% respectively.The decliners from the UK and Ireland were led by software firm Endava (DAVA), which lost 6.2%. It was followed by biotech firm Autolus Therapeutics (AUTL) and pharmaceutical company Silence Therapeutics (SLN), which dropped 3.6% and 3.4% respectively.

$AKTX$ARGX$AUTL$BHP$BNTX$BP$CLLS$DAVA$E$EQNR$EVAX$NOK$OPRA$SHEL$SLN
Equities

GreenIT Starts Production at 19-MW Italian Solar Parks

Eni (E) unit Plenitude's joint venture with CDP Equity, GreenIT, has started production at two solar parks in Italy's Piedmont region with a combined capacity of about 19 megawatts, the energy company said Tuesday.The plants are expected to generate around 30 gigawatt-hours of electricity annually using about 32,000 bifacial solar panels with single-axis tracking systems, Eni said.The projects were built on former extraction sites that were remediated and redeveloped, it added.GreenIT has more than 300 MW of solar projects in advanced development and expects another 30 MW of projects in Campania and Piedmont to start operating between the end of 2026 and early 2027, Eni said.

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Equities

Eni, Petronas Sign Deal to Develop High-Performance Bio-Gasoline

Eni (E) and Petronas have signed a deal to evaluate the development of high-performance bio-gasoline using Eni's Ecofining technology, the companies said Monday.The study will assess technical, market and sustainability factors for new renewable bio-gasoline that could be used in motorsport and later scaled for commercial applications, they said.The efforts will combine Eni's biorefining capabilities and production, while Petronas will provide fuel-technology capabilities, the companies added.

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Commodities

Eni, Petronas Explore Bio-Gasoline for Motorsport and Commercial Use

Italy's Eni (E) and Malaysia's Petronas are exploring the development of high-performance bio-gasoline that could eventually be used in commercial vehicles, expanding the oil companies' push into renewable fuels, the companies said on Monday.The energy firms signed a feasibility agreement during the Formula 1 Italian Grand Prix to assess the technical performance, market potential and sustainability of bio-gasoline produced from renewable feedstocks.The study will build on Eni's Ecofining technology, which the Italian energy company has used since 2014 to produce hydrotreated vegetable oil (HVO) from renewable feedstocks. Eni and Petronas will initially assess fuels for motorsport applications before considering potential commercial products.The agreement brings together Eni's experience in renewable fuels and biorefining with Petronas' expertise in fuel technology and high-performance products for combustion engines.Eni produces HVO diesel and sustainable aviation fuel at its Enilive biorefineries, while Petronas has developed fuel technologies spanning conventional petroleum products and lower-carbon alternatives.The companies are also expanding their broader partnership in Southeast Asia. Eni and Petronas recently established Searah, a 50-50 joint venture combining gas operations in Indonesia and Malaysia, including 19 production and development assets.Elsewhere, Petronas, Enilive and Euglena Co. are developing a biorefinery in Pengerang, Johor, Malaysia, through Pengerang Biorefinery.The facility is projected to process up to 650,000 metric tons of renewable feedstocks per year by the second half of 2028, producing sustainable aviation fuel, HVO diesel, and bio-naphtha.Enilive currently sells HVO diesel at more than 1,700 service stations across Europe, giving Eni an established distribution network for renewable fuels as it looks to broaden the range of products derived from non-fossil feedstocks.Price: $53.58, Change: $-1.55, Percent Change: -2.81%

$E
Asia Markets

European Equities Traded in the US as American Depositary Receipts Marginally Higher in Friday Trading

