Eni S.p.A. (Eni), together with its subsidiaries, engages in producing and selling energy products and services to worldwide markets, with operations in the traditional businesses of exploring for, developing, extracting, and marketing crude oil and natural gas, manufacturing and marketing oil-based fuels and chemicals products and gas-fired power, as well as energy products from renewable sources.
The company is implementing a strategy designed to improve profitability and shareholders’ return...
Eni S.p.A. (Eni), together with its subsidiaries, engages in producing and selling energy products and services to worldwide markets, with operations in the traditional businesses of exploring for, developing, extracting, and marketing crude oil and natural gas, manufacturing and marketing oil-based fuels and chemicals products and gas-fired power, as well as energy products from renewable sources.
The company is implementing a strategy designed to improve profitability and shareholders’ returns, leveraging on maximizing the value of its assets’ portfolio, through organic exploration, fast reserve development, production growth, and by applying the satellite model to unlock asset value, while restructuring and revamping the businesses operating in challenged sectors.
The company’s operating segments are:
Exploration & Production: engages in oil and natural gas exploration, field development, and production, as well as in LNG operations, in 35 countries, most notably Italy, Libya, Egypt, Norway, the United Kingdom, Angola, Congo, Nigeria, Mexico, the United States, Kazakhstan, Algeria, Iraq, Indonesia, Ghana, Mozambique, Qatar, Côte d'Ivoire, and the United Arab Emirates. In certain geographies, mainly Angola, Norway, and the UK, the business activities are conducted through equity-accounted entities. The business also engages in oil and products trading activities, designed to perform supply balancing transactions in the market, with a view of ensuring the requested slate of crudes to the refining business, and to stabilize or hedge commercial margins.
Global Gas & LNG Portfolio and Power: engages in the wholesale activity of supplying and marketing gas via pipeline and LNG, maximizing the supply of equity gas/LNG, wholesale marketing of electricity, and international transport activity. It also comprises gas, LNG, and power trading activities targeting both hedging and stabilizing the Group’s commercial margins, and optimizing the gas asset portfolio. This operating segment also includes the results of operations of the Power business, engaged in the production of power produced by a fleet of thermoelectric plants located in Italy, and in providing back-up capacity to the Italian grid.
Enilive engages in the manufacturing of biofuels at the Italian plants of Venice and Gela, and through the Chalmette JV in the USA, whilst advancing expansion plans in Italy and South-East Asia. It manages a network of about 5.2 thousand refueling service stations in Italy and selected European markets, also providing services and non-fuel products to drivers.
Plenitude engages in the activities of retail marketing of gas, power, and related services. As of December 31, 2024, the company’s customer base was over 10 million retail points of delivery (gas and electricity) in Europe (of which 8 million were in Italy). It engages in the renewable energy business (solar photovoltaic and wind facilities, both onshore and offshore), which comprises building, commissioning, and managing renewable energy producing installations, and wholesale marketing of electricity, as well as managing and expanding a network of charging stations for electric vehicles distributed throughout the European territory, in particular in Italy.
Refining and Chemicals: the Refining business engages in refining crude oil to manufacture fuels and in wholesale marketing activities, which mainly consist of the inter-company supply of refined products to the Group subsidiary Enilive, and in sales to large accounts. In the Chemical business, the company, through its wholly-owned subsidiary Versalis, engages in the production and marketing of basic chemical products, plastics, and elastomers. Versalis is developing the business of manufacturing chemical products from renewable raw materials, bioplastics, and bio-based products through the recently acquired subsidiary Novamont. Activities are concentrated in Italy and in Europe. The results of operations of the Refining business and the Chemical business have been combined in a single reporting segment because the businesses exhibit similar economic characteristics.
Corporate and Other activities: include the costs of the main business support functions, as well as the results of the Group's environmental clean-up and remediation activities performed by the subsidiary Eni Rewind, and of the businesses engaged in developing the projects for CO2 capture and storage, and/or utilization, and agricultural hubs to ensure the supply of bio-feedstock to the Group’s biorefineries.
Strategy
The company is executing a strategy designed to grow the business and maximize value creation. The strategic guidelines that are driving its plans are:
To actively contribute to the achievement of the 17 UN SDGs, which are reflected in the company’s mission, particularly the goals of tackling climate change and securing universal access to reliable, affordable, and clean energy.
To grow the oil & gas business mainly by increasing the weight of gas in the company’s portfolio by upgrading gas reserves and production. The profitability of the gas value chain is expected to improve by means of strengthening integration between the upstream and midstream activities, by reaping synergies across the gas-LNG marketing activities, and finally by optimizing margins through oil & gas commodity trading.
To accelerate the development of the company’s new businesses related to the energy transition, managed by its subsidiaries, Enilive and Plenitude, leveraging its distinctive satellite model designated to attract aligned capital to enable these entities to become increasingly financially independent, and capable of pursuing their own growth plans. As part of this strategy, in 2024, the company signed landmark agreements with private equity funds that are finalizing investments in the share capital of both Enilive and Plenitude by acquiring non-controlling stakes.
To upgrade the company’s oil & gas portfolio by creating geographically focused entities through joint ventures with local partners, which are able to grow independently and benefit shareholders, as well as by divesting non-strategic properties. In 2024, replicating the previous successes of Azule Energy in Angola and Var Energi in Norway, the company combined its UK oil & gas assets with independent operator Ithaca Energy, creating a new, equity-accounted entity focused on pursuing growth opportunities and generating returns for shareholders. Also, the company made progress in divesting long-lived assets that require significant capex and no longer align with its financial framework.
To execute an industrial plan to restructure and transform the company’s loss-making downstream oil refining and petrochemicals production businesses, leveraging its proprietary technologies and selected capex to upgrade existing plants into biorefineries or activities linked to the energy transition and circular economy, including the development of chemicals from bio-feedstock and specialty products.
To establish a new transition-related satellite in the activity of carbon capture and storage, where the company has made substantial progress in starting two large hubs for CO2 capture and storage: one at the Hynet project in the UK and another at depleted gas fields off the Ravenna coast in Italy.
To maximize the benefits of integrating the company’s portfolio along the entire energy value chain.
To ensure competitive and progressive returns to shareholders by gradually increasing dividends and employing share repurchases as a flexible tool to distribute growing amounts of cash in scenario upsides.
To leverage the company’s proprietary technologies to underpin the development of new businesses or the restructuring of businesses still tied to the oil cycle.
To further alliances and collaboration with a wide range of stakeholders by developing mutually beneficial solutions and synergies. As part of this guideline, the company has successfully expanded its vertically integrated agricultural business in several African countries to produce a renewable feedstock for manufacturing biofuels with a lower carbon footprint at the company’s biorefineries in Italy. This project applies advanced sustainability and circular economy standards by repurposing abandoned land, and favorably contributing to local job creation and development, without competing with the food chain.
Significant business and portfolio developments
March 2025 – The company completed the EIP’s transaction to increase its stake in Plenitude’s share capital, reaching a 10% stake in the aggregate. The increase of EIP's stake is based on a capital increase of about €209 million, which, including €588 million paid in March 2024, brings the total investment to about €800 million.
March 2025 - Versalis started operations at a new plant in Porto Marghera dedicated to the production of plastics made wholly or partially from mechanically recycled raw materials. The materials produced at the new plant are part of the Versalis Revive® range and contain between 35% and 100% post-consumer recycled plastics.
March 2025 - Plenitude has started the construction of a new 90 MW solar plant in the municipality of Fortuna, in Spain.
March 2025 - Plenitude, through the joint venture Hergo Renewables, has completed the construction of a new 37 MW agri-voltaic plant (24 MW Eni share) in the municipality of Montalto di Castro (Viterbo), Lazio.
March 2025 - The company and Vitol agreed on the economic terms and conditions of the farm-out to Vitol of a 25% working interest (w.i.) in the company-operated Congo FLNG project (with the company retaining a post-closing 40% w.i.) and of a 30% w.i. in the company-operated Baleine oil project offshore Cote d’Ivoire (with the company retaining a post-closing 47.25% w.i.) for a cash consideration of $1.65 billion and economic date January 1, 2024. Closing is subject to customary regulatory approval and other conditions.
March 2025 - The company signed a collaboration agreement with the United Kingdom Atomic Energy Authority (UKAEA) to jointly conduct research and development activities in the field of fusion energy. The collaboration primarily will start with the construction of the UKAEA-Company H3AT, the world’s largest and most advanced tritium fuel cycle facility, a vital fuel for future fusion power stations.
March 2025 - The company and KKR finalized the transaction agreed in October 2024, providing an investment of 25% by KKR in Enilive, with cash proceeds to the company of about €2.94 billion.
