Iran General NewsEnergy: Italian oil and gas giant says it will...

Energy: Italian oil and gas giant says it will observe any sanctions

-

AKI: Italy’s energy giant, Eni, says it will abide by any sanctions imposed by the international community on oil and gas development in Iran. ADN Kronos International

Tehran, 13 Nov. (AKI) – Italy’s energy giant, Eni, says it will abide by any sanctions imposed by the international community on oil and gas development in Iran.

Speaking to the media at the World Energy Conference in Rome on Tuesday, Paolo Scarni, the company’s chief executive officer, said he hoped the sanctions could be avoided.

“We hope that the situation in Iraq improves because we are in a good position to grow in that country, ” he said.

“If there are sanctions, we will do whatever is required. We are proceeding with two contracts in Iran that are going forward. Eni’s production in Iran is relative, but we hope that the situation improves.”

Scarni was responding to a statement by British Prime Minister Gordon Brown, in which he proposed a worldwide ban on companies developing Iran’s oil and gas fields if the country failed to curb its nuclear ambitions and nuclear enrichment.

“Iran constitutes a serious threat to nuclear non-proliferation,” said Brown on Monday night.

The British leader announced a campaign to press the United Nations and the European Union to impose tougher penalties to increase pressure on Iran, above all with respect to investments in the oil and gas sector.

In his first major foreign policy speech, Brown warned Tehran “not to doubt in any way the seriousness of Britain’s intentions”.

Despite attempts by its administration to reduce relations with Iran, Eni is one of the few western companies that still operates in the Islamic republic. International energy giants, Shell andTotal, are getting ready to abandon Iran.

Eni is accessing oilfields in Darkhoin, situated near Ahwaz and in South Pars, an offshore area in the Persian Gulf.

Eni participates in other development projects in Doroud on the island of Kkark, and in Balal, also located offshore. In 2004 Eni’s production of oil and natural gas totalled around 9,000 barrels a day.

Italy’s Eni implemented the Darkhoin project in a joint venture with Iran’s Nikoo oil firm under a buyback deal and the Italian company financed the project. Darkhoin development, begun in July 2005, is expected to be divided into two phases.

The first phase already completed included eight wells and development is expected to be completed in another five years.

Eni is one the most important integrated energy companies in the world operating in the oil and gas, power generation, petrolchemicals, oilfield services construction and engineering industries. In these businesses it has a strong edge and leading international market position.

Eni is active in around 70 countries with more than 70,000 employees.

Iran is one of the world’s major gas and oil producers and countries such as China, Japan and to some degree Italy depend on Iran’s oil and gas exports.

Today 55,000 barrels a day are being produced from Eni’s wells and will rise to 160,000 at the end of the second phase of development.

Investment in the project will reach 548 million dollars at the end of the second phase. In the case of South Pars, two production platforms have been installed and 24 wells completed high seas.

Latest news

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Iran’s Regime Is Hiding Human Rights Violations In Its Prisons

With more than four months into Iran’s latest round of nationwide uprisings, the brutality of the Iranian regime’s security...

How Internet Censorship Is Damaging Iran’s Economy

While in the last four months, internet access in Iran has been cut off or severely limited, the regime’s...

Iran Regime’s Upcoming Budget Bill Will Lead To More Protests

On January 12, the Iranian regime’s president Ebrahim Raisi handed over the country’s budget bill to the parliament.  According...

Must read

U.N. draft resolution on Iran loosens travel ban and time limits

New York Times: The European sponsors of a resolution...

Analysis – EU may believe it can afford to ban Iran’s oil

Reuters: Europe is edging towards an Iranian oil embargo...

You might also likeRELATED
Recommended to you