Latest news with #HyNet
Yahoo
5 days ago
- Business
- Yahoo
Eni Eyes Strategic Partnership With GIP in CCUS Business
Eni S.p.A. E has entered into exclusive negotiations with Global Infrastructure Partners ('GIP'), an investment group within BlackRock, to potentially sell a 49.99% co-control stake in its carbon capture, utilization, and storage ('CCUS') subsidiary, Eni CCUS Holding. The agreement marks a significant move in Eni's strategy to accelerate energy transition investments while unlocking value from its growing portfolio of decarbonization assets. The exclusivity period will allow both parties to complete due diligence and finalize transaction documentation. Eni CCUS Holding operates several key carbon capture initiatives, including the HyNet and Bacton projects in the UK and the L10 project in the Netherlands. It also holds future acquisition rights to the Ravenna CCS project in Italy, offering GIP a gateway to some of Europe's most critical carbon management infrastructure. Eni stated that the deal emerged from a competitive selection process with major international players, highlighting strong market interest in CCUS growth potential. In addition to acquiring a nearly 50% stake, GIP is expected to co-invest in expanding the CCUS platform. Eni views this as a validation of the value it's building within its energy transition portfolio, which includes renewable energy, sustainable mobility and low-carbon technologies. Eni recently secured financing for the Liverpool Bay CCS project, a key component of the UK's HyNet industrial cluster. The project aims to capture CO2 emissions from industrial facilities in North West England and North Wales, transporting them for permanent storage beneath the Irish Sea. Following project approval by the North Sea Transition Authority, Eni awarded major EPC contracts to Italian firms. Saipem will build a new CO2 compression station, while Rosetti Marino will deliver four offshore platforms for long-term CO2 storage. Earlier in May, Eni was among 44 oil and gas firms tasked by the EU to advance carbon storage initiatives to meet a bloc-wide goal of injecting at least 50 million tons of CO2 annually by 2030. The timing of Eni's stake sale discussions signals strong investor appetite for such infrastructure as Europe's regulatory and climate ambitions intensify. Eni's potential partnership with GIP could serve as a model for how legacy energy companies monetize transition-related assets while leveraging external capital to scale their decarbonization footprint across Europe. E currently carries a Zack Rank #4 (Sell). Investors interested in the energy sector may look at some better-ranked stocks like Subsea 7 S.A. SUBCY, Energy Transfer LP ET and RPC Inc. RES. Subsea 7 presently sports a Zacks Rank #1 (Strong Buy), while Energy Transfer and RPC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today's Zacks #1 Rank stocks here. Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore. The Zacks Consensus Estimate for SUBCY's 2025 EPS is pegged at $1.31. The company has a Value Score of A. Energy Transfer is poised to benefit from long-term fee-based commitments. It is also focused on expanding operations through organic and inorganic initiatives. The firm is looking for solutions to meet growing energy demands from additional demand centers through its pipeline network. Energy Transfer's systematic investments should boost its total fractionation capacity at Mont Belvieu and raise its top line. The Zacks Consensus Estimate for ET's 2025 EPS is pegged at $1.44. The company has a Value Score of A. RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to shareholders through consistent dividends and share buybacks. RPC's current dividend yield is higher than that of the composite stocks in the industry. Its new Tier IV dual-fuel fleet has boosted profits, with plans to further expand high-efficiency equipment to enhance operational capabilities. The Zacks Consensus Estimate for RES' 2025 EPS is pegged at 38 cents. The company has a Value Score of A. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eni SpA (E) : Free Stock Analysis Report Energy Transfer LP (ET) : Free Stock Analysis Report RPC, Inc. (RES) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Press and Journal
6 days ago
- Business
- Press and Journal
Aberdeen firm invests in new base for 200 engineers
Energy consultancy Penspen has marked a major milestone in its north-east growth story by opening a new, larger office in Aberdeen. The hub brings together 200 specialist engineers under one roof as the company ramps up delivery of energy transition and infrastructure projects across the UK and Europe. Penspen says the move to Balmoral Business Park in Altens shows its long-term commitment to Aberdeen, where it has had a presence since the late 1980s. The purpose-built office replaces the company's former base at Queens Gardens and brings in staff from C&I Engineering Solutions, the local firm it acquired in 2024. 'Aberdeen is a critical hub for us – a region where we have deep roots and long-standing relationships with key clients,' said Darren Bartlett, Penspen's director of engineering and energy transition. 'This move reflects both our history in the north-east and our ongoing commitment to its future.' From its new base, Penspen will lead on serval major low-carbon infrastructure projects. These include engineering work on the HyNet CO₂ pipeline in Liverpool Bay and a hydrogen infrastructure gap analysis for the Trans Adriatic Pipeline, part of the EU's Southern Gas Corridor. The company is focused on two key areas: energy security and the repurposing assets for hydrogen and carbon transport – sectors seeing fast-growing demand. The Balmoral office will also serve as a training hub, for skills in hydrogen systems, CO₂ transmission, and infrastructure reuse. These skills are considered vital to the UK's future energy system and local workforce development. Penspen has operated globally for over 70 years. Its workforce has grown from 750 in 2019 to 1,200 today, including more than 200 staff in Aberdeen. 'Bringing the Penspen and C&I Engineering Solutions teams together under one purpose-built roof will strengthen collaboration and further enhance the service we deliver to our clients,' said Mr Bartlett. 'Investing in our Aberdeen presence enables us to grow our team and our capabilities to deliver technically challenging projects that support global clients at every stage of the energy project lifecycle. 'We're proud to make a commitment to the city as it positions itself at the heart of the energy transition.' Although headquartered in London, Penspen is part of Sidara, which is currently in talks to acquire Aberdeen-based engineering giant Wood.