February 2025 - The company announced a proposed combination of its oil & gas assets in Indonesia with part of the asset portfolio of Petronas in the region, including certain Petronas assets in Malaysia. The combined entity will target a production plateau of 500 Kboe/d, which is expected to be sustained over a long period due to the mineral potential of the interested acreage.
February 2025 - The company signed collaboration agreements with UAE-based companies for developing data centers in Italia, which will be powered by the company with gas-fired electricity, with associated capturing and storing of CO2 emissions. The agreements also cover renewable energy transmission through cross-border interconnection between Albania and Italy, and critical minerals, allowing the company to expand collaboration with the UAE.
February 2025 - The company signed an agreement with the KKR fund to increase the fund’s interest in Enilive by a further 5% to reach 30% on the same terms and conditions as the transaction signed in October 2024.
February 2025 - The company signed an agreement with Cyprus and Egypt to develop gas reserves of the company’s Block 6 offshore Cyprus, to be exported to Europe through the company’s existing treatment and liquefaction facilities located in Egypt.
January 2025 - The company successfully issued a hybrid bond to refinance a similar instrument approaching the reset date. This voluntary offer, aimed at repurchasing in cash, and subsequently canceling, all or part of an outstanding perpetual hybrid bond worth €1.5 billion, resulted in an amount accepted by the company for about €1.2 billion, equivalent to approximately 83% of the outstanding amount to be refinanced.
January 2025 - Enilive started operations at the first dedicated plant for the production of Sustainable Aviation Fuel (SAF) at the Gela biorefinery. The plant has a capacity of 400 ktons/y.
January 2025 - Versalis signed a partnership with Lummus Technology, a global provider of process technologies, which will serve as the exclusive licensor for the phenolics value chain.
January 2025 - Plenitude, through its US subsidiary Eni New Energy US Inc., has completed the construction of the Guajillo plant in Texas with a capacity of 200 MW, equipped with lithium-ion LFP batteries (lithium iron phosphate).
January 2025 - Plenitude, through its US subsidiary Eni New Energy US Inc., signed an agreement with EDP Renewables North America LLC to purchase a 49% equity stake in a portfolio of 2 operational photovoltaic plants and an electricity storage facility in construction located in the state of California.
January 2025 - Plenitude completed the installation of a 150 MW renewable facility at Caparacena in Granada, consisting of three photovoltaic plants nearly 50 MW capacity each. Moreover, Plenitude also completed the construction of other plants totaling nearly 250 MW in the solar parks of Renopool, in Extremadura, and Guillena, in Andalusia. Thanks to these projects, Plenitude, in Spain, has reached nearly 950 MW of photovoltaic and wind power capacity.
December 2024 - The company started production of Phase 2 at the large Baleine oilfield offshore of the Côte d'Ivoire. Phase 2 includes the use of the Floating Production, Storage and Offloading Unit (FPSO) Petrojarl Kong, alongside the Floating Storage and Offloading Unit (FSO) Yamoussoukro, aimed at the export of oil. In addition, all the processed gas is intended to supply the local energy demand through the connection with the national grid built during the project’s Phase 1.
December 2024 - Enilive signed with EasyJet an agreement for the supply of Sustainable Aviation Fuel (SAF) for a number of flights from Milan Malpensa Airport. In addition, the company signed a Letter of Intent to purchase about 30,000 tons of SAF to be used in EasyJet's operations in Italy, between 2025 and 2030.
November 2024 - The company closed the sale to Hilcorp of 100% of the Nikaitchuq and Oooguruk oil assets owned in Alaska for a value of $1 billion. The transaction received the approval of all relevant authorities.
November 2024 - The company signed with the Ministry of Mines, Petroleum and Energy of the Côte d'Ivoire contracts finalized to acquire four new offshore exploration blocks. The agreement includes Blocks CI-504, CI-526, CI-706, and CI-708, covering a total area of about 5,720 km².
November 2024 – As part of the large Congo FLNG project to valorize the gas reserves of the operated block Marine XII, the company launched the Nguya Floating Liquefied Natural Gas (FLNG) facility. The FLNG will have a liquefaction capacity of 2.4 million tons/y and will complement the existing Tango FLNG, which has been in operation since December 2023 with a capacity of 0.6 million tons/y, bringing the total liquefaction capacity of the Congo LNG project to 3 million tons/y, by the end of 2025.
November 2024 - Plenitude started operations in a new photovoltaic plant in the municipality of Bouillac, in France, with an installed capacity of 5 MW. The plant will produce 6,700 MWh/y of electricity and will be connected to the local distribution network via a 1.7 km underground medium voltage line.
November 2024 - The company has been awarded ‘Gold Standard reporting’ of the Oil and Gas Methane Partnership 2.0 (OGMP 2.0) for its commitment to reporting emissions at the highest data quality levels.
November 2024 - The company, Plenitude, and Energy Infrastructure Partners (EIP) signed the agreement to further increase EIP’s share in Plenitude through a capital increase of approximately €209 million. The stake of EIP, post-transaction, would be 10% of Plenitude’s share capital, for a total investment of around €800 million, including the €588 million paid in March 2024.
November 2024 - Enilive signed a Memorandum of Understanding with MSC (Mediterranean Shipping Company) aimed at developing joint initiatives in the field of sustainability and energy transition.
November 2024 - The company completed and launched a new supercomputing system (High Performance Computing - HPC) HPC6. HPC6 provides a significant increase in computational power to a peak of 606 PFlop/s, or over 600 quadrillion mathematical operations per second.
November 2024 – The company signed an agreement with the Ministry of Water and Forests of Côte d'Ivoire to launch a project to preserve and restore forest areas in the country. The initiative will cover 14 forests over an area of 155,000 hectares located in the South and South-East of the Country.
October 2024 - The UK Government granted public funds in relation to the Liverpool Bay CO2 transport and storage (T&S) project. The funding includes investment for Track 1 industrial emitters and is a key milestone towards the execution phase of the company-operated HyNet project to capture and store CO2 at the company’s depleted fields in the Liverpool Bay.
October 2024 - The company and KKR signed an agreement under which KKR will take a 25% stake in Enilive’s share capital, for a total agreed consideration of €2.94 billion.
October 2024 – Plenitude launched On the Road, the new identity of its e-mobility solutions, consolidating the Be Charge integration process within the company.
October 2024 - The company and SERI Industrial, a company operating in the energy storage sector, have set out an agreement for the potential development of the industrial chain for lithium-iron-phosphate electrochemical batteries for storage applications (ESS) and industrial and commercial electric mobility.
October 2024 - The company announced its transformation, decarbonization, and relaunch plan for its chemicals business first depicted in March 2024. The plan will involve about €2 billion of investment to upgrade chemical plants.
October 2024 - The company signed a charter agreement for the LNG bunker vessel Avenir Aspiration with Avenir LNG Limited, with a view of expanding its activities in the small-scale LNG bunkering market in the Mediterranean Sea.
October 2024 - The company signed a Memorandum of Cooperation with the Japan Organization for Metals and Energy Security, with the aim of promoting the role of gas and LNG in the energy transition pathway, including LNG supply opportunities by the company to Japan and the support of Japanese financial institutions to the Coral North project in Mozambique.
October 2024 - In Spain, Plenitude started operations of the wind farms of Numancia in the area of Almarza (Soria) with installed capacity of about 13 MW, able to generate 31 GWh/y, and the construction works of a solar plant in Villarino de los Aires (Salamanca), with installed capacity of 220 MW.
October 2024 - Versalis, in collaboration with Vesta, launched the new brand ‘ReUp’ in the home décor and interior design sector, with the aim to produce and sell plastic solutions obtained in whole or in part from renewable or recycled sources.
October 2024 - The company completed the combination of the upstream assets in the UK, excluding East Irish Sea assets and CCUS activities, with Ithaca Energy plc. The combination is funded through the issue to Eni UK of such number of new ordinary shares that represents approximately 37% of the share capital of Ithaca post-transaction.
September 2024 - Versalis signed an agreement with Bridgestone and Gruppo BB&G aimed at establishing a closed-loop ecosystem to transform end-of-life tyres into new tyres. The partnership will develop a model for the creation of a scalable and increasingly sustainable supply chain.
September 2024 - Eni and Snam started CO2 injection in a depleted reservoir as part of the Ravenna CCS Phase 1 project in the Adriatic Sea. Ravenna CCS is the first project on the capture, transport, and permanent storage of CO2 in Italy.
September 2024 - Enilive signed a Letter of Intent with Volotea, operating in 15 Italian airports, for a long-term supply contract of SAF in the 2025-2030 period.
September 2024 - On the occasion of the IEA-COP29 high-level event on Turning Methane Pledges Into Action, Eni has published its first dedicated ‘Methane Report 2024’, a milestone that underscores the company’s commitment to transparency and reducing global methane emissions, while reaffirming the goal of near-zero methane emissions by 2030.
