
(Source: Shutterstock.com)
Eni Asa and Sonatrach, Algeria’s state-owned oil company, inked a strategic agreement on Jan. 23 to reduce greenhouse gas and methane emissions and develop a number of green initiatives, the companies said in a press release.
Eni CEO Claudio Descalz and Sonatrach CEO Toufik Hakkar signed a pair of agreements in Algiers outlining future joint projects on energy supply, energy transition and decarbonization.
Through these agreements, Eni and Sonatrach said they will identify opportunities for the reduction of emissions, define energy efficiency initiatives, renewable energy developments, green hydrogen projects and CO2 capture and storage projects. The goal, they said, is to support energy security and establish a sustainable energy transition.
In addition, the companies will conduct studies to identify possible measures to improve Algeria's energy export capacity to Europe.
“These agreements bear witness to our commitment to ensuring Italy's security of supply while at the same time pursuing our decarbonization objectives,” Descalzi said. “The partnership between Italy and Algeria gets stronger today, and Algeria's key role as one of Europe's main energy suppliers is confirmed.”
Eni has conducted operations in Algeria since 1981. The company annual produces 20 MMbbl of oil and condensates and 60 Bcf of natural gas, or about 31 MMboe per year. With an equity production of 100,000 boe/d of, Eni said it is the main international company in the country.
Recommended Reading
BP: Ukraine War Likely to Speed Decline in Fossil Fuel Use
2023-02-01 - The fallout from Russia’s invasion of Ukraine includes a global movement away from imported fossil fuels toward domestically produced renewables, BP said in its annual Energy Outlook.
EU Fails to Agree on Russian Oil Price Cap, Say Diplomats
2022-11-29 - The Group of Seven (G7) nations has proposed a softer version of the EU ban to keep oil supply to the global economy steady, because Russia supplies 10% of the world’s oil.
Oil Falls Over 3% Amid Fears More Fed Interest Rate Hikes Coming
2022-12-06 - Russian oil caps, OPEC+ inertia and new data challenges hopes that the Fed might slow the pace and intensity of its rate hikes
EU Tentatively Agrees to $60 Price Cap on Russian Seaborne Oil
2022-12-02 - EU countries have wrangled for days over the details of the price cap, which aims to slash Russia’s income from selling oil, while preventing a spike in global oil prices after an EU embargo on Russian crude takes effect on Dec. 5.
Indian State Oil Companies to Spend $13 Billion in Fiscal 2024
2023-02-01 - Nearly half of overall expenditure would be for refineries expansion and upgrades.