Investors' Room :: GENEL; Tony Hayward former BP,back in the oil business. - MoneyAM - Free Share Prices, Stock Quotes, Charts, News, Level2

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niceonecyril - 26 Dec 2011 18:34

Chart.aspx?Provider=EODIntra&Code=GENL&S

HARRYCAT - 08 Sep 2014 08:31 - 214 of 360

Return to normal staffing levels in Kurdistan Region of Iraq
Genel Energy announces that, following a significant improvement in the security situation in the border region of the Kurdistan Region of Iraq ('KRI'), the Company has begun the process of returning staffing levels to normal. This follows the temporary and precautionary step of withdrawing non-essential personnel from non-producing assets.

Genel's primary consideration is the safety and wellbeing of our employees. The decision to resume full operations has been made following a close monitoring of the situation, and in consultation with the Kurdistan Regional Government, Foreign and Commonwealth Office of the British Government, and other well-placed authorities.

Genel's operations in the KRI remain safe and secure. Production at Taq Taq and Tawke has been entirely unaffected, and has risen to record levels. Since the start of September combined production from Taq Taq and Tawke has averaged c.234,000 bopd, with piped exports from both fields totalling an average of c.182,000 bopd, boosted by the recent upgrade work on the KRI-Turkey pipeline.

HARRYCAT - 20 Oct 2014 07:50 - 215 of 360

StockMarketWire.com
Genel Energy had noted today's announcements by its partners San Leon Energy and Serica Energy regarding the Sidi Moussa-1 well offshore Morocco, operated by Genel with a 60% working interest.

Genel confirms the information contained in the operational updates issued by its partners.

Genel says it is premature at this stage of operations and ahead of the forthcoming testing of the well to make any definitive technical interpretation.

Genel shall update the market on completion of operations.

niceonecyril - 09 Nov 2014 09:10 - 216 of 360

Due to report on thursday.

http://www.scoop.it/t/aim-market-gossip

Analysts also expect Genel to unveil a landmark gas supply contract with Turkey. The explorer found a huge gas field it named Miran, but investors are reluctant to assign it a value because it was unclear how, or whether, it woud be developed. The expected deal could value Miran at as much as $2bn ( £1.3bn). Genel’s market value is £2bn.

Genel and Gulf Keystone declined to comment.

niceonecyril - 10 Nov 2014 08:18 - 217 of 360

853.00
+99.00 (+13.13%)
live: 8:17AM GMT
Buy Volume 234,014 Trade Low 796.40
Sell Volume 141,879 Trade High 858.00
? Volume 4,016 VWAP 818.72
Total Volume 379,909 Prev da

niceonecyril - 10 Nov 2014 08:45 - 218 of 360

http://www.cityam.com/1415594556/genel-poised-reveal-lucrative-turkey-gas-deal

HARRYCAT - 13 Nov 2014 08:35 - 219 of 360

Trading update and capital markets day preview
Genel Energy plc ("Genel" or "the Company") issues the following trading update and preview ahead of a capital markets day presentation for analysts and investors in London commencing at 14:00 GMT. The presentation materials will be published at 12:00 GMT on www.genelenergy.com with the event broadcast live on the website, and available for download shortly afterwards.

HIGHLIGHTS
· Genel and the Ministry of Natural Resources ("MNR") of the Kurdistan Regional Government ("KRG") have signed an agreement governing the development of the Miran and Bina Bawi gas fields, materially de-risking the gas business and unlocking significant value
· A total of c.23 million barrels of KRI pipeline crude have been exported from Ceyhan in 30 liftings, with a three month track record of predictable sales seeing 24 of these tankers sold and five en route to customers
· The KRG has given a firm commitment to paying contractors in full, with an initial payment to be made in November 2014 and further payments to follow on a regular basis. A normalised payment mechanism is expected in Q1 2015 as increasing pipeline exports deliver budget equilibrium for the KRG
· 2014 production and revenue guidance is unchanged at 60,000-70,000 boepd and revenue of $500-600 million
· 2015 production guidance is set at 90,000-100,000 boepd and revenue guidance at $500-600 million, based on a Brent price of $80/bbl
· Genel's operations in the Kurdistan Region of Iraq ("KRI") remain safe and secure.

http://www.moneyam.com/action/news/showArticle?id=4922489

HARRYCAT - 13 Nov 2014 08:38 - 220 of 360

Agreement with MNR for development of Miran and Bina Bawi

Agreement reached for acquisition of Bina Bawi stake from OMV

Genel Energy plc ("Genel" or "the Company") is pleased to announce that it has reached an agreement with the Ministry of Natural Resources ("MNR") of the Kurdistan Regional Government ("KRG") for the development of the Miran and Bina Bawi gas fields.

