Saipem was awarded an offshore E&C contract by Enimed, a company of the Eni group, for the transport and installation of a gas pipeline which will connect the four wells of the fields of Argos and Cassiopea to the Sicilian coast. The deal is valued at approx 300 million euro. The pipeline will be 60 km long and will reach a maximum depth of 660 metres
The Cassiopea project, reads a note, "represents a strategic infrastructure in the national energy panorama, recently affected by the deteriorated geo-political scenario".
Early afternoon the share on the Saipem Stock Exchange, which also started the session in more than positive territory, lost 3,8%, to 0,8116 euros.
Azule Energy is born, a joint venture between Eni and BP
Meanwhile, in Angola It is born Azule Energy, the new independent and equal joint venture that unites the businesses of BP and Eni. The new company is "Angola's largest independent oil and gas producer," reads a statement.
Azule Energy “holds 2 billion barrels of net resources, and will reach approximately 250.000 barrels of oil equivalent per day of equity production of oil and gas over the next 5 years – continues the note – It holds interests in 16 licenses (including 6 exploration blocks ) and in Angola LNG JV. Azule Energy will also acquire Eni's stake in Solenova, a solar company jointly owned by Sonangol, and the collaboration in the Luanda Refinery".
Azule Energy will be led by a six-person board made up of three representatives from Eni and three from BP, in line with the company's ownership stakes.
All personnel of BP Angola and Eni Angola have joined Azule Energy. Eni and BP “also expect that Azule Energy's new integrated and independent operating model will lead to significant cost savings, mainly thanks to operational synergies in logistics and technology”.
Adriano Mongini, CEO of Azule Energy, said that, "with financial discipline and a focus on HSE", the new joint venture "will maximize the value of the assets for the benefit of Angola and the shareholders".
Azule Energy counts on a series of new projects that will enter production in the coming years, including the Agogo Full Field and PAJ oil projects in blocks 15/06 and 31 respectively, and the New Gas Consortium (NGC), the first non- partner in the country, which will support the energy needs of Angola's growing economy and strengthen its role as a global LNG exporter. The JV also holds an exploration area of over 30 square kilometers in the Angola basins, which will make it possible to leverage the proximity to existing infrastructures.