September 2024 - The company obtained the environmental authorization necessary for the granting of the final permit from relevant Italian bodies to start construction works to build a new biorefinery at the Livorno hub.
September 2024 - The Green Volt project, participated in by Plenitude through the joint venture Vårgrønn, was selected as the only floating offshore wind to secure a contract in the UK's latest renewables allocation round (‘AR6’).
September 2024 - Eni and SOCAR signed agreements in the energy security, reduction of greenhouse gas emissions, and in the biofuel production chain sectors.
August 2024 - Enilive and LG Chem reached the final investment decision (FID) to develop a biorefinery in South Korea with processing capacity of 400 ktons/y of feedstocks, leveraging on Eni's Ecofining technology.
August 2024 - On the occasion of the yearly update (in August 2024), Moody’s ESG Solutions further improved Eni’s score and confirmed Eni's positioning in the Advanced band, the highest one of the methodology, due to the capabilities in managing ESG risks.
August 2024 - Plenitude signed a 10-year Power Purchase Agreement (PPA) with Ferriera Valsabbia, an Italian steel company, for the supply of energy produced 100% from renewable sources. The agreement covers the entire output of a 15 MW wind facility in the portfolio of Plenitude.
August 2024 - The Indonesian authorities approved the Plan of Development (PoD) of the Geng North (North Ganal PSC) and Gehem (Rapak PSC) fields. The integrated development of the two fields will create a new production hub, called Northern Hub, in the Kutei Basin. The Indonesian authorities have also approved the PoD for Gendalo & Gandang fields (Ganal PSC). Additionally, Eni has been awarded by the Indonesian authorities a 20-year extension of the IDD licenses named Ganal and Rapak.
August 2024 - The company finalized the sale of wholly-owned subsidiary Nigerian Agip Oil Company (NAOC), engaged in onshore oil & gas exploration and production in Nigeria, to the local company Oando. The transaction is in line with Eni’s strategy of upgrading and rationalizing the upstream portfolio. The 5% participating interest in SPDC (Shell Production Development Company Joint Venture) is not included in the transaction, as it will be retained in Eni’s portfolio. Eni will continue to be present in the country through investment in deepwater projects and Nigeria LNG, while also exploring new opportunities related to the agri-feedstock sector.
August 2024 - The company started gas production at the Argo Cassiopea field, the most important gas development project in Italy. The gas is being transported through a 60 km subsea pipeline to the Gela processing plant, linked to the national grid.
August 2024 - Enilive signed with Poste Italiane an important collaboration agreement for the supply of biofuels for ground vehicles and aircraft, aimed at accelerating the path towards energy transition and carbon neutrality goals.
July 2024 - Plenitude completed the construction of a new onshore wind facility with a capacity of around 39 MW in Southern Italy. The plant is able to generate 84 GWh/y of electricity at capacity.
July 2024 - Enilive, Petronas, and Euglena reached a final investment decision (FID) to build a biorefinery located in Malaysia. The construction of the biorefinery will have the capacity to process about 650 ktonnes/y of raw materials to produce SAF, HVO, and bio-naphtha.
July 2024 - Enilive signed agreements in Italy with Itabus to supply HVO diesel to a fleet of 100 buses for civilian transport.
July 2024 - Versalis and Forever Plast launched REFENCE, a portfolio of innovative recycled polymers for food contact packaging.
July 2024 - The company announced a new discovery with the Yopaat-1 EXP exploration well in Block 9, in the mid-deep water of the Cuenca Salina in the Sureste Basin, offshore Mexico.
July 2024 - Eni and ITQuanta formed a joint venture, Eniquantic, with the aim of developing an integrated hardware and software quantum machine capable of solving complex problems and initiating specific and significant quantum computing applications to support the energy transition.
July 2024 - Eni and the National Company KazMunayGas (KMG) announced the commencement of construction for their joint 250 MW Hybrid Renewables-Gas Power Plant Project in Zhanaozen, Mangystau Region, Kazakhstan.
July 2024 - Eni received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of NAOC Ltd to Oando Plc.
June 2024 - Eni completed the sale of 10% of the share capital of Saipem S.p.A.
June 2024 - Eni and FS Italiane Group have signed a Letter of Intent with the objective of developing joint initiatives aimed at accelerating the energy transition towards new energy sources.
June 2024 - Eni, in partnership with Biocarbon Partners (BCP), launched the Great Limpopo project, the largest initiative ever developed in Mozambique to protect forests and counteract deforestation causes in line with the REDD+ framework, defined and promoted by the United Nations.
June 2024 - Versalis and Crocco (SpA SB), a pioneering flexible packaging company, launched a collaboration to produce food packaging film made from raw materials partly derived from the recycling of post-consumer plastics, targeting mass production for the large-scale retail market.
June 2024 - Plenitude inaugurated in Cuenca (Spain), the Villanueva II solar plant with an installed capacity of 50 MW, connected to the national transmission grid. The facility counts more than 76,000 photovoltaic modules and produces 100 GWh/year of electricity, equivalent to the energy needs of more than 30,000 households.
June 2024 - Plenitude signed a strategic partnership with MERKUR for the installation, construction, and management of innovative electric vehicle charging stations, including 62 technologically advanced fast and ultra-fast charging points, at MERKUR shopping centres across Slovenia.
June 2024 - Enilive Iberia finalized the acquisition of 100% shares of Atenoil, a company operating in the service station sector. The transaction, which has been approved by the relevant authorities, comprises 21 service stations in the regions of Madrid, Andalusia, and Castilla-La Mancha.
May 2024 - Eni has been named the upstream industry’s most valuable explorer in Wood Mackenzie’s industry-leading annual Exploration Survey.
May 2024 - IFC (International Finance Corporation) and the Italian Climate Fund announced a $210 million investment in the company’s Kenya subsidiary to expand the production and processing of advanced biofuels, supporting the decarbonization of the global transport industry and the livelihoods of up to 200,000 small-scale Kenyan oilseed farmers.
April 2024 - Eni reached an agreement on the combination of its upstream assets in the UK, excluding East Irish Sea assets and CCUS activities, with Ithaca Energy, marking a strategic move to significantly strengthen its presence on the UK Continental Shelf.
April 2024 - Versalis finalized the acquisition of 100% of Tecnofilm SpA, a specialist company operating in the compounding sector.
April 2024 - Plenitude started construction works at the 330 MWp Renopool photovoltaic solar installation, in Spain.
March 2024 - Eni signed an agreement with Fincantieri and RINA to evaluate initiatives in the energy transition, targeting the decarbonization of the maritime sector.
March 2024 - Eni renewed its membership participation in the MIT Energy Initiative (MITEI) as a Founding Member until the end of 2027, furthering its commitment to the field of low-carbon energy research.
Segments
Exploration & Production
Eni’s Exploration & Production segment engages in oil and natural gas exploration, field development, and production, as well as in LNG operations, in 35 countries, most notably Italy, Libya, Egypt, Norway, the United Kingdom, Angola, Congo, Mexico, the United States, Kazakhstan, Algeria, Iraq, Indonesia, Ghana, Mozambique, Qatar, Côte d'Ivoire, and the United Arab Emirates. In 2024, Eni's average daily production amounted to 1,572 KBOE/d on an available-for-sale basis.
Delivery commitments
Eni, through consolidated subsidiaries and equity-accounted entities, sells crude oil and natural gas from its producing operations under a variety of contractual obligations. Some of these contracts, mostly relating to natural gas, specify the delivery of fixed and determinable quantities.
Eni is contractually committed under existing contracts or agreements to deliver in the next three years mainly natural gas to third parties for a total of approximately 611 mmBOE from producing assets located mainly in Algeria, Australia, Egypt, Ghana, Indonesia, Kazakhstan, Libya, Mozambique, Norway, and Venezuela.
Oil and gas properties, operations, and acreage
In 2024, Eni performed its operations in thirty-five countries located in five continents. As of December 31, 2024, Eni’s mineral right portfolio consisted of 874 exclusive or shared rights of exploration and development oil and gas activities. Total acreage amounts to 211,347 square kilometers net to Eni. Developed acreage was 26,384 square kilometers and undeveloped acreage was 184,963 square kilometers net to Eni.
In 2024, new leases were purchased or awarded in the Netherlands, Namibia, Australia, Angola, Côte d'Ivoire, Norway, and the United Kingdom for a total increase in acreage of approximately 24,600 square kilometers. Relinquishment for the year related mainly to Morocco, Kenya, Angola, Argentina, Indonesia, Italy, Nigeria, Oman, Timor Leste, and Vietnam, covering an acreage of approximately 113,030 square kilometers. Interest increases were reported mainly in Indonesia and Mexico for a total acreage of approximately 2,270 square kilometers. Partial relinquishment was reported mainly in Egypt, Ghana, Italy, Mexico, the United Kingdom, and the United Arab Emirates for approximately 3,800 square kilometers.
