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$ORIG Ocean Rig UDW (ORIG) signs a master service agreement with ConocoPhillips (COP +0.1%) for three years plus two optional years, including an order for the harsh environment semi-submersible drilling rig Leiv Eiriksson for drilling offshore Norway.
ORIG's Valiant Offshore subsidiary will launch of a common stock offering to fund the acquisition of the Leiv Eiriksson and the Eirik Raude rigs that are currently indirectly owned by ORIG in exchange for 24M Valiant shares and $110M in cash.
$TOT Total (TOT -1.1%) and Angola's Sonangol state oil company take a final investment decision to launch the Zinia 2 deepwater offshore development offshore Angola.
The Zinia 2 project will have a production capacity of 40K bbl/day and feed into the Pazflor export grade, which has seen its exports fall sharply in the past year; Angola has seen overall output fall by nearly 300K bbl/day in the past two years as several of its key oil fields are in decline.
TOT and Sonangol also sign a risk service agreement to jointly explore Block 48 in an attempt to revive deepwater offshore exploration in Angola, as well as a framework agreement for a future joint venture to develop a network of service stations in the country.
$PBA Pembina Pipeline (PBA +0.6%) says it is raising the bottom end of its FY 2018 EBITDA guidance range by $100M to $2.65B-$2.75B, based on strong YTD results and the outlook for the rest of the year.
PBA CEO Mick Dilger says the company is seeing strong customer demand for its services, leading to increased utilization in the pipelines and facilities Divisions, and rising commodity prices are driving solid performance in its marketing business.
$GE General Electric (GE +0.1%) is said to have attracted "multiple bidders" for its iconic century-old lighting business that could fetch more than $1B, Fox's Charlie Gasparino tweets.
GE officially put its lighting unit, including the company's residential LED business and its traditional lighting products business, up for sale nearly a year ago; it was not planning to sell its advanced energy Current division, created in 2015.
$PCG Poor maintenance of PG&E (NYSE:PCG) power lines contributed to three of the four wildfires that swept through northern California last October, according to the first results of investigations by California's Department of Forestry and Fire Protection.
All four fires in Butte and Nevada counties were caused by trees coming into contact with power lines, Cal Fire said, although it did not disclose findings on the causes of the larger wine country fires.
Cal Fire previously has indicated its investigation would be concluded by the end of May.
$UNG A natural gas bottleneck in the Permian Basin could force oil producers to shut wells or seek waivers to flare large amounts of natural gas if takeaway capacity does not catch up by the end of this year, Texas Railroad Commissioner Ryan Sitton tells Platts.
Sitton says he may support allowing expanded flaring from natural gas processing plants, which would be able to separate and produce NGLs and condensates after flaring off the dry gas.
"If I don't have pipeline capacity and I can't flare it, the only option is to shut in the well," Sitton says. "And now I'm going to shut down oil production because I don't have anything to do with my gas. That is a realistic scenario that could happen."
Citigroup said in a report earlier this week that a severe nat gas production glut could depress prices "even to zero and curtail oil and gas production."
While oil has been the market’s focus, the associated natural gas produced as a byproduct and related infrastructure are equally consequential, CIti said.
$NGG U.K. energy regulator Ofgem says it has launched an investigation into National Grid's (NGG) demand forecasting for the U.K. electricity market, while also noting that the move does not mean it has found any non-compliance issues.
Ofgem says the probe will examine whether National Grid Electricity Transmission breached rules relating to its duty to operate the system in an economic and efficient manner, which includes producing and publishing appropriate demand forecasts.
National Grid Electricity Transmission is the system operator for the electricity transmission network in England, Scotland and Wales.
$PBR Truck drivers in Brazil are on strike for a second day against a sharp rise in fuel prices, blocking highways and urban traffic in a country that relies heavily on road transportation.
The Abcam national truckers association says 200K of Brazil’s nearly 1M self-employed truck drivers are demanding that Petrobras (PBR -2.3%) stop letting rising international oil prices trickle through to the pump.
The state-controlled company says it will cut diesel prices 1.54% and gasoline prices 2.08% starting tomorrow, but fuel prices have surged nearly 50% at Brazilian refineries in less than a year.
Brazil's government forced PBR to keep pump prices stable and bear the brunt of higher costs when oil prices hit $100/bbl in 2012-14, sending the company’s debt load past $100B in 2016; PBR has since been permitted to adjust its sale price according to global markets, helping reduce its debt to ~$77B this year.
