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Market Chatter: Eni, Repsol Move Ahead on Venezuela LNG Exports

Eni (E) and the Spanish energy major Repsol plan to export LNG from Venezuela by 2031 after securing a deal to expand output and recover unpaid gas revenues, Bloomberg reported Monday, citing people familiar with the matter.The deal with interim President Delcy Rodriguez allows the firms to more than double output at the Gulf of Venezuela field and export LNG via a floating terminal, sources said.Eni and Repsol also secured assurances they will be reimbursed for billions of dollars' worth of gas previously delivered but not paid for, according to the report.The development is seen as a breakthrough for both firms, which have maintained involvement in the project for about two decades despite political and economic instability, the report added.The timing comes as global LNG supply tightens following disruptions linked to conflict involving Iran, while US policy has eased sanctions on Venezuela's energy sector.The deal was signed in mid-March, with both companies expected to submit a detailed development proposal to Petroleos de Venezuela by June, according to the report.Venezuela has historically focused on oil production, but the country also holds large offshore gas reserves that remain underdeveloped, the report noted.The Perla field, discovered in 2009, contains about 17 trillion cubic feet of gas, making it one of the largest gas finds in Latin America, according to the report.Current production stands near 585 million cubic feet per day, with exports permitted once domestic supply reaches about 645 million cubic feet per day, the report said.The companies plan to add two platforms by 2028 and lift output to about 1.2 billion cubic feet daily before exports begin, with the project's operating term extended from 2036 to 2051, according to the sources.Eni reportedly told Bloomberg that it had finalized an agreement with Venezuela to boost gas output and initiate exports.has reached out to Repsol for any 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.)Price: $52.77, Change: $+0.52, Percent Change: +1.00%

Market Chatter: Eni, Repsol Reach Deal With Venezuela to Boost Output, Export LNG From Offshore Field

Eni (E) and Repsol have reached a deal with the Venezuelan government to begin exporting natural gas from the country's Perla field in the Gulf of Venezuela, shipping the fuel in the form of liquefied natural gas from a floating terminal, Bloomberg reported Monday, citing sources familiar with the matter.The deal, which was signed in mid-March, will allow the two companies to start exporting once they boost supplies for domestic use to 645 million cubic feet per day from 585 million currently. They plan to install two more platforms in the field by 2028 and begin exporting once they attain production of 1.2 billion cubic feet per day, the sources said.The two companies have also been assured that they will be compensated for billions of dollars worth of gas that they have extracted in the field for domestic use in the past years, according to the report. The agreement also extends their operation lease to 2051 from 2036, the sources said.The two companies aim to submit a final development plan for the field to state-owned oil firm Petroleos de Venezuela by June, the report said.Eni confirmed to Bloomberg that the companies reached an agreement with the government to boost gas production and begin exports.Eni and Repsol did not 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: $52.42, Change: $+0.13, Percent Change: +0.25%

Sector Update: Energy Stocks Advance Premarket Monday

Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.6% higher.The United States Oil Fund (USO) was up 3.9% and The United States Natural Gas Fund (UNG) was 0.3% higher.Front-month US West Texas Intermediate crude oil was 5.8% higher at $88.68 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 5.1% to $94.95 per barrel, and natural gas futures were up 1.6% at $2.72 per 1 million British Thermal Units.Eni (E) shares were up 0.7% after the company said it has made a gas discovery in the Kutei Basin off the coast of Indonesia.Phillips 66 (PSX) and Kinder Morgan (KMI) said they are advancing the proposed Western Gateway Pipeline after a successful second open season secured sufficient long-term shipper commitments, subject to final approvals. Phillips 66 stock was up more than 1% premarket.Sable Offshore (SOC) shares were up more than 3% after the company said capital expenditure across its assets is expected to be around $180 million from April through December this year.