In addition, Genel has agreed key terms with OMV to acquire its 36% operated stake in the Bina Bawi gas field. The total consideration will be $150 million in cash. An initial payment of $20 million will be paid on completion of the deal, with the remaining $130 million paid in two instalments after first gas. This is subject to finalisation of documentation and OMV's corporate approvals.

The agreement with the MNR for the development of Miran and Bina Bawi states that:

· The Miran and Bina Bawi fields are to be combined under one Production Sharing Contract ("PSC"). This is expected to be approved by year-end 2014. Following approval, Genel will become the sole contractor and have a 100% equity interest in both fields
· The responsibilities of Genel will be drilling of the gas wells and installation of flowlines and first stage condensate separation at Miran and Bina Bawi. The Company will also be responsible for the development of the oil resources at Miran and Bina Bawi
· The KRG will assume responsibility for the gas treatment facilities and gas offtake arrangements from the fields
· The tender process for the gas treatment plant will commence in the first half of 2015 and first gas production for export will commence in H1 2018. The KRG also has an option to request gas for domestic consumption commencing in 2016
· Genel's entitlement will be 100% of oil revenues until all licence back costs are fully recovered. The Company's share of oil revenues will then revert to 50%. First oil production is expected in 2016
· Genel will also receive 100% of the revenues for condensate extracted at first stage separation and a fee of $0.78 per thousand cubic feet for the raw gas delivered into the gas treatment facilities

The Company expects that a final investment decision for the development of the fields will be made in H1 2015.

http://www.moneyam.com/action/news/showArticle?id=4922484

derwent - 13 Nov 2014 22:06 - 221 of 360

Kurdistan region, Baghdad reach deal on oil exports and payments

By Michael Georgy and Isabel Coles

BAGHDAD/ARBIL Thu Nov 13, 2014 2:53pm EST

Kurdistan regional government confirms deal with Baghdad over oil exports

(Reuters) - The government of Iraq and the semi-autonomous region of Kurdistan have reached a deal to ease tensions over Kurdish oil exports and civil service payments from Baghdad, Iraq's finance minister told Reuters on Thursday.

Hoshiyar Zebari said the central government had agreed for the time being to resume payments from the federal budget for Kurdish civil servants' salaries.

Zebari, who is a Kurd, described the step as a "major breakthrough" that would reduce friction between the KRG and Baghdad. He said the payments would cover October and then November.

The deal was reached after talks between Iraqi Oil Minister Adel Abdel Mehdi and Kurdish Prime Minister Nechirvan Barzani in the Kurdistan region on Thursday.

Baghdad stopped paying for KRG civil servant salaries in protest against the Kurds' exporting oil to Turkey independently.

Under the agreement, Iraqi Kurdistan will give 150,000 barrels per day of oil exports - equal to around half its overall shipments - to the federal budget.

In Arbil, the Kurdistan Regional Government (KRG) confirmed the agreement.

"What they have agreed is that Baghdad will release some funds - $500 million - and the KRG will give 150,000 barrels per day of oil to Baghdad," KRG spokesman Safeen Dizayee told Reuters.

EXPORTS STILL UNDER CONTROL OF KURDS

He said a KRG delegation headed by the prime minister would travel to Baghdad soon to hammer out a more comprehensive deal and the regional government would not hand over control of exports to Baghdad.

A similar agreement was proposed in April but never advanced to a deal.

In July, then Iraqi foreign minister Zebari said the Kurdish political bloc withdrew from the national government in protest against Prime Minister Nuri al-Maliki's accusation that Kurds were harbouring Islamist insurgents in their capital.

The Kurds later rejoined the administration. But tensions persisted.

Maliki, one of the most divisive figures to emerge from the U.S. occupation of Iraq, was later replaced by Haider al-Abadi.

He is seen as a moderate Shi'ite capable of cooperating with Sunni Muslims, Kurds and other sects.

