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Fusion could have an important advantage over today's nuclear fission plants that split atoms, as it does not produce long-lasting radioactive waste. The former secretary of state will announce his plan to lay out the strategy - which foresees commercialization within years, not decades - on Monday on a tour of fusion company Commonwealth Fusion Systems near Boston. "I will have much more to say on the United States’ vision for international partnerships for an inclusive fusion energy future at COP28," Kerry said in a statement. Some critics say fusion will be too expensive and take too long to develop to help in the fight against climate change in the foreseeable future. In 2023, international fusion companies have garnered about $1.4 billion in investments for a total of about $6.21 billion in mostly private money, the Fusion Industry Association said, down from about $2.83 billion in new investment last year.

Persons: John Kerry, Kerry, Claudio Descalzi, Valerie Volcovici, Timothy Gardner, Jan Harvey Organizations: Eni, WASHINGTON, Commonwealth Fusion Systems, Fusion, Massachusetts Institute of Technology, Commonwealth, United, U.S, National, Fusion Industry Association, FIA, Thomson Locations: U.S, Dubai , U.S, Boston, California, United States, COP28, Germany, Japan, China, Australia

☆ Peak crude demand is fueling anger and argument in the world of oil
▼ + stars: | 2023-10-05 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

Peak oil demand refers to the point in time when the highest level of global crude demand is reached, which will be immediately followed by a permanent decline. This would theoretically decrease the need for investments in crude oil projects and make them less economical as other energy sources take over. "Such narratives only set the global energy system up to fail spectacularly," OPEC Secretary General Haitham al-Ghais said in a Sept. 14 statement. The IEA's roadmap calls for daily oil demand to be slashed by 25% in seven years' time. 'We all strive for the same thing'OPEC leaders, meanwhile, point to continuing yearly increases in oil demand, particularly from major emerging markets like China and India.

Persons: Leonard Ortiz, It's, Haitham, Ghais, Claudio Descalzi, Steve Sedgwick, Descalzi Organizations: MediaNews, Orange, Getty, International Energy Agency, OPEC, IEA, Abu Dhabi International Petroleum Exhibition Conference, Abu Dhabi International Progressive Energy Conference, United, Eni Locations: Huntington Beach , California, United Arab Emirates, UAE, OPEC, China, India

☆ Energy storage is good in Europe but prices are still volatile, Eni CEO says
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy storage is good in Europe but prices are still volatile, Eni CEO saysClaudio Descalzi, CEO of Eni, discusses whether Europe has passed the energy crisis.

Persons: Claudio Descalzi Organizations: Eni Locations: Europe

☆ Eni CEO discusses its new gas discovery in Indonesia
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEni CEO discusses its new gas discovery in IndonesiaClaudio Descalzi, CEO of the Italian energy giant, speaks to CNBC at ADIPEC in Abu Dhabi about its gas discovery in Indonesia.

Persons: Indonesia Claudio Descalzi Organizations: CNBC Locations: Indonesia, Abu Dhabi

☆ Oil and gas demand is growing but you have to be 'efficient and effective,' ENI CEO says
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil and gas demand is growing but you have to be 'efficient and effective,' ENI CEO saysEni CEO Claudio Descalzi says oil and gas demand is growing, but has to be "efficient and effective" for new technologies.

Persons: Claudio Descalzi Organizations: Email

The deal fits the Italian group's plan to increase the share of gas in its total hydrocarbon production and is expected to boost its earnings immediately, Eni said in a statement. Eni, which is controlled by the Italian government, owns 63% of Vaar and is the main beneficiary of cash dividends from the Oslo-listed unit. VAAR EXPANDING IN NORWAYUnder the agreement, Eni will acquire Neptune's entire portfolio other than its operations in Germany and Norway. The German operations will be carved out prior to the Eni transaction and the Norwegian operations will be acquired by Vaar directly from Neptune in a separate deal, the two groups said in a statement. The Vaar transaction will close immediately prior to the Eni deal with the proceeds from the Norway sale remaining with the business purchased by the Italian group.

