Latest news with #ClaudioDescalzi
Zawya
04-08-2025
- Business
- Zawya
Eni Chief Executive Officer (CEO) Claudio Descalzi Joins Angola Oil & Gas (AOG) 2025 as Keynote Speaker
Claudio Descalzi, CEO of global technology-driven energy company Eni, has joined the Angola Oil&Gas (AOG) conference as a keynote speaker. Taking place September 3-4 in Luanda, AOG is the largest event of its kind in the country, returning for its next edition as Angola celebrates 50 years of independence in 2025. Descalzi's participation comes as the Eni-bp joint venture Azule Energy advances major oil and gas projects in Angola and is poised to create new avenues for collaboration across the sector. Following the merger of Eni and bp's Angolan operations in 2022, the companies created Angola's largest independent equity producer of oil and gas: Azule Energy. With 18 licenses – 11 of which are operated – and a combined portfolio of 210,000 barrels per day (bpd), Azule Energy plays an instrumental role in monetizing the country's hydrocarbon resources. Descalzi joins bp CEO Murray Auchincloss and Azule Energy CEO Adriano Mongini at the event, and will deliver a keynote speech during the main conference agenda. The participation of three executives signals a strong commitment to Angola's oil and gas future, reaffirming AOG as the premier meeting place for Angola's upstream operators. AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; the National Oil, Gas and Biofuels Agency; the Petroleum Derivatives Regulatory Institute; national oil company Sonangol; and the African Energy Chamber; the event is a platform to sign deals and advance Angola's oil and gas industry. To sponsor or participate as a delegate, please contact sales@ Leveraging the experience of Eni – one of the world's energy majors – Azule Energy has accelerated the development of offshore oil and gas resources, with a view to increasing its Angolan oil production to 250,000 bpd. In July 2025, the company reached a milestone with the start of operations at the Agogo FPSO. The vessel – forming part of the broader Agogo Integrated West Hub Development in Block 15/06 – joins the operational Ngoma FPSO to harness resources from the Agogo and Ndungu fields and will see combined reserves of 450 million barrels and peak production projected at 175,000 bpd. The Agogo FPSO – completed in just 29 months – is the country's first offshore facility with fully offset operational emissions. Beyond Agogo, Azule Energy has been working with partners such as TotalEnergies to bring other strategic offshore projects online. These include the CLOV Phase 3 Development – of which Azule Energy has a 11.84% stake – which is situated in Block 17, 140km offshore. The project has a capacity of 30,000 bpd and comprises four wells tied back to the CLOV FPSO. In the natural sector, Azule Energy – as operator of the New Gas Consortium (NGC) – is advancing the development of Angola's first non-associated gas project. The project will harness resources from the Quiluma&Maboqueiro (Q&M) shallow water fields and features the construction of an onshore facility and a connection to the Angola LNG plant in Soyo. As of February 2025, the offshore platforms for the Q&M fields were complete, with the NGC partners targeting an early-2026 project start. Azule Energy also made a new gas discovery at the Gajajeira-01 exploration well in Block 1/14 in July 2025. Situated in the Lower Congo basin, the discovery showed estimated reserves of upwards of one trillion cubic feet of gas and 100 million barrels of associated condensate. As the first dedicated gas exploration well in the country, Gajajeira-01 is expected to trigger a new era of gas-led exploration and development in Angola. Stepping into this picture, Descalzi's participation at AOG 2025 reflects a broader commitment by Eni to drive Angola's oil and gas goals. As sub-Saharan Africa's second largest oil producer, the country has the potential to play an even greater role in global supply chains. Eni's involvement at the conference is expected to unlock new opportunities for collaboration as the country seeks to boost production and accelerate economic growth.
Reuters
25-07-2025
- Business
- Reuters
Italy's Eni considers increasing share buyback, CEO says
MILAN, July 25 (Reuters) - Italian energy group Eni ( opens new tab may increase its share buyback programme later this year if positive trends in the first half continue, Chief Executive Claudio Descalzi said while discussing second-quarter earnings results. The company reported a 25% year-on-year drop in its second-quarter adjusted net profit, as lower oil prices and a weaker dollar outweighed a better-than-expected performance at its gas business. The results were better than analysts had expected. Net debt fell and the company improved its full-year target for its gas and LNG division and cost-saving measures. "We can consider improving our buyback and we will be clearer in the next months," Descalzi said on a conference call with analysts, adding that the current 1.5 billion euro programme was considered a floor. Shares in the group ended up 1.8%, outperforming a 0.3% rise in Milan blue-chip (.FTMIB), opens new tab index. April-June adjusted net profit came in at 1.13 billion euros ($1.33 billion), down from 1.52 billion euros in the same period of last year, but above a consensus of 0.93 billion euros. The state-controlled group was able to cut its leverage before lease liabilities - a measure of total debt in relation to equity - to 19% from 22% in the same period last year. Descalzi became the longest-serving CEO in Eni's history last year, having taken the top position in 2014. Asked about succession plans, Descalzi, whose term expires in May next year, said the group could count on a strong group of managers. "The strength of Eni is not its CEO, it is the team. Inside we have a clear succession plan," he said. The group is expected to accelerate hydrocarbon production and sign a final agreement for combining gas assets in Asia with Malaysia's Petronas by year-end. "It will be a transformational deal," Descalzi said. Next year will also bring clear benefits from the overhaul of Eni's chemical division. Eni has decided to bring forward the closure of two steam cracking plants in Italy to the end of June responding to challenges the sector is experiencing all over Europe. ($1 = 0.8517 euros)
Bloomberg
25-07-2025
- Business
- Bloomberg
Eni CEO Says Succession Isn't Something to Worry About
Eni SpA Chief Executive Officer Claudio Descalzi, who's led the firm for more than 11 years, assured investors that any change in leadership at the Italian oil giant would be a smooth one. 'The strength of Eni is not the CEO alone, it is the team,' Descalzi said in reply to a question on succession plans during an earnings analyst call on Friday. 'There's no worry. Eni is strong because we have a culture and a strong management.'
