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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Eni SpA    ENI   IT0003132476

ENI SPA

(ENI)
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End-of-day quote. End-of-day quote Italian Stock Exchange - 08/23
13.142 EUR   -1.28%
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Eni : spends $2B for operations in Turkmenistan's Burun field

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08/15/2019 | 12:16am EDT

Eni S.p.A, an Italian multinational oil and gas company, has spent around $2 billion for operations in Burun Field, Nebit Dag Area, Turkmenistan, the company told Trend.

"Since 2008 Eni spent ca 2 Busd for operations in Burun Field, Nebit Dag Area. Main activity has been focusing on production optimization, with a massive number of wells drilled and worked over," said Eni.

The Italian company said that extremely complex field structure (multilayer and block compartmentalization) calls for a sophisticated geo-seismic reconstruction and an important number of wells, and recompletion of the same.

"Step-outs to peripheral areas have implied the discovery of yet undrained oil bearing blocks, after several years from production start-up. Water injection and artificial lifting have been implemented as well, allowing for production maximization. Eni increased further the production optimization activity in 2019, by adding the third drilling rig, thus contributing to the Local Content development," said the company.

Eni started its activities in Turkmenistan with the purchase of the British company Burren Energy plc in 2008. Activities are focused on the onshore Nebit Dag Area in the Western part of the country, over a developed acreage of 200 square kilometers (180 square kilometers net to Eni), in four areas.

Production derives mainly from the Burun oil field. Oil production is shipped to the Turkmenbashi refinery plant.

Eni receives, by means of a swap arrangement with the Turkmen Authorities, an equivalent amount of oil at the Okarem terminal, close to the South coast of the Caspian Sea. Eni's entitlement is sold FOB.

Associated natural gas is used for gas lift system. The remaining amount is delivered to the national oil company Turkmenneft, via national grid.

© 2019 Trend News Agency ALL RIGHTS RESERVED, source News Service

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Financials (EUR)
Sales 2019 71 186 M
EBIT 2019 10 189 M
Net income 2019 4 251 M
Debt 2019 14 098 M
Yield 2019 6,52%
P/E ratio 2019 11,1x
P/E ratio 2020 9,35x
EV / Sales2019 0,86x
EV / Sales2020 0,79x
Capitalization 47 319 M
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 17,54  €
Last Close Price 13,14  €
Spread / Highest target 54,5%
Spread / Average Target 33,5%
Spread / Lowest Target 1,96%
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Managers
NameTitle
Claudio Descalzi Chief Executive Officer, Director & GM
Emma Marcegaglia Chairman
Roberto Casula Chief Operations, Development & Technology Officer
Massimo Mondazzi Chief Financial Officer
Alessandro Lorenzi Independent Non-Executive Director
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