Business

Italy’s Eni to try to repeat huge offshore Mozambique discovery

Oct. 17 (UPI) — Rome-based Eni, which earlier this decade led the discovery of an estimated 85 trillion cubic feet of natural gas in Mozambique, on Wednesday signed an accord in Maputo that will allow it to begin exploration work in a previously unexplored area in the country’s deep waters. The contract involves rights for exclusive exploration and development of ...

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BSEE: 7.7 percent of Gulf oil output still shut-in following Hurricane Michael

Oct. 16 (UPI) — Three offshore platforms in the Gulf of Mexico have reported grating damage while 7.7 percent of the area’s oil production remained shut-in on Tuesday nearly a week after Hurricane Michael made landfall on the northern Florida coast. The Bureau of Safety and Environmental Enforcement reported Tuesday that 3.5 percent of the Gulf of Mexico’s natural gas ...

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Abu Dhabi group delays stock offer for 25 percent of Cepsa due to market ‘instability’

Oct. 15 (UPI) — The Abu Dhabi-based Mubadala group cited “markets instability” as it on Monday delayed selling a 25 percent stake in the Spain-based oil company Cepsa, a multinational that is highly exposed to crude oil prices — and which coincidentally also suffered a refinery fire on Monday. “Mubadala has decided to delay the public offer for the sale ...

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