Persons: Italy's Eni, Eni, Claudio Descalzi, Descalzi, Vaar, Torger Roed, Rothschild, Ernst, Young, Shadia Nasralla, Terje Solsvik, Alvise Armellini, Jason Neely, Simon Cameron, Moore, Philippa Fletcher Organizations: Eni, MILAN, Italy's, Neptune Energy, Vaar Energy, LNG, Eni's Gas, Royal Bank of Canada's, Neptune, China Investment Corporation, Carlyle Group, CVC Capital Partners, HSBC, White, Case, Thomson Locations: Europe, Algeria, Indonesia, Milan, Russia, Oslo, Norway, Vaar, NORWAY, Germany, Norwegian, Neptune, Neptune Norway, Italian, Britain, Netherlands, LNG, London

☆ CEO of Italy's Eni sees no major energy price upsets in 2023
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +1 min

Companies Eni SpA FollowROME, April 29 (Reuters) - The CEO of Italian oil and gas company Eni (ENI.MI), Claudio Descalzi, has said he does not expect any "big shocks" on the energy markets this year. "Above all, in these months we have managed to diversify supplies, eliminating dependencies that are dangerous for the stability of supplies and prices," he added. Prior to Russia's invasion of Ukraine in 2022, Italy depended on Russia for 40% of its gas imports. Eni said on Friday its first-quarter net profit fell 11% year-on-year on lower oil and gas prices compared with the first three months of 2022, but its results nonetheless exceeded expectations. Reporting by Crispian Balmer Editing by Helen PopperOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Italy's govt nominees for top jobs at Enel, Eni, Terna
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +3 min

Their appointments will need to be approved by investors at meetings scheduled for May 9 for Terna, and May 10 for both Enel and Eni. ENEL (ENEI.MI)Flavio Cattaneo, 59, is an experienced manager and entrepreneur who will leave his role as vice president of high-speed train operator Italo to succeed current Enel CEO Francesco Starace. Becoming Enel chairman would be for him a return to the utility where he served as CEO between 2002 and 2005. Scaroni also served as chief executive of energy group Eni between 2005 and 2014. ENI (ENI.MI)The Treasury proposed CEO Claudio Descalzi for a fourth term and picked Giuseppe Zafarana, 59, as chairman for the energy group.

The most surprising appointment was that of the new Enel chief Flavio Cattaneo, a seasoned corporate manager who leaves his role as vice president of high-speed train operator Italo to lead the country's biggest utility. He leap-frogged Stefano Donnarumma, the current chief executive of power grid Terna (TRN.MI), widely seen as Meloni's first choice. Enel shares were down 4% on Thursday, with investors fretting over Cattaneo's lack of expertise in the renewable energy sector. Leading politicians in Meloni's right-wing coalition said this issue was a major stumbling block for Donnarumma, along with pressure from League chief Salvini, a strong supporter of Cattaneo. Besides concessions on Enel, Meloni kept a tight grip on the rest of the main appointments.

☆ Italy's Eni and CFS speed up plans for fusion energy
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

MILAN, March 9 (Reuters) - Italian energy group Eni (ENI.MI) and U.S.-based Commonwealth Fusion System (CFS) signed a new collaboration agreement on Thursday to accelerate the industrialisation of nuclear fusion energy. Nuclear fusion energy, which would generate power from nuclear fusion reactions, will make a major contribution to energy transition and Eni said the process would help the company to reach its net-zero emissions goal by 2050. In September 2021, CFS successfully tested its high-temperature superconducting magnet technology, a system that ensures plasma confinement in the magnetic fusion process. The world's first magnetic confinement pilot plant with net production of fusion energy dubbed SPARC is in construction and will be operational in 2025. SPARC will pave the way for ARC – the first commercial power plant, expected at the beginning of the next decade.

