Baker Hughes has secured a contract from Snam, a leading European gas infrastructure company, to supply advanced gas turbine compressor trains for a new compressor station in Sulmona, Italy.

This station is part of the Adriatic Line pipeline, aimed at enhancing energy transport from regions like Azerbaijan and Africa to Northern Europe.

The project, supported by Italy’s National Recovery and Resilience Plan, is a step towards decarbonizing Italy’s gas network, aligning with Snam’s goal for carbon neutrality by 2040. This collaboration between Baker Hughes and Snam, following a public tender, builds on their history of innovative projects in gas network decarbonization. Baker Hughes also highlighted its ongoing hydrogen projects, reinforcing its commitment to supporting the transition to cleaner energy solutions.

Eni has recently announced the successful introduction of gas into the Tango Floating Liquefied Natural Gas (FLNG) facility, strategically moored in the waters of the Republic of Congo.

Remarkably, this milestone was achieved just twelve months following the final investment decision, marking a record time for such developments. This significant step forward is part of the Congo LNG project, which integrates new technologies and synergizes with existing production assets. The Tango FLNG, with a liquefaction capacity of approximately 1 billion cubic meters per year (BCMA), is moored next to the Excalibur Floating Storage Unit (FSU). This setup utilizes a pioneering “split mooring” configuration, a first of its kind for a floating LNG terminal. The project is set to produce its inaugural LNG cargo by the first quarter of 2024, officially adding the Republic of Congo to the list of LNGproducing nations. The Congo LNG initiative aims to optimize the gas resources of the Marine XII permit, targeting a plateau gas liquefaction capacity of around 4.5 BCMA. This development is part of a phased strategy with a commitment to zero routine gas flaring.

Additionally, a second FLNG facility, with a capacity of about 3.5 BCMA, is currently under construction and is expected to commence production in 2025. Eni will market the entire volume of LNG produced. With a presence in Congo that spans over 55 years, Eni’s latest achievement further cements its role in the region’s energy sector.

QatarEnergy recently announced a significant five-year crude oil supply deal with Shell International Eastern Trading Company, based in Singapore. Under this agreement, starting from January 2024, QatarEnergy will supply Shell with up to 18 million barrels of Qatar Land and Qatar Marine crude oils annually. His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, expressed his enthusiasm about the agreement, stating, “We are delighted to sign our first ever five-year crude sales agreement.

This agreement further strengthens QatarEnergy’s relationship with Shell, which is not only a reliable crude oil off-taker, but also a major customer and a strategic partner of QatarEnergy. We look forward to building on our historic relationship and hope we achieve greater success with Shell.” This agreement is a testament to QatarEnergy’s strategy of fostering long-term strategic business relationships and cooperation. QatarEnergy and Shell have a well-established strategic partnership, encompassing several shared investments in the energy sector both in Qatar and internationally. This includes collaborations in QatarEnergy LNG projects, the Pearl GTL Plant, and various other joint ventures.

Shell Brasil, a subsidiary of the global energy company Shell plc, has recently announced the commencement of production at the FPSO Sepetiba, situated in the Mero field within the offshore Santos Basin in Brazil. Known also as Mero-2, the FPSO Sepetiba boasts an impressive operational capacity, capable of processing 12 million cubic meters of natural gas and 180,000 barrels of oil each day.

This significant production capability is supported by its connection to a total of twelve wells – six dedicated to production and six to injection – in its initial phase. The construction and operational technology utilized for the FPSO Sepetiba marks a step forward in enhancing production efficiency while also contributing to the reduction of emissions. Positioned 180 kilometers off the coast of Rio de Janeiro and anchored at a depth of 2,050 meters, the FPSO Sepetiba is a testament to advanced engineering and environmental consideration.

This new facility follows the successful deployment of its predecessor, the FPSO Guanabara, also referred to as Mero-1, which commenced production in April 2022. In the Mero Unitized Field, Shell Brasil holds a significant 19.3 percent stake, with Petrobras serving as the field’s operator. This development represents a notable achievement in Shell Brasil’s ongoing endeavors in the energy sector.

Archer, a leading provider of drilling services, has been awarded a two-year contract valued at approximately $20 million by Trident Energy for a range of offshore drilling services. These services include regulatory compliance interventions, workover and drilling operations, well maintenance, and drilling facilities engineering. The contract also offers the potential for a one-year extension, with the possibility of further extensions by mutual agreement. Dag Skindlo, CEO of Archer, expressed his enthusiasm about the partnership, stating, “We are honored to be selected by Trident Energy for their drilling program and are eager to embark on this collaborative journey.

Our team is committed to delivering high-quality services and contributing to the success of Trident Energy’s offshore projects.” The contract is set to commence in the second quarter of 2024, starting with platform drilling services on the Pampo PP1 platform. This follows a phase of rig reactivation and recertification overseen by Archer’s Platform Operations group. Skindlo further commented on the significance of this contract for Archer’s growth, especially in the Brazilian energy market. He highlighted Archer’s longstanding presence in Brazil since 2010, beginning with operations for Equinor in the Peregrino fields and the subsequent expansion of their well services division. The year 2024 is shaping up to be a pivotal one for Archer, marked by strategic partnerships and significant contract wins.

In January, Archer collaborated with Horizon56 to introduce a new digital solution aimed at improving rig safety and operational efficiency. Additionally, in March, Archer secured a substantial contract extension with Equinor for platform drilling services in Norway, valued at $762.67 million, underscoring the company’s strong market position and commitment to excellence in the energy sector.