$DQ Daqo New Energy (DQ +5.9%) jumps within $1 of its 52-week high after Morgan Stanley discloses that it now holds a 5.1% stake in the company.
According to an SEC filing yesterday, Stanley owns 16.4M ordinary DQ shares, equivalent to 656K of the U.S.-traded American depositary shares, making it the Chinese company's fourth-largest shareholder; it held just 19,000 ADSs at the end of Q1.
DQ has gained 10% YTD through Monday's close.
$DTE Michigan utilities DTE Energy (DTE +0.6%) and Consumers Energy agree to increase the power they produce from wind and other renewable sources to 25% by 2030 under pressure from billionaire Tom Steyer.
In return, Steyer agrees to end a ballot drive opposed by the electric providers that would have required 30% renewables in Michigan by 2030.
Under current law, electric providers in the state must reach 15% renewable energy by the end of 2021.
$PCG PG&E (NYSE:PCG) suffers another legal setback in California as a judge says he will not release the company from a key legal claim related to last year's destructive wildfires in the state.
PG&E has been challenging a California law allowing private property owners to hold the utility 100% responsible for any losses caused by its equipment or power lines even if it did not act negligently.
“There is no basis for PG&E’s argument that imposing inverse condemnation liability” is unconstitutional unless the utility is guaranteed to “automatically recover” its costs through rate hikes, the Superior Court judge ruled today.
Analysts have said PG&E could face more than $15B in claims from the fires, and Edison International (NYSE:EIX) also faces the prospect of multibillion-dollar payouts under the same law.
SEP Spectra Energy Partners (NYSE:SEP) tumbled more than 3% in today's trade following Enbridge's (NYSE:ENB) non-binding offer to acquire the ~17% of SEP it does not already own, in a deal that included no premium.
It's "a disappointing outcome for SEP unitholders," says Jefferies analyst Christopher Sighinolfi, adding that it is rare to see an all-stock, no premium deal.
While Sighinolfi agrees the ENB restructuring plan - which also includes three other sponsored units - will simplify its corporate structure and perhaps mitigate some risks, the move marks a sharp reversal from the company's previous comments about the impact of the FERC's reversal of previous policy that allowed MLP oil and gas pipelines to include an income tax allowance in their cost-of-service rates.
Tudor Pickering Holt also endorses the plan, saying it will give ENB $500M/year more cash to invest in growth projects or pay down debt, which is considerable after its $28B takeover of Spectra Energy Corp. in 2016.
USO The total U.S. rig count stabilizes, gaining just 1 rig to 1,046 after surging in recent weeks, Baker Hughes reports in its latest weekly survey.
Oil rigs remained unchanged at 844, breaking six consecutive weekly gains, while gas rigs gained 1 to 200 and 2 rigs remained classified as miscellaneous.
U.S. WTI crude prices were little changed following the report, now -0.3% at $71.28/bbl.
ANDV Andeavor (ANDV -0.5%) is downgraded to Neutral from Outperform with a $145 price target at Credit Suisse, which says Marathon Petroleum's (MPC -0.5%) takeover offer fairly values the company at ~$152/share and a competing bid is unlikely.
The narrowing of West Coast base cracks represents a near-tern headwind for ANDV, analyst Manav Gupta says, after barely breaking even on the West Coast in Q1 and posting a loss in two of four quarters during 2017.
Gupta views the $1B in synergies ANDV expects within three years of the completion of the deal as achievable, and upside to retail synergies cannot be ruled out, citing MPC CEO Gary Heminger's track record.
$GLNG A first-of-its-kind liquefied natural gas plant developed by Golar LNG (GLNG, GMLP) off Cameroon has exported its first cargo, Reuters reports, citing trade sources and shipping data.
The first shipment was exported by Gazprom (OTCPK:OGZPY), which bought the entire output of the Cameroon project for eight years, using the Galicia Spirit tanker, according to the report, which also says the Golar Maria tanker is approaching Cameroon to load the plant’s second cargo.
A successful project start-up is considered crucial test for Golar, which hopes to roll out similar plants in Equatorial Guinea with Ophir Energy and in Senegal-Mauritania with BP.
STO "The Arctic has been rendered undrillable," says the former head of the UN Climate Change Secretariat, and capital investment would be better used developing renewable energies such as solar and wind to cut carbon emissions.