☆ CERAWEEK Eni CEO says gas market will be "difficult" for Europe through 2025
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

Companies Eni SpA FollowHOUSTON, March 7 (Reuters) - Eni (ENI.MI) CEO Claudio Descalzi said on Tuesday that the natural gas market will be "more difficult" for Europe this winter through 2025 due to a lack of supply from Russia. "This next year, and also in 2024 and 2025, will be more difficult because last year until July we relied on about 80% of the Russian gas," he told the CERAWeek conference in Houston. "Now there's no Russian gas at all." Writing by Richard ValdmanisOur Standards: The Thomson Reuters Trust Principles.

☆ Italian prosecutors drop Congo case against Eni CEO
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

MILAN, Feb 8 (Reuters) - Milan prosecutors do not plan to pursue a case against the head of Italian energy group Eni (ENI.MI) over oil permits granted in Congo Republic, they said on Wednesday. The magistrates formally requested the dismissal of a charge against Eni CEO Claudio Descalzi for alleged failure to declare a conflict of interest. They also asked that charges of alleged undue inducement be dropped against Descalzi's wife, Marie Madeleine Ingoba, and six other people including former Eni executives. "Eni CEO's non-involvement in the allegations made long ago by the public prosecutor is now confirmed," the company added. Eni has said it had no role in the allocation of licences or in the Congo Republic government's choice of local partner.

☆ TotalEnergies says well drilling in Lebanon's offshore Block 9 to begin in Q3
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +3 min

Following months of talks, QatarEnergy has taken a 30% stake in the consortium, leaving TotalEnergies and Eni with 35% each. "From a geological point of view, I am positive" about a discovery in Lebanon's Block 9, Descalzi told reporters. Pouyanne and Qatar's energy minister Saad al-Kaabi, also the CEO of QatarEnergy, said they were discussing possible coordination on renewable energy in Lebanon. Lebanon's first licensing round in 2017 saw a consortium of TotalEnergies, Eni and Russia's Novatek win bids to explore. Pouyanne said the maritime border agreement had ended the "deadlock" facing exploration activities in Block 9.

☆ Italy's Eni signs $8 billion Libya gas deal as PM Meloni visits Tripoli
▼ + stars: | 2023-01-28 | by ( Gavin Jones | ) www.reuters.com time to read: +4 min

The deal, signed during a visit to Tripoli by Italy's Prime Minister Giorgia Meloni, aims to increase gas output for the Libyan domestic market as well as exports, through the development of two offshore gas fields. Output will begin in 2026 and reach a plateau of 750 million cubic feet per day, Eni said in a statement. "This agreement will enable important investments in Libya's energy sector, contributing to local development and job creation while strengthening Eni's role as a leading operator in the country," said its chief executive, Claudio Descalzi. Meloni met Libya's Prime Minister Abdulhamid al-Dbeibah, head of the internationally recognised Government of National Unity (GNU) in Tripoli for talks that also focused on migration across the Mediterranean. Italian Interior Minister Matteo Piantedosi, who oversees the migration issue for Rome, accompanied Meloni to Libya, as well as Foreign Minister Antonio Tajani.

☆ Russian gas will eventually return to Europe as nations 'forgive and forget,' Qatari energy minister says
▼ + stars: | 2023-01-16 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

On Friday, Russian energy supplier Gazprom said it would not resume its supply of natural gas to Germany through the key Nord Stream 1 pipeline, blaming a malfunctioning turbine. Hannibal Hanschke | ReutersThe European Union's rejection of Russian energy commodities following Moscow's invasion of Ukraine won't last forever, Qatar's Energy Minister said during an energy conference over the weekend. EU countries have dramatically cut down their imports of Russian energy supplies, imposing sanctions in response to Moscow's brutal, full-scale invasion of Ukraine. "But Russian gas is going back, in my view, to Europe," al-Kaabi said. Italy has dramatically reduced its reliance on Russian gas by replacing it with energy sources from alternative producers, such as Algeria.