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Monday as Oil Prices Rise on Renewed Middle East Tensions

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% lower in Monday's premarket activity as rising oil prices tied to renewed Middle East tensions weigh on sentiment.US stock futures were also lower, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures retreating 0.4% before the start of regular trading.No economic releases are on Monday's schedule.In premarket activity, bitcoin was up by 0.4%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.8% lower, Ether ETF (EETH) fell by 4.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.7%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.2%, while the Vanguard Industrials Index Fund (VIS) fell 1.6% and the iShares US Industrials ETF (IYJ) was inactive.TopBuild (BLD) stock was up more than 2% before the opening bell, while QXO (QXO) shares declined by 2% after QXO agreed to acquire TopBuild for $505 per share in a deal valued at about $17 billion.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.5%, and the iShares US Technology ETF (IYW) was 0.3% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 0.9%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 0.1% lower, while the iShares Semiconductor ETF (SOXX) decreased by 0.2%.AST SpaceMobile (ASTS) shares were down more than 12% in Monday's premarket activity after the company said Sunday the BlueBird 7 satellite was placed into a lower-than-planned orbit during the New Glenn 3 mission and will be de-orbited.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.3%, the Vanguard Health Care Index Fund (VHT) retreated 0.4%, while the iShares US Healthcare ETF (IYH) gained 0.1%. The iShares Biotechnology ETF (IBB) was down 0.6%.AstraZeneca (AZN) stock was down more than 2% premarket, after a 2.2% gain at Friday's close. The company said Monday its pivotal phase 3 study of tozorakimab demonstrated a "significant" reduction in the annual rate of moderate-to-severe COPD exacerbations in trial participants.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.7% higher.Bank of Hawaii (BOH) shares were down more than 2% pre-bell after the company reported lower-than-expected Q1 earnings and revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 1.1%. The iShares US Consumer Staples ETF (IYK) rose 2.3%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.7%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated by 0.5%.Toyota Motor (TM) shares were down more than 1% pre-bell, after closing Friday with a 2% rise. Reuters reported Monday that Toyota Tsusho and Indonesian state energy firm Pertamina's renewable energy unit are in talks over a potential $200 million to $300 million joint investment for a bioethanol production facility in Indonesia's Lampung province.EnergyThe iShares US Energy ETF (IYE) was 1.3% higher, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.1%.Eni (E) stock was up more than 1% before the opening bell after the company said it made a gas discovery in the Kutei Basin off the coast of Indonesia.CommoditiesFront-month US West Texas Intermediate crude oil rose by 5.6% to $88.52 per barrel on the New York Mercantile Exchange. Natural gas advanced by 2.1% to $2.73 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 4.9%, while the United States Natural Gas Fund (UNG) was 1.1% higher.Gold futures for May were down by 1% at $4,830.50 an ounce on the Comex. Silver futures retreated by 2.4% to $80.47 an ounce. SPDR Gold Shares (GLD) was 0.9% lower, and the iShares Silver Trust (SLV) fell by 2%.

Sector Update: Energy

Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 1% higher.The United States Oil Fund (USO) was up 5.1% and the United States Natural Gas Fund (UNG) was 1.4% higher.Front-month US West Texas Intermediate crude oil was 5.6% higher at $88.51 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 5.3% to $95.13 per barrel, and natural gas futures were up 1.6% at $2.72 per 1 million British Thermal Units.Eni (E) shares were up more than 3% after the company said it has made a gas discovery in the Kutei Basin off the coast of Indonesia.

Top Premarket Gainers

Theriva Biologics (TOVX) shares were up 94% in Monday premarket activity, adding to Friday's gain.Compass Pathways (CMPS) stock was 25% higher after the company said over the weekend it commended the White House executive order to accelerate research and access for psychedelic treatments.TopBuild (BLD) shares were up 19%, a day after QXO (QXO) said it agreed to acquire TopBuild for $505 per share in a deal valued at about $17 billion.Marvell Technology (MRVL) stock was 6.3% higher after The Information reported Sunday that Alphabet's (GOOG, GOOGL) Google is negotiating with Marvell to develop two new processors optimized for artificial intelligence inference tasks.Eni (E) shares were up 2% after the company said it has made gas discovery in the Kutei Basin off the coast of Indonesia.

Saipem Lands Major Biorefinery Deal From Eni

Saipem said Monday it has won a key contract from Eni's (E) Industrial Evolution unit to build the new Priolo biorefinery in Sicily, Italy.The contract, worth about 700 million euros ($823.3 million) upon completion, includes engineering, procurement and construction work, with completion targeted by the end of 2028, the company said.The award builds on the ongoing partnership between Saipem and Eni in biorefining, following agreements first signed in 2023 and later extended in 2025, it added.

