Eni S.p.A.

Eni CEO Claudio Descalzi met Argentine President Javier Milei in Paris on Friday to discuss energy investment and progress on the Argentina LNG project, which its developers aim to take to a final investment decision before the end of the year. Argentina LNG is being developed by Eni, state-controlled YPF and Abu Dhabi-based XRG to monetize Vaca Muerta gas through an integrated production, processing, transportation and export system. The initial development would have LNG production capacity of 12 million tonnes per annum using two floating LNG facilities of 6 million tonnes annually each, with production currently scheduled to begin in 2030, while the partners evaluate an expansion that could lift capacity to 18 million tonnes per year. The consortium signed a binding joint development agreement in February covering the 12-mtpa phase, Eni agreed in June to acquire a 32% interest in the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks in Vaca Muerta, and the project applied in August to enter Argentina's Large Investment Incentive Regime, or RIGI, a step the consortium described as a milestone toward the planned year-end investment decision. The two FLNG units are expected to be located offshore Río Negro province, and Eni said Milei and Descalzi also discussed the importance of a stable framework for long-term energy investment, with the company identifying international markets including Europe as potential destinations for future Argentine LNG supplies.

Eni S.p.A. has signed a memorandum of understanding with Generative Bionics, an Italian deep-tech company developing humanoid robots powered by Physical AI, to test and evaluate advanced robotic systems starting with GENE.01. The collaboration will assess humanoid robots for inspection, teleoperation, remote assistance and other complex industrial tasks, with the aim of improving workplace safety, operational efficiency and data-driven monitoring across Eni's asset base. Eni will also evaluate whether its industrial sites can support future production, assembly and testing of advanced robotic systems, and the agreement covers cooperation on battery use, disposal and recycling. Under the materials and computing side of the deal, Versalis and Finproject will assess materials and design solutions for GENE.01's foot and footwear system, focusing on strength, grip, durability, impact absorption and ease of assembly, while Eni will evaluate using its High Performance Computing infrastructure to advance development and testing of Generative Bionics' Physical AI models. The agreement is not a near-term earnings catalyst, but Eni is exploring robotics as an operational tool, a materials opportunity and a computing-driven industrial platform, following similar automation efforts at Shell plc, Chevron Corporation and ExxonMobil Holdings Corporation.

The U.S. Export-Import Bank has offered up to $6 billion in financing for the Argentina LNG project, the $24 billion natural gas development led by Argentina's YPF Sociedad Anónima alongside Italy's Eni and Abu Dhabi's ADNOC. The project, expected to become the largest infrastructure project in Argentina's history, is designed to extract and monetize the country's shale gas resources and will require $24 billion to build natural gas processing facilities, pipelines and liquefaction units, with the consortium seeking financing to fund part of those costs. The partners intend to make a final investment decision in November this year, though they may proceed with only letters of intent from banks and export credit agencies to finalize lending terms. Earlier this month, YPF said it was on track to sign two to three LNG sales agreements covering a combined capacity of 500 thousand to 1.5 million metric tons per year, deals the companies aim to secure before the November final investment decision. The project is initially expected to include two floating LNG facilities with a combined capacity of 12 MTPA, with potential to increase to 18 MTPA, plus a 527-kilometre pipeline to transport natural gas from Vaca Muerta to Argentina's Atlantic coast in Rio Negro province. YPF's stock has declined 6% since the announcement.

Venezuela's oil and gas industry is drawing renewed interest from international energy companies, with fresh agreements involving major producers and oilfield service firms pointing to stepped-up development of the country's hydrocarbon resources. Eni and PDVSA signed a 25-year hydrocarbon participation contract on Sept. 2, 2026, making Eni the exclusive operator of the Junín-5 heavy-oil area, which holds 35 billion barrels of certified oil in place and currently produces approximately 12,000 barrels per day; the partners plan to invest approximately $1.5 billion annually, with production expected to reach around 400,000 barrels per day by 2030. Chevron announced updated agreements on Sept. 2, 2026, covering its Venezuelan joint ventures and additional acreage in the Orinoco Belt, underpinning plans to invest more than $7 billion over the next five years and more than double production to approximately 600,000 barrels per day versus 2026 levels, after output from its three Venezuelan joint ventures rose 15% through the second quarter of 2026. TotalEnergies and PDVSA signed a memorandum of understanding on Sept. 19, 2026, setting a framework for energy cooperation, though scope and value were not disclosed, while Halliburton announced MOUs with Eneva and WESCA on Sept. 21, 2026, to support field evaluation and development planning in Venezuela. Over the past year, Eni shares have advanced 55.4%, while TotalEnergies, Halliburton and Chevron have gained 43.3%, 29.3% and 31.5%, respectively, as crude oil held above $90 per barrel.

