Posts filtered on Tag
If Eni goes ahead with the auction, the business could attract private equity firms and utility companies, sources said.
Eni said in August that it discovered off Egypt’s coast what it called the biggest gas field ever found in the Mediterranean sea.
The new Iranian contracts come even as oil markets fear a surge of new barrels entering a worldwide supply glut.
Noble has dismissed critics who claimed that the Eni find would thwart its efforts to market Israeli gas to the region.
The sale comes after Eni last month disposed of a 12.5 percent stake in Saipem SpA in a bid to remove Italy’s oil services company’s debt from its balance sheet.
In the last decade, the company has spent $41 billion drilling dozens of wells from Mozambique to Pakistan and Angola.
Noble Energy agreed to sell of its stake in two undeveloped gas fields in the Eastern Mediterranean to satisfy concerns that the Houston oil company held too much control over the country’s natural gas resources.
A carbon tax or cap-and-trade system in the U.S. — and globally — would serve the energy industry better than the current slate of piecemeal state and federal regulations, Shell Oil Co. President Marvin Odum said Tuesday at a University of Houston energy symposium on “Carbon Tax: Is It the Right Time?”
Located 65 miles offshore the African coast, the Lianzi Field is situated in a zone between the Republic of Congo and the Republic of Angola, Chevron’s first development in Congo and its cross-border offshore project in the region. It’s expected to produce an average of 40,000 barrels of crude per day.
That would be roughly in line with penalties the government threatened to impose in a 2010 dispute that ended with the state taking a 10 percent stake in the project.