Italy's Eni sees earnings soar on stronger energy market

collected by :Victor Alphen

MILAN — Italian oil and gas company Eni says second-quarter profits soared on higher oil prices and production. Eni on Friday reported net profit of 1.25 billion euros ($1.45 billion) in the quarter, compared with 18 million euros in the same period last year. Eni cited a 36-per cent increase in the price of crude oil. CEO Claudio Descalzi said the results were driven by the exploration and production business "which more than tripled its contribution."Production in the second quarter was 1.86 million barrels of oil equivalent a day, 5 per cent higher than a year earlier, thanks to ramp-ups in Egypt, Indonesia, Congo and Ghana. Net debt was the lowest in 11 years, below 10 billion euros, thanks to the sale of a 10-per cent stake in the Zohr field off Egypt.

Reset climate policy to fix energy market

In releasing yet another report on electricity prices, ACCC chairman Rod Sims said that the energy market is ''broken''. What is needed is not a repair job on the whole electricity market but a clear decision on climate change policy. ACCC chief Rod Sims says the energy market is broken. The electricity market basically works except Australia cannot establish how fast to cut its greenhouse gas emissions and make the transition from coal to renewables. An industry-wide carbon price is more cost effective than the piecemeal subsidies such as the Renewable Energy Target or Solar Feed-in-Tariffs which the ACCC criticises.

US stocks post losses as tech, energy sectors drag on market

according to U.S. stocks fell Friday, with some big tech names taking a hit while the energy sector also posted losses after earnings from Exxon Mobil and Chevron disappointed. Earlier in the session, stocks were flat with the latest reading on second-quarter U.S. gross domestic product (GDP) providing some lift to the markets. Earnings at this point are up 22.1% from last year's quarter, surpassing the 20.5% increase that analysts are looking for. The final reading on July consumer sentiment came in at 97.9 versus the initial 97.1.Commodities were mixed. Oil futures' losses accelerated after Baker Hughes announced that U.S. energy companies added oil rigs for the first time in three weeks.

EIB commits to supporting EU energy market integration

The European Investment Bank (EIB) stands ready to continue financing energy infrastructure in the Iberian Peninsula and France in order to strengthen the connections with the rest of the EU energy market. The European Investment Bank (EIB) stands ready to continue financing energy infrastructure in the Iberian Peninsula and France in order to strengthen the connections with the rest of the EU energy market. The Lisbon Declaration reaffirmed the pledges made at the first Energy Interconnector Summit, held in Madrid in 2015, and expressed the will to move towards a single fully interconnected and competitive energy market. During the summit, the EIB highlighted the importance of developing a better-connected European energy market, a crucial step in improving the security of energy supply across Europe, promoting action against climate change and increasing the use of renewable energy. Supporting gas and electricity interconnections to facilitate the completion of the internal energy market and to eradicate energy islands is one of the key priorities of the EU bank.

Russia & United States can compete & work together in energy market - Putin

Read moreThe United States is a major opponent of the Nord Stream 2 pipeline that will double gas flows through the existing pipeline from Russia to Germany. On Monday, Germany maintained that the gas pipeline from Russia is purely about business. "Nord Stream 2 is first and foremost a commercial project," government spokesman Steffen Seibert told a regular government news conference in Berlin. During the Helsinki press conference on Monday, President Trump repeated his concerns. The $11-billion Nord Stream 2 will double the existing Nord Stream pipeline's current annual capacity of 55 billion cubic meters and is expected to become operational by the end of next year.