Ares Management Corporation announced that Ares Alternative Credit funds participated in a reorganization of Plenitude's shareholding and governance structure, through which Ares and Eni S.p.A upsized their capital contribution by approximately €1.5 billion, of which over €1 billion is attributable to Ares, based on a pre-money equity valuation of Plenitude of €10.75 billion. Following completion of the transaction, Ares holds 26.24% of Plenitude's share capital, Eni holds 65.03%, and Energy Infrastructure Partners holds 8.73%. Ares first invested in Plenitude in 2025, acquiring a 20% stake in the business for approximately €2 billion. The transaction is geared towards strengthening Plenitude's capital structure and introduces an enhanced governance framework, with Ares and Eni jointly controlling the company. Ares will appoint three of Plenitude's Board members, including Stefano Questa as Chairman, while Eni appoints five, including the CEO, and EIP appoints one.

Phillips 66, HF Sinclair and Eni have each strengthened their share repurchase programs, with all three carrying a Zacks Rank #1 (Strong Buy) as Brent recently climbed above $105 per barrel and WTI approached $95 amid Middle East supply concerns. Phillips 66's board approved a $10 billion increase to its share repurchase authorization on July 29, 2026, as the remaining authorization under its existing program approached its limit. HF Sinclair refreshed its capital-return strategy on Aug. 26, 2026, with a new $1.5 billion share repurchase program that replaced all existing repurchase programs, under which approximately $11 million remained. Eni expanded its 2026 share buyback plan in July to €3.4 billion from the previously revised €2.8 billion, a 20% increase and more than double its initial €1.5 billion guidance, citing strong execution and the market environment. The elevated oil prices come as U.S.-Iran ceasefire talks remain deadlocked, prolonging uncertainty around the Strait of Hormuz, though recovering regional exports and Saudi Arabia's restored East-West pipeline have tempered some price gains.

Eni has been awarded the Sapukala block, giving the Italian company full ownership of the offshore acreage in East Kalimantan as part of Indonesia's first Petroleum Bidding Round of 2026. The block lies in water depths of roughly 1,000 to 2,500 meters and sits adjacent to acreage already held by Eni and its partners, as well as close to the North Hub developments containing the Geng North, Gehem, Gula and Geliga gas and condensate discoveries. Those discoveries collectively hold more than 14 trillion cubic feet of gas in place and around 800 million barrels of condensate, according to Eni, and the proximity means any future Sapukala discoveries could benefit from infrastructure and development plans already advancing nearby. Eni said the block is considered highly prospective following a joint study with an Indonesian academic institution, and it has recently completed a new seismic acquisition campaign across Sapukala that could speed detailed prospect evaluation. The award strengthens Eni's position in Indonesia, where it has operated since 2001 and directly operates the Peri-Mahakam and Makassar Strait blocks, and it adds exploration exposure around the portfolio of Searah, the 50-50 joint venture with Malaysia's Petronas created in June 2026 that operates the North Hub developments and holds 19 producing and development-stage gas assets, 14 in Indonesia and five in Malaysia, producing about 350,000 barrels of oil equivalent per day and targeting more than 500,000 boe/d by 2028.