Eni Reports Gas Discovery Offshore Indonesia

Eni (E) said Monday it has made gas discovery in the Kutei Basin off the coast of Indonesia.Preliminary estimates indicated about 5 trillion cubic feet of gas and 300 million barrels of condensate, the company said.A drill stem test is planned to assess reservoir productivity, Eni said.

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were sharply lower late Friday afternoon, with the NYSE Energy Sector Index dropping 3.7% and the State Street Energy Select Sector SPDR ETF (XLE) falling 2.8%.The Philadelphia Oil Service Sector Index declined 1.1%, and the Dow Jones US Utilities Index decreased 0.5%.In sector news, oil prices plunged Friday as Iran's foreign minister said the Strait of Hormuz is "completely open" following a ceasefire in Lebanon. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iran's Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Front-month West Texas Intermediate crude oil slumped 11% to $84.23 a barrel, and the global benchmark Brent crude contract dropped 9.2% to $90.28 a barrel. Henry Hub natural gas futures rose 1.2% to $2.68 per 1 million BTU.In corporate news, Chevron (CVX), Exxon Mobil (XOM) and other major oil companies received backing from the US Supreme Court on Friday as the court ruled that lawsuits filed by Louisiana officials accusing them of harming the state's coastal areas should be transferred out of the state courts and into federal court, according to a court document. Chevron shares were down 2.1%, and Exxon shed 3.6%.An Astana court upheld a 2.356 trillion tenge ($5 billion) environmental fine against North Caspian Operating Co., the operator of Kazakhstan's Kashagan oil field, whose shareholders include Exxon Mobil, Shell (SHEL), TotalEnergies (TTE), and Eni (E), among others, Bloomberg reported. Shell shares dropped 4%, TotalEnergies shed 4.1%, and Eni fell 5.6%.Petrobras (PBR) said Friday it signed an agreement with Oranto Petroleum to buy a 75% working interest and assume operatorship of Block 3, an offshore exploration site in Sao Tome and Principe. Petrobras shares were down 4.9%.Exelon (EXC) shares fell 1.2% after multiple brokerages downgraded the energy provider.

Sector Update: Energy Stocks Fall Friday Afternoon

Energy stocks were sharply lower Friday afternoon, with the NYSE Energy Sector Index dropping 4.4% and the State Street Energy Select Sector SPDR ETF (XLE) falling 3.4%.The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index was down 0.7%.In sector news, oil prices plunged Friday as Iran's foreign minister said the Strait of Hormuz is "completely open" following a ceasefire in Lebanon. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iran's Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Front-month West Texas Intermediate crude oil slumped 12% to $83.24 a barrel, and the global benchmark Brent crude contract dropped 10% to $89.24 a barrel. Henry Hub natural gas futures rose 1.8% to $2.69 per 1 million BTU.In corporate news, an Astana court upheld a 2.356 trillion tenge ($5 billion) environmental fine against North Caspian Operating Co., the operator of Kazakhstan's Kashagan oil field, whose shareholders include Exxon Mobil (XOM), Shell (SHEL), TotalEnergies (TTE), and Eni (E), among others, Bloomberg reported. Exxon shares fell 4.7%, Shell dropped 5.1%, TotalEnergies shed 4.9%, and Eni fell 7.2%.Petrobras (PBR) said Friday it signed an agreement with Oranto Petroleum to buy a 75% working interest and assume operatorship of Block 3, an offshore exploration site in Sao Tome and Principe. Petrobras shares were down 5.6%.Critical Metals (CRML) shares surged 36% after it said Friday that the Government of Greenland has approved the transfer of the remaining 50.5% stake in Tanbreez Mining Greenland, increasing the company's ownership to 92.5%.