☆ It will be hard to find gas in the short term, Eni CEO says
▼ + stars: | 2023-01-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt will be hard to find gas in the short term, Eni CEO saysClaudio Descalzi, CEO of Eni, discusses the three pillars of the energy industry.

☆ In 2023 the priority is Ukraine, Eni CEO Claudio Descalzi says
▼ + stars: | 2023-01-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIn 2023 the priority is Ukraine, Eni CEO Claudio Descalzi saysEni CEO Claudio Descalzi discusses energy security and global priorities for 2023 at the Atlantic Council Energy Forum in Abu Dhabi.

☆ Italy's Eni sets up sustainable transport services company
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 2 (Reuters) - Italian energy group Eni (ENI.MI) said on Monday it had set up a new company dedicated to sustainable transport, which would develop bio-refining, biomethane and offer mobility products and services in Italy and abroad. Last year the Italian group successfully listed its Norwegian oil and gas spin-off Vaar Energy. Eni Sustainable Mobility is directly controlled by Eni, which holds 100% of its share capital, the group said. Eni Sustainable Mobility will be the second lever supporting the group's energy transition strategy together with Plenitude, Descalzi added. Stefano Ballista, former Sustainable Mobility Director at Eni Energy Evolution, is the CEO of Eni Sustainable Mobility.

☆ Oil CEOs say this winter is not the season to worry about when it comes to the energy crisis
▼ + stars: | 2022-11-01 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

The global economy is facing an onslaught from multiple sides — a war in Europe, and shortages of oil, gas and food, and high inflation, each of which has worsened the next. But as much concern as there is ahead of this winter, it's really the winter of 2023 that people should be worried about, major oil and gas executives have warned. "It's the next winter I think many of us worry, in Europe, could be even more challenging." watch nowThe CEO of Italian oil and gas giant Eni expressed the same worry. For this winter, Europe's gas storage is around 90% full, according to the International Energy Agency, providing some assurance against a major shortage.

☆ Europe doesn't have gasoline and that is a 'big weakness,' says Eni CEO
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEurope doesn't have gasoline and that is a 'big weakness,' says Eni CEOClaudio Descalzi, Eni CEO, says Europe does not have gasoline and that is a "big weakness." Adding "that is our fault? I dunno, but it is the fault of somebody for sure."

☆ Gas business helps Italy's Eni to beat expectations
▼ + stars: | 2022-10-28 | by ( Francesca Landini | ) www.reuters.com time to read: +3 min

Adjusted net profit in the period came in at 3.73 billion euros ($3.72 billion), soaring from 1.43 billion euros a year ago, and beating a 3.21 billion euro consensus. The state-controlled group raised its full-year expectations for the gas & LNG division and for the downstream business. "Eni has reported strong numbers this morning, with adjusted EBIT and net income coming in ahead of consensus," analysts from RBC Europe said. REPLACING RUSSIAEni will replace at least 50% of its Russian gas supply this winter, leveraging its broad and diversified reserve base, its long-standing relationships with producing countries and a growing presence in liquefied natural gas (LNG), it said. Looking at the different businesses of the group, the gas and LNG division stands out.

The spot where a floating storage and regasification unit will be set up is seen in front of the port city of Piombino, Italy, October 20, 2022. Such a big-scale project will help Italy avert a supply crunch it could otherwise face next winter, but keep it hooked on gas for longer, slowing down its transition to renewable energy. A new rightist government, widely expected to be led by Giorgia Meloni, could be sworn in as soon as next week, with no sign that Rome's line on Piombino project - endorsed by Italy's industrial lobby Confindustria - could be changed. With little domestic gas production and a ban on nuclear power generation, Italy heavily relies on imports for its energy needs. Some local and environmental grassroots associations and unions gathered in Piombino on Thursday for a rally against the project.

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