Gastech 2026 announced partnerships and investment plans during its first three days worth a combined $40 billion, covering agreements ranging from memoranda of understanding to purchase contracts and investment plans across the energy value chain. China Gas Holdings and Venture Global LNG agreed to buy 0.5 million tonnes per year of LNG from the United States over 20 years, starting in 2030. Samsung Heavy Industries closed a deal to build LNG carriers and crude oil tankers worth $1.2 billion, while the state of Sarawak concluded talks with Indorama Ventures and partners from Japan on downstream natural gas and petrochemical investment worth about $1 billion in Bintulu. In addition, PETRONAS, PTTEP JDA and the Thailand-Malaysia Joint Authority signed a 35-year production sharing contract and a natural gas sales agreement in the Thailand-Malaysia Joint Development Area. GE Vernova and B.Grimm Power signed an agreement to supply gas turbine technology and long-term services in Thailand and Malaysia. Eni signed a memorandum of understanding with the government of Senegal to assess the oil potential of five offshore exploration blocks, and Horacio Marín, chairman and chief executive of YPF, announced plans to sign two to three LNG sales contracts for the Argentina LNG export project. Supawan Teerarat, director of the Thailand Convention and Exhibition Bureau, or TCEB, said the event drew more than 50,000 participants from over 150 countries and is expected to generate about 14.62 billion baht in economic value.

Billionaire shale pioneer Harold Hamm's Continental Resources Inc. reached a deal to operate and develop the Ayacucho 2 Block in Venezuela's Orinoco Belt, as the Trump administration pushes US companies to revive the nation's oil sector. The Oklahoma City-based company said the block covers about 126,000 acres and holds an estimated 30 billion barrels. Continental signed a memorandum of understanding with Venezuela's state oil company and plans to have a long-term agreement in place within weeks. The agreement by Hamm, a significant donor to US President Donald Trump, adds to a slate of deals in recent weeks aimed at boosting Venezuela's crude production, including agreements announced by Chevron Corp., GE Vernova Inc. and Eni SpA alongside Wright and acting Venezuelan President Delcy Rodríguez at a signing ceremony in Caracas, as well as deals signed by Geopark Limited and privately held Aspect Holdings. Wright said the deals represent "tens of billions" worth of investments that marked a "transformation for Venezuela," though some analysts have questioned their durability given lingering concerns about contract sanctity in a nation with a history of nationalization.

YPF is close to signing several liquefied natural gas sales contracts for its planned $24B Argentina LNG export plant, CEO Horacio Mann said Monday, a key step toward a green light for the facility. The company will soon sign 2-3 LNG contracts covering 500K-1.5M metric tons per year and aims to secure the deals before making a final investment decision on the project in November, Mann told Bloomberg on the sidelines of the Gastech conference in Bangkok. Argentina LNG is backed by YPF, Italy's Eni, and Abu Dhabi's XRG, and is designed to turn the vast Vaca Muerta shale formation into a major source of LNG for international markets. The initial development will feature two floating LNG facilities with combined capacity of 12M tons per year, with potential expansion to 18M tons per year, and a 527-km pipeline will transport gas from Vaca Muerta to the Atlantic coast in Rio Negro province. The potential contracts come as the global LNG market is in upheaval after months of disruption in the Persian Gulf region, prompting LNG buyers in Asia and elsewhere to diversify away from the Middle East.

Eni S.p.A and Vitol have signed two Memoranda of Understanding with the Ghanaian government covering offshore blocks GH WB 3 and GH WB 8 in the Tano Basin. The two blocks span roughly 2,100 square kilometers in water depths of approximately 750 to 2,800 meters. The MoU is an initial contract and a starting point for eventually reaching formal petroleum agreements to begin exploration and production activities. Eni said the two blocks align with its near-field and infrastructure-led exploration strategy, which targets areas close to existing oil and gas infrastructure and established producing fields to accelerate production timelines and reduce costs. The agreements follow a Memorandum of Intent signed in the past year and mark a step forward in expanding Eni's asset portfolio in Ghana, where the company has maintained an offshore exploration and production presence since 2009 and is involved in the OCTP project alongside Vitol and Ghana National Petroleum Corporation.

McDermott has been awarded a substantial subsea contract by Eni Cyprus Limited for the Cronos gas field development offshore Cyprus, marking its first subsea project with Eni and expanding its presence in the Eastern Mediterranean. The contract, valued between USD 500 million and USD 750 million, covers project management, engineering, procurement, and installation support. The work will be executed by McDermott's Subsea and Floating Facilities team, drawing on resources from Houston, Perth, London, and Kuala Lumpur, and supported by its marine construction fleet. Mahesh Swaminathan, Senior Vice President of Subsea and Floating Facilities, highlighted the company's integrated capabilities and the role of its deepwater asset, the Amazon, in advancing the project safely and efficiently.