Christiana Figueres, who campaigns for a peak in global emissions by 2020, says it makes no economic sense to explore in the Arctic, partly because it is likely to take years to develop any finds.
In Norway, Statoil (STO +0.1%) and other companies plan to continue exploration in the Arctic Barents Sea, which the company says is "less challenging in terms of weather and waves than many other parts of Norway... We have drilled more than 100 wells and never had any significant accidents or discharges to sea."
While Figueres says Arctic drilling does not make economic sense, STO says its Johan Castberg field, due to start pumping in the early 2020s off Norway's northern coast, would have a breakeven price of US$31/bbl.
RNFTF Rosneft (OTCPK:RNFTF) says it is looking to its operations in Vietnam for the experience needed to expand its global reach as sanctions limit the group’s ability to work with Western firms.
Rosneft is part of a consortium with Petrovietnam and India’s ONGC which last year produced nearly 3B cm of gas, and it says production offshore Vietnam is very profitable, as operational costs to produce gas at $1.50/boe are only half of what it usually costs the company.
“The project in Vietnam allows us to develop operator skills working on the shelf, and is also a platform for the possible growth of business in other countries of Southeast Asia,” says the director of Rosneft’s upstream foreign projects support department.
Yesterday, Rosneft reported its Q1 net profit surged by 7x to 81B rubles ($1.31B) as sales jumped 22% to 1.72T rubles, even as production fell 1.2% Y/Y to 4.57M bbl/day.
GDP Goodrich Petroleum (GDP -4%) plunges after reporting much larger than expected Q1 loss and revenue that also lagged analyst expectations.
GDP also reduced its FY 2018 production guidance to a new range of 65M-75M cfe/day vs. its previous outlook of 77M-83M cfe/day, citing completion delays, but maintains its 2018 exit rate forecast of 100K cfe/day
Q1 production averaged ~37K cfe/day vs. 26K cfe/day in the prior-year period, with natural gas outlook totaling 3B cf (89% of total production) vs. 1.8B cf (79% of total production) during the same quarter in 2017, helped by three operated Haynesville Shale Trend wells completed late in the quarter.
GDP also Q2 production so far has averaged 47K cfe/day (92% natural gas) prior to production additions from the Cason-Dickson wells, which the company expects will increase output to more than 70K cfe/day.
$ETP West Virginia regulators reportedly have ordered Energy Transfer Partners' (ETP -1.5%) Rover natural gas pipeline to stop construction, citing multiple water pollution violations.
The 713-mile-long pipeline, which would transport 3.25B cf/day of natural gas from processing plants in West Virginia, Ohio and Pennsylvania, received the order on March 5 from the state's Department of Environmental Protection, according to the Charleston Gazette-Mail.
The cease-and-desist order is the second issued by West Virginia regulators to Rover Pipeline in the past year after citing the pipeline builders for similar violations last July; in April 2017, the pipeline spilled more than 2M gallons of drilling fluid in Ohio, prompting scrutiny from regulators there.
$CSIQ Canadian Solar (CSIQ -1.2%) says it successfully completed construction and started commercial operation of a 6 MW solar photovoltaic power project in Namibia, its first project in Africa.
CSIQ says the plant became operational on Nov. 27, with an expected annual electricity generation of 14.6 GWh, which will be purchased by Namibia Power Corp. under a 25-year agreement.
Namibia has some of the highest irradiation levels in the world at 3000 kWh/m² over a wide-area of the country, but had less than 40 MW of cumulative solar capacity installed at year-end 2017.
$XOM Exxon Mobil (XOM -0.9%) tells an Australian Senate hearing that it does not expect to pay any corporate tax in the country until 2021, meaning it would not have paid the tax for eight years despite reporting billions of dollars in income from operations there.
XOM says it had “decades and decades” of paying tax in Australia, including more than $2B since 2000, but now is in a tax loss position primarily because of the cost of $21B in capital investment in the country over the past decade, including in its operations in the Bass Strait and the huge Gorgon gas project offshore Western Australia.
XOM's Australian tax affairs have faced close scrutiny since the release of an investigation last year that exposed a complex web of hundreds of foreign subsidiaries designed for tax avoidance.
$CLNE Clean Energy Fuels (NASDAQ:CLNE) -8.7% after-hours as it reports a larger than expected Q4 loss and a 12% Y/Y decline in revenues, and sees continuing losses in 2018.