Sector Update: Energy

Energy stocks were sharply lower Friday afternoon, with the NYSE Energy Sector Index dropping 4.5% and the State Street Energy Select Sector SPDR ETF (XLE) falling 3.6%.The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index was down 0.7%.In sector news, oil prices plunged Friday as Iran's foreign minister said the Strait of Hormuz is "completely open" following a ceasefire in Lebanon. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iranian Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Front-month West Texas Intermediate crude oil slumped 12% to $83.09 a barrel, and the global benchmark Brent crude contract dropped 10% to $88.96 a barrel. Henry Hub natural gas futures rose 1.5% to $2.69 per 1 million BTU.In corporate news, an Astana court upheld a 2.356 trillion tenge ($5 billion) environmental fine against North Caspian Operating Co., the operator of Kazakhstan's Kashagan oil field, whose shareholders include Exxon Mobil (XOM), Shell (SHEL), TotalEnergies (TTE), and Eni (E), among others, Bloomberg reported. Exxon shares fell 4.7%, Shell dropped 5.1%, TotalEnergies shed 4.9%, and Eni fell 7.2%.

Market Chatter: Kazakh Court Rejects Oil Majors' Appeal in $5 Billion Sulfur Dispute

A Kazakh court has upheld a $5.1 billion environmental fine against the international consortium operating the Kashagan oil field, the country's second-largest crude producer, Bloomberg reported on Friday, citing the Ministry of Ecology and Natural Resources.The ruling, delivered on April 8 by an appeals court in Astana, marks a significant setback for the North Caspian Operating Company in its long-running dispute with the Kazakh government.The fine, totaling 2.36 trillion Kazakhstani tenge ($5.1 billion), was originally imposed for storing excessive amounts of sulfur at the offshore field.NCOC said it disagrees with the Astana court's ruling, while reiterating that its sulfur-management operations were in full compliance with the law. The energy firm and its shareholders plan to pursue "all available avenues of recourse against this decision to defend their rights".The sulfur fine is linked to a broader $166 billion international arbitration dispute over Kashagan, Kazakhstan's second-largest oilfield.Meanwhile, though the court decision has entered into legal force, the NCOC still has the option to file a cassation appeal, the report said.NCOC is owned by Kazakhstan's state oil and gas company, KazMunayGas, alongside Eni (E), Shell (SHEL), TotalEnergies (TTE), ExxonMobil (XOM), Inpex, and China National Petroleum.NCOC did not immediately respond to' request for comment.The oil majors are also contesting the fine through other channels. The companies filed for international arbitration in February. Individually, the companies appealed the sulfur penalty to the Committee for Environmental Regulation and Control, which has yet to issue a decision, the Ministry of Ecology said.(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: $51.22, Change: $-4.17, Percent Change: -7.53%

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

European equities traded in the US as American depositary receipts were climbing higher late Friday morning, rising 1.06% to 1,840.68 on the S&P Europe Select ADR Index, which has gained 1.42% for the week.From continental Europe, the gainers were led by lender Banco Santander (SAN) and software firm SAP (SAP), which advanced 5.3% and 4.2%, respectively. They were followed by healthcare tech company Royal Philips (PHG) and lender Banco Bilbao Vizcaya Argentaria (BBVA), which increased 4.1% each.The decliners from continental Europe were led by petroleum refiner Equinor (EQNR) and oil and gas company Eni (E), which dropped 9% and 7.4%, respectively. They were followed by telecommunications company Ericsson (ERIC) and medical device maker EDAP TMS (EDAP), which lost 6.2% and 3.6%, respectively.The gainers from the UK were led by cruise line operator Carnival (CUK) and biopharmaceutical company NuCana (NCNA), which rose 9.3% and 7.1%, respectively. They were followed by hospitality company InterContinental Hotels Group (IHG) and lender Barclays (BCS), which were up 4.7% and 4.6%, respectively.The decliners from the UK and Ireland were led by oil and gas companies BP (BP) and Shell (SHEL), which fell 8.1% and 5.2%, respectively. They were followed by telecommunications operator Vodafone Group (VOD) and biotech firm Trinity Biotech (TRIB), which were down 2.7% and 2.6%, respectively.

