The Rising Influence of Rising Affluence

[DewDiligence]

ENI still pursuing Arctic opportunity despite Shell’s retreat:

http://www.wsj.com/articles/italys-eni-set-to-begin-arctic-oil-quest-even-as-others-abandon-field-1448274602

Even as energy companies retreat from exploration in the Arctic, Italy’s Eni SpA will soon open the taps on the northernmost offshore oil platform in the world, offering a glimmer of potential for crude in the region—though at a considerable cost.

In a field in the Barents Sea nearly 300 miles north of the Arctic Circle, Eni is set to begin pumping at its Goliat platform before the end of this year. It would open a flow that will eventually reach 100,000 barrels a day and place Eni among a select group of oil producers in the region. For Eni, the $6 billion Goliat project was too far advanced to be called off.