ENI Could Exercise Pre-Emptive Rights for Caspian Project

Eni said it would also exercise its pre-emptive rights if existing partners make a similar move, a senior Eni executive said on Friday. Investors in the North Caspian Sea Production Sharing Agreement have until Friday to pre-empt CNOOC's deal to buy half of a 16.7-percent stake held by BG Group for $615 million. "If someone exercises (pre-emptive rights), everyone will do it," said Stefano Cao, head of exploration and production at Eni after a first-quarter results news conference. Cao declined to say whether Eni had already exercised its right to buy the shares being sought by the Chinese companies. He earlier said Eni "will never agree to being diluted" in the project.

Another Chinese firm, Sinopec Group, has agreed to buy the other half of BG's stake. Those shares can be pre-empted until May 17.

Related Companies
 Company: Exxon Mobil Corporationmore info


 - Aramco Said to Hire JP Morgan, Morgan Stanley, HSBC for IPO Roles (Mar 30)
 - Exxon Dealt a Blow as Texas Judge Sends Climate Suit to NY (Mar 29)
 - Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce (Mar 22)
 Company: Shellmore info


 - Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce (Mar 22)
 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 - Southern North Sea Special Interest Group Launched (Nov 21)
 Company: BG Groupmore info
 - Despite Cuts, Big Oil to Expand Production into the 2020s (Sep 5)
 - Sound Energy Appoints Ex-BG Exploration Lead (Aug 24)
 - Shell Misses Expectations As Earnings Plunge On Oil, BG Costs (Jul 28)
 Company: ConocoPhillipsmore info


 - Cenovus Drops Most Ever as $13.3 Billion Deal Ramps Up Risks (Mar 30)
 - ConocoPhillips Sells Oil Sands, Gas Assets to Cenovus in C$17.7B Deal (Mar 29)
 - ConocoPhillips CEO Talks Talent Shortage and Learning in the Downturn (Mar 7)
 Company: ENImore info


 - Nigerian Court Overturns Seizure Of Oilfield From Shell And Eni (Mar 17)
 - Zohr to Start Gas Production This Year (Mar 15)
 - ExxonMobil Agrees to Buy 25% Stake in Mozambique's Area 4 Block (Mar 9)
 Company: Inpexmore info


 - Lukoil Finds Oil at Iraq Well (Feb 22)
 - Japan's Inpex Sticks To Australia Ichthys LNG Output Target (Feb 10)
 - Inpex, ADNOC Agree to Extend Offshore Abu Dhabi Joint Development Project (Jan 16)
 Company: CNOOCmore info
 - Cenovus Drops Most Ever as $13.3 Billion Deal Ramps Up Risks (Mar 30)
 - US Transparency Reversal Stings Canadian, European Oil Firms (Feb 3)
 - China's Oil Majors Set To Lift CAPEX For First Time In Years (Jan 26)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
Updated in last 24 hours