Sector Update: Energy Stocks Lower Pre-Bell Friday

Energy stocks were mostly lower premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) declining 4%.The United States Oil Fund (USO) was down 9.4%, while the United States Natural Gas Fund (UNG) was 1.4% higher.Front-month US West Texas Intermediate crude oil was down 11% to $84.67 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 9.6% to $09.10 per barrel, and natural gas futures were 0.3% higher at $2.64 per 1 million British Thermal Units.An Astana court upheld a 2.356 trillion tenge ($5 billion) environmental fine against North Caspian Operating Company, the operator of Kazakhstan's Kashagan oil field, whose shareholders include Exxon Mobil (XOM), Shell (SHEL), TotalEnergies (TTE), and Eni (E), among others, Bloomberg News reported Friday.Shell shares fell 4.7% premarket, while Exxon stock was down more than 4% before the opening bell.TotalEnergies stock fell 4.2%, and Eni was down 5.7%.

Kazakhstan Court Upholds $5 Billion Kashagan Sulfur Fine Against Consortium Including Exxon, Shell, TotalEnergies

An Astana court upheld a 2.356 trillion tenge ($5 billion) environmental fine against North Caspian Operating Company, the operator of Kazakhstan's Kashagan oil field, whose shareholders include KazMunayGas, Exxon Mobil (XOM), Shell (SHEL), TotalEnergies (TTE), Eni (E), Inpex and China National Petroleum, Bloomberg reported Friday.Kazakhstan's Ministry of Ecology and Natural Resources told Bloomberg that the April 8 ruling confirmed penalties tied to excessive sulfur storage at the field. The decision has entered into legal force, the report said.The penalty is tied to a wider $166 billion arbitration dispute over environmental claims and state revenue from the project, the report added. Kashagan remains central to Europe's supply shift away from Russian energy after Russia's invasion of Ukraine, it said.Exxon Mobil, Shell, TotalEnergies, Eni, Inpex and China National Petroleum did not immediately respond to' request for comment.

BNP Paribas Upgrades Eni to Outperform From Neutral, Adjusts Price Target to $64.30 From $37.50

30 Major E&P Companies Staring at 40% Output Decline by 2040, Wood Mackenzie says

About 30 of the world's largest exploration and production companies are staring at a near 40% decline in output between 2025 and 2040, Wood Mackenzie said in a note on Thursday."The upstream industry has an enormous and ongoing challenge. For liquids alone, today's onstream fields will fall short by 300 billion barrels of the almost 1,000 billion barrels needed to meet the cumulative demand through 2050 under our base case, absent reserve upgrades," Wood Mackenzie analysts said.Exploration can help generate value through discovery of advantaged barrels to replace higher-cost or otherwise disadvantaged resources, either oil or gas, the researchers said.Between 2021 and 2025, the upstream industry created about $54 billion of value after the deduction of $97 billion in exploration spends, when considering a long-term Brent crude price of $65 a barrel. The figure rises to $120 billion when Brent is considered at $85/bbl, according to the note.During the same period, the industry spend on exploration has been largely stable, with an annual average expenditure of $19 billion on 633 wells. In 2025 though, the average spend dropped to $16 billion on 388 wells, which Wood Mackenzie said was "an aberration"."The resilience of investment reflects the long-term nature of the sharp end of the upstream value chain and is despite a near-doubling of rig day rates, which comprise a substantial part of well costs," analysts said.The ultra-deepwater frontier plays in water depths of more than 1,500 metres are providing the most opportunities in high value creation but only a handful of companies, including the seven energy majors and a few national oil companies, have exhibited the risk appetite and skills to operate such assets, the note said.Among the major such discoveries over the past five years include those by ExxonMobil (XOM) in Guyana, Eni (E) in Cote d'Ivoire, Indonesia and Cyprus; BP in Brazil, and Turkey's TPAO in the Black Sea."Frontier explorers are widening the net to underexplored basins, including Brazil's Foz do Amazonas, as well as extensions of existing plays in Angola, Suriname and elsewhere," the note added.

