The Full Wiki

Eni: Wikis

Advertisements
  
  
  
  

Note: Many of our articles have direct quotes from sources you can cite, within the Wikipedia article! This article doesn't yet, but we're working on it! See more info or our list of citable articles.

Encyclopedia

Advertisements

From Wikipedia, the free encyclopedia

ENI S.p.A.
Type Public (NYSEE, BIT: ENI)
Founded 10 February 1953
Headquarters Rome, Italy
Area served Worldwide
Key people Roberto Poli (Chairman of the board), Paolo Scaroni (CEO)
Industry Petroleum industry
Products Oil and natural gas exploration, production, refining and marketing, electricity generation, oil and gas engineering and construction
Revenue €108.9 billion (2008)[1]
Operating income €18.64 billion (2008)[1]
Profit €8.825 billion (2008)[1]
Employees 78,880 (2008)[1]
Subsidiaries AGI, Distrigas, Italgas, Polimeri Europa, Saipem (43%), Snam Rete Gas (50%), Syndial,
Website www.eni.it

Eni S.p.A. (NYSEE, BIT: ENI) is an Italian multinational oil and gas company, present in 70 countries, and currently Italy's largest industrial company with a market capitalization of € 87.7 billion euros (US$138 billion), as of July 24, 2008.[2] The Italian Government owns a 30% golden share in the company: 20% held through the state Treasury and 10% held through the Cassa depositi e prestiti.

Contents

History

Start and the early post-war years

The 1920/'30s - Italy Launches an Oil and Gas Policy

Incorporation of Agip. Exploration begun in Italy and foreign ventures initiated (Romania, Albania, Iraq). Exploration proceeds inside Italy and the Agip distribution network is created. After World War 2, Enrico Mattei is appointed Special Administrator to close down Agip but subsequent the discovery of the Caviaga gas field in the Po Valley, the process to liquidate Agip is halted.

The '50s and '60s

Incorporation Of Eni and Expansion Of Activities In Italy and Abroad

Despite initial postwar plans to break-up the Agip company, Agip's administrator Enrico Mattei converted it to a state monopoly, renamed Eni. The name derives from the initials of the company's original full title Ente Nazionale Idrocarburi, but is no longer used as an acronym. The Italian Government authorized its establishment on February 10, 1953 in order to implement a national energy strategy based on the concentration of all the activities in the energy sector into one group. Eni was to supply energy to Italy and contribute to the country's industrial development.

Eni broke the monopoly of the major oil companies by introducing a new contractual formula with the producer countries. This formula, which is first applied in Egypt and Iran, enabled Eni to share in the profits of oil and gas development. Discovery of the first European offshore gas field under the Adriatic Sea near Ravenna and discovery of the "El Borma" field in Tunisia, one of the largest reservoirs in Africa.

The head of Eni, Mattei, a center left politician, had developed cooperation with communist countries, and the import of oil from the Soviet Union became an important part of Eni's operations. At the same time, Eni was involved in a series of high profile political corruption scandals.

The '70s/'80s

Gas as a Solution to the Oil Crisis and the Algerian Gas Pipeline

Eni identifies natural gas as an energy source that can meet the crisis resulting from the first oil embargo. Agreements signed to import gas from the Soviet Union and the Netherlands. Using a new "gravity" platform Agip discovers and then brings into production the "Loango" field in offshore Congo. Agip drills to a record depth of 5,500 meters at the Malossa field (near Milan) and discovers a new reservoir. The first remote controlled platform is installed by Agip in the "Perla" field, offshore Sicily.

Snam inaugurates the Transmediterranean pipeline, transporting gas from the Hassi-R-Mel field in Algeria to the Po Valley. The more than 2,500 km-long gas pipeline starts in the Algerian desert, crosses Tunisia, the Sicilian Channel (at a water depth of over 650 metres) and proceeds through Sicily and up the length of the entire Italian peninsula. A new record in offshore drilling at sea-depths of over 800 metres is established with the discovery of a new field in the Otranto Channel. Onshore, a new record is achieved with the discovery of the "Villafortuna" reservoir at a depth of 6,000 metres near Novara in Northern Italy. The new SWACS system, using acoustic signals to operate underwater production valves, is put into operation.

The '90s

Eni becomes a joint stock company

From being a public corporation Eni is now transformed into a joint stock company, as most of Eni's Share capital is put on the market in four successive public issues.
Agip's international activities expand with new acquisitions in Algeria, China, Angola, the North Sea and Egypt, while new agreements are signed with Kazakhstan, Azerbaijan and for the Nigerian and Angolan deep water offshore. The "Aquila" deepwater field (Otranto Channel) is brought into production. Eni incorporates Agip, thus becoming directly an oil and gas producer.
Eni's daily oil and gas production reaches 1 million barrels of oil equivalent.