Barclays analysts project that the global energy sector will require about $3.6 trillion in annual investment by 2027, driven by artificial intelligence, electrification, and energy-security concerns. This spending, spanning oil and gas, LNG, pipelines, power generation, grids, renewables, storage, and electrification, is expected to grow by more than 5% annually and exceed three times the capital needed for planned AI infrastructure. The bank describes an era of "energy addition," where demand for conventional and low-carbon energy rises simultaneously, with global energy demand growing at a 1.9% compound annual rate from 2025 to 2050. Data centers alone could add about 32 quadrillion BTUs of energy demand by 2040, equivalent to over 600 gigawatts and roughly matching Russia's 2025 consumption. Underinvestment has left upstream oil and gas capex about 45% below its peak, and over 2,500 GW of renewable and storage projects await grid connections, making grids and transmission networks major constraints. Barclays sees opportunities across upstream, oil services, LNG, pipelines, utilities, and clean tech, with 2028 earnings estimates for preferred stocks averaging 11% above consensus and price targets implying about 30% upside.

Chevron's two-decade gamble in Venezuela paid off Wednesday, as a landmark deal secured billions of barrels in new reserves following years of navigating sanctions, asset write-offs, and political turmoil. "You have to have some patience and look at this out over time and not become discouraged. Not pick up and leave when things are difficult," Chevron Chief Executive Officer Mike Wirth said in an interview with Bloomberg. The deal is part of a US government-led push to revive the Latin American country's oil industry, with executives from Chevron, GE Vernova, and Eni SpA joining US Energy Secretary Chris Wright to unveil a wave of energy deals. Wright said the deals represented "tens of billions" worth of investments. Within five years, Chevron estimates it will be producing 600,000 barrels of Venezuelan crude per day at a cost of less than $20 a barrel, while Brent crude closed near $95 a barrel on Wednesday.

In Caracas, Venezuela's capital, on the 2nd, several international energy companies, including U.S. oil giant Chevron, U.S. power equipment firm GE Vernova, and Italian resources developer Eni, signed contracts to expand investment in the country's oil and power sectors. The signing ceremony was attended by Venezuela's interim president, Delcy Rodríguez, and U.S. Energy Secretary Chris Wright. Most of the contracts relate to project expansions that had been under negotiation with Venezuela's Ministry of Petroleum and state oil company PDVSA to transition energy contracts to new terms following a comprehensive oil reform approved in January. This also represents the latest effort by private companies that have operated in Venezuela for years to help rebuild the country's struggling oil industry. Venezuela's crude production currently stands at about 1.25 million barrels per day, well below the peak of about 3 million barrels per day in the late 1990s. Many major oil companies have held back large-scale investment since the 2007 nationalization, and mismanagement and U.S. sanctions have stalled Venezuela's oil industry. Meanwhile, the United States is leading a total investment plan of $100 billion, and officials say it could double Venezuela's production in the coming years. At the signing ceremony, Wright said, "We are moving at 'Trump speed.' President Trump wants transformation as quickly as possible, not gradual improvement." Eni currently operates an offshore gas project with Spain's Repsol and a shallow-water oil project with PDVSA, but now plans to enter the Junin 5 heavy oil development area in the Orinoco Belt, investing about $1.5 billion, according to industry sources. Eni says its existing joint ventures with PDVSA will transition to 25-year production-sharing contracts. Eni's CEO, Claudio Descalzi, said, "What is needed is not signing contracts, but production itself." Junin 5 currently produces about 12,000 barrels per day. The company aims to raise total production from all its oil projects to 400,000 barrels per day by 2030. Chevron plans to invest more than $7 billion over the next five years, boosting its production in the country to about 600,000 barrels per day, roughly double current levels. Expanding its joint ventures with PDVSA is a key pillar of the strategy. Chevron's CEO, Mike Wirth, attended the signing ceremony alongside Eni's Descalzi. This is Wirth's first visit to Venezuela. Chevron has continued operations in the country even as other oil majors withdrew after asset seizures during the Chávez era. Meanwhile, GE Vernova signed a partnership contract in the power sector. Rodríguez emphasized the importance of this deal given the country's power shortages, where prolonged blackouts have affected daily life and industrial activity.

