Eni

By racking up exploration agreements in the United Arab Emirates, Oman, and Bahrain, Eni took a big step forward in its pledge to tap into the Middle East’s vast swaths of highly prospective oil and gas acreage.

DNV estimates that gas will be the world’s primary energy source by the mid-2020s. Growth in LNG capacity is expected as the midstream sector invests in connecting shifting sources of gas with changing demand centers. Other factors also will drive the globalization of gas trading markets.

Eni plans to buy a portion of BP’s interest in Libya’s Ghadames and Sirt Basins in an effort to relaunch exploration activity there next year.

The ceremonial event took place at Geoje Island, South Korea. Startup of LNG production in offshore Mozambique’s Area 4 is expected in 2022.

The benchmark comes as operator Eni solidifies concession agreements and ramps up exploration and development in the North African country.

The Italian firm is slated to become the first international operator to produce oil from Mexican waters since energy reform took hold. The launch of early production from Area 1 is expected in first-half 2019.

The memorandum of understanding signed by Eni and the Italian National Agency for New Technologies, Energy, and Sustainable Economic Development involves strategic areas of interest: the circular economy, renewable energy sources, decarbonization, and environmental protection.

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The startup of the 1300-m water depth field is Eni’s fifth new field since 2014 in its West End development offshore Angola.

Partnerships are proving key in developing and sustaining big offshore projects internationally, with Eni now teaming with ADNOC off Abu Dhabi and farming out another stake in the Zohr gas field off Egypt.