Evening Standard
12-05-2025
- Business
- Evening Standard
More than half of MSPs urge Chancellor to back major carbon capture project
'It has been encouraging to see funding certainty for the HyNet and East Coast Clusters in recent weeks. But a balanced pathway toward a decarbonised future requires more CCS than just these two projects – and must put Acorn on the road to delivery.
Yahoo
29-04-2025
- Business
- Yahoo
Saipem secures €520m contract for Liverpool Bay CCS project in UK
Saipem has won a €520m ($591.5m) contract spanning three years for the Liverpool Bay carbon capture and storage (CCS) project from Eni. The Liverpool Bay CCS project will support the HyNet industrial cluster, located in one of the UK's most energy-intensive regions. Saipem's role includes converting an existing gas compression and treatment facility at Point of Ayr, North Wales, into a CO₂ electrical compression station, which will enable the permanent storage of CO₂ in offshore depleted fields beneath Liverpool Bay. The scope of work encompasses engineering, procurement, construction and assistance with commissioning of the electrical compression station. The integration of this facility with the offshore and onshore segments is a crucial step for the overall development. The project is expected to employ more than 1,000 people during the construction phase. It is also expected to result in considerable emissions reductions for industries in the northwest of England and North Wales. The project will capture CO₂ from industrial emitters in the region and inject it into new and repurposed gas pipelines. The first users of Eni's transport and storage (T&S) infrastructure include companies in cement production, low-carbon hydrogen, and energy-from-waste. The rest of the T&S capacity will be assigned to other emitters chosen by UK authorities. The project will be initiated with a capacity of 4.5 million tonnes (mt) of CO₂ per year, scaling up to 10mt in the 2030s. By securing this contract, Saipem is reinforcing its position in the CO₂ value chain and contributing to one of the UK's leading carbon capture and storage projects. Eni recently achieved financial close with the UK government's Department of Energy Security and Net Zero (DESNZ) for the Liverpool Bay CCS project. This allows the construction phase to commence and stimulate investments in the local supply chain. "Saipem secures €520m contract for Liverpool Bay CCS project in UK" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
North Wales Chronicle
26-04-2025
- Business
- North Wales Chronicle
Construction begins on North Wales carbon capture project
HyNet is a project looking to transform North West England and North Wales into a world-leading low-carbon industrial cluster. The announcement of financial close for Eni's Liverpool Bay Carbon Capture and Storage (CCS) project was made on Thursday (April 24) by UK Prime Minister, Keir Starmer, at the Summit on the Future of Energy Security. Construction of HyNet will now begin, putting spades in the ground and putting the region on track for operations to begin in 2028. The Liverpool Bay CCS project consists of a network of new and repurposed pipelines which will safely transport carbon dioxide (CO₂) produced at industrial plants to the Point of Ayr terminal at Talacre where it will then be stored offshore in depleted gas reservoirs owned by Italian company, Eni. The Point of Ayr gas terminal (Image: Newsquest) Initial plants to be connected to the CCS system include Encyclis's Protos Energy Recovery Facility near Ellesmere Port, Heidelberg Cement's Padeswood plant, Viridor's Runcorn Energy Recovery Facility and EET Hydrogen's Hydrogen Production Plant (HPP) located at Stanlow, near Ellesmere Port. The Liverpool Bay CCS project will generate over 2,000 jobs during its initial construction phase, while also safeguarding and creating thousands more through investment across the region. Crucially, the majority of the £2billion supply chain contracts are being awarded locally, ensuring the benefits are felt close to home. (Image: Hynet North West) With a storage capacity of 4.5 million tonnes of CO2 per year in the first phase, and the potential to increase to 10 million tonnes of CO2 per year in the 2030s, it will make a significant contribution towards achieving the UK's CCS ambitions. Construction of the project is expected to commence this year, ready for planned start-up in 2028, in line with industrial emitters in the HyNet Cluster. The UK Secretary of State for Energy Security and Net Zero, Ed Miliband, said: 'Today we keep our promise to launch a whole new clean energy industry for our country - carbon capture and storage - to deliver thousands of highly skilled jobs and revitalise our industrial communities. 'This investment from our partnership with Eni is government working together with industry to kickstart growth and back engineers, welders and electricians through our mission to become a clean energy superpower. We are making the UK energy secure so we can protect families and businesses and drive jobs through our Plan for Change.' David Parkin, chair of the HyNet Alliance said: 'HyNet positions North West England and North Wales as global leaders in low-carbon growth, attracting investment, boosting skills, creating and protecting jobs. 'We are delighted that Eni has reached financial close for HyNet's carbon capture and storage network—an important milestone in turning the wider HyNet vision into reality. This progress strengthens the region's industrial future whilst building a cleaner, stronger future for our communities.'