Italy's Eni has signed a 25-year contract with Venezuela's state oil company PDVSA, making Eni the exclusive operator of the giant Junín-5 heavy-oil field in the Orinoco Belt, which holds an estimated 35 billion barrels of certified oil in place but currently produces just 12,000 barrels per day. The agreement grants Eni technical, financial, and commercial management of the field, replacing the previous Petrojunín joint venture where PDVSA held 60% and Eni 40%, under Venezuela's reformed hydrocarbons law that allows greater autonomy for foreign operators. The signing occurred during U.S. Energy Secretary Chris Wright's visit to Caracas, amid a revival of foreign investment in Venezuela's oil industry, with Chevron separately announcing plans to invest $7 billion over five years and boost its Venezuelan output to 600,000 bpd by 2031. Eni originally aimed to develop Junín-5 to 240,000 bpd, a target never achieved, and the Financial Times reports Eni plans to invest around $1.5 billion annually as it ramps up the project. Eni, which has operated in Venezuela since 1998, also holds assets including the Perla offshore gas field with Repsol and a 26% stake in PetroSucre.

TechnipFMC announced on August 11 that Azule Energy awarded it a significant contract, valued between $75 million and $250 million, to supply flexible flowlines and risers for the West Hub Tails project offshore Angola, with the order to be booked in third-quarter 2026. This follows a similar Azule contract for the Greater PAJ development and other awards from Vår Energi, Eni, and Equinor, totaling billions in potential value. Despite the deal streak, total backlog fell 1.2% year over year to $16.44 billion, and Subsea backlog was flat at $15.83 billion, indicating new orders are replacing completed work rather than driving growth. Surface Technologies revenue dropped 13.3% to $276.2 million, with backlog down 27.4% to $606.8 million. Second-quarter revenue rose 10.8% to $2.76 billion, net income jumped 34.6% to $362.7 million, and adjusted EBITDA margin expanded to 21.1%, while hedge fund ownership declined from 58 to 47 funds.

Chevron Corporation and GE Vernova Inc., along with India's ONGC, Italy's Eni, and Colombia's GeoPark, are reportedly close to signing final agreements for energy projects in Venezuela, marking another step toward reopening the country's energy sector to foreign investment. Most agreements would move existing oil contracts under Venezuela's amended hydrocarbons law, offering foreign companies more flexibility to operate and expand fields, export crude, and receive cash proceeds, while some would cover new electricity and energy projects. Chevron is seeking to add a block in the Orinoco Belt to expand its joint venture with state-owned PDVSA and an area in Monagas North for diluents, potentially boosting its long-term production. GE Vernova could benefit from demand for power-generation and grid equipment as Venezuela's oil revival requires reliable electricity. However, risks remain as the final list of companies and terms is not yet finalized, and experts have raised questions about the transparency and legal foundation of the broader U.S.-Venezuela oil agreement, with substantial capital requirements and potential years before benefits translate into cash flow.

West Texas Intermediate (WTI) crude futures on the New York Mercantile Exchange closed higher on Monday (Aug. 31) after the United States and Iran opened a new round of clashes, raising investor concerns that the conflict, now in its sixth month, could disrupt global oil supplies. The October WTI contract rose $2.36, or 2.83%, to settle at $85.76 per barrel, while the October Brent contract gained $2.39, or 2.71%, to close at $90.49 per barrel. The U.S. Central Command (CENTCOM) confirmed that U.S. forces struck two Iranian rocket launch sites on Larak Island near the Strait of Hormuz after detecting that the IRGC was preparing to launch mine-laden rockets into the strait. Iran retaliated by firing missiles at a U.S. base in Jordan and sending drones to attack Al Minhad Air Base in the UAE. President Donald Trump announced retaliation against Iran and threatened to destroy Kharg Island, a key oil export terminal. Shipping through the Strait of Hormuz has been severely affected, with the number of commodity-carrying vessels dropping to just 5 per day, down from 125-140 per day before the war. Analysts at PVM Oil Associates noted that supply risks remain and expect oil inventories to continue declining. Meanwhile, Trump said oil from a deal with Venezuela would be used to replenish the Strategic Petroleum Reserve (SPR), which has fallen to its lowest level in nearly 44 years. Reports also indicate that Chevron, GE Vernova, ONGC, Eni, and GeoPark are preparing to sign final agreements in Venezuela after months of negotiations.