In particular: in Angola, the Azule Energy joint venture (Eni's interest 50%) holds interests in 17 blocks (of which 9 exploration blocks) and also in the Angola LNG JV; in the United Kingdom, the Ithaca Energy joint venture (Eni’s interest 37.17%) holds interests in 37 fields, of which 10 are operated and production fields, located in the North Sea; in Norway, the Vår Energi associate (Eni's interest 63.1%) holds interests in 142 licences (of which 83 are development licenses and 59 are exploration licences); in Mozambique, the Mozambique Rovuma Venture SpA joint venture (Eni's interest 35.71%) is the operator of the Area 4 production licence; in Venezuela, where the Cardon IV (Eni's interest 50%), PetroSucre (Eni’s interest 26%), and PetroJunin (Eni’s interest 40%) joint ventures hold interests in the Perla, Corocoro, and Junin 5 production fields, respectively; in Tunisia, where the Société Italo Tunisienne d’Exploitation Pétrolière (Eni’s interest 50%) joint venture operates; and in Algeria, where the E&E Touat BV joint venture operates (Eni’s interest 54%).
In particular, Eni’s exploration and production activities are regulated by concession contracts or a similar scheme mainly in Italy, Ghana, Tunisia, the United Arab Emirates, the United Kingdom, the United States, certain assets in Nigeria, Angola, and Australia. In Norway, Eni’s activities are regulated by Production Licenses (PL).
Eni operates under Production Sharing Agreements (PSA) in several foreign jurisdictions, mainly in countries in Africa, the Middle East, and the Far East.
Eni’s exploration and production activities are regulated by PSA or a scheme similar in Algeria, Angola, China, Congo, Egypt, Indonesia, Libya, Mexico, Mozambique, Timor Leste in the JPDA area, Turkmenistan, certain assets in Nigeria, and Kazakhstan.
Italy
Eni’s activities in Italy are mainly deployed in the Adriatic and Ionian Seas, the Central Southern Apennines, and mainland and offshore Sicily. Eni operates 23 onshore and 46 offshore productive concessions. In 2024, Italy accounted for approximately 4% of Eni’s total worldwide production of oil and natural gas.
In 2024, 30% of Eni’s domestic production came from fields in the Adriatic and Ionian Seas, 49% from the Central Southern Apennines, and approximately 15% from Sicily.
In the gas assets of the Adriatic and Ionian Seas, activities concerned: production start-up of the Donata 4 well through existing facilities; maintenance and production optimization intervention mainly at the Cervia field; asset rationalization program; and an upgrading compression facilities project at Casalborsetti and Falconara treatment facilities in order to increase efficiency and reduce CO2 emissions. The project completion is expected in 2025.
The decommissioning program has been continued during 2024, according to the Italian Ministerial Decree 15 February 2019 ‘Linee guida nazionali per la dismissione mineraria delle piattaforme per la coltivazione in mare e delle infrastrutture connesse’, by means of awarding a contract for the removal of 10 platforms. Activities start-up is expected in 2025. A plug-and-abandon campaign of non-productive onshore and offshore wells is ongoing.
In the Val d’Agri concession, activities carried out during the year concerned: sidetrack of existing two wells, in line with the approved ‘Work Program’. Production start-up was achieved in 2025; and production optimization activities to mitigate field decline.
In August 2024, the production of the Argo Cassiopea gas field started. Natural gas production is delivered via a sealine to the Gela treatment facilities and then to the national grid.
Rest of Europe
Eni’s operations in the Rest of Europe are mainly conducted in the United Kingdom through Ithaca Energy, Norway through Vår Energi, and the Netherlands as a result of the Neptune acquisition. In 2024, the Rest of Europe accounted for 15% of Eni’s total worldwide production of oil and natural gas.
Netherlands: Main development activities concerned: production optimization programs in the K12-G and K2b-A6 licenses; and concept definition activities of the L7F field development project, with a final investment decision expected in 2025.
Norway: Main development activities concerned the Johan Castberg and Balder X sanctioned project in the PL 001 licence in the North Sea, as well as the Halten East sanctioned project. Development activities are ongoing, and production start-up of three projects is expected in 2025. In addition, during 2024, the Balder Phase V development project was sanctioned.
On March 31, 2025, the Johan Castberg oil field in the Barents Sea came on stream. The Johan Castberg field consists of the Skrugard, Havis, and Drivis discoveries, which were made between 2011 and 2014. The field will be producing for 30 years and can produce 220 KBBL/d at peak. Eni’s associate Vår Energi ASA has a 30% working interest in the asset.
The United Kingdom: In October 2024, Eni finalized the combination of the upstream assets in the UK, excluding East Irish Sea assets and CCUS activities, with Ithaca Energy plc. The combination provided the contribution of Eni’s assets to Ithaca Energy in exchange for a participating interest of 37.17% in the entity post-transaction. The transaction closed at the beginning of October 2024, having been approved by the competent authorities and the relevant antitrust regulators.
Development activities concerned: production start-up of the Talbot project; and the completion of drilling activities and production start-up of three development wells in the Seagull field. During the year, one additional development well was completed, and start-up is expected in 2025.
The PL2638, P2664, and P2668 exploration licenses were awarded in 2024, located in the North Sea.
North Africa
Eni’s operations in North Africa are mainly conducted in Algeria, Egypt, Libya, and Tunisia. In 2024, North Africa accounted for 35% of Eni’s total worldwide production of oil and natural gas.
Algeria: In 2024, the acquisition of the Neptune assets in Western Sahara in the Touat concession (Eni’s interest 35.1%) was completed.
In July 2024, Eni signed a Memorandum of Understanding with Sonatrach and Sonelgaz to conduct feasibility studies for a joint project aimed at producing electricity from renewable sources in Algeria, to be exported to and marketed in Europe through a submarine sealine between Algeria and Italy.
Development activities concerned: production optimization programs by means of the drilling of seven wells in the Berkine North concession and one well in the Berkine South concession; completion of the ROD Debottlenecking project with an increase in the gas treatment capacity of the existing plant; and the construction of a 10 MW photovoltaic plant in the BRN field in the block 403, doubling the existing plant capacity. Programs are under evaluation for the construction of a 12 MW photovoltaic plant in the MLE field in the block 405b.
Egypt: During the year, the production optimization program in the Sinai, Western Desert, and Mediterranean Sea concessions progressed at a good pace. In particular, Zohr production was aligned with expectations, sustained also by two development projects: a compression project through operational synergy with the nearby El Gamil plant; and a project to increase the onshore water treatment plant.
The rights of Eni to produce at the Zohr Development Lease will expire in 2037.
In addition, in the Western Desert concession, development activities included: the Meleiha Phase 2 project, ongoing with the completion of transport facilities to increase the existing gas operational flexibility; and the completion of the flaring down program at the Meleiha oil treatment plant, allowing the achievement of zero routing flaring.
Eni holds an interest in the Damietta liquefaction plant with a capacity of 5.2 mmtonnes/y of LNG associated with approximately 283 BCF/y of feed gas.
Libya: In 2024, Libya represented approximately 11% of the Group’s total production. In 2024, a relatively stabler sociopolitical environment than in previous years allowed continuity in production operations and the development of projects sanctioned in 2023. Despite those developments, going forward, management continues to monitor Libya's geopolitical situation, which is recognized as a source of risk and uncertainty to Eni's operations in the country and related Group’s financial results.
The rights of Eni to produce at its assets in Libya will expire in 2038 for Contract Areas C, in 2042 for Contract Area E, in 2043 for Contract Areas A, B, and D-producing fields, and in 2059 for Area D-new developments (A&E Structures).
Development activities progressed in all ongoing projects in the country. In particular: in the A&E Structure project located in Area D off the Libyan coast, development activities progressed aiming at gas production start-up. Progress for the year included the award of main contracts for the development of the A structure; in the BGUP project to reduce CO2 emissions and to valorize associated gas of the Bouri field, the construction activities are ongoing and submarine surveys were finalized; in the Sabratha Compression project to support current production of the Bahr Essalam field, construction activities of unit compression and the preparatory activities for the installation phase progressed.
Tunisia: Main development activities concerned: a production optimization program; and the completion activities of some wells with production start-up at Maamoura concession and at the Iklil field in the Adam concession.
Sub-Saharan Africa
Eni’s operations in Sub-Saharan Africa are conducted mainly in Congo, Côte d'Ivoire, Ghana, Mozambique, and through Azule Energy in Angola. In 2024, Sub-Saharan Africa accounted for 17% of Eni’s total worldwide production of oil and natural gas.