CLNE says the drop in Q4 revenues was due primarily to the absence of revenue recognized in 2017 from a federal alternative fuels tax credit and a lower effective price per gallon in 2017.
CLNE delivered 86.4M gallons in Q4, up 2.7% from the year-ago quarter, and delivered 351.4M gallons for FY 2017, a 6.8% increase from 329M gallons delivered in 2016.
Looking ahead, the company forecasts FY 2018 GAAP net loss of $20M-$25M, a $54.2M-$59.2M improvement over the 2017 net loss, with 2018 adjusted EBITDA expected at $55M-$60M, $54.9M-$59.9M better than in 2017.
$RDS.A Royal Dutch Shell (RDS.A, RDS.B) is in talks over a 15-year deal worth up to $30B to buy natural gas from offshore Israeli and Cypriot fields, liquefy it in Egypt and then transport it to Europe and beyond, WSJ reports.
The potential deal is the latest evidence that the eastern Mediterranean Sea's extensive reserves of natural gas may be nearing the reach of the world's big oil companies; gas reserves in the waters off Israel, Cyprus and Egypt total an estimated 125T cf, according to energy consultant Wood Mackenzie.
U.S. diplomacy has worked for years to try to knit together the economies of once-hostile nations such as Israel, Egypt and Jordan, and developing the eastern Mediterranean as a natural gas hub to lessen Europe’s dependence on Russian energy; a breakthrough occurred last month when Noble Energy and its partners signed a $15B deal to supply gas from two Israeli gas fields to an Egyptian firm.
$ARCH Arch Coal (NYSE:ARCH) expects 2M-3M tons of additional domestic coking coal demand as Section 232 import tariffs on steel prompt higher steel production, Seaport Global says after meeting company executives.
"The tariffs could eventually add around 5% to overall U.S. met coal demand, all of which will be fed by U.S. producers," Seaport analysts say, adding that "increased U.S. consumption might enable producers to get prices domestically that are at narrower discounts to seaborne ones."
Arch expects potential 1%-2%/year average global coking coal demand growth through 2025, which would lead to ~40M short tons of additional coking coal supply, Seaport says, citing the company's senior VP for strategy Deck Slone.
"The real key, though, will be whether Section 232 brings meaningful retaliation from other countries and how that affects the overall market," Seaport says.
$BHP BHP Billiton (BHP -2%) will consider swapping onshore oil and gas assets with competitors’ offshore assets, as part of its plan to exit U.S. shale, says the company’s president of petroleum operations.
BHP is not looking for existing production platforms, but is seeking acreage that has been found viable for production, “where we can come in as an operator and really unlock significant incremental value through the development phase," Steve Pastor says at the CERAWeek conference in Houston.
The asset swaps could augment BHP’s exploration program, Pastor says, adding that the company would consider selling dividing its acreage for multiple buyers; BHP currently owns onshore U.S. assets in Texas, Louisiana and Arkansas.
$BAS Basic Energy Services (BAS -7.1%) sinks after saying it will not proceed with its previously announced offering of $300M of senior secured notes.
BAS says it decided that current rate and structure available in the market lacked the flexibility to be sufficiently attractive to move forward.
BAS says it is continuing to seek a new five-year revolving credit facility of as much as $150M secured by accounts receivable, inventory and certain related assets to replace the existing $120M asset-based credit facility.
$USO Crude oil prices fell more than 2% amid mounting concerns of a potential trade war and after U.S. government data showed a second straight weekly increase in crude inventories and production.
April WTI crude settled 2.3% lower at $61.15/bbl while Brent crude fell 2.2% to $64.34/bbl, and energy stocks were one of Wall Street's weakest performers although losses have been whittled away near the day's close.
Crude prices had briefly pared losses after the EIA reported that U.S. inventories rose by 2.4M barrels in the last week, which was below analyst expectations for a 2.7M-barrel increase.
"The generalized market anxiety over what could end up being a global trade war is dragging everything down," says Again Capital partner John Kilduff. "It does not bode well for future economic growth and increased energy demand."
$PXD Pioneer Natural Resources (NYSE:PXD) CEO says Pres. Trump's proposed tariffs on imported steel and aluminum would hurt his company’s profits.
Dove’s remarks echoed several other energy executives who have told the CERAWeek energy conference this week that they faced higher costs from tariffs, and that certain types of metal needed for pipeline and refining expansions are not made by U.S. companies.