Eni has signed an agreement with Argentina's Miwen, a subsidiary of YPF, and Uruguay's national oil company Ancap to enter the OFF-5 exploration block offshore Uruguay, marking its first operatorship in the country. Eni will hold a 50% interest and operate the block, with Miwen holding the remaining 50%. The block is in its first exploration period, with studies underway to assess its hydrocarbon potential. This move strengthens Eni's collaboration with YPF, a partner in the Argentina LNG project. Eni recently also agreed to acquire a 40% interest in the adjacent OFF-6 block, operated by APA Corp., which will retain 60%, with Eni funding most of the initial exploration well planned for 2027.

Italy's Eni S.p.A. announced on Saturday it is working with Venezuelan officials to help revitalize the country's energy sector, hours after the U.S. announced a deal to secure majority control of nearly a fifth of Venezuela's vast oil reserves. The Rome-headquartered firm said it is working with Venezuelan counterparties and any other authorities involved to support the revitalization, but cannot yet comment on next steps, with additional details to be disclosed once finalized. The statement followed President Donald Trump's Friday announcement of a deal with private business to secure majority control of over 65 billion barrels of Venezuela's proven oil reserves, more than double the size of U.S. oil reserves.

The U.S. and Venezuela have struck a deal giving the U.S. majority control of more than 65 billion barrels of Venezuela's proven oil reserves, more than doubling U.S. oil reserves, President Trump announced late Friday. Trump said Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with Venezuela's interim president Delcy Rodriguez and a partnership with private business, secured the reserves at no cost to American taxpayers. The announcement lacked details on the agreement's structure, fields, or companies involved, but Bloomberg reported the administration was pursuing a partnership between the Defense Department and energy investor Alejandro Betancourt. Venezuela holds the world's largest proven oil reserves but currently produces only about 1.2 million barrels per day, far below potential due to underinvestment, mismanagement, and sanctions. Major oil firms operating in Venezuela include Chevron, Repsol, and Eni.

Italian energy major Eni is working toward a final investment decision on the Denise West gas discovery offshore Egypt within the next few months, with first production targeted in less than two years. Eni CEO Claudio Descalzi discussed the development plans with Egyptian President Abdel Fattah el-Sisi on Tuesday as the company outlined its latest upstream investments and exploration program in the country. Denise West, discovered in April in the Temsah Concession in the Eastern Mediterranean, is estimated to contain around 2 trillion cubic feet of gas and 130 million barrels of condensate in place. The discovery sits less than 10 kilometers from existing infrastructure, giving Eni the option of a relatively rapid and infrastructure-led development. Eni is working with bp and the Egyptian General Petroleum Corporation on the project, operating the Denise Development Lease with a 50% contractor working interest, with bp holding the other 50%. Operations are conducted through Petrobel, the joint venture between Eni and EGPC. The project forms part of a broader Eni drilling and exploration campaign in Egypt that began in October 2025, which has lifted production from its offshore Sinai fields by 50% and yielded additional discoveries in the offshore Nile Delta and Western Desert. Eni said it remains Egypt's largest oil and gas producer, with equity production of roughly 242,000 barrels of oil equivalent per day in 2025. The renewed investment comes as Eni seeks to make greater use of Egypt's existing gas infrastructure while developing both domestic resources and discoveries elsewhere in the Eastern Mediterranean, including the Cronos project offshore Cyprus, which reached a final investment decision in July and holds more than 3 Tcf of gas in place, with first gas targeted for 2028.