Iraqi leaders are under pressure to bury differences in order to counter Islamic State militants who have seized chunks of the country in the north and west.

There are about 5 million Kurds in majority Arab Iraq, which has a population of more than 30 million. Most live in the north, where they run their own affairs, but remain reliant on Baghdad for a share of the national budget.

(Writing by Michael Georgy; Editing by Keiron Henderson)

niceonecyril - 25 Nov 2014 12:30 - 222 of 360

Consolidation will cut the number of oil producers in Kurdistan by three-quarters within five years, Genel Energy Plc (GENL) Chief Executive Officer Tony Hayward said.

“It’s likely that we’ll end up with, perhaps, five or six of the largest companies operating with Genel, Exxon, Chevron ending up as major operators,” Hayward said in a Nov. 21 interview during the Atlantic Council conference in Istanbul. “It’s what happens in most hydrocarbon provinces.”

ExxonMobil Corp. (XOM), Chevron Corp. (CVX) and DNO ASA (DNO) of Norway are among more than two dozen international oil companies holding 35 licenses in the Kurdish Regional Government area. They export about 350,000 barrels a day of crude, pumping it through a Turkish pipeline to the Mediterranean.

Genel has spent more than $1 billion since 2012 on acquisitions in Kurdish-controlled northern Iraq, giving the London-based company joint ventures in seven of the region’s oil and gas fields. This month it agreed to pay $150 million for OMV AG’s 36 percent stake in Bina Bawi, making it the sole owner of the gas field.

“Having made four or five investments in the region, we are continuously looking for opportunities,” said Hayward.

Genel expects approval by the end of this year of an agreement signed with KRG last week to develop the Miran and Bina Bawi gas fields, which will start sending Turkey 4 billion cubic meters of gas a year from 2018. That export volume could more than double by 2020 and increase fivefold to 20 billion cubic meters by 2025, Hayward said.

Gas Reserves

Officials in Turkey said the country plans to build a pipeline to import the fuel.

Development starts next year at Miran, which has gas reserves of 4 trillion cubic feet, and Bina Bawi, with double that volume, according to Hayward. Genel will sell unprocessed gas from the two fields to KRG at a price of 78 U.S. cents per million British thermal units after investing in drilling wells and flow lines, he said.

“We will earn our return through the condensate we’ll strip from the gas and the oil associated with the gas field and KRG will get this gas at a very cheap price,” Hayward said. The KRG will build a gas-processing plant in which Turkish builders and lenders will participate, he said.

Genel, which doesn’t need partners for the gas fields, would need to spend about $1 billion over three years to develop them, Hayward said. KRG’s processing plant would cost as much as $6 billion, potentially with about half coming from Turkish bank loans and the remainder as equity from Turkish contractors, he said.

Lowest Cost

KRG will sell the gas to Turkey at $7 per million Btu, according to a 2013 agreement between the regional government and Turkey, he said. The wholesale market price for gas-fired power plants in Turkey is $10 to $11 per million Btu, Hayward said. Turkey imports almost all of its gas needs, with Russia supplying 60 percent.

“This is one of the lowest cost prices in the world today actually and right on the Turkish doorstep, only 100 kilometers away,” Hayward said. “Kurdish gas has certainly the potential to match Russian gas for Turkish market.”

Turkey plans to build a pipeline extension to the Iraqi border to import gas from Kurdistan, two Turkish officials with knowledge of the matter said last week. It would carry as much as 20 billion cubic meters of gas a year, one of them said.

HARRYCAT - 02 Dec 2014 08:26 - 223 of 360

StockMarketWire.com
Genel Energy has announced that the Taq Taq field partners have received an initial gross payment of $30m from the Kurdistan Regional Government for oil exported through the Kurdistan Region of Iraq (KRI)-Turkey pipeline.

The Tawke field partners will also receive a $30 million gross payment. Genel's net share of these payments is $24 million.

Genel believes that this is an important first step towards the normalisation of payments for oil exported through the pipeline. Payments are expected to become more regular and predictable once the KRG reaches budget equilibrium in early 2015.

Oil exports by pipeline from the KRI continue to grow and recently exceeded 350,000 barrels of oil per day.

niceonecyril - 03 Dec 2014 07:16 - 224 of 360

From the Times.

