Daily Archives: November 24, 2009

Carola Hoyos

Energy Source

That old tune about Kurdistan, the oil province of tomorrow

CEO Interview: Eni’s tale of two (oily) challenges

Elsewhere

Encouraging signs in the oil and gas sector (The Press and Journal)

Fitch lowers Mexico’s credit rating (AP)

Shell in talks to picks up 10 per cent of Essar (Economic Times)

Why refinery shutdowns matter (FT Alphaville)

Iraq-Turkey oil pipeline halts pumping (Reuters)

Ghana already worrying about the end of oil (Ghana Live)

Uganda’s production sharing agreement with Tullow causes local debate (The Independent)

Clemson University gets $100m stimulus money to study wind energy (DealBook)

Carola Hoyos

Several executives and analysts have wondered how Eni would pay for the two deals it recently signed. Shelling out $1.35bn for Heritage’s Ugandan assets is in itself not a huge sum for the Italian energy group, nor is the signing bonus attached to its agreement to develop Zubair, Iraq’s fourth largest oil field. The true costs come later. Together the two ventures could take more than $30bn to develop. With Eni acting as the main partner in both, its own bill will be relatively hefty, especially for a company whose gearing is already above its comfort zone.

Here, in his own words, is how Paolo Scaroni, the company’s chief executives,sees it:

James Fontanella-Khan

E-mail tirade boosts climate sceptics’ cause
Climate change deniers seize chance (FT)

Lex: A vitriolic climate
The debate over climate change is becoming more vitriolic by the week (FT)

Oil majors race to seal deals in Nigeria
Firms want to beat possible law what would raise tax (WSJ)

Lex: Reliance Industries / LyondellBasell
The move makes a lot of sense for the Indian giant (FT)

Heritage Oil backs out of talks with Genel
$6bn merger deal called off (FT)

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