Global private investment in nuclear fusion hit a record $4.48 billion in 2025, up 69% from a year earlier, as major energy companies like Eni, Equinor, Chevron, Shell, and Cenovus ramp up their commitments. Eni plans to deploy a commercial fusion power plant in Europe by the early 2040s, building on its investment in Commonwealth Fusion Systems and a $1 billion agreement to buy electricity from the startup's first U.S. plant. Eni is also forming a joint venture with the UK Atomic Energy Authority to develop fuel systems for fusion reactors, targeting a large-scale tritium fuel-cycle facility by 2028. Commonwealth Fusion Systems raised another $1 billion in July, bringing its total funding to $4 billion, and its planned 400-MW ARC facility in Virginia is the first fusion project to apply for grid interconnection. Chevron has backed TAE Technologies and Zap Energy, while Shell invested in Zap's $130 million Series D round, and Cenovus's early bet on General Fusion is moving toward a Nasdaq listing.

JPMorgan and Santander will lead a fundraising operation for Argentina LNG that could reach $15 billion, according to Bloomberg sources. The companies involved in the project aim to make a final investment decision by November. Argentina LNG is a partnership between Italy's Eni, Argentinian state energy major YPF, and Emirati XRG, with a total price tag of $24 billion. The facility on Argentina's Atlantic coast will have an annual production capacity of 12 million tons of liquefied gas, potentially ramping up to 18 million tons, and will include two floating liquefaction trains, two cross-country pipelines, and a natural gas liquids plant. The project will source gas from the Vaca Muerta shale play, which holds the world's second-largest technically recoverable shale gas resources after the U.S. Marcellus.

ADNOC has awarded McDermott a contract worth more than $1 billion for a major offshore pressure-boosting facility at Abu Dhabi's Umm Shaif field. The engineering, procurement, construction and installation contract covers Package 4 of ADNOC's Umm Shaif Integrated Gas Cap and Surface Pressure Boosting Project, with McDermott and its Qingdao McDermott Wuchuan consortium to construct and install a new jacket and topside while modifying existing offshore infrastructure. McDermott classified the award as a mega contract exceeding $1 billion and said the completed topside will be among the heaviest offshore modules ever installed in the Middle East. The contract follows ADNOC's $6.2 billion final investment decision in July to develop the Umm Shaif Gas Cap alongside TotalEnergies, Eni and China National Petroleum Corporation, with the wider project including three EPC contracts worth a combined $5.1 billion and a 14-well drilling program. ADNOC expects the development to unlock more than 600 million standard cubic feet per day of natural gas and associated liquids, equivalent to roughly 10% of current UAE domestic gas consumption, with first production targeted for 2030.

Eni has signed new agreements with Algeria's Sonatrach to expand work on decarbonization, methane monitoring, and natural carbon removal projects in Algeria. The company aims to align its operations with upcoming EU climate regulations. Eni's share price trades at €24.0, with a 10.88% one-month return and a 46.68% year-to-date return. Its one-year total shareholder return is 69.30%. The most followed narrative suggests a fair value of about €24.80 per share, slightly above the latest close at €24.00.

Argentina LNG has applied to join Argentina's Large Investment Incentive Regime as it pursues a $51bn integrated LNG project offshore Río Negro in the Gulf of San Matías. The project, sponsored by YPF, Eni and ADNOC's XRG, would convert Vaca Muerta gas into LNG for export using two floating units with 12 million tonnes per annum combined capacity. It is expected to generate around $10bn in export revenues per year over 20 years, with investment projected to reach $29bn by 2031. Construction is forecast to create about 20,000 jobs annually from 2026 to 2030, peaking at 40,000 in the third year. The RIGI application is seen as a step toward a final investment decision by the end of 2026.

Oilprice.com has identified the five largest liquefied natural gas projects under development as global demand is expected to reach nearly 700 million tonnes a year by 2050, 65% higher than 2025 levels. QatarEnergy is expanding its North Field West project with two LNG mega trains that will add around 16 million tonnes per year, part of a broader plan to lift Qatari capacity from 77 million to 142 million tonnes annually. Glenfarne Group is developing Alaska LNG and is in talks with two more potential buyers to secure offtake agreements for another 3 million metric tons before a final investment decision, having already secured more than 13 million tons of its 20-million-ton target capacity. Argentina LNG is advancing a floating LNG project targeted for 2027 with initial capacity of 2.45 million tonnes per year, while a larger 12 to 30 million tonnes per year venture led by YPF, Eni, and XRG eyes a final investment decision in late 2026 and first shipments around 2030-31. NextDecade's Rio Grande LNG project in South Texas is designed for up to 48 million tonnes per annum, with Trains 1 and 2 over 74% complete and first production expected in the first half of 2027, while funding for Trains 4 and 5 was secured in late 2025.

