International Oil Companies: Eni

Eni logo 2Name: Eni

Based in: Italy

Eni S.p.A. is an Italian multinational oil and gas company headquartered in Rome.

It has operations in 79 countries, and is currently world’s 11th largest industrial company with a market capitalization of 68 billion euros (US$ 90 billion), as of August 14, 2013.

The Italian government owns a 30.303% golden share in the company, 3.934% held through the state Treasury and 26.369% held through the Cassa Depositi e Prestiti. Another 2.012% of the shares are held by People’s Bank of China.

The name “ENI” was initially the acronym of “Ente Nazionale Idrocarburi” (national hydrocarbons authority).

Fields in Iraq: Zubair

From the company’s website:

At the head of an international consortium with Occidental, Kogas and Missan Oil Company, in January 2010 Eni signed a Technical Service Contract (TSC) with the Iraqi state-owned company South Oil Company (SOC) for the development of the Zubair reservoir.

The Zubair field has been in production since the 1950s and is considered one of the biggest oil fields in Iraq, located in the Bassora region in the south of the country.

The TSC signed in January 2010 foresaw the realisation of wells and infrastructure to reach a level of production of some 1,200,000 barrels per day. At the request of the Iraqi Ministry of Pertoleum the production target was reduced to 850,000 barrels per day with the signing of an amendment to the TSC on 15 July 2013.

At the end of 2013 production at the Zubair field reached 350,00 boe/day, eni’s share of which amounted to 22,000 barrels per day.

2014 is expected to see the beginning of the so-called Enhanced Redevelopment Phase (ERP) the aim of which is to reach a production plateau of 850,000 barrels per day.

Contracts for the completion of the construction work for new oil treatment plants, power stations and the drilling of new wells to reach indicated production levels, will be allocated in the coming months after the Iraqi authorities have issued the necessary authorisations.

For latest news on this company’s activities in Iraq please click here.

A full list of International Oil Companies (IOCs) operating in Iraq under licences granted by the Ministry of Oil in Baghdad can be found here.