Angola: In 2024, Azule finalized the farm-in agreement with Rhino Resources to purchase a 42.5% interest in the offshore Block 2914A in Namibia. The agreement included the option for the operatorship of the block, and the disposal of a 12% stake in the Block 3/05 and a 16% stake in the Block 3/05A, located in the Lower Congo Basin.
The development activities are focused on: the development project of the Quiluma and Maboqueiro fields within the New Gas Consortium. The project is the first non-associated gas development in the country and consists of the installation of two offshore production platforms, an onshore treatment plant, and the connection facilities to A-LNG liquefaction plant. The start-up is expected at the end of 2025, with an estimated production plateau of approximately 330 mmCF/d; the Agogo Integrated West Hub project in the western area of Block 15/06. The main contracts are under execution, and the production start-up is expected in 2025 with an estimated production peak of 170 KBOE/d; the progress of the development optimization studies of the PAJ project in Block 31; the start-up of infilling activities in Block 18.
The exploration activities brought positive results with the Likembe 1X oil well in Block 15, the Dalia-6 oil well in Block 17, and the PKBB oil well in Block 14, which is already in production.
Congo: In 2024, Eni finalized with Perenco the divestment of its participating interest in several production licenses in the country.
In February 2024, the Congo FLNG project commenced its deliveries of LNG to international markets, ensuring the Republic of Congo the status of exporter in the global landscape of this fuel. The gas volumes of the Marine XII Block are monetized both for the country’s energy needs and the surplus gas quota for LNG production through the Congo FLNG Project. The production start-up was achieved through a modular and phased development approach, also leveraging the existing assets. The liquefaction gas capacity is planned to achieve approximately a 160 BCF/y plateau. According to the agreements recently signed, all LNG production will be marketed by Eni.
The development activities are focused on: the completion activities of the Nguya FLNG, which will complement the FLNG Tango of the Congo FLNG project. The new FLNG unit will significantly increase the project’s liquefaction capacity from the current 0.6 MTPA to 3 MTPA once commissioned by the end of 2025; and programs of sidetracks of existing wells and drilling of new infilling wells in order to maximize Nènè field oil production.
The exploration activities have also yielded positive results in the Marine VI Bis block (Eni’s interest 65%) with the Poalvou Marine 2 gas and condensate and the Mbenga Marine 1 oil and gas discoveries wells.
Côte d'Ivoire: In 2024, Eni was awarded the CI-504, CI-526, CI-706, and CI-708 offshore exploration blocks with an 88% interest, near Block CI-205 where the Calao discovery is located.
In December 2024, Eni completed the Phase 2 of the Baleine field development program with the addition of two FPSO-FSO units, and the relevant subsea wells with the interconnecting facilities. The Baleine fields are located in the operated offshore CI-101 (Eni’s interest 83%) and CI-802 (Eni’s interest 76.9%) blocks. The Phase 2 development program will increase the block production plateau up to 60 KBBL/d and approximately 70 mmCF/d of associated gas.
The Baleine full field project also includes a Phase 3 development that is aimed at achieving a production capacity equal to 150 KBBL/d and approximately 210 mmCF/d of associated gas.
In 2024, the exploration activities resulted in the Calao discovery in Block CI-205 (Eni’s interest 90%).
Mozambique: Eni has been present in Mozambique since 2006, following the award of the exploration license of the offshore Area 4 Block.
In 2011, Eni made the important gas discovery of Mamba. The Mamba reservoir extends through Area 4 and the adjacent Area 1 operated by TotalEnergies. In 2012, Eni made another large gas discovery in the Coral prospect, which is entirely in Area 4. During the exploration period, which expired in 2015, six Discovery Areas (DA) were identified. Mozambique Decree Law 02/2014 reports that individual plans of development can be submitted on each DA.
Under the Area 4 EPCC (Exploration and Production Concession Contract), each Plan of Development, once approved by the Government of Mozambique, entitles the Concessionaires to develop and to produce for a period of 30 years, with an extension option pursuant to the terms of the Area 4 EPCC and the applicable Petroleum Law. Following two separate transactions that occurred respectively in 2013 and in 2017, Eni divested to CNPC and ExxonMobil indirect interests of 20% and 25% respectively in the discoveries of Area 4, by diluting its participating interest in Mozambique Rovuma Venture SpA, the operator of Area 4. Post transactions, Eni retains a 25% indirect interest in the Area 4 concession.
The other concessionaires of Area 4 are the state-owned oil company ENH, Galp, and Kogas, each with a 10% working interest.
The Coral South project is in production. The Coral Sul Floating Liquefied Natural Gas (FLNG) vessel is designed to treat, liquefy the gas, and to store and export the LNG, with a capacity of approximately 3.4 mmtonnes/y of LNG, produced through six subsea wells.
In 2024, the company took the final investment decision to develop the Coral North project. The Coral North development plan was submitted for approval to the country’s government. This program relies on both offshore development scenarios in analogy with the Coral South FLNG project, and onshore options also through synergies with Area 1.
Nigeria: In August 2024, Eni finalized the sale of wholly-owned subsidiary Nigerian Agip Oil Company (NAOC Ltd) to the local company OANDO PLC. NAOC was in charge of the onshore oil & gas exploration and production activities. The transaction is in line with Eni’s strategy of upgrading and rationalizing the upstream portfolio. The 5% participating interest in the SPDC JV (Shell Production Development Company Joint Venture) is not included in the transaction, as it will be retained in Eni’s portfolio. Eni will continue to be present in the country through investment in deepwater projects and Nigeria LNG.
The main development activity is the Bonga North project in OML 118, where the Final Investment Decision (FID) was sanctioned in 2024. The project will connect new subsea wells to the existing FPSO of Bonga.
Eni holds also a 10.4% interest in the Nigeria LNG Ltd joint venture, which owns and runs the Bonny liquefaction plant located in the Eastern Niger Delta. The plant has a production capacity of 22 mmtonnes/y of LNG associated with approximately 1,270 BCF/y of feed gas. The natural gas supplies to the plant are currently provided under a gas supply agreement from the SPDC JV, TEPNG JV, and Oando Energy Resources Nigeria Limited JV. In 2024, the Bonny liquefaction plant processed approximately 810 BCF. LNG production is sold under long-term contracts and exported mainly to the United States, Asian, and European markets by the Bonny Gas Transport fleet, wholly owned by Nigeria LNG, as well as is sold FOB by means of the fleet owned by third parties.
Kazakhstan
Eni’s operations in Kazakhstan are performed at the Kashagan and the Karachaganak oilfields. In 2024, Kazakhstan accounted for 10% of Eni’s total worldwide production of oil and natural gas.
Kashagan: Eni holds a 16.81% working interest in the North Caspian Sea Production Sharing Agreement (NCSPSA). The NCSPSA defines terms and conditions for the exploration and development of the Kashagan field, which was discovered in the Northern section of the contractual area in the year 2000 in an area extending for 4,600 square kilometers. The NCSPSA expires in 2041.
In addition to Eni, the partners of the Consortium are the Kazakh national oil company, KazMunayGas, with a participating interest of 16.88%; the international oil companies TotalEnergies, Shell, and ExxonMobil, each with a participating interest of 16.81%; CNPC with 8.33%; and Inpex with 7.56%.
In 2024, production at the Kashagan field averaged 65 KBBL/d of liquids and 57 mmCF/d of natural gas net to Eni. The liquid production is stabilized at the Bolashak plant and then marketed. Gas production is partly processed and sold to the national oil company, while the raw gas volumes (approximately 50%) are re-injected in the reservoir.
Development plans of the Kashagan field envisage a phased increase in the production capacity. The first development phase provides for a progressive increase up to 450 KBBL/d. The activities, sanctioned in 2020, include the upgrading of management capacity of associated gas by means of: increasing gas reinjection capacity by adding new equipment, which was completed in 2022; and installation of a new onshore treatment unit operated by a third party, currently under construction, for the remaining part of associated gas volumes.
Karachaganak: Located onshore in West Kazakhstan, Karachaganak is a liquid and gas field. Operations are conducted by the Karachaganak Petroleum Operating consortium (KPO) and are regulated by a PSA that expires in 2037. Eni and Shell are cooperators of the venture. Eni’s interest in the Karachaganak project is 29.25%.
In 2024, production of the Karachaganak field averaged 44 KBBL/d of liquids and 153 mmCF/d of natural gas net to Eni. This field is producing liquids from the deeper layers of the reservoir. The gas is delivered (about 45%) to the Russian gas plant of Orenburg; the remaining gas volumes are utilized for re-injection in the higher layers of the reservoir and as fuel gas. Almost the entire liquid production is stabilized at the Karachaganak Processing Complex (KPC) and exported to Western markets through the Caspian Pipeline Consortium (Eni’s interest 2%) and the Atyrau-Samara pipeline, this latter also a new route opened in 2023 leading to Germany.
