Nigerian Oil-Producing Region Eyes Carbon Deals From Mangroves [BNN Bloomberg (Canada)]
ENI S.p.A. (E)
US:NYSE Investor Relations:
eni.com/en_it/investors.page
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Source: BNN Bloomberg
Delta State, at the heart of Nigeria's crude-producing Niger Delta region, signed a memorandum of understanding with Serendib Capital last week to lease land for 30 years, renewable for another 30 years, to restore the mangroves and seagrass beds. The project could potentially sequester, or store away, 5.32 million tons of carbon each year, prevent the deforestation of 250,000 hectares and replant 20,000 hectares, according to the project developer. Oil majors such as Royal Dutch Shell Plc, Eni SpA, Chevron Corp., TotalEnergies SE and ExxonMobil Corp. have been blamed for much of the damage that's historically destroyed the area's wetlands and farms. They, in turn, could now become some of the biggest buyers of carbon offsets. “With this kind of arrangements, some of the oil companies will hopefully see this as a vehicle through which they can restore the environment,” said Delta State's commissioner of economic planning, Sonny Ekedayen. Foreign companies have been drawn to f
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- Eni (E) to Divest Its UK Upstream Assets to Ithaca Energy [Yahoo! Finance]Yahoo! Finance
- Eni Raises Share Buyback to €1.6 Billion on Strong Cash Flow [Financial Post (Toronto, Ontario, Canada)]Financial Post
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