European equities traded in the US as American depositary receipts were marginally higher late Friday morning, rising 0.08% to 1,976.36 on the S&P Europe Select ADR Index, which was up about 0.9% for the week so far.From continental Europe, the gainers were led by telecommunications company Nokia (NOK) and 3D printer company Materialise (MTLS), which rose 2% and 1.6%, respectively. They were followed by biotech firm BioNTech (BNTX), which gained 0.8%.The decliners from continental Europe were led by accommodations booking site trivago (TRVG) and oil and gas company Eni (E), which dropped 3.1% and 2.2%, respectively. They were followed by pharmaceutical company Novo Nordisk (NVO) and biopharmaceutical company DBV Technologies (DBVT), which were down 2.1% and 1.7%, respectively.The gainers from the UK were led by telecommunications operator Vodafone Group (VOD) and oil and gas company Shell (SHEL), which advanced 2.2% and 0.9%, respectively. They were followed by oil and gas company BP (BP) and medical device maker Smith & Nephew (SNN), which were up 0.7% and 0.6%, respectively.The decliners from the UK and Ireland were led by biopharmaceutical company Mereo BioPharma Group (MREO) and biotech firm Trinity Biotech (TRIB), which lost 4.5% and 3%, respectively. They were followed by software firm Endava (DAVA) and communications company WPP (WPP), which fell 2.6% and 2.2%, respectively.

$BNTX$BP$DBVT$E$EVAX$MREO$MTLS$NOK$NVO$SHEL$SNN$TRIB$TRVG$VOD
Oil & Energy

Venezuela Faces Long Road to Recovery Despite Chevron, Eni Investment Plans, RBC Says

Venezuela's oil industry is set for a gradual recovery rather than a rapid production surge, even as Chevron (CVX) and Eni (E) commit billions of dollars to revive output in the OPEC member, RBC Capital Markets strategists said in a note on Thursday.Chevron plans to invest about $7 billion over the next five years through its Venezuelan joint ventures, including development of two fields in the Orinoco Belt. The investment is intended to help the US major double its Venezuelan crude production to about 600,000 barrels per day.Italian energy major Eni is also preparing to begin drilling in the Junin 5 block as soon as this week, marking another significant step in the return of foreign capital to Venezuela's oil sector.The commitments are among the largest foreign investments in Venezuela's energy industry in years and align with the Trump administration's push to increase the country's crude production and improve access to its resources.However, RBC analysts said the scale of the challenge means the investments are unlikely to translate into a substantial increase in national production in the near term.Venezuela would need tens of billions of dollars in investment over a decade to return to production levels reached around the turn of the century. The analysts said years of mismanagement at state oil firm PDVSA and deterioration of the country's oil infrastructure remain major obstacles.RBC said that Chevron and Eni have an advantage over potential newcomers because both maintained operations in Venezuela during the latter years of the Maduro government, thanks to US sanctions waivers.However, RBC noted other major oil companies that once had a significant presence in the country may remain reluctant to return, amid concerns over political stability and the recovery of capital and debt.RBC expects Venezuelan crude production to increase by about 110,000 b/d in 2026 and another 245,000 b/d in 2027, suggesting a modest upward trajectory rather than an immediate supply surge.Meanwhile, crude and commodity shipping via the Strait of Hormuz is increasingly moving out of sight as vessels respond to security risks in the region.RBC said that about 71% of commodity-linked vessels transiting the strait in August either switched off their automatic identification systems or otherwise used unknown routes.The consultancy said that compares with about 63% in July and about 45% during the period covered by the memorandum of understanding.The increase in so-called dark transits comes as Iran continues to threaten vessels that violate its restrictions, while shuttle operations may also have contributed to the shift toward less visible shipping patterns.Traffic patterns also shifted in August, with the Iranian route accounting for a larger share of traffic month-on-month, while the portions using Omani and International Maritime Organization routes declined.RBC said that the growing use of dark transits underscores how security concerns are reshaping energy flows through the Strait of Hormuz, even as shipping activity continues.Price: $212.37, Change: $+0.59, Percent Change: +0.28%

$CVX$E
Equities

Eni Signs Strategic Contract With PDVSA for Junin-5 Oil Field

Eni (E) signed a 25-year hydrocarbon production participation contract with Venezuela's state-owned PDVSA for the development of the Junin-5 giant oil field, becoming the exclusive operator, the company said Wednesday.Under the deal, Eni will manage the technical, financial and commercial operations of Junin-5 in Venezuela's Orinoco Belt, a field with 35 billion barrels of certified oil in place that currently produces about 12,000 barrels per day.The contract replaced the existing Petrojunin joint venture, in which Eni holds a 40% stake and PDVSA 60%, with a new regime established under Venezuela's Organic Hydrocarbons Law.Shares of Eni were down over 1% in premarket activity Thursday.