Current operations

Exploration and production

Eni operates in the exploration and production of hydrocarbons in Italy, North Africa, West Africa, the North Sea, the Gulf of Mexico and Australia. It also operates in areas with great exploration and production potential such as the Caspian Sea, the Middle and Far East, India and Alaska.

Its crude oil production comes primarily from Libya, Egypt, Nigeria, the Congo, the North Sea, and Angola, with smaller amounts of crude oil production in Tunisia and in the United States. Eni's China production began in 1992, although it currently amounts to only 1 percent of Eni's total crude oil production.

In 2007, oil and natural gas production for the full year averaged 1.74 millions boe per day, making Eni Europe's third largest refiner, after Royal Dutch Shell and Total S.A..

Estimated net proved reserves at December 31, 2007 were 6.37 billions boe determined based on a year-end Brent price of $96.02 per barrel. The amount of proved reserves comprised 30% of quantities of the three equity accounted Russian companies (SeverEnergia) purchased as part of a bid procedure for assets of bankrupt Yukos and participated by Eni with a 60% interest, considering that it is probable that Gazprom will exercise a call option to acquire a 51% interest in these companies.

Eni carried out several hydrocarbon discoveries in recent years; the main discoveries were made in: Angola, Brazil, Congo, Egypt, Indonesia, Nigeria, Norway, Pakistan, Scotland, the Gulf of Mexico and Alaska. In 2007, a total of 81 new exploratory wells were drilled (43.5 of which represented Eni's share). Moreover, the company acquired oil and gas assets in the Gulf of Mexico from Dominion Resources and in onshore Congo from Maurel & Prom with total expenditures amounting to €4.52 billion.

Gas

Eni operates in the supply, transport, distribution and sale of natural gas. Gas sales reached 99 billion cubic meters in 2007. In June 2008 the company bought a 57% stake in Distrigas, a Belgian company that supplies natural gas to industries, resellers and electricity producers. [3] In March 2009 it bought the remaining 43%. As of June 30, 2009 Distrigas is a fully owned subsidiary of Eni.[4]

Power

Eni's electricity generation sites in Italy, as of January 2010, are the following:

Natural Gas Power Plants

Photovoltaic Power Plants

Engineering and construction

Eni operates in engineering, oilfield services and construction both offshore and onshore through Saipem, a subsidiary listed on the Italian Stock Exchange (Eni's interest is 43%).

Controversies

The Central Energy Italian Gas Holding scandal in 2005 involved Eni, Gazprom and Silvio Berlusconi.[5]

In 2009, the European Commission filed formal antitrust charges against Eni. The commission believes that Eni has conspired to keep competitors from using its gas pipelines.[6]

Subsidiaries

  • AGI (100% owned) - Agenzia Giornalistica Italia (Italian Journalist Agency) is one of the main Italian news agencies.
  • Distrigas (100% owned) - a natural gas company based in Belgium
  • Italgas (100% owned) - Italgas is a gas utility that supplies gas to industries and households in approximately 1500 municipalities. Sold to Snam Rete Gas in February 2009
  • Polimeri Europa (100% owned) - Polimeri Europa is a petrochemical company that manages the production and marketing of petrochemical products such as olefines, aromatics and intermediates (base chemicals) , styrenes, elastomers and polyethylene, being also able to count on a range of proprietary technologies, advanced plant facilities and a broad-based distribution network.
  • Saipem (43% owned) - Saipem is an oil and gas industry contractor. Saipem has contracted for designing and constructing several pipelines, including Blue Stream, Greenstream, Nord Stream and South Stream.
  • Snam Rete Gas (50% owned) - Snam Rete Gas (BIT: SRG) owns Italy's largest natural gas pipeline system and is the only LNG operator in Italy.

Notes

Bibliography

  • (en) Marcello Boldrini, Mattei, Rome, Colombo, 1969
  • (it) Marcello Colitti, Energia e sviluppo in Italia, Bari, De Donato, 1979
  • (en) Paul H. Frankel, Oil and Power Policy, New York - Washington, Praeger, 1966
  • (en) Pier Paolo Pasolini, Petrolio, various
  • (it) Nico Perrone, Enrico Mattei, Bologna, Il mulino, 2001 ISBN 8-81507-913-0

