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Eni (E) Enters Decarbonization Accord, Discovers New Oil

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Eni SpA (E - Free Report) and Snam S.p.A. have entered into an accord with Cassa Depositi e Prestiti (“CDP”). The agreement calls for the companies’ initiatives to decarbonize the energy system. This can be attributable to working together of the companies for several energy transition developments.

The two Italian energy companies along with the country’s prominent investment bank CDP added that they will make efforts in producing, transporting and marketing green hydrogen. They will also work on promoting the use of green hydrogen for rail transportation purposes. Their collaboration initiatives also include the creation of multifunctional refuelling stations for CNG (compressed natural gas), LNG (liquefied natural gas) and hydrogen in Italy. Moreover, the companies will guarantee LNG supplies in every corner of the country by developing the necessary infrastructure.

The companies will also develop carbon capture and storage units that will lower greenhouse gas emissions from industrial sectors like refineries, wherein it has been difficult to reduce emissions of carbon dioxide.

It is to be noted that the latest deal signifies the companies’ strong focus on accomplishing the ambitious goal set by the European Union of cutting 55% carbon dioxide emissions by 2030.

In a separate release, Eni announced the discovery of new oil in Mellieha concession. The concession is situated in Egypt’s Western Desert. With the discovery in a new exploration well, the current Concession production will witness an addition of 10,000 barrels of oil every day.

The leading integrated energy major, Eni currently carries a Zacks Rank #3 (Hold). Meanwhile, some better-ranked players in the energy space include Summit Midstream Partners, LP (SMLP - Free Report) , DCP Midstream, LP (DCP - Free Report) and HighPoint Resources Corporation . While Summit Midstream carries a Zacks Rank #2 (Buy), DCP Midstream and HighPoint sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Summit Midstream has seen upward earnings estimate revisions for 2020 in the past seven days.

DCP Midstream has seen upward estimate revisions for 2020 earnings in the past 30 days.

HighPoint is likely to see earnings growth of 167.5% in 2020.

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