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Commodities

Chevron, Eni Ink Venezuela Deals to Expand Oil Production, Investment

Executives from Chevron (CVE) and Eni (E) joined US Energy Secretary Chris Wright and acting Venezuelan President Delcy Rodriguez to unveil energy deals aimed at boosting oil output, the companies said in separate statements on Wednesday.Chevron agreed to updated terms for its Venezuelan joint ventures, supporting over $7 billion of investment over five years and higher production. Eni and Venezuela's state oil company, PDVSA, signed a separate 25-year contract for the Junin 5 field, with Eni taking exclusive operatorship of the heavy-oil project.Chevron's new agreements offer improved fiscal, commercial and legal terms to support long-term investment, project development and higher Venezuelan output, it said.The company also received additional acreage in the Orinoco Belt, expanding its existing operations and providing further opportunities to grow its Venezuelan oil business.Chevron's investment plans could more than double production from 2026 levels to about 600,000 barrels per day, while total costs remain below $20 per barrel."With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value," said Mike Wirth, Chevron Chairman and Chief Executive Officer.Under the deals, the Petroindependencia joint venture, in which Chevron's subsidiary holds a 49% interest, will develop the Carabobo-1 and Carabobo-2-South-A areas in the Orinoco Belt.The new greenfield areas sit within the Orinoco Belt and will expand Petroindependencia's operating footprint as Chevron increases extra-heavy oil production.Chevron raised its interest in the Petroindependencia JV to 49% in April and also secured rights to the adjacent Ayacucho 8 area, next to its Petropiar joint venture.Across its three Venezuelan joint ventures, Chevron has increased production by 15% year-to-date, reinforcing its position in the country's oil sector."Continued engagement between government and industry is essential to advancing projects that support energy security, economic growth and continued investment," Wirth said.Eni's new Contrato de Participacion Productiva de Hidrocarburos, or the Hydrocarbons Production Participation Contract, completes a process that began with the April 28, 2026 Head of Terms and replaces the existing Petrojunin joint venture model.The previous Petrojunin structure gave Eni a 40% stake and PDVSA 60%, while the new 25-year arrangement gives Eni exclusive operatorship and full technical, financial and commercial responsibility.Junin 5 holds 35 billion barrels of certified oil in place and currently produces about 12,000 b/d, with Eni now leading development of the heavy oil field."The operatorship of an important area such as Junin 5 is recognition of our ability to deliver complex projects quickly and efficiently, and it reinforces our long-standing presence in the country...," said Eni Chief Executive Officer Claudio Descalzi.Eni operates the Perla offshore gas field through Cardon IV, a 50-50 venture with Repsol, under a new agreement that supports production, domestic supply, and future exports.Eni owns 26% of PetroSucre alongside PDVSA's 74% stake and also holds an interest in Supermetanol.Eni holds six mining licenses in Venezuela and produced 64,000 barrels of oil equivalent per day in 2025, mainly from Perla, which supplied about 35% of the country's gas consumption."Venezuela can now embark on a path of energy development and economic growth that can bring significant benefits to the local population and to global energy availability," Descalzi said.GE Vernova (GEV) has partnered with Venezuela's PDVSA and state power company Corpoelec to restore and strengthen the country's electricity and energy infrastructure, according to multiple media reports.GE Vernova did not immediately reply to' request for comments.