Eni has launched its strategic plan for 2024-2027, focusing on capitalizing on the energy transition, maximizing traditional energy business value, and reducing emissions. The plan includes developing profitable new activities related to the energy transition, achieving strong returns through organic investments and selective M&A, enhancing business performance, and maintaining financial discipline with a significant reduction in net investments.

Eni aims to increase dividends and shareholder returns, projecting a cash flow from operations of €13.5 billion in 2024 and €62 billion over four years, with net investments of about €27 billion. The company reaffirms its commitment to achieving net-zero emissions for Upstream Scope 1 and 2 by 2030 and for all activities by 2035, with specific reduction targets for 2030, 2040, and 2050. Upstream production is expected to grow annually by 3-4% until 2027. The Gas and Power division anticipates a pro-forma EBIT of €800 million in 2024, with potential increases based on market conditions. CCS is highlighted as a growth area, with significant CO2 injection capacity planned.

Enilive’s EBITDA is expected to exceed €1.6 billion by 2027, with a significant increase in bio-refining capacity. Plenitude targets a pro-forma EBITDA of €2 billion by 2027, with a substantial increase in renewable energy capacity. Versalis is set for a financial turnaround by 2026. Eni plans €1.8 billion in corporate cost reductions and aims to enhance shareholder remuneration, proposing a dividend of €1 per share for 2024 and a buyback of €1.1 billion. CEO Claudio Descalzi emphasizes the strategy’s focus on growth, value creation, and addressing the energy transition’s challenges while ensuring energy supply security and competitiveness.

The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has inaugurated the fourth governing council of the Nigerian Content Development and Monitoring Board (NCDMB), under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

The council, announced by President Bola Tinubu in December, includes representatives from key institutions in the oil and gas sector. Lokpobiri will chair the council, with Engr. Felix Omatsola Ogbe as the secretary. Members comprise executives from the Nigerian National Petroleum Co., the Nigerian Upstream Regulatory Commission, the Ministry of Petroleum Resources, and other significant industry and regulatory bodies. Lokpobiri highlighted the council’s role in leveraging the expertise of its members to advance the oil and gas industry and emphasized the NCDMB’s achievements over the past 13 years.

He urged the new members to contribute to further developing Nigerian content in the industry. NAICOM CEO Olorundare Sunday Thomas expressed commitment to continuing the NCDMB’s impactful work, underscoring the value added to the industry and the Nigerian economy through the NOGICD Act.

Giovanni Toti, the President of the Liguria Region, announced that Snam is finalizing the design of a significantly revised regasification plant to accommodate the concerns raised by local mayors. The updated project will be submitted to the Ministry of the Environment in the coming weeks, once the remaining uncertainties about the pumping station located in the municipality of Quiliano are resolved. The local government and mayor are expected to finalize the station’s most suitable urban location for their territory.

During the unveiling of a new room at the Genoa Aquarium dedicated to Liguria’s marine protected areas, Toti mentioned that the Environmental Impact Assessment (EIA) procedure would commence following the suspension of the interdepartmental conference. This phase will involve various regulatory and planning bodies, including Ispra, harbor master’s offices, the National Institute of Health, and the Ministry of the Environment itself. Toti concluded by stating that once the EIA commission determines the feasibility of safely installing the regasification plant from the perspectives of human safety, property, and environmental protection, the interdepartmental conference will reconvene to complete the administrative process.

ExxonMobil Corp. initiated arbitration proceedings on March 6 to clarify the terms of the joint operating agreement for the Stabroek block offshore Guyana, involving Chevron Corp. and Hess Corp.

This move comes in the wake of Chevron’s announcement last autumn of its intention to acquire Hess for $53 billion, a deal that ExxonMobil contends should trigger its right of first refusal for Hess’s 30% stake in the Stabroek block, which is operated by ExxonMobil and includes participation from China National Offshore Oil Corp. Despite Chevron’s assertion that the right of first refusal does not apply to its acquisition of Hess, ExxonMobil has escalated the matter to the International Chamber of Commerce for arbitration, a process that could extend up to six months, according to ExxonMobil’s Senior Vice-President Neil Chapman.

Speaking at a Morgan Stanley conference on the same day, Chapman emphasized the importance of arbitration to safeguard the value of the Stabroek project for shareholders, expressing confidence in ExxonMobil’s position based on the contract’s language, which the company had a hand in drafting. The news of the arbitration request positively impacted ExxonMobil’s stock, which saw a 1.5% increase to approximately $107 by early afternoon on March 6. Meanwhile, Chevron’s shares experienced a slight rise to around $150, but Hess’s stock fell by about 1% to nearly $145.

Cepsa, in collaboration with Apical Group’s Bio-Oils division, has initiated the construction of what is set to become the largest biofuels production facility in Southern Europe. The plant, boasting a production capacity of 500,000 metric tons annually, will focus on generating renewable diesel and sustainable aviation fuel (SAF). The project represents a significant step in the companies’ transition towards more sustainable energy solutions, with a total investment of 1.2 billion euros, an increase from the initially planned 1 billion euros. This additional funding is allocated for infrastructural enhancements at the adjacent port of Huelva.

Owned by the Abu Dhabi fund Mubadala and the Carlyle Group, Cepsa is channeling up to 8 billion euros into its transformation towards low-carbon energy sources. The establishment of this biofuels plant in Andalusia, Spain, is a key component of this strategy, as stated by CEO Maarten Wetselaar. Utilizing organic waste, including used cooking oils, the facility aims to significantly contribute to Cepsa’s objective of producing 2.5 million tons of biofuels by 2030, with 800,000 tons dedicated to SAF. This initiative is crucial for the decarbonization of challenging sectors like aviation, where electrification remains a complex challenge.