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Italy's AGCM is investigating both companies for violations of fuel prices in the country. The oil companies Eni and ExxonMobil would have discrepancies between the announced prices and those regularly practiced at the pumps.
The week started with great turmoil in the international oil and natural gas sector. Oil companies Eni and ExxonMobil are suffering investigations of the Italian Market Competition Guarantee Authority (AGCM, in Italian) regarding possible violations of fuel prices in the country. Eni is collaborating with the entire operation, while ExxonMobil has yet to comment on the case. Other companies may be in the authority's sights regarding the local oil and gas market.
AGCM conducts an investigation into fuel prices announced and charged at pumps by oil companies Eni and ExxonMobil
In the midst of a not at all unstable scenario regarding the supply and demand of products in the fuel sector, the companies Eni and ExxonMobil became involved in a new controversy.
This is an investigation carried out by the AGCM of Italy into alleged violations of fuel prices in the country's trade.
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According to the authority, the companies would be with price differences between those announced and those actually charged at the pumps of gas stations.
The Italian tax police assisted the AGCM in the entire investigation carried out on the current pricing policy of Eni and ExxonMobil in the country.
The authority also stated that the companies Eni, ExxonMobil, Italia Petroli, Kuwait Petroleum Italia and Tamoil failed to adopt measures to prevent the current scenario of divergences in charged and announced prices, negatively impacting the consumption of products.
Operations continue to discover new frauds in the fuel sector in Italy, aiming to maintain a good price policy for consumers in the country.
Eni collaborates with AGCM to carry out the investigations, while ExxonMobil has yet to comment on the alleged price violations
An Eni spokesman said the company is cooperating with the authority, acted correctly and that it "has already taken all contractual or operational measures against any improper behaviour".
The company has been doing its best to get back on its feet amid investigations of fuel price fraud, but is available to collaborate.
ExxonMobil and other companies in the oil and gas sector have yet to comment on the AGCM's accusations.
Eni recently announced a significant new gas discovery at the Nargis-1 exploration well located in the Nargis Offshore Area Concession in the Eastern Mediterranean Sea off the coast of Egypt.
Drilling the well took place in 309 meters of water by the Stena Forth drillship and the company found about 60 meters of gas-bearing sandstones from the Miocene and Oligocene.
Eni holds 45% of the total asset and intends to take full advantage of the new discovery over the coming months.
Therefore, it aims not to get involved in tax problems with the Italian AGCM, collaborating with all the current process.
Meet the investigated oil companies
Eni is a global energy company, active at all stages of the value chain: from natural gas and oil to cogenerated electricity and renewables, including traditional and biochemical refining and chemicals.
ExxonMobil, one of the world's largest publicly traded energy suppliers and chemical manufacturers, develops and applies state-of-the-art technologies to help safely and responsibly meet the world's growing needs for high-quality energy and chemicals.