Var Energi Seeks to Boost Goliat Output, Extend Field Life to 2050

Eni (E) subsidiary, Var Energi, said Wednesday it had submitted revised development plans to Norwegian authorities to increase oil production and extend the lifespan of its Goliat field in the Barents Sea.The energy firm, alongside partner Equinor, filed an amended Plan for Development and Operation for the Goliat Gas Export project with the Ministry of Petroleum and Energy.The project is designed to increase oil recovery by optimizing reservoir management once the gas currently reinjected into the field is produced and exported.Var Energi said incremental oil volumes will be sold immediately, while gas will be sent to the Hammerfest LNG plant under a gas bank arrangement tied to the Snohvit development, and marketed when processing capacity becomes available.The company said the development targets 112 million barrels of oil equivalent in proved and probable reserves, of which about 15% is oil. First production is expected in Q3 2029.Torger Rod, chief operating officer at Var Energi, said the project would extend Goliat's operational life by about a decade to 2050, while supporting future developments in the Barents Sea."This is an effective, value-creating project with significant upside. The project expands the infrastructure in the Barents Sea and unlocks future developments," Rod said.The plan includes new subsea infrastructure linking the Goliat floating production, storage and offloading vessel to the Snohvit pipeline system. The scope covers a gas riser, an umbilical, and a 12-kilometer export pipeline, alongside modifications to the FPSO to integrate the new facilities.The GGE project is also expected to enable additional tie-ins, including the planned Goliat Ridge development.Total investment is estimated at $360 million before tax, with Var Energi's share at $233 million. The company said the project meets its breakeven targets and offers upside through further optimization.Var Energi holds a 65% operating stake in the license, with Equinor owning the remaining 35%.Price: $54.99, Change: $-0.41, Percent Change: -0.73%

Eni Hosts Iraq Methane Initiative as Emissions Drop 40% at Zubair Field

Eni (E) said Tuesday it hosted Iraqi stakeholders in Basra to advance methane monitoring, as emissions cuts at the Zubair field reached about 40%.The company brought together officials from Iraq's oil and environment ministries, national oil companies, and representatives of the Clean Air Task Force for a technical knowledge-sharing initiative.The effort supports Iraq's emissions strategy following its 2021 Global Methane Pledge commitment to cut methane output by 30% by 2030, the company said.Eni said it is also working with local partners under the Oil and Gas Methane Partnership 2.0, a United Nations-backed program focused on tracking and reducing emissions.The program included a field session at the Zubair Initial Production Facility using optical gas imaging tools to detect, record, and manage methane emissions data.The practical demonstration highlighted the benefits of transferring technical skills to Iraqi professionals supporting national oil companies in emissions monitoring, the company added.Eni, lead contractor at the Zubair field for Basrah Oil, is working with local partners to reduce greenhouse gas emissions, focusing on methane and gas flaring, Eni said.The company is targeting zero routine flaring at Zubair by 2027 while continuing its leak detection and repair campaign introduced between 2022 and 2024.Implementation of the LDAR campaign reduced fugitive emissions by about 40% in 2025 compared with the previous year, according to the company.Zubair became the first Iraqi field to consistently apply the LDAR program, attracting support from international groups helping develop national emissions guidelines, Eni said.Price: $55.20, Change: $-0.81, Percent Change: -1.46%

European Equities Traded in the US as ADRs Rise in Tuesday Trading

European equities traded in the US as American depositary receipts rose late Tuesday morning with the S&P Europe Select ADR Index gaining 0.3% to 1,844.78.From continental Europe, the gainers were led by biopharmaceutical company Grifols (GRFS) and internet browser company Opera (OPRA), which rose 3.1% and 2.9%, respectively. They were followed by pharmaceutical company Novo Nordisk (NVO) and semiconductor company Sequans Communications (SQNS), which were up 2.3% and 1.6%, respectively.The decliners from continental Europe were led by petroleum refiner Equinor (EQNR) and biotech firm Evaxion (EVAX), which fell 2.5% and 1.2%, respectively. They were followed by oil and gas company Eni (E) and pharmaceutical company Ascendis Pharma (ASND), which were down 1% and 0.5%, respectively.The gainers from the UK were led by biopharmaceutical companies Bicycle Therapeutics (BCYC) and Biodexa Pharmaceuticals (BDRX), which advanced 6.2% and 4.2%, respectively. They were followed by biopharmaceutical company NuCana (NCNA) and cruise line operator Carnival (CUK), which increased 3.4% and 3%, respectively.The decliners from the UK and Ireland were led by biotech firm Trinity Biotech (TRIB) and pharmaceutical company Silence Therapeutics (SLN), which dropped 1.7% and 1.5%, respectively. They were followed by tobacco company British American Tobacco (BTI) and oil and gas company Shell (SHEL), which were off 1.4% and 1.1%, respectively.