New Straits Times
25-07-2025
- Business
- New Straits Times
Italy's Eni reports 25pct drop in second-quarter profit, cuts debt
MILAN: Italian energy group Eni said on Friday its second-quarter earnings fell 25 per cent year-on-year as lower oil prices and a weaker US dollar overshadowed a better-than-expected performance at its gas business. Adjusted net profit came in at €1.13 billion (US$1.33 billion) between April and June, down from €1.52 billion in the same period last year, but above an analyst consensus of €0.93 billion compiled by the company. Despite an adverse economic backdrop, the state-controlled group was able to cut its leverage before lease liabilities – a measure of total debt in relation to equity – to 19 per cent from 22 per cent in the same period last year. Including the proceeds expected from recent asset sales, its pro-forma leverage dropped to a historical low of 10 per cent. The group increased its annual cash benefit target – or cost-saving goal – to €3 billion from €2 billion previously, after putting in place mitigation measures for more than €1 billion in the months between April and June. "We believe our strong financial position, unique and differentiated strategy and ability to be flexible and agile, mean we are well positioned to navigate the current market volatility," said Eni CEO Claudio Descalzi in a statement, adding the group will continue to reward investors. The state-controlled group stuck to its €1.5 billion share buyback plan and dividend policy. It raised its expectation for underlying cash flow from operations (CFFO) in the full year to around €11.5 billion from €11 billion. It also improved its expectations for its gas and LNG division for this year and confirmed its outlook for its low-carbon units Enilive and Plenitude.
Yahoo
17-07-2025
- Business
- Yahoo
BlackRock's €1 Billion Bet on Eni Fuels Carbon Capture Confidence
A long-anticipated deal just became a market signal: BlackRock's Global Infrastructure Partners is preparing to buy 49.99% of Eni's carbon capture arm at a valuation of around €1 billion ($1.2 billion), according to sources familiar with the negotiations. That figure, revealed for the first time this week, isn't just a price tag—it's a fresh marker for how the world's largest asset manager sees the future of decarbonization infrastructure. In a sector still viewed with skepticism over costs and scalability, the number lands like a vote of confidence—and a challenge to competitors still sitting on the fence. For Eni, the deal fits squarely within CEO Claudio Descalzi's 'satellite' model: spin off low-carbon units, attract heavyweight capital, and reduce financial exposure while keeping strategic control. Just last month, Eni sold 20% of its renewables arm Plenitude to Ares for about €2 billion, following a similar playbook. But the CCUS deal carries broader market significance. The €1 billion valuation effectively sets a benchmark for a technology still seen as commercially immature by many investors. Carbon capture, utilization, and storage (CCUS) projects have long attracted subsidies and headlines, but not always institutional capital. That may be changing. Eni CCUS Holding includes stakes in three high-profile European projects: HyNet North West and Bacton Thames NetZero in the UK, and L10CCS in the Netherlands. HyNet and Bacton each target up to 10 million tonnes of annual CO? storage by 2030, while L10 is aiming for 5 million. A future option on Ravenna—Italy's flagship CCS hub—could add another 4 million tonnes per year. The HyNet cluster alone is a centerpiece of the UK government's £21.7 billion carbon capture strategy. With EU carbon prices rebounding and industrial emitters under pressure, these projects are increasingly seen as necessary infrastructure—not speculative tech. Eni's choice of GIP over rival bidders like Snam, Macquarie, and PTTEP also reflects a clear preference for long-term infrastructure capital over traditional oil and gas co-investors. BlackRock's 2024 acquisition of GIP folded the infrastructure giant into a $10 trillion asset management machine that's now quietly positioning itself as the top decarbonization landlord in the West. In the U.S., where President Trump is back in office and regulatory signals on carbon policy remain volatile, this kind of transatlantic deal carries even more weight. With Washington uncertain over carbon pricing and tax frameworks, Europe's progress on commercial-scale CCS looks increasingly attractive to investors chasing real assets with climate upside. The deal is expected to close by the end of summer, pending final agreement. If the €1 billion valuation holds, it will mark one of the largest private equity stakes ever assigned to a standalone CCS business in Europe. And it may well serve as a pricing reference point for a global wave of deals to follow. By Julianne Geiger for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