In 2024, the additional development phase, sanctioned in 2020, of the Karachaganak field progressed and included: the drilling of three new injection wells and the construction of a new sixth injection line. Activities were completed in 2023; the installation of a fifth compression gas unit started up in 2024; and the installation of a sixth compression unit, last development phase, sanctioned in 2022. Start-up is expected in 2026.
Rest of Asia
Eni’s operations in the Rest of Asia are mainly conducted in Indonesia, Iraq, Turkmenistan, and the United Arab Emirates. In 2024, Eni’s operations in the Rest of Asia accounted for approximately 11% of its total worldwide production of oil and natural gas.
Indonesia: During the year, Eni has been awarded by the country’s authorities a twenty-year extension of the Ganal (Eni’s interest 82%) and Rapak (Eni’s interest 82%) development blocks, as well as of the Muara Bakau development and production license.
In August 2024, the Indonesian authorities approved the Plan of Development (PoD) of the Geng North and Gehem fields. The integrated development of the two fields will create a new production hub, called Northern Hub, in the Kutei Basin. These fields will be put into production by means of subsea wells, flowlines, and by building and installing a new FPSO with a treatment capacity of approximately 1 BCF/d gas, approximately 80 KBBL/d of condensates, and a storage capacity of 1 mmBBL. Natural gas will be treated by the FPSO and will be carried to onshore facilities linked to the East Kalimantan pipeline network. The production will be delivered to the Bontang LNG plant and exported; a part of gas production will be destined to fulfill domestic needs. The condensates production will be stabilized and stored by the FPSO and then marketed; the PoD of the Gendalo & Gandang fields. Production start-up will be achieved by means of the linkage to existing facilities of the Jangkrik production field, thus extending the useful life of the vessel.
Other development activities mainly concerned: execution phase of the Merakes East project in the East Sepinggan operated block, in the deepwater of the Eastern Kalimantan. Start-up is expected in 2025; the Maha project in the West Ganal operated offshore block (Eni’s interest 70%) with start-up expected in 2026.
Iraq: Activities consisted of the execution of an additional development phase of the ERP (Enhanced Redevelopment Plan) at the Zubair field. Main facilities have already been installed. Ongoing development activities include programs to expand water availability to maintain adequate reservoir pressurization in the long term and to increase water treatment and re-injection capacity.
In 2024, a specific project was defined to achieve zero technical flaring by 2027.
Turkmenistan: Development activities mainly concerned: drilling of infilling wells; and the water injection expansion system project to increase hydrocarbons recovery of the Burun field.
The United Arab Emirates: Development activities of the year concerned: the development plan of the Waset field was sanctioned. The field is located in the exploration Block 2 (Eni operator with a 70% interest), in the Abu Dhabi offshore; three development projects were sanctioned in the Lower Zakum and Umm Shaif/Nasr concessions to support the target of production increase; and execution phase of the Hail & Ghasha development project, sanctioned in 2023, in the Ghasha concession.
Americas: Eni’s operations in the Americas are conducted mainly in Mexico, the United States, and Venezuela. In 2024, Eni’s operations in the Americas area accounted for approximately 8% of its total worldwide production of oil and natural gas.
Mexico: In 2024, production start-up was achieved at the Tecoalli and Amoca WHP2 platforms with the completion of the development and installation activities, concluding the development program of the Area 1 operated license. Ongoing drilling activities of new production wells will be completed in 2025.
Exploration activities yielded positive results with the Saasil-1 and Yopaat-1 discoveries in Area 10 (Eni’s interest 76%) and Area 9 (Eni’s interest 50%) operated licenses, respectively.
The United States: In 2024, Eni closed the divestment of 100% of the Nikaitchuq and Oooguruk assets in Alaska to Hilcorp, and some offshore assets in the Gulf of Mexico.
Development activities concerned the completion of the second development phase at the non-operated Lucius - Hadrian North project (Eni’s interest 14.45%), with production start-up; the completion of the fourth development phase at the non-operated St. Malo license (Eni’s interest 1.3%), achieving production start-up. In addition, the company started development activities of the water injection project and subsea multiphase pumping system; and the drilling of an additional production well in the non-operated Europa field, with production start-up in early 2025.
Venezuela: In 2024, Eni’s production of oil and natural gas averaged 61 KBOE/d and accounted for approximately 4% of Eni’s total production. Eni’s production comes mainly from the Perla gas field. Other petroleum interests held by Eni in the country comprise the Corocoro field in the Gulf de Paria and the Junín 5 oil field in the Orinoco Oil Belt. These latter interests are immaterial to the company. The operations in the country have been negatively affected by a difficult operational environment, mainly due to the deteriorated economic and financial outlook of the country that has been made worse by the U.S. sanctions regime, thus limiting the ability of the company to collect the revenues from the sale of its equity production at the Perla field. In 2024, thanks to a temporary suspension of sanctions granted by the U.S., and an additional waiver obtained by the U.S. Department of State, it was possible to offset part of the long-standing receivables accrued with PDVSA-owned crude oil cargoes. However, there is a great deal of uncertainty about the evolution of the U.S. sanctions against Venezuela and Eni’s ability to recover its outstanding receivables.
Global Gas & LNG Portfolio and Power
Eni also engages in the business of producing gas-fired electricity that is largely sold in the wholesale market and in providing the service of peak-load capacity to the Italian grid.
Global Gas & LNG Portfolio
The Global Gas & LNG Portfolio engages in the wholesale activity of supplying and selling natural gas via pipeline and LNG, and the international transport activity. It also comprises gas trading activities targeting to both hedge and stabilize the Group's commercial margins, and optimize the gas asset portfolio. In 2024, Eni’s worldwide sales of natural gas amounted to 50.88 BCM. Sales in Italy amounted to 24.40 BCM, while sales in European markets were 23.40 BCM that included 1.26 BCM of gas sold to certain importers to Italy.
The supply contracts, which were intended to support Eni’s sales plan in Italy and in other European markets, provide take-or-pay clauses whereby the company has an obligation to lift minimum, preset volumes of gas in each year of the contractual term or, in case of failure, to pay the whole price, or a fraction of that price, up to a minimum contractual quantity. Similar considerations apply to ship-or-pay contractual obligations, which arise from contracts with transmission system operators or pipeline owners, which the company has entered into to secure long-term transport capacity.
In 2024, Eni subsidiaries’ total supply of natural gas was 51.05 BCM, increased by 1.00 BCM, or 2% from 2023. Gas volumes supplied outside Italy (43.39 BCM from consolidated companies), imported in Italy or sold outside Italy, represented approximately 85% of total supplies.
In 2024, the main gas volumes from equity production derived from: certain Eni fields located in the British and Norwegian sections of the North Sea (1.7 BCM); Italian gas fields (1.7 BCM); Indonesia (1.4 BCM); Libyan fields (0.4 BCM); and fields located in Congo (0.3 BCM). Supplied gas volumes from equity production were about 5.5 BCM, representing around 11% of total volumes available for sale.
Sales of natural gas
Eni is selling gas to wholesale markets in Italy and in a number of European countries. The wholesale market includes sales to large accounts (industrials and thermoelectric utilities) and on European spot markets.
The LNG business
Eni's LNG business can count on a portfolio of contracted long-term supplies mainly from: Qatar, Nigeria, and Indonesia. In the plan period, Eni intends to develop its LNG business, leveraging on the integration with the E&P segment and the valorization of the equity gas. Final markets for that gas include Europe and Asia.
International transport
Eni has transport rights on a large European network of integrated infrastructures for transporting natural gas, which links key consumption markets with the main producing areas (Russia, Algeria, the North Sea, including the Netherlands and Norway, and Libya). Eni has contracted the transport capacity under ship-or-pay contracts, which are similar to take-or-pay contracts.
International transport activities
The TTPC pipeline, 740 kilometers long, is made up of two lines that are each 370 kilometers long with a transport capacity of 34.3 BCM/y and five compression stations. This pipeline transports natural gas from Algeria across Tunisia, from Oued Saf Saf at the Algerian border to Cap Bon on the Mediterranean coast, where it links with the TMPC pipeline.
The TMPC pipeline for the import of Algerian gas is 775 kilometers long and consists of five lines that are each 155 kilometers long with a transport capacity of 33.5 BCM/y. It crosses the Sicily Channel from Cap Bon to Mazara del Vallo in Sicily, the point of entry into the Italian natural gas transport system.
The GreenStream pipeline, jointly owned with the Libyan National Oil Corporation, started operations in October 2004 for the import of Libyan gas produced at the Eni operated fields of Bahr Essalam and Wafa. The company is 516 kilometers long with a transport capacity of 11.5 BCM/y, crossing the Mediterranean Sea from Mellitah on the Libyan coast to Gela in Sicily, the point of entry into the Italian natural gas transport system.
