• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 11 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 hours Reality catching up with EV forecasts
  • 10 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 9 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 2 hours Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
How To Balance Your Energy Portfolio For 2023

How To Balance Your Energy Portfolio For 2023

2023 is increasingly looking like…

Explained: The Sweden-Turkey NATO Stalemate

Explained: The Sweden-Turkey NATO Stalemate

Sweden’s bid to join NATO…

Italian Oil Major Looks To Leave Conventional Refining

Italian major Eni plans to exit traditional refining activities within the next decade as it is focused on bio-refineries and accelerating its transition to low-carbon energy, chief executive Claudio Descalzi told Bloomberg in an interview.

The top executive spoke a month after Eni announced in June a “new business structure to be a leader in the energy transition,” creating an Energy Evolution division in the company to accelerate its plans to significantly boost renewable power generation and biofuels production.  

Eni has bio-refineries in Venice and Gela, Italy, converted from conventional fossil-fuel refineries into bio-refineries to produce high-quality, cleaner fuels.

Only the two bio-refineries didn’t work at reduced capacity during Italy’s lockdown between March and early May, because they “worked very well,” Descalzi told Bloomberg.

ADVERTISEMENT

The internal rate of return at bio-refineries is around 15 percent, “not bad” compared to the upstream, the manager noted.

Earlier this month, Eni – like other European majors such as BP and Shell – reduced its long-term oil price assumptions and warned of impairment charges due to the lower value of its upstream assets.

While reducing its oil price assumptions, the Italian company reiterated last week its February commitment to reduce its carbon footprint and possibly even speed up its efforts to be more prepared in the energy transition.

ADVERTISEMENT

“We confirm our strategy to become a leader in the decarbonization process, notwithstanding the enduring impacts of the COVID-19 pandemic on the global economy and the Company. We are assessing how to speed up our plans,” Descalzi said. 

According to a recent analysis from Transition Pathway Initiative (TPI) – an investor initiative backed by over $19 trillion of global capital - Shell and Eni now have the most ambitious emissions-reduction plans among the six European oil majors—Shell, Eni, BP, Total, Repsol, and OMV.

Eni has the most comprehensive strategic response with setting an absolute target to reduce all emissions, including Scope 3, by 80 percent by 2050, and disclosing the expected contribution of carbon capture and storage (CCS), the investor initiative said. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News