Eni CEO: Big Oil Bets on Southeast Asia and Latin America
EU Sets Target To Double Electrification Rate, Cut Oil & Gas Use Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.
The oil and gas industry is shifting its capital investments toward Southeast Asia and Latin America due to prolonged shipping disruptions in the Strait of Hormuz,Eni S.p.A(NYSE:E) CEO Claudio Descalzihas revealed.
Speaking to a parliamentary committee on Thursday, the leader of Italy’s Oil & Gas major says that geopolitics in the Middle East will remain a permanent risk even after peace is established, emphasizing that major producers like Russia and the Gulf nations are likely to face long-term supply constraints, fundamentally reshaping global energy flows.
Southeast Asia is seeing a surge in final investment decisions (FIDs) for natural gas extraction, which could boost regional output by ~18%.
Eni and Malaysia's PETRONAS have officially launched Searah, a 50/50 joint venture consolidating 19 upstream gas assets across Indonesia and Malaysia.
The JV aims to accelerate regional gas developments and drastically ramp up production in Southeast Asia.
Core operations are heavily anchored by Eni’s deepwater developments in the Kutei Basin (offshore East Kalimantan, Indonesia), including the North and South Hub projects.
Similarly, South America is experiencing a massive energy transformation with tens of billions in capital pouring into mega-developments to secure global supply.
Argentina and Guyana have emerged as the twin engines driving this regional boom, rapidly expanding the continent's oil and natural gas footprint.
Eni and Abu Dhabi'sXRGare currently helping to develop the ~$30 billionArgentina LNG (ARGLNG) export complexin Río Negro province.
Additionally, the $1.2 billion, 527-kilometer trunk pipeline drawing gas from the Neuquén basin to the Atlantic coast is under construction.
Descalzi has also highlighted North and Sub-Saharan Africa as vital for the world’s long-term energy security.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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