$CVX$E$GEV
Oil & Energy

Update: US Energy Secretary Says 17 Million Barrels Crossed Hormuz Monday, Bessent Signals Iran Isolation

(Updates with US Department of Energy's email response in paragraphs 3 and 6-7.)Energy Secretary Chris Wright said Monday marked a record flow of oil through the Strait of Hormuz since the conflict began, with over 17 million barrels shipped, according to a CNBC interview clipped and shared by the White House's Rapid Response account on X on Wednesday."Monday was our record ever since the conflict began - over 17 million barrels of oil flowed through the Strait of Hormuz on ships on Monday; if you add the bypass export pipelines, more than left the region in the pre-conflict," Wright said.In response to' request for comment, Ben Dietderich, US Department of Energy Spokesperson, clarified that Wright was referring to both oil and oil products when discussing volumes leaving the Strait of Hormuz.On Venezuela, Wright said current oil production now exceeds 1.2 million barrels per day and could top 1.5 million b/d during the first half of next year."I think we'll be well over 1.5 million b/d by the first half of next year - and Venezuelan production will be over 2 million b/d by the end of this decade," Wright said in the CNBC interview.Dietderich said Wright was in Venezuela at present. "Today in Caracas, Venezuela, Secretary Wright is overseeing the signing of several multi-billion dollar oil, gas and electricity deals," Dietderich said.The contracts will more than double Venezuela's oil production in less than five years and modernize its grid, Dietderich said, adding that the deals are between Venezuela and Chevron (CVX), Eni (E) and GE Vernova.Separately, Wright told Bloomberg in an interview on Wednesday that Venezuela's rising output could benefit US refiners because many facilities rely on crude grades similar to the country's oil, making the increase a major gain for US energy buyers, according to a post on Rapid Response.Meanwhile, US Treasury Secretary Scott Bessent said Wednesday that the US plans to cut Iran's external connections, signaling a broad effort to isolate Tehran, according to a Fox News interview shared by the White House's Rapid Response X account."We are going to sever every tie that [Iran] has to the outside world... This is all hands on deck," Bessent said.The US Department of the Treasury did not immediately reply to' request for comment.Price: $55.51, Change: $-0.02, Percent Change: -0.04%

$CVX$E
Sectors

Sector Update: Energy Stocks Higher in Afternoon Trading

Energy stocks were slightly higher Wednesday afternoon, with the NYSE Energy Sector Index increasing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.4%.The Philadelphia Oil Service Sector Index was climbing 1.8%, and the Dow Jones US Utilities Index was rising 0.1%.In geopolitical news, Iranians and their Arab neighbors feared a return of war on Wednesday after the biggest exchange of fire between Tehran and Washington since July, with US forces striking Iran's southern coast and Iran firing at American bases across the region, Reuters reported. The Iran Revolutionary Guards Corps said that two oil tankers exploded after hitting a mine and are now on fire, Al Jazeera, a Middle Eastern broadcaster, reported.Front-month West Texas Intermediate crude oil rose 0.8% to $90.93 a barrel, and the global benchmark Brent crude contract advanced 1.2% to $95.78 a barrel. Henry Hub natural gas futures added 2.1% to $2.96 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 7.6 million barrels in the week ended Aug. 28 following a decrease of 3.6 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined by 4.5 million barrels after a 100,000-barrel gain in the previous week, compared to the 60,000-barrel increase expected in a survey compiled by Bloomberg.In corporate news, Chevron (CVX) outlined a plan to invest more than $7 billion in Venezuela and double its oil production capacity in the South American country over the next five years. The energy giant has entered into deals with Venezuela, setting up updated terms for its joint ventures in the country, including "enhanced" fiscal, commercial and legal terms, the company said Wednesday. Chevron shares rose 0.5%.Eni (E) wants to boost production from its operations in Venezuela to over 1 million barrels per day, including volume from state-owned Petroleos de Venezuela, Bloomberg reported. Eni shares were easing 0.1%.GE Vernova (GEV) has agreed to restore large sections of Venezuela's electrical network under a US government initiative to boost the nation's energy generation, Bloomberg reported. GE Vernova shares added 1.9%.Vertiv (VRT) has agreed to acquire microgrid firm Utility Innovation in a deal worth up to $2.6 billion, as part of the company's efforts to help data center operators accelerate power deployment amid rising grid constraints. Vertiv shares increased 0.3%.