The Blue Stream underwater pipeline (water depth greater than 2,150 meters) links the Russian coast to the Turkish coast of the Black Sea. This pipeline is 774 kilometers long on two lines and has a transport capacity of 16 BCM/y. It is part of a joint venture to sell gas produced in Russia on the Turkish market.
Power
As part of its marketing activities in Italy, Eni engages in selling electricity on the Italian market principally on the open market. Supplies of electricity include both own production volumes through gas-fired, combined-cycle facilities and purchases on the open market.
Power sales in the open market
In 2024, power sales in the open market were 26.55 TWh.
Power generation
Enipower’s power generation sites are located in Brindisi, Ferrera Erbognone, Ravenna, Mantova, Ferrara, and Bolgiano. As of December 31, 2024, the installed operational capacity of Enipower’s power plants was approximately 5 GW. In 2024, thermoelectric power generation was 20.16 TWh.
Enilive and Plenitude
Plenitude engages in the supply of gas and electricity to customers in the retail markets mainly in Italy, France, Spain, and other countries in Europe. Those markets have been almost fully liberalized. Customers include households, large residential accounts (hospitals, schools, public administration buildings, offices), and small and medium-sized businesses. The retail market is characterized by strong competition among selling companies, which mainly compete in terms of pricing and the ability to bundle valuable services with the supply of the energy commodity. Due to the commoditized nature of the business, the ability of residential customers to switch smoothly from one supplier to another, and a low level of customer loyalty, management expects competition to significantly affect the business going forward.
Enilive
Enilive is dedicated to the supply of biofeedstock, processing, and production of biofuels in Italy (Venice and Gela biorefineries) and in the United States, with a 50% interest in the Chalmette biorefinery and biomethane. In addition, Enilive is engaged in the offer of smart mobility solutions, including Enjoy car sharing, and the marketing and distribution of a wide range of products, including biogenic fuels, such as HVO (Hydrotreated Vegetable Oil), bio-LPG, and biomethane, hydrogen and electricity, as well as other oil products, such as fuels, bitumen, and lubricants. The business also deals with wholesale operators, consisting mainly of resellers, industrial companies, service companies, public bodies, and municipal companies, condominiums, operators in the agricultural and fishing sectors.
Enilive fully owns two biorefineries in Italy, specifically in Venice and Gela.
In Venice, biorefinery biofuels production started in June 2014 from the conversion of the existing oil-based refinery. The biorefinery has a processing capacity of 0.4 mmtonnes/y, leveraging the Ecofining proprietary technology to transform biofeedstock (both vegetable oil and waste and residues) into hydrotreated biofuels.
Since 2020, the Gela biorefinery has been using the Ecofining conversion technology, developed by Eni, capable of converting vegetable oils and feedstock consisting of waste and residues, such as used cooking oils and animal fats, into HVO. The specifics of the plant, with a capacity of 0.7 million tons/year, together with a strong supply strategy, allow HVO to be produced in compliance with recent regulatory constraints in terms of reducing GHG emissions throughout the product life cycle. In March 2021, the Biomass Treatment Unit (BTU) was launched to expand the range of raw materials to be treated by the plant, allowing the processing of waste and residues, such as animal fats and used cooking oil, replacing palm oil, which has not been used since the end of 2022. In January 2025, the biorefinery started the production of Sustainable Aviation Fuel (SAF) with a capacity of 400,000 tonnes/year.
In June 2023, Enilive and PBF Energy Inc. (PBF) finalized the 50% interest joint venture in St. Bernard Renewables LLC (SBR), an operational biorefinery co-located with PBF's Chalmette Refinery in Louisiana (USA). It mainly produces HVO Diesel using the Ecofining process developed by Eni in collaboration with Honeywell UOP.
In December 2024, Enilive, in partnership with Petronas and Euglena, established the company ‘Pengerang Biorefinery Sdn. Bhd’, following the FID for the construction of a biorefinery in Malaysia and the clearance from the relevant antitrust authorities. The contracts for the biorefinery construction have been awarded. In addition, Enilive, together with LG Chem, established the company ‘LG-Eni BioRefining Co. Ltd.’, after the FID for the construction of a biorefinery in South Korea and the clearance from the relevant antitrust authorities. The contract for the biorefinery construction has been awarded.
In 2024, biorefinery throughputs amounted to 1.12 mmtonnes.
Marketing
Enilive markets a wide range of refined petroleum products, primarily in Italy, through a widespread operated network of service stations, franchises, and other distribution systems.
Retail sales in Italy
In 2024, retail sales in Italy were 5.40 mmtonnes.
As of December 31, 2024, Eni’s retail network in Italy consisted of 3,925 service stations, resulting from the negative balance of acquisitions/releases of lease concessions (-56 units), partly offset by the positive balance of the company-owned stations (+5 units).
Retail sales in the Rest of Europe
Retail sales in the Rest of Europe were 2.30 mmtonnes. As of December 31, 2024, Eni’s retail network in the Rest of Europe consisted of 1,329 units, mainly due to openings in Spain, Germany, and France, balanced by reductions in Austria and Switzerland.
Other businesses
Wholesale and other sales
Enilive is strongly present in the wholesale market in Italy, including sales of diesel fuel for automotive use and for heating purposes, for agricultural vehicles and for vessels, as well as sales of fuel oil. Major customers are other oil companies, resellers, agricultural users, manufacturing industries, public utilities, and transports, as well as final users (transporters, condominiums, farmers, fishers, etc.). Enilive provides its customers with its expertise in the area of fuels, with a wide range of products that cover all market requirements. Customer care and product distribution are supported by a widespread commercial and logistical organization presence throughout Italy, and is articulated in local marketing offices and a network of agents and concessionaires.
In 2024, sales volumes on wholesale markets in Italy amounted to 9.53 mmtonnes, mainly due to higher sales of jet fuel, which offset the reduction registered in the other segments.
Wholesale sales outside Italy were 2.86 mmtonnes, mainly in Germany and Spain, balanced by the reduction reported in Austria, Switzerland, and France.
Supplies of feedstock to the petrochemical industry (0.37 mmtonnes) increased by 15.9%. Other sales in Italy and outside Italy (2.27 mmtonnes) decreased by 0.44 mmtonnes, or down by 16.2%, mainly due to lower volumes sold to other oil companies.
LPG
The marketing of LPG in Italy is supported by refining production and a logistic network made up of two bottling plants, one owned storage site, and coastal storage sites located in Livorno, Naples, and Ravenna.
LPG is used as heating and automotive fuel.
Lubricants
Enilive operates two owned blending and filling plants, in Spain, Germany, and a co-owned one in the Far East. With a wide range of products composed of over 650 different blends, Eni masters international state-of-the-art know-how for the formulation of products for vehicles (engine oil, special fluids, and transmission oils) and industries (lubricants for hydraulic systems, grease, industrial machinery, and metal processing). In Italy, Enilive is a leader in the sale of lubricant bases and additives, manufactured respectively at Eni’s refinery in Livorno and in the Robassomero facility.
Enilive distributes its products in more than 80 countries through subsidiaries, licensing agreements, and distributors.
Plenitude
Overall, Eni, through Plenitude, supplies over 10 million retail clients (gas and electricity) in Italy and Europe. In particular, clients located all over Italy number 8 million.
Gas demand
Eni operates in a liberalized market where energy customers are allowed to choose the gas supplier and, according to their specific needs, to evaluate the quality of services and offers.
In 2024, retail and business gas sales, in Italy and in European markets, amounted to 5.51 BCM. Sales in Italy amounted to 3.83 BCM.
Sales in the European market were 1.68 BCM. Lower volumes were marketed mainly in France.
In Europe, Plenitude operates through the subsidiaries Eni Gas&Power France SA (99.999% Plenitude interest) in France, Gas Supply Company of Thessaloniki (100% Plenitude interest) in Greece, Adriaplin doo (51% Plenitude interest) in Slovenia, and Eni Plenitude Iberia SLU (100% Plenitude interest) in Spain and Portugal.
In 2024, retail and business power sales to end customers, managed by Plenitude and its subsidiary companies in France, Greece, and the Iberian Peninsula, amounted to 18.28 TWh.
Renewables
Eni is engaged in the renewable energy business (solar and wind), aiming at developing, constructing, and managing renewable energy producing plants.
Eni’s targets in this business will be reached by leveraging on an organic development of a diversified and balanced portfolio of assets, integrated with selective asset acquisitions, as well as projects and national and international strategic partnerships.
At the end of 2024, the total installed capacity for the generation of energy from renewable sources amounted to 4.1 GW (100% Plenitude and, including the storage power), up by 1.1 GW versus 2023, mainly due to the organic development of projects in the United States, Spain, the UK, and Italy, and the acquisitions in Spain and Germany, as well as the acquisition of 2 photovoltaic plants in the United States with a total capacity of 0.2 GW, signed at the end of 2024.
