This actually bodes well for eni (and shell) on selling their...

This actually bodes well for eni (and shell) on selling their gas to TS owners.  Both are looking for cash flow and selling ES high CO2 to TSMP owners achieves cash flow at zero risk re CAPEX required to build TS.

Also, the MEO partner yet to be named is PTTEP - you need look no further than PTTEP very recently still looking to build an FLNG for cash maple.  We should know late this month, early next.

Should be a positive story for the next quarterly.

Adl

Eni portfolio under the knife



Strategic plan: Eni chief Claudio Descalzi
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• Low oil prices hit Eni's profits
  18 February 2015 07:21 GMT

Steve Marshall
13 March 2015 15:28 GMT
Eni aims to sell off assets worth €8 billion ($8.42 billion) over the next four years while also cutting investment and slashing costs to boost its profitability in a lower oil price environment.
Chief executive Claudio Descalzi said the Italian giant is now budgeting for a Brent crude price of $55 a barrel this year, rising to $90 billion in 2018, as he unveiled its “transformative” strategic plan for the period to the financial community in London on Friday.
“We are building a much more robust Eni capable of facing a period of lower oil prices and generating sustainable returns and creating value for shareholders,” he said.
The company is targeting capital expenditure of €48 billion in the period from 2015 to 2018, a 17% reduction on its previous plan, while it also aims to cut general & administrative costs by about €2 billion.
However, it stated: “Half of the investments are not finalised, allowing a high level of financial flexibility should the weak current market conditions persist.”
Eni intends to focus spending on start-up of 16 major upstream projects - as well as ramping up fields launched last year –to deliver an additional 650,000 barrels of oil equivalent per day by 2018 as it targets annual output growth of of 3.5%.
These fields are expected to generate cumulative operating cash flow of €19 billion to cover investments over the period, based on an average break-even cost of $45 a barrel.
The company also intends to remain active in exploration with the aim of proving up 2 billion boe in new discoveries.
In addition, Eni is looking to further reduce current low operating costs of $8.30 a barrel by a further 7%.
The Milan-based giant said “a substantial contribution to cash flow will come from planned disposals” of €8 billion, of which about 70% are earmarked over the next two years.
Around half of divestments will be farm-downs of stakes in operated discoveries, while 25% will come from the sale of Eni’s remaining shares in Snam and Galp and the remaining 25% from disposal of mature and non-core midstream and downstream assets, it said.
As a result, the company expects to be have free cash flow of more than €16 billion over the period.
Eni said the plan is geared to strong cash generation and value creation, sustainable shareholder returns and financial stability.
“The strategic transformation outlined in the plan will lead to a much more robust Eni, which will be able to face a period of lower oil prices while continuing to create value in a sustainable way"  the company stated