The Kurds and Baghdad have finally ended their bitter feud over how to share Iraq’s oil revenues, sending shares in London-listed Kurdish oil explorers soaring.
After more than five years of squabbling, the two sides have struck an agreement guaranteeing that oil producers in the Kurdish semi-autonomous region of Iraq will be paid in full.
Shares in Genel Energy, the explorer set up by Tony Hayward, the former chief executive of BP, rose by nearly 10 per cent, and Gulf Keystone’s stock closed up by 15 per cent.
Hoshiyar Zebari, the finance minister of Iraq, described the deal as a “win-win” for Baghdad and the Kurdish Regional Government.
Baghdad has agreed to allow the Kurds to export 300,000 barrels a day from Kirkuk, the northern city, and another 250,000 barrels a day from the northern Kurdish region through Turkey. In return, the Kurds will receive a 17 per cent share of Iraq’s national budget every month.

niceonecyril - 30 Dec 2014 23:00 - 225 of 360

Bloomberg

Kurdistan Ripe for Consolidation as Oil Plunges, Genel Says
By Firat Kayakiran
December 17, 2014 12:04 PM EST

1

Genel Energy Plc (GENL), the company headed by former BP Plc Chief Executive Officer Tony Hayward, sees acquisition opportunities in Iraqi Kurdistan as oil prices plunge and the region resolves differences with Baghdad.

“We expect to see a lot of consolidation both in Kurdistan and globally,” Genel President Mehmet Sepil said in London today. “Most of the big companies were created through mergers at the time of political or economic crisis.”

Genel has spent about $1.4 billion on acquisitions and plans to continue to grow, Sepil said. While crude futures have slumped about 44 percent this year to trade below $55 in New York, the London-based explorer produces oil at a cost of $5 a barrel, Sepil said. “Even if the price falls to $20 a barrel, we are making a lot of profit.”

An agreement between the Kurdistan Regional Government and Baghdad over oil exports will create a wave of consolidation both in the semi-autonomous region and the country as a whole, Sepil said. Disagreement between the two authorities had slowed investment by forcing international companies to choose between them, he said.

Genel shares jumped 6.3 percent to 662.5 pence, valuing the company at 1.84 billion pounds ($2.88 billion) at the close in London.

Agreement Reached
The KRG is set to produce 1 million barrels of oil a day by the end of 2015, it said on Nov. 7. It plans to export 500,000 barrels a day via neighboring Turkey by the end of March. The region had been exporting oil in defiance of Baghdad until they reached an agreement last month on sharing revenue, paving the way for a broader agreement on the future of the region.

ExxonMobil Corp. and Chevron Corp. are among more than two dozen international oil companies with a combined 35 licenses in the area. The companies export about 400,000 barrels a day of crude, pumping most of it through a Turkish pipeline to the Mediterranean.

Kurdistan has become a key contributor to the Iraqi economy, Sepil said. The Kurds are protecting the oil fields from Islamic militants and provide stability and steady production, he said.

Kurdish forces helped to repel Islamic State militants who threatened the region’s energy boom by taking a vast swathe of northern Iraq and Syria this year.

To contact the reporter on this story: Firat Kayakiran in London at fkayakiran@bloomberg.net

To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Alex Devine, Dylan Griffiths

niceonecyril - 09 Jan 2015 23:23 - 226 of 360

From lse

Mulder 699 posts

Genel IR call

I spoke with Genel Investor Relations earlier. (Much better than Anastasia!) They say all the oil companies are in the same boat. A further payment is imminent to all from the KRG but they would not tell me when. They also reassured me the earlier payment was definitely not a one off and that these would become regular in 'the foreseeable future'. Advised us all to be patient!

niceonecyril - 11 Jan 2015 12:52 - 227 of 360

Sun 11 Jan 2015

NewsNewspaperAppJob

Where's the money?

GENEL ENERGY

By Nassir Shirkhani London

09 January 2015 00:00 GMT

Where is the money? This is the mantra of leading operators in Iraqi Kurdistan as they freeze expansion plans until the Kurdistan Regional Government (KRG) Oil Ministry pays them for the crude they produce in the autonomous region.

The pioneers that put Iraqi Kurdistan on the global energy map argue it is high time they reap the rewards of investing in a region once shunned by major companies for being a risky destination.

