Corporate week in brief: Eni to merge Norwegian business with Point Resources Report

Insight 02 July 2018

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Report summary

Eni is to merge its Norwegian business with Point Resources, creating a combined company – to be named Vår Energi – owned 69.6% by Eni and 30.4% by Point Resources. Vår Energi will be among the top five producers in Norway, with estimated 2018 production of 180,000 boe/d, and plans to hit 250,000 boe/d by 2023. The combination will ease Point Resources' negative near-term cash flow and provide a solid platform for growth. Read more on this, and the following stories: Brent undeterred by OPEC production boost; oil and gas stocks continue to climb. BP, Total and Equinor unveil hat-trick of investments in renewables and grid edge technologies. BP starts-up Shah Deniz Phase Two on schedule and under budget. Santos signals return to dividends. Eni makes Kalimba discovery, offshore Angola. Kosmos drills duster in Suriname. Global upstream M&A H1 review – deal activity subdued

Macro: oil prices, oil and gas shares
Lead story: Eni and Point Resources Norway tie-up
Companies: BP, Santos, Tullow
Exploration: Eni, Kosmos
M&A: H1 Review
Energy transition: BP, Total, Equinor
Other: Mexico elections