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Eni and Snam Advance CO2 Storage in Italy's Ravenna Project
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Eni SpA (E - Free Report) , Italy’s leading oil and gas company, and Snam, a key energy infrastructure operator, have commenced CO2 injection at the Ravenna Carbon Capture and Storage (“CCS”) project, achieving a milestone in Italy's journey toward industrial decarbonization. This project, Italy’s first of its kind, is powered entirely by renewable electricity, ensuring no additional CO2 emission during the process.
Snam and Eni Advance Industrial Decarbonization
This project, which began CO2 injection activities just six months after Snam conducted a market test on hydrogen demand in Italy, marks a significant step toward industrial decarbonization. The Ravenna CCS project, developed through a joint venture between Eni and Snam, is aimed at supporting Italy’s environmental goals by capturing, transporting and permanently storing CO2. Phase 1 of the project is set to capture approximately 25,000 tons of CO2 per year from Eni’s renewable-powered natural gas treatment plant in Casalborsetti.
Eni Advances EU Climate Goals With CCS Project
As part of Italy’s commitment to the European Union’s target of developing at least 50 million tons of CO2 storage capacity by 2030, Eni and Snam have ambitious plans for the Ravenna project. Phase 2 of the project is expected to store up to 4 million tons of CO2 annually by 2030, with potential expansion to 16 million tons. This project positions Ravenna as a potential hub for decarbonizing energy-intensive industries, contributing significantly to Italy’s climate goals and the broader push for carbon neutrality by 2050.
Eni’s Commitment to the Energy Transition
Eni’s CEO, Claudio Descalzi, emphasized the importance of CCS in the energy transition, describing it as a safe and effective means to reduce emissions from industries that cannot be easily electrified. By leveraging existing infrastructure and technical expertise, Eni is providing a competitive service that is attracting significant interest. Snam’s CEO, Stefano Venier, echoed this sentiment, highlighting the project’s alignment with the company’s strategic plan to support a fair and balanced energy transition.
MPLX derives stable fee-based revenues from long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership’s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.
The Zacks Consensus Estimate for MPLX’s 2024 EPS is pegged at $4.29. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.
The Zacks Consensus Estimate for FTI’s 2024 EPS is pegged at $1.34. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
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Eni and Snam Advance CO2 Storage in Italy's Ravenna Project
Eni SpA (E - Free Report) , Italy’s leading oil and gas company, and Snam, a key energy infrastructure operator, have commenced CO2 injection at the Ravenna Carbon Capture and Storage (“CCS”) project, achieving a milestone in Italy's journey toward industrial decarbonization. This project, Italy’s first of its kind, is powered entirely by renewable electricity, ensuring no additional CO2 emission during the process.
Snam and Eni Advance Industrial Decarbonization
This project, which began CO2 injection activities just six months after Snam conducted a market test on hydrogen demand in Italy, marks a significant step toward industrial decarbonization. The Ravenna CCS project, developed through a joint venture between Eni and Snam, is aimed at supporting Italy’s environmental goals by capturing, transporting and permanently storing CO2. Phase 1 of the project is set to capture approximately 25,000 tons of CO2 per year from Eni’s renewable-powered natural gas treatment plant in Casalborsetti.
Eni Advances EU Climate Goals With CCS Project
As part of Italy’s commitment to the European Union’s target of developing at least 50 million tons of CO2 storage capacity by 2030, Eni and Snam have ambitious plans for the Ravenna project. Phase 2 of the project is expected to store up to 4 million tons of CO2 annually by 2030, with potential expansion to 16 million tons. This project positions Ravenna as a potential hub for decarbonizing energy-intensive industries, contributing significantly to Italy’s climate goals and the broader push for carbon neutrality by 2050.
Eni’s Commitment to the Energy Transition
Eni’s CEO, Claudio Descalzi, emphasized the importance of CCS in the energy transition, describing it as a safe and effective means to reduce emissions from industries that cannot be easily electrified. By leveraging existing infrastructure and technical expertise, Eni is providing a competitive service that is attracting significant interest. Snam’s CEO, Stefano Venier, echoed this sentiment, highlighting the project’s alignment with the company’s strategic plan to support a fair and balanced energy transition.
E's Zacks Rank & Key Picks
E currently has a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like MPLX LP (MPLX - Free Report) , Core Laboratories Inc. (CLB - Free Report) and TechnipFMC plc (FTI - Free Report) . While MPLX currently sports a Zacks Rank #1 (Strong Buy), Core LaboratoriesandTechnipFMC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
MPLX derives stable fee-based revenues from long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership’s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.
The Zacks Consensus Estimate for MPLX’s 2024 EPS is pegged at $4.29. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.
The Zacks Consensus Estimate for FTI’s 2024 EPS is pegged at $1.34. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.