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Date: 3 months ago   Category: Companies

Eni wants to suspend projects on the shelf of the Barents Sea


News has appeared before a meeting of the President of Russia Putin with the prime minister of Italy Conte. Earlier Eni left the project with Rosneft on search of hydrocarbons on the shelf of the Black Sea of the Photo: Max Rossi/Reuters the Italian company Eni conducts negotiations with Rosneft on suspension of joint projects on the shelf of the Barents Sea. Interfax was reported about it by the representative of the Russian Government Office on the eve of the visit of the prime minister of Italy Giuseppe Conte. On Wednesday, October 24, he will meet the president Vladimir Putin and the prime minister Dmitry Medvedev. In March, 2018 Eni also left the project with Rosneft on search of hydrocarbons on the shelf of the Black Sea. Following the results of drilling of the first superdeep-water search well of inflows of oil it hasn't been received then the company declared cancellation of the contract. The suspension reason more likely purely economic, results of drilling have shown that development of stocks is unprofitable, the deputy CEO for investments of IK "Univer Capital" considers: Dmitry Alexandrov the deputy CEO for investments of IK "Univer Capital" "Now means nothing to Russia. If to look at the horizon of five years, the shelf (not only northern, but also Black Sea) is considered as a source for maintenance of production after 2025. Certainly, it is not the only source, but nevertheless large and promising. This history combines the sanctions connected with inevitable technological restrictions. Here we, certainly, feel real restriction in access to technologies of shelf drilling. Own at us some is, but not in the scales allowing to do joint projects. Second moment: the refusal of continuation of works on the project from Eni and other foreign companies happens, maybe, even not only because of sanctions, but also against the background of the fact that there is no that return on which counted initially. All this increases overall risks of participation and, naturally, declines the management of the companies to suspension of expensive work. Perhaps, can return to them when the prices are higher or demand will be more. Perhaps, the United States will make light a little of increase in production, it will be necessary to constrain the prices". Eni remained the last of large western partners of Rosneft who have still officially not refused to work at the Russian shelf. In May sources of Kommersant in branch have reported that projects of Eni and Rosneft on geological exploration are suspended because of the anti-Russian sanctions. The Russian company then said what about liquidation of joint projects of the speech doesn't go. Eni has also told that "will fulfill the obligations until it the international sanctions allow". The agreement on joint investigation and development of sites in the Barents and Black seas has been reached in 2012. Eni has received more than 30% in projects. To add BFM.ru to your sources of news?

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