External links


Simple English

ENI S.p.A.
Type Joint-stock company NYSE: E)
Industry Petroleum industry
Founded 10 February 1953
Headquarters Rome, Italy
Area served Worldwide
Key people Roberto Poli (Chairman), Paolo Scaroni (CEO)
Products Oil and natural gas exploration, production, refining and marketing, electricity generation, oil and gas engineering and construction
Revenue €84.35 billion (2009)[1]
Operating income €12.06 billion (2009)[1]
Profit €4.367 billion (2009)[1]
Employees 78,420 (2009)[1]
Subsidiaries AGI, Distrigas, Italgas, Polimeri Europa, Saipem (43%), Snam Rete Gas (50%), Syndial
Website www.eni.it

Eni S.p.A. NYSE: E) is an Italian multinational oil and gas company. Eni is present in 70 countries, and currently is Italy's largest industrial company. It has a market capitalization of € 87.7 billion euros (US$138 billion), as of July 24, 2008.[2] The Italian Government owns a 30% golden share in the company. Golden shares are special stock shares that allow the government to control a company. 20% of the shares are held through the state Treasury and 10% are held through the Cassa depositi e prestiti (a bank mostly owned by the Ministry of Economy and Finance of Italy).

Contents

History

Agip was started in 1926. After World War II, Enrico Mattei is appointed Special Administrator to close down Agip. With the discovery of the Caviaga gas field in the Po Valley, the process of closing Agip was halted. Enrico Mattei converted it to a state monopoly (a company with no competition), renamed it Eni. Eni comes from the company's original full name Ente Nazionale Idrocarburi. Eni was to supply energy to Italy and contribute to the country's industrial development.

Eni decided that natural gas would supply the energy needed from the crisis of the 1973 oil embargo. They import gas from the Soviet Union and the Netherlands. Snam starts the Transmediterranean pipeline, moving gas from the Hassi-R-Mel field in Algeria to the Po Valley. The gas pipeline was more than 2,500 km or 1550 miles long. It started in the Algerian desert and crosses Tunisia. It then crosses the Sicilian Channel at a water depth of over 650 metres or 2100 feet. Next it goesthrough Sicily and up the length of the entire Italian peninsula.

In the 1990's, Eni is changed from a public corporation into a joint stock company. Most of Eni's Share capital is put on the market in four successive public issues. Agip's international work increases with new acquisitions in Algeria, China, Angola, the North Sea and Egypt. New agreements are signed with Kazakhstan, Azerbaijan and for the Nigerian and Angolan deep water oil. Eni incorporates Agip, and becomes an oil and gas producer. Eni's daily oil and gas production reaches the equivalent of 1 million barrels of oil.

Current operations

Exploration and production

Eni operates in the exploration (searching) and production of hydrocarbons (oil and natural gas) in Italy, North Africa, West Africa, the North Sea, the Gulf of Mexico and Australia. It also operates in areas with great potential to produce oil such as the Caspian Sea, the Middle and Far East, India and Alaska.

Its crude oil production comes primarily from Libya, Egypt, Nigeria, the Congo, the North Sea, and Angola. Smaller amounts of crude oil production come from Tunisia and in the United States. Eni's China production began in 1992, but it is only 1 percent of Eni's total crude oil production.

Gas

Eni supplies natural gas. Gas sales reached 99 billion cubic meters in 2007. In June 2008 the company bought 57% of Distrigas, a Belgian company that supplies natural.[3] In March 2009 it bought the rest of Distrigas. As of June 30, 2009 Distrigas is a fully owned subsidiary of Eni.[4]

Power

Eni's generates electricity in Italy, using both natural gas and solar power.

Engineering and construction

Eni operates Saipem, a subsidiary, and ownes 43% of the company. Saipem works in engineering, and oilfield services and construction.

Controversies

The Central Energy Italian Gas Holding scandal in 2005 involved Eni, Gazprom. Eni was one of the two companies selected to provide natural gas to Italy. Italian Prime Minister Silvio Berlusconi was a close friend of one of main owners of Eni. Italian parliament canceled the contract.[5]

In 2009, the European Commission filed formal antitrust charges against Eni. The commission believes that Eni has conspired (planed) to keep competitors from using its gas pipelines.[6]

References

Bibliography

  • (en) Marcello Boldrini, Mattei, Rome, Colombo, 1969
  • (it) Marcello Colitti, Energia e sviluppo in Italia, Bari, De Donato, 1979
  • (en) Paul H. Frankel, Oil and Power Policy, New York - Washington, Praeger, 1966
  • (en) Pier Paolo Pasolini, Petrolio, various
  • (it) Nico Perrone, Enrico Mattei, Bologna, Il mulino, 2001 ISBN 8-81507-913-0

Other websites


Advertisements






Got something to say? Make a comment.
Your name
Your email address
Message