Weather’s role in wildfires in Atlantic Canada | SaltWire #weather #climatechange #wildfireseasonMILAN - Italian energy group Eni could spin off stakes in high-potential oil and gas projects, including in Indonesia and Ivory Coast, to help finance their development while focusing more capital on low-carbon activities, company sources said.
Eni in recent years has created a retail and renewable unit, Plenitude, in which it sold a stake to an infrastructure fund, and a biofuel division, Enilive, in which Descalzi recently said it is considering selling a minority stake. It has also spun out fossil fuel operations. Last month, Eni agreed to combine its British North Sea oil and gas operations with Ithaca Energy in exchange for a 38.5% stake in the company.
In Indonesia, the group aims to create a gas hub following a find at Geng North-1 and the consolidation of other upstream assets acquired from Chevron and through its acquisition of Neptune Energy. "Vaar and Azule have the loosest link with their parent company since they fund their capital expenditures and have their own debt, which is not consolidated in the group," Gattei said, adding the two paid dividends to the parent company.A recent deal with Swiss asset manager Energy Infrastructure Partners valued Plenitude at 10 billion euros including debt or 10 times 2024 expected core earnings, versus a valuation of Eni group between 3 and 4 times core earnings.