Norway’s DNO, Anglo-Turkish oil company Genel Energy and UK-listed Gulf Keystone Petroleum, which account for the bulk of Kurdish oil production, are under intense pressure from shareholders to rein in expansion plans until the KRG begins a regular payment schedule to help them recover costs after years of hectic spending.

New agreement Executives of the three companies urged KRG’s Oil Minister Ashti Hawrami during a CWC conference in London in December to turn a new page in the region’s relationship with the companies now that the KRG is receiving funds from the Iraqi central government under a new revenue sharing agreement.

The companies’ push for money intensified following the landmark agreement in early December that commits the central government to resuming payments of federal funds to the Kurds in return for oil exports through the region.

The deal followed the formation of the new Iraqi government, led by Haider al-Abadi, in the wake of humiliating defeats by the Iraqi army at the hands of self-proclaimed Islamic State militants.

The KRG has since played a key role in pushing back the jihadists, and relations between Erbil and Baghdad improved significantly.

DNO executive chairman Bijan Mossavar-Rahmani and his peers see light at the end of the tunnel after a tumultuous decade of operations in the KRG. “I expect we are seeing the dust start to settle and the smell of victory is in the air,” he says.

However, he cautions that the victory will sound hollow unless the companies see a steady revenue stream after years of patchy payments for their work in Iraqi Kurdistan.

“We have indicated that we will do more with more. More regular and transparent payments for past, present and future production. More clarity about how Kurdistan’s oil is commercialised,” Mossavar-Rahmani told the London conference.

“Until such normalisation takes hold the true oil and gas potential of Kurdistan will not be fully unlocked.”

Genel president Mehmet Sepil sounded optimistic about a lasting agreement between Baghdad and the KRG on ending their long-standing oil dispute, making it possible for the Kurdish government to pay companies.

“Starting from next month, I think Ashti is going to regularise all the payments,” Sepil says. Genel and its partner Sinopec, meanwhile, are putting on hold expansion plans for their flagship Taq Taq field, which is currently producing close to 140,000 barrels per day.

Output is to peak at 150,000 bpd by February.

“Then we will see whether we want to increase. We are a publicly-listed company and don’t want to commit more than we see today, but there is a good chance we will be producing over 150,000,’’ Sepil says.

Genel says the pause will allow the Taq Taq partners to carry out a reservoir study after water encroachment at the field.

Genel said earlier this year it was planning to increase production at Taq Taq to 200,000 bpd by 2015.

DNO, meanwhile, is preparing to take a breather on expansion at its operated Tawke block, which is capable of producing 200,000 bpd — making it the largest producing field in Kurdistan.

Standing back Tawke is now producing 100,000 bpd, but output will double to 200,000 bpd by February once a lager 24-inch pipeline connecting the field to the Turkish border has been completed.

“We are going to catch our breath. We have quadrupled capacity in two years and deserve to stand back and pause to see how the wells are performing, how the field is performing and understand how the commercialisation works,” says Mossavar-Rahmani.

“To continue to grow deliverability when commercialisation is unclear does not make sense. We will pause in 2015 and then, in consultation with our partner Genel and the Kurdistan government, we will make a decision as to whether additional investments are warranted or not.

“We have been promised regularity of payments and we will base our own planning around that,’’ he adds, referring to KRG Oil Ministry plans to start paying companies on a regular basis.

DNO has a 55% in Tawke, while Genel is on 25% with the KRG holding the remaining 20%.

Elsewhere in Iraqi Kurdistan, Gulf Keystone is on track to double production from its Shaikan field to 40,000 bpd in January.

Any further expansion of Shaikan is on hold, pending regular payments.

Gulf Keystone is therefore bound to miss its longer-term production goal of 100,000 bpd by the end of 2015.

The KRG paid a total of $75 million to DNO, the Taq Taq partners and Gulf Keystone in December after receiving $500 million in federal funds.

The KRG has just received a further similar amount from the central government, with the companies expecting another share of the cake.

The three pioneers and partners are expected to produce a total of just under 400,000 bpd from their Kurdish fields by February.

Additionally, the local Kar group is producing about 100,000 bpd from the Khurmala dome, thus soon giving the KRG a combined production of 500,000 bpd.

Hawrami has set himself a production goal of 1 million bpd in 2016 from KRG territories, but that target looks increasingly distant amid payment problems, the faltering oil market and security issues.