Sara Ortwein, president of Exxon Mobil’s (NYSE:XOM) XTO Energy shale business, also said the oil and gas industry “is really the engine behind the economic growth in the U.S. Clearly anything that limits that is not something that we’re looking for.”
$DWDP DowDuPont (NYSE:DWDP) says it is considering Canada or Argentina instead of the U.S. Gulf Coast for its next major investment, as Pres. Trump’s proposed steel tariffs make domestic construction pricier.
The tariffs would add hundreds of million of dollars to DWDP’s next wave of petrochemical expansion, COO Jim Fitterling tells the CERAWeek energy conference in Houston.
DWDP last year completed $6B in construction of new factories along the Texas Gulf Coast which Fitterling says contained ~$1.2B worth of steel; Trump’s proposed 25% tariff on steel imports would have added ~$300M in costs to the projects.
Nearly half of all U.S. manufacturing investment for the past two years has been for chemical plants, largely because shale gas provides a cost advantage over other areas of the world, Fitterling says, adding that a U.S. trade deficit for chemicals has turned into a surplus as a result.
$TRP The Federal Energy Regulatory Commission authorizes construction of Valley Crossing Pipeline's 2.6B cf/day Border Crossing project to set up natural gas deliveries to Mexico.
The cross-border pipeline would connect to the Valley Crossing Pipeline under construction in Texas and the 500-mile Sur de Texas-Tuxpan pipeline in Mexico to be built by a joint venture between TransCanada (NYSE:TRP) and Sempra Energy's (NYSE:SRE) IEnova.
Valley Crossing, owned by Enbridge's (NYSE:ENB) Spectra Energy Partners (NYSE:SEP) unit, filed an application in November 2016 asking FERC for an order issuing a presidential permit.
$BW Babcock & Wilcox (NYSE:BW) -17.9% premarket after its Q4 loss of $0.95/share comes in far below analyst consensus of a $0.06/share loss, and revenues also missed estimates despite rising 7.4% Y/Y.
BW says Q4 revenues for the Power segment fell 5% Y/Y to $209M, mainly due to lower activities on new-build utility and environmental projects and lower sales of industrial steam generation systems.
BW provides FY 2018 adjusted EBITDA guidance of $75M-$95M, and sees FY 2018 sales $1.5B-$1.7B vs. $1.56B consensus.
The company also says it entered into another amendment to its first-lien revolving credit facility and received a commitment letter to backstop a $182M rights offering of common stock, priced at $3/share.
$CVX Chevron (CVX -0.7%) says climate change will have a minimal impact on its oil and gas business for decades to come, even when considering some of the most restrictive greenhouse gas reduction proposals, according to a new company report that largely mirrors similar studies by Exxon and Shell.
World energy demand will grow strongly under all scenarios, CVX says, seeing the risk of having stranded assets as “very slim” due to the quality and diversity of its assets.
The report “gives us confidence that we’re testing our business in a way that’s appropriate for our shareholders,given the context of many things that can change over time," says Mark Nelson, CVX’s VP for midstream, strategy and policy.
$SWN Southwestern Energy (SWN +19%) surges after reporting a solid Q4 earnings beat and an 18% Y/Y revenue increase, plus record exit-rate production from the Appalachian Basin.
SWN says FY 2017 total net production was 897B cfe, including 578B cfe from the Appalachian Basin with record gross operated 2017 exit rate production of 2.35B cfe/day, a 40% increase vs. year-end 2016.
Year-end total proved reserves reached a record 14.8T cfe (75% natural gas and 25% natural gas liquids and condensate), including 11.1T cfe from the Appalachian Basin, up a respective 181% and 393% Y/Y.
Net cash provided by operating activities in FY 2017 totaled $1.1B, up 120% Y/Y, and net cash flow was $1.14B, up 76% Y/Y.
$EOG EOG Resources (NYSE:EOG) -4.6% after-hours despite reporting better than expected Q4 earnings and revenues, as expected 2018 production increases fail to keep pace with the rate of growth in planned capital spending.
EOG says crude oil and condensate volumes in the U.S. rose 20% in 2017 to 335K bbl/day, and targets 18% crude oil production growth and 16% total production growth for 2018.
However, EOG plans 2018 capex of $5.4B-$5.8B after spending $4.44B in 2017.
