Eni Boosts Buybacks, Awards $3B+ in Contracts as Offshore Sector Sees Strength

Eni S.p.A. has increased its 2026 share buyback program by 20 percent to EUR 3.4 billion (nearly $4 billion), according to a report from Rigzone. The Italian state-backed energy major cited an elevated oil price environment as the reason for the increase.

In related activity, Eni awarded more than $3 billion worth of contracts to engineering firm Saipem in July alone, Rigzone reported, based on statements posted on Saipem's website. The contract awards highlight significant capital expenditure flowing to offshore and international oilfield services.

Separately, Saudi Arabian state oil shipper Bahri posted a record profit, which it attributed to higher freight rates and increased vessel chartering activity driven by growing customer demand, Rigzone reported.

For Bakken operators and service companies, these developments underscore the financial strength of major international operators amid sustained oil prices. The capital allocation decisions by a major like Eni—directing billions toward shareholder returns and large-scale projects—signal confidence in the global oil market's fundamentals. This environment can support investment in core onshore basins like the Bakken, where maintaining production requires consistent capital for drilling and completion.

However, the concentration of large contract awards to offshore-focused service firms also highlights the competitive global landscape for capital and equipment. While the Bakken's logistics are largely land-based, strength in international shipping rates and offshore project sanctioning can affect the availability and cost of globally sourced materials and specialized labor.

The record profit for a major oil shipper points to robust global commodity movement, a factor that supports the broader energy market in which Bakken crude is priced and sold.