Shell On Brink Of Announcing Sale Of Four Onshore Oil Blocks In Nigeria
Aug 12 14
Royal Dutch Shell plc has moved forward for the sale of four onshore oil blocks in Nigeria. Shell Petroleum Development Company of Nigeria Ltd. (SPDC) has put pen to paper on two blocks, while the buyers are on the verge of proving that they have the funding, industry sources with knowledge of the deals said. That leaves government approval as the only hurdle to clear before SPDC – a partnership between Shell, Total SA (ENXTPA:FP), Eni SpA (BIT:ENI) and the government– can formally announce the deals. Sales and purchase agreements on two more blocks are ‘imminent’, said one source. The asset sale is valued at £2 billion. An SPDC spokesman said: “In the event of a successful completion of the sales process we shall make a market announcement”
Eni S.p.A Announces a Gas and Condensates Discovery at Nyonie Deep Exploration Prospect Located in Block D4
Aug 4 14
Eni S.p. A has announced a gas and condensates discovery at the Nyonie Deep exploration prospect located in block D4, approximately 13km from the coast of Gabon and 50km from Libreville. Preliminary estimates suggest the new gas discovery is significant, with initial potential in place estimated at 500 million boe. The discovery was made in the pre-salt of Gabon through the NFW Nyonie Deep 1 well, which was drilled in 28 meters of water depth, reaching a total depth of 4,314 meters. The well encountered a thick hydrocarbon bearing section (320 meters) in the pre-salt clastic sequence of Aptian age. The structure, which extends more than 40 squared kilometers, covers two offshore exploration blocks, both operated by Eni (with a 100% stake). The discovery will be followed by an appraisal campaign to assess its potential, which will be carried out shortly. In the meantime, Eni will begin studies for the potential commercial exploitation of the field. The discovery is the outcome of Eni's exploration campaign which the company is carrying out in the promising pre-salt plays of West Africa. This is the third field to be discovered recently in shallow waters in such plays, after Nene Marine and Litchendjili Marine in Congo. The total estimated potential of these discoveries is approximately 3 billion boe, with potential for further improvement.
Eni Proposes Interim Dividend; Announces Unaudited Group Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2014
Aug 1 14
Eni proposed interim dividend of EUR 0.56 per share.
The company announced unaudited group earnings and production results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net sales from operations of EUR 27,353 million compared to EUR 28,121 million a year ago. Operating profit was EUR 2,255 million compared to EUR 1,471 million a year ago. Adjusted operating profit was EUR 2,728 million compared to EUR 1,959 million a year ago. Adjusted net profit was EUR 887 million compared to EUR 181 million a year ago. Net profit attributable to company’s shareholders was EUR 658 million or EUR 0.18 per share compared to EUR 275 or EUR 0.07 per share million a year ago. Adjusted net profit attributable to company’s shareholders was EUR 868 million or EUR 0.24 per share compared to EUR 576 million or EUR 0.16 per share a year ago. Net cash provided by operating activities was EUR 3,589 million compared to EUR 2,001 million a year ago. Capital expenditure was EUR 2,979 million compared to EUR 2,825 million a year ago. The results of the second quarter 2014 benefited from a strong recovery in the Gas & Power performance, mainly due to certain long-term contracts renegotiations. Free cash flow was EUR 1,384 million compared to EUR 1,550 million a year ago. Profit before income taxes was EUR 2,406 million compared to EUR 1,554 million a year ago.
For the six months, the company reported net sales from operations of EUR 56,556 million compared to EUR 59,287 million a year ago. Operating profit was EUR 5,901 million compared to EUR 5,338 million a year ago. Adjusted operating profit was EUR 6,219 million compared to EUR 5,705 million a year ago. Adjusted net profit was EUR 2,108 million compared to EUR 1,578 million a year ago. Net profit attributable to company’s shareholders was EUR 1,961 million or EUR 0.54 per share compared to EUR 1,818 58 or EUR 0.50 per share million a year ago, due to the drivers which were boosted by the fact that the renegotiations of the long-term gas supply contracts included economic effects retroactive to previous years. Adjusted net profit attributable to company’s shareholders was EUR 2,055 million or EUR 0.57 per share compared to EUR 1,961 million or EUR 0.54 per share a year ago. Net cash provided by operating activities was EUR 5,740 million compared to EUR 4,815 million a year ago. Net cash provided by operating activities was negatively influenced by a lower volume of trade receivables due beyond the end of the reporting period, being transferred to financing institutions compared to the previous reporting period (down EUR 675 million). Capital expenditure was EUR 5,524 million compared to EUR 5,947 million a year ago. Free cash flow was EUR 2,946 million compared to EUR 1,180 million a year ago. Profit before income taxes was EUR 6,029 million compared to EUR 5,360 million a year ago.
For the quarter, the company announced liquids production of 813 kbbl/d compared to 845 kbbl/d a year ago. Natural gas production was 4,234 mmcf/d compared to 4,410 mmcf/d a year ago. Total hydrocarbons production was 1,584 kboe/d compared to 1,648 kboe/d a year ago. In the second quarter of 2014, Eni's liquids and gas production was 1.584 million boe/d.
For the six months, the company announced liquids production of 817 kbbl/d compared to 832 kbbl/d a year ago. Natural gas production was 4,208 mmcf/d compared to 4,350 mmcf/d a year ago. Total hydrocarbons production was 1,583 kboe/d compared to 1,624 kboe/d a year ago. In the first half of 2014, production averaged 1.583 million boe/d, which was broadly unchanged compared to the previous year.