At year-end 2017, total company net proved reserves were 2.527B boe, up 18% Y/Y, with additions from all sources replacing 201% of 2017 production.
EOG also raises its quarterly cash dividend by 10.4% to $0.185/share.
$ANDV Andeavor (NYSE:ANDV) and Savage Cos. say they have ended their attempt to build a crude-by-rail-terminal at the Port of Vancouver, Wash.
The project effectively was killed on Jan. 28 when Washington Gov. Inslee approved a state board’s recommendation denying a permit to build the terminal, which would have transferred 11M barrels of oil per month from the midwest U.S. from trains to tankers at the Port of Vancouver.
Opponents who fought the project said the terminal increased the risk of oil spills and deadly explosions, and that trains carrying crude oil along the Columbia River valley placed the waterway in danger.
ANDV booked a $40M asset impairment charge in Q4 2017 related to the project.
$UUUU Energy Fuels (NYSEMKT:UUUU) says it won federal approvals to expand operations at two mines in Utah, following years of challenges from conservation groups worried about radon gas emissions.
The approvals from the Bureau of Land Management allow UUUU to expand its La Sal complex, which consists of four former uranium/vanadium mines, drill up to 400 exploration holes and build more ventilation shafts, and the Daneros uranium mine.
Both sites are located just outside the former boundaries of the Bears Ears National Monument, which were redrawn by the Trump administration last year to shrink the protected area.
Neither mine is operating due to low prices of uranium, but the company says it is considering restarting the La Sal complex because of its vanadium resources, which currently are more valuable.
$CRC California Resources (NYSEMKT:CRC) -3% after-hours despite posting a much smaller than expected Q4 loss, as revenues come in flat Y/Y at $455M, coming in well short of expectations.
CRC says production fell 6.6% Y/Y to 126K boe/day for Q4, and slid 7.8% Y/Y to 140K boe/day for FY 2017, mostly because of reduced volumes of natural gas from the San Joaquin Basin; the company forecasts Q1 production of 120K-125K boe/day at production costs of $19.25-$20.75/boe.
Q4 production costs were $19.64/boe, compared to $17.50/boe in the prior-year quarter, driven by an increase in energy costs; for FY 2017, production costs were $18.64/boe vs. $15.61/ble in 2016.
CRC expects FY 2018 capex of $425M-$450M vs. $371M in 2017.
Year-end proved reserves of 618M boe, up from 568M boe at year-end 2016, organically replacing 119% of reserves from the capital program, excluding price revisions.
$SRE Sempra Energy's (NYSE:SRE) Southern California Gas says it pulled natural gas from the Aliso Canyon storage facility several times over the past week as consumers turned up their heaters to escape unusually cool weather.
Reuters reports the withdrawals likely were the first from Aliso Canyon since state regulators allowed SoCalGas to start injecting fuel back into the facility in July after it shut following a massive leak from October 2015 to February 2016.
Temperatures in Southern California are forecast to remain below normal for a second week in a row this week, with highs in Los Angeles only the low 60s Fahrenheit, compared with a normal highs for this time of year of ~70.
$SRE The U.S. Bankruptcy Court in Delaware has signed off on the reorganization plan for Energy Future Holdings, granting final approval for Sempra Energy's (NYSE:SRE) deal to acquire that holding company and its near-80% ownership interest in Oncor.
That was one of two key hurdles remaining for the deal, and clearing the last one seems nearly assured with the Texas Public Utility Commission drafting an order approving the $9.45B sale.
The Texas PUC is expected to consider its order as soon as March 8, with Sempra looking to close shortly thereafter.
"Today's action by the Bankruptcy Court paves the way for EFH to end its long-running bankruptcy case and advances our proposal to acquire a majority stake in Oncor to the final stage," says Sempra Chairman/CEO Debra Reed.
$E Cyprus accuses Turkey of threatening to use force against a drillship chartered by Eni (NYSE:E), as tensions rise over a standoff involving drilling rights in the eastern Mediterranean Sea.
Two weeks ago, the Turkish navy in the Mediterranean stopped the vessel on its way to drill for gas offshore Cyprus; Turkey claims some areas of Cyprus’s offshore maritime zone as its own.
Eni likely will need to move the drilling ship but will not relinquish its interests in the area, says CEO Claudio Descalzi.
“We’re used to having potential disputes," the CEO says. "We did not pull out of Libya or other countries where there were complicated situations."