$CVX$E$GEV$VRT
Sectors

Sector Update: Energy

Energy stocks were slightly higher Wednesday afternoon, with the NYSE Energy Sector Index increasing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%.The Philadelphia Oil Service Sector Index was climbing 1.8%, and the Dow Jones US Utilities Index was shedding 0.3%.Front-month West Texas Intermediate crude oil rose 0.8% to $90.93 a barrel, and the global benchmark Brent crude contract advanced 1.2% to $95.78 a barrel. Henry Hub natural gas futures added 2.1% to $2.96 per 1 million BTU.In corporate news, Eni (E) wants to boost production from its operations in Venezuela to over 1 million barrels per day, including volume from state-owned Petroleos de Venezuela, Bloomberg reported. Eni shares were down 0.2%.

$E
Commodities

Market Chatter: Eni Targets Major Venezuelan Oil Output Expansion

Italy's Eni (E) aims to eventually increase production from its Venezuelan operations to over 1 million barrels per day, including volumes from state oil company PDVSA, Bloomberg reported on Wednesday.Eni is reportedly expected to announce an agreement with PDVSA on Wednesday to develop the giant Junin 5 heavy-oil field, with Eni becoming its exclusive operator.The project could reach about 400,000 b/d by the end of the decade, requiring roughly $1.5 billion in annual investment. The deal is part of a broader US-backed push to revive Venezuela's oil industry.Eni did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $55.33, Change: $-0.20, Percent Change: -0.36%

$E
Wire

Market Chatter: Eni Looking to Boost Venezuelan Oil Production to Over 1 Million Barrels per Day

Eni (E) wants to boost production from its operations in Venezuela to over 1 million barrels per day, including volume from state-owned Petroleos de Venezuela, Bloomberg reported Wednesday, citing people familiar with the matter.As part of the effort, Eni is expected to announce an agreement with PDVSA on Wednesday to develop the Junin 5 heavy-oil field in Venezuela's Orinoco Belt, one of the people reportedly said. Under the agreement, Eni will become the project's exclusive operator of the area, the report said, citing one of the people.Eni didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $55.32, Change: $-0.21, Percent Change: -0.38%

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Wire

Eni Looking to Boost Venezuelan Oil Production to Over 1 Million Barrels per Day, Bloomberg Reports

Eni Looking to Boost Venezuelan Oil Production to Over 1 Million Barrels per Day, Bloomberg Reports

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Commodities

Venezuela Pacts Expected to Double Crude Production, US Energy Secretary Reportedly Says

US Energy Secretary Chris Wright said on Tuesday during a visit to Caracas that upcoming agreements signed by international oil companies will more than double Venezuela's crude production in the coming years, media outlets reported.Wright noted that incoming investments will exert downward pressure on long-term oil prices, though he noted that domestic retail fuel costs remain constrained by broader US refining capacity bottlenecks.The diplomatic push follows President Donald Trump's unveiling of a separate, high-profile agreement granting the US long-term access to a fifth of Venezuela's proven oil reserves, according to the reports.Under that arrangement, the private US-backed firm North American Blue Energy Partners controlled by Venezuelan businessman Alejandro Betancourt is slated to receive a 100-year lease across 17 oilfields holding approximately 65 billion barrels of reserves.Building on this framework, energy majors are moving to formalize their own operations. US producer Chevron (CVX), Italy's Eni (E), India's ONGC, Colombia's GeoPark, and US-based GE Vernova (GEV) are all on track to sign comprehensive project agreements this week.

$CVX$E$GEV
Commodities

Market Chatter: Global Energy Giants Near Deals in Venezuela

Major international energy companies including US based Chevron (CVX), India's ONGC, Italy's Eni (E), GE Vernova (GEV), and Colombia's GeoPark are close to signing final agreements for energy projects in Venezuela, Reuters reported on Monday.Chevron's agreements are expected to be substantial, with the company looking to add a block in the Orinoco Belt to expand its joint ventures with state-run PDVSA, while targeting the Monagas North area for essential diluents, the report said.Meanwhile, GeoPark has advanced discussions regarding the Bare heavy oilfield, which could unlock up to 1 billion barrels of reserves. Eni is likewise coordinating local efforts to support sector revitalization alongside its existing assets, it stated.None of the parties involved responded immediately torequests for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$CVX$E$GEV

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