Eni

New find could hold up to 200 million BOE in place.

The energy transition was present but not at center stage at recent earnings calls as majors celebrated their improving financial performance.

The gas find is likely to be tied back to the nearby Jangkrik floater.

Eni seeks to apply to Africa and the Middle East the pioneering JV strategy it used in Norway to cut debt and earn profit while repositioning itself in a future carbonless world. It starts with Africa’s biggest foreign oil and gas producer shedding its assets.

Disputes that closed the plant 8 years ago are now resolved, said Italy’s Eni.

The two oil companies will spend more than $400 million to find targets in the expansive offshore area that is currently the subject of the world’s largest 3D survey.

The Italian oil and gas major has taken on a 20% stake in the first two phases of the project, which ultimately will be run by Equinor.

Modules for the FPSO will travel to Singapore for integration. The FPSO will be located offshore Mexico, with first oil production planned for 2021.

Eni plans to reuse depleted hydrocarbon reservoirs in Liverpool Bay to permanently store CO2 captured in northwest England and North Wales.

The sale of Chevron’s interest in the IDD project is part of its cost-cutting measures.