Eni, Snam form new entity to manage Algerian gas export system
Eni has agreed to a restructuring with Snam of its natural gas transport business in the "Southern route" in the Mediterranean region.
The company has divested a 49.9% stake in interests held by Eni’s subsidiaries managing the TTPC/Transmed pipelines that connect Algeria’s gas pipeline network to Italy via Tunisia and the Mediterranean Sea, along with associated transportation rights.
A newly formed entity, SeaCorridor, has taken on these operations, jointly controlled by Eni and Snam with shares of 50.1% and 49.9%, respectively. Eni received cash proceeds of €405 million ($429 million).
Late last year the two parties also agreed to jointly develop and manage the Ravenna Carbon Capture and Storage (CCS) project; this will compile data to support the planned construction of a large CCS hub, using Eni’s depleted offshore gas reservoirs nearby in the Adriatic Sea.
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Phase 1 of the project is underway, with plans to start capture in 2024 of 25,000 t of CO2 emitted from Eni's natural gas treatment plant in Casalborsetti (Ravenna), for subsequent transportation and injection into a nearby depleted gas field. By 2027, Phase 2 (industrial scale up) should provide injection/storage of up to 4 MMt.
In its latest results review, Eni said it planned to start production in 2026 from the large A&E gas structures offshore Tripoli, Libya, following a recent agreement with the National Oil Corp. of Libya.
At peak in 2025, the development should generate 750 MMcf/d, with volumes sent to Libya’s domestic market and to Europe via the Greenstream offshore pipeline, drawing on synergies with the onshore Mellitah Complex. The project also involves construction of an onshore CCS hub.
Finally, Eni subsidiary Plenitude has signed an agreement with Simply Blue Group concerning joint development of floating offshore wind projects in Italy. Plans have already been submitted to the authorities for the 1.3-GW Messapia project offshore Apulia and the 1.1-GW Krimisa offshore Calabria.
Source: Offshore Energy
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