Baker Hughes has been awarded a contract to provide subsea production systems for the Kutei Northern Hub development offshore Indonesia, a joint venture between Eni and Petronas. The company will supply 17 deepwater horizontal tree systems, manifolds, connections, and control and distribution systems for the integrated development of the Geng North and Gehem fields. Baker Hughes will also deploy its Cordant asset protection and condition monitoring systems to help prevent unplanned downtime. The contract builds on a previous award for flash gas compressors for a new floating production, storage, and offloading vessel capable of processing more than 1 billion standard cubic feet of gas per day and 90,000 barrels of condensate per day, with a storage capacity of 1.4 million barrels. Financial terms of the new contract were not disclosed.

Kazakhstan is considering re-routing part of its crude oil exports through pipelines via Azerbaijan, Georgia, and Turkey after Ukrainian drone attacks repeatedly disrupted shipments from Russia's Black Sea port of Novorossiysk. The Kazakh Ministry of Energy said on Monday that options include the Baku-Tbilisi-Ceyhan system, shipments across the Caspian Sea through Azerbaijan, and the Baku-Supsa route, while also boosting eastward supply via pipeline to China. Flows through the Caspian Pipeline Consortium, which handles most of Kazakhstan's crude exports from fields operated by international firms including Chevron, ExxonMobil, Shell, and Eni, were suspended on three separate occasions in July alone. The latest week-long shutdown briefly removed more than 1 million barrels per day of Kazakh production from the market, adding to global supply risks.

TotalEnergies and Eni have taken a final investment decision to develop the Cronos offshore gas field in Cyprus as a new LNG project. The development will use existing gas infrastructure in Egypt, including the Damietta LNG terminal, to accelerate exports to Europe and reduce carbon intensity. The project is designed with potential for additional phases that could expand LNG supply from the field over time, with a start-up target of 2028.

Eni reported second-quarter pro forma EBIT of 5.4 billion euros and net income of 2.3 billion euros, both doubling year over year, while cash flow from operations rose over 60% to 4.5 billion euros. The company raised its full-year guidance across multiple segments, including underlying production growth now seen exceeding 5%, Global Gas & LNG portfolio EBIT of over 1.4 billion euros, and Enilive adjusted EBITDA of 1.3 billion euros. Based on a revised Brent scenario of 85 dollars per barrel, Eni expects full-year cash flow from operations of 15 billion euros and has increased its 2026 share buyback program to 3.4 billion euros, a 127% increase over initial guidance. Pro forma gearing fell to 10%, the lower end of the target range, and the company highlighted a 4% production compound annual growth rate through 2030 supported by 54 organic growth projects. Exploration added over 1 billion barrels of new resources in 2026, and the Searah business combination contributed to production exceeding 300,000 barrels per day with a target of 800,000 barrels per day by 2030.

Saipem has secured contracts from Eni and its affiliates worth approximately €800 million, or $911 million, for two projects. The first contract, awarded by Eni Côte d'Ivoire and its partners, covers the third development phase of the Baleine oil and gas field offshore Ivory Coast, including engineering, fabrication, transport and installation of around 50 kilometers of rigid pipelines, subsea structures, flexible risers, jumpers, subsea production systems, a 3-kilometer flexible gas export flowline and 22 kilometers of subsea umbilicals, with work expected to last about three years using the FDS and Shen Da construction vessels. The second contract, from Eni subsidiary Enilive, involves engineering, procurement and construction of a new deoxygenation unit at the Venice biorefinery in Porto Marghera, Italy, designed to process 70 tonnes per hour of biogenic feedstocks and increase hydrotreated vegetable oil biofuel output, forming part of a wider collaboration on biorefining projects following a previous award for biojet fuel production at the same site announced in June 2025.