(News Bulletin 247) – Oddo BHF maintains its ‘neutral’ rating on Eni shares, with an unchanged price target of 16 euros, after Eni and its listed Norwegian subsidiary Var Energi announced the acquisition of Neptune Energy for 4 $.9 billion, in line with market expectations.
ENI will buy the international assets for $2.6 billion and Var (listed in Oslo and 63% owned by ENI) the Norwegian assets for $2.3 billion.
According to Oddo BHF, this operation will reduce ENI and Var’s emissions thanks to the contribution of natural gas and is part of ENI’s strategy to increase the share of gas from 53% to 60% by 2030 and 90% in 2040 and achieve carbon neutrality (scope 1+2) upstream from 2030.
‘It will also help to achieve production growth of 3-4% in 2023-26’, adds the analyst who sees in this operation ‘a tailor-made acquisition with the group’s ambition to increase the share of gas in its mix and strengthen its position in LNG’.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