Pact binds country’s wounds: Page 26

Desktop version Contact App© Upstream 2014

HARRYCAT - 12 Jan 2015 16:07 - 228 of 360

StockMarketWire.com
Goldman Sachs has upgraded its recommendation on Kirdistan focused independent oil producer Genel (LON:GENL) to 'buy' from 'neutral', stating that it believes the stock offers an attractive risk / reward opportunity on a strategic asset base.

The broker added: "If regular and sustainable oil export payments can be achieved, this would not only de-risk visibility on company cash flows, but also remove a key hurdle for future accretive asset disposals, which we see as the longer term driver for Genel's valuation."

Nevertheless, analysts have cut their target price to 850 pence per share from 1,280 pence.

Separately, Deutsche Bank repeated its 'buy' call but lowered its target to 800 pence from 1,000 pence, which it said was after stress-testing balance sheets in the sector down to $50

HARRYCAT - 21 Jan 2015 08:38 - 229 of 360

StockMarketWire.com
Genel Energy lowered revenues guidance for this year and expects revenue for 2014 to be towards the lower end of the $500m-600m guidance range, in line with consensus.

In 2014, crude oil realisations averaged $73 per barrel, an 11% increase on 2013. Pipeline export realisations from Taq Taq and Tawke are estimated at $77/bbl while Taq Taq domestic market sales (including Bazian refinery) realised $75/bbl, a 6% increase on 2013. Tawke domestic market sales realised $56/bbl, a 7% decrease on 2013.

Genel's revenue guidance for 2015 has been revised from $500m-600m at a Brent price of $80/bbl to $350m-400m at a Brent price of $50/bbl.

The company says a combination of low development and operating costs and production sharing contract structure creates a robust Kurdistan Region of Iraq oil business very resilient to sustained low oil prices.

Genel produced 69,000 barrels of oil equivalent per day in 2014 - an increase of 58% year-on-year with significant further growth expected this year.

niceonecyril - 26 Jan 2015 17:25 - 230 of 360

"Only two more categories now and the first is to look at the potential for Genel and Gulf Keystone in Kurdistan. These stocks have had an additional bumpy ride as not only have they had the oil price to contend with but by being where they are they have a geo-political risk factor. Genel has not only Taq Taq and Tawke to give them massive increases in production this year but also have the gas development at Miran which I have always said is the jewel in the crown. The market is concerned about payments for their crude from the KRG but I believe that it is not in the interests of the Government not to pay them and in due course this will happen. Genel is a major beneficiary of Turkey’s ongoing need for energy and with significant booked reserves of oil and gas should be on the shopping list of any cash-rich major as it is just too cheap in the long run. As for GKP it too must be looking very interesting at around 50p, at long last the company has hit the targets it set itself and although it too is awaiting payments for crude oil delivered it will also get paid. There is little doubt that once payments start becoming more regular the company can beef up its operation and will deliver value for shareholders. I think that GKP could easily get taken over as now it has started proper production from Shaikan and with modest pipeline connections can steadily increase its oil sales." -

HTTP://www.malcysblog.com/2015/01/oil-price-the-bucket-list-and-finally/

jimmy b - 26 Jan 2015 19:19 - 231 of 360

Thanks for posting that cyril ,i bookmarked that site ,useful to read ..

niceonecyril - 01 Feb 2015 22:02 - 232 of 360

HTTp://news.sky.com/story/1419273/ex-bp-boss-hayward-lures-monaghan-to-genel

New CFO for Genel

By Mark Kleinman, City Editor

The oil company led by Tony Hayward, the former boss of BP, is poised to announce a shake-up of its executive team four years after it was founded.

Sky News has learned that Genel Energy, which is listed on the London Stock Exchange, will issue a statement on Monday in which it will say that Julian Metherell is to step down as its chief financial officer.

Mr Metherell, a former partner at Goldman Sachs, is expected to retire at Genel's annual meeting in the spring, having played a key role in the company's development.

He will be replaced by Ben Monaghan, one of the City's top oil and gas sector bankers.

jimmy b - 05 Feb 2015 11:10 - 233 of 360

I went long here at 618P this morning ,it's trading at nearly a year low ,i shall be out very quickly with a small profit hopefully .

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GENEL; Tony Hayward former BP,back in the oil business. (GENL)