We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Eni Fortifies Position in Kazakhstan with Strategic Tie-Ups
Read MoreHide Full Article
Eni SpA (E - Free Report) has inked an agreement with JSC KazMunayGas (“KMG”) at the Foreign Investors’ Council in Astana. The agreement consists of the renewal of the conditions for the transfer to Eni of 50% of the subsoil use rights in the Isatay block, for exploration and production of hydrocarbons.
Located in the Caspian Sea, the Isatay block is anticipated to hold considerable amount of hydrocarbon resources. The block will be operated by a Joint Operating Company (JOC) formed by Eni and KMG.
The JOC will gain from the proprietary technologies of Eni, which is a global leader in terms of exploration. The company has widespread experience in operating difficult technical and environmental areas such as the Caspian Basin. Subject to the approval of the transaction by the Republic of Kazakhstan, the JOC will commence operations as soon as the transfer of 50% interest in the license is concluded.
Additionally, Eni and KazMunayGas EP, a subsidiary of KMG, have inked an agreement to further increase upstream technology co-operation and assess potential joint developments in new projects. The agreement also comprises of a technical and managerial training program for KMG EP staff.
Recently, Eni inked a cooperation agreement with General Electric (GE) and the Minister of Energy of Kazakhstan, Kanat Bozumbayev, to encourage the development of renewable energy projects in the country.
Per the agreement, Eni and GE will work together with an aim of assessing the possibility of constructing a wind power plant with a capacity of about 50 megawatt and recognizing future initiatives that will contribute to realizing the country's strategic goals in terms of sustainable development.
Together with the Ministry of Energy of the Republic of Kazakhstan, JSC KazMunayGas (KMG) and the Kazakh Committee of geology and subsoil use, Eni inked a Memorandum of Understanding (MoU) to evaluate future cooperation terms in the Kazakh-Russian Pre-Caspian Basin. This basin is estimated to hold several discoveries of oil fields of significant size. The signing of this MoU is part of the Eurasia project supported by the Ministry of Energy to facilitate study of the depth exploration potential of the basin.
All the agreements inked at the Foreign Investors’ Council further increase the scope of Eni's activities in Kazakhstan and strengthen its presence in the country. It also consolidates the strategic alliance with key partners such as KMG in the upstream sector and GE in the field of renewable energy.
Besides being an equity partner in various projects in the Northern Caspian Sea, including the giant Kashagan field, in Kazakhstan, Eni is joint operator of the Karachaganak field.
Eni’s price chart is unimpressive. Shares of the company lost 6.5% in the last three months, while the Zacks categorized Oil & Gas – International Integrated industry declined 2.5% in the same time span.
Eni currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include SunCoke Energy, Inc. (SXC - Free Report) , Enbridge Energy, L.P. and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy delivered a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Enbridge Energy delivered a positive earnings surprise of 128.57% in the preceding quarter. The company beat estimates in three of the four trailing quarters with an average positive earnings surprise of 38.22%.
Canadian Natural Resources delivered a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with an average negative earnings surprise of 275.46%.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Eni Fortifies Position in Kazakhstan with Strategic Tie-Ups
Eni SpA (E - Free Report) has inked an agreement with JSC KazMunayGas (“KMG”) at the Foreign Investors’ Council in Astana. The agreement consists of the renewal of the conditions for the transfer to Eni of 50% of the subsoil use rights in the Isatay block, for exploration and production of hydrocarbons.
Located in the Caspian Sea, the Isatay block is anticipated to hold considerable amount of hydrocarbon resources. The block will be operated by a Joint Operating Company (JOC) formed by Eni and KMG.
The JOC will gain from the proprietary technologies of Eni, which is a global leader in terms of exploration. The company has widespread experience in operating difficult technical and environmental areas such as the Caspian Basin. Subject to the approval of the transaction by the Republic of Kazakhstan, the JOC will commence operations as soon as the transfer of 50% interest in the license is concluded.
Additionally, Eni and KazMunayGas EP, a subsidiary of KMG, have inked an agreement to further increase upstream technology co-operation and assess potential joint developments in new projects. The agreement also comprises of a technical and managerial training program for KMG EP staff.
Recently, Eni inked a cooperation agreement with General Electric (GE) and the Minister of Energy of Kazakhstan, Kanat Bozumbayev, to encourage the development of renewable energy projects in the country.
Per the agreement, Eni and GE will work together with an aim of assessing the possibility of constructing a wind power plant with a capacity of about 50 megawatt and recognizing future initiatives that will contribute to realizing the country's strategic goals in terms of sustainable development.
Together with the Ministry of Energy of the Republic of Kazakhstan, JSC KazMunayGas (KMG) and the Kazakh Committee of geology and subsoil use, Eni inked a Memorandum of Understanding (MoU) to evaluate future cooperation terms in the Kazakh-Russian Pre-Caspian Basin. This basin is estimated to hold several discoveries of oil fields of significant size. The signing of this MoU is part of the Eurasia project supported by the Ministry of Energy to facilitate study of the depth exploration potential of the basin.
All the agreements inked at the Foreign Investors’ Council further increase the scope of Eni's activities in Kazakhstan and strengthen its presence in the country. It also consolidates the strategic alliance with key partners such as KMG in the upstream sector and GE in the field of renewable energy.
Besides being an equity partner in various projects in the Northern Caspian Sea, including the giant Kashagan field, in Kazakhstan, Eni is joint operator of the Karachaganak field.
Eni’s price chart is unimpressive. Shares of the company lost 6.5% in the last three months, while the Zacks categorized Oil & Gas – International Integrated industry declined 2.5% in the same time span.
Eni currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include SunCoke Energy, Inc. (SXC - Free Report) , Enbridge Energy, L.P. and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy delivered a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Enbridge Energy delivered a positive earnings surprise of 128.57% in the preceding quarter. The company beat estimates in three of the four trailing quarters with an average positive earnings surprise of 38.22%.
Canadian Natural Resources delivered a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with an average negative earnings surprise of 275.46%.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>