E-mobility
On the back of a mobility market experiencing a constant increase in the number of electric vehicles in circulation in Italy and in Europe, Plenitude disposes of one of the largest and most widespread networks of public charging infrastructure for electric vehicles.
As of December 31, 2024, there were 21,274 charging points distributed throughout Europe, in particular in Italy.
Refining and Chemicals
Eni’s oil refining business is exposed to structural headwinds of the industry due to muted trends in the European demand for fossil fuels, with expectations of long-term decline due to market penetration of electric vehicles and growing supplies of biofuels, refining overcapacity with new additions expected to come online in the next years or to become operational shortly, and continued competitive pressure from players in the Middle East, the United States, and Far East Asia.
Eni’s chemical business is exposed to strong competition from well-established international players and state-owned petrochemical companies, considering the commoditized nature of most of the market segments where Eni’s chemicals business operates, such as the production of basic petrochemical products, which demand is a function of macroeconomic growth. Many of these competitors, based in the Far East and the Middle East, have been able to benefit from cost economies due to larger plant scale, wide geographic moat, availability of cheap feedstock, lower energy prices, and proximity to end markets. Petrochemical producers based in the United States have regained market share, as their cost structure has become competitive due to the availability of cheap feedstock deriving from the production of domestic shale gas, from which ethane is derived, which is a cheaper raw material to produce ethylene than the oil-based feedstock utilized by Eni’s petrochemical subsidiaries. Finally, the running of petrochemicals operations in Europe is less competitive than other geographies due to relatively higher energy costs, environmental liabilities, as well as a growing consumers’ preference towards replacing single-use plastics with more sustainable packaging. The weak fundamentals of Eni’s mostly commoditized segments make them more sensitive to the cyclical nature of the industry and overcapacity.
In order to reduce Versalis’ exposure to basic chemicals, in October 2024, the company announced a transformation and relaunch plan. This should make Versalis’ operations profitable again, through the transformation, the decarbonization, and the revamping of the chemical business.
Refining
In 2024, the Standard Eni Refining Margin reported an average of 5.1 $/barrel. Refining margins decreased, driven mainly by less favorable products crack spreads, pressured by weak demand, overcapacity, and competitive pressures from other geographies.
Supply
In 2024, a total of 16.22 mmtonnes of crude were purchased for the directly supplied refineries by Eni, of which 5.06 mmtonnes were by equity crude oil. The breakdown by geographic area was the following: 31% of purchased crude came from Central Asia, 21% from North Africa, 9% from the Middle East, 9% from Italy, 6% from the North Sea, 5% from West Africa, and 19% from other areas.
Refining
In 2024, Eni's refinery capacity, balanced with conversion capacity, excluding Adnoc equity-accounted refinery, was approximately 22.9 mmtonnes (equal to 458 KBBL/d), with a conversion index of 52%. The conversion index is a measure of refinery complexity. The higher the index, the wider the range of crude qualities and feedstock that a refinery is able to process, thus enabling refineries to benefit from the cost economies arising from the discount – versus the benchmark – at which certain qualities of crude, particularly the heavy ones, may be supplied. Eni’s 100% owned refineries have a balanced capacity of 14.9 mmtonnes (equal to 298 KBBL/d), with a 53% conversion index. In 2024, Eni’s refineries throughputs in Europe were 16.28 mmtonnes. The average refinery utilization rate, the ratio between throughputs and refinery capacity, is 78%.
Italy
Eni’s refining system in Italy is composed of the wholly-owned refineries of Sannazzaro, Livorno, and Taranto, as well as its 50% stake in the Milazzo refinery in Sicily. Eni’s refineries operate to maximize asset value according to market conditions and the integration with marketing activities.
The Sannazzaro refinery has a balanced capacity of 180 KBBL/d and a conversion index of 54%. Located in the Po Valley, in the center of Northern Italy, Sannazzaro is one of the most efficient refineries in Europe. The high flexibility and conversion capacity of this refinery allow it to process a wide range of feedstock. The main equipment in the refinery includes two primary distillation columns and two associated vacuum units, three desulphurization units, a fluid catalytic cracker (FCC), two hydrocrackers (HdC), two reforming units, and a gasification unit producing syngas used in combined cycle power generation.
The Taranto refinery has a balanced capacity of 104 KBBL/d and a conversion index of 56%. Taranto has a strong market position due to the fact that it is the only refinery in Southern Continental Italy and is upstream integrated with the Val d’Agri (Eni 61%) and Tempa Rossa fields in Basilicata through a pipeline. The main equipment includes a topping-vacuum unit, a residue hydrocracking, a gasoil hydrocracking unit, a platforming unit, and two desulphurization units.
The Livorno refinery, with a balanced refining capacity of 14 KBBL/d and a conversion index of 12%, until February 2024, was dedicated to the production of lubricants and specialties. From the second quarter of 2024, the refinery has only the gasoline line running with a platforming and isomerization unit and a desulphurization unit for the production of fuels processing Virgin Nafta. In 2024, Eni progressed the decarbonization process, obtaining the final investment decision to convert the traditional Livorno refinery into a biorefinery, following the same successful model adopted in Gela and Venice.
The Milazzo refinery (Eni 50%) has a balanced capacity of 100 KBBL/d and a conversion index of 60%. Located in Sicily, Milazzo is mainly dedicated to export and to the supply of Italian coastal depots. The main equipment in the refinery includes two primary distillation columns and a vacuum unit, two desulphurization units, a fluid catalytic cracker (FCC), one hydrocracker (HdC), one reforming unit, and one LC fining (ebullated bed residue conversion).
Rest of Europe
In Germany, Eni owns an interest of 8.33% stake in the Schwedt refinery (PCK) and an interest of 20% in the Vohburg and Neustadt refineries (Bayernoil). Eni’s refining capacity in Germany is 60 KBBL/d to supply Eni’s distribution network in the country.
In 2024, Eni’s refining throughputs on its own account were 24.21 mmtonnes, increasing by 11.6% from 2023 following the lower processing, in particular at the Livorno refineries due to a new production set-up and at Sannazzaro refinery impacted by higher plant shutdowns compared to the comparison period. The refinery utilization rate, the ratio between throughputs and refinery capacity, is 78%.
Approximately 31% of processed crude was supplied by Eni’s Exploration & Production segment.
Other businesses
Logistics
Eni is a leading operator in the Italian oil and refined products storage and transportation business.
In particular, Eni owns and operates an integrated infrastructure consisting of 15 directly managed depots and one managed through the subsidiary Petroven, which has been 100% owned since December 2019.
Eni also owns a network of oil and refined products pipelines extending approximately 1,200 kilometers. Eni's logistic model is organized into four operative management areas (Northern depots, Central depots, Southern depots, and LPG and Pipeline) operating in handling and storage of the product flows in order to guarantee high safety, asset integrity, and technical standards (HSE and asset integrity), as well as cost optimization and constant product availability along the country. Eni is also part of seven different logistic joint ventures (Sigemi, Seram, Disma, Seapad, Toscopetrol, Porto Petroli Genova, and Costiero Gas Livorno), together with other Italian operators, that operate other localized depots and pipelines.
Secondary distribution is outsourced to independent trucks, selected as market leaders.
Oxygenates
Eni, through its subsidiary Ecofuel (100% Eni’s share), sells approximately 0.9 mmtonnes/y of oxygenates, mainly ethers (approximately 1.5% of world demand, used as a gasoline octane booster) and methanol (mainly for petrochemical use). About 76% of oxygenates are produced in Eni’s plants in Italy (Ravenna), Saudi Arabia (in joint venture with Sabic), and Venezuela (in joint venture with Pequiven), and the remaining 24% is purchased.
Chemicals
In 2024, sales of chemical products amounted to 3,169 ktonnes. In particular, the main increases were recorded in the intermediates (olefins, aromatics, and phenol derivatives), up by 4.2%, and in polymers (polyethylene, styrenics, and elastomers), down by 7%. In the compounding business, sales amounted to 64 ktonnes. Reductions were reported also in the oilfield business, down by 14 ktonnes or down by 33.3%. Additional volumes derive from Novamont Group’s entities and Matrica and amounted to 88 ktonnes (both companies were consolidated starting from October).
Chemical production amounted to 5,685 ktonnes. Lower production was reported in the intermediates business, in particular aromatics and derivatives. The main reductions were reported at Priolo plant and Mantua site. Those reductions were offset by increased volumes at Dunkerque plant.
The average plant utilization rate, calculated on nominal capacity, was 50.4%, representing a decrease from the comparative period.
Corporate and Other activities
These activities include the following businesses:
The ‘Other activities’ segment comprises results of operations of Eni’s subsidiary Eni Rewind (former Syndial SpA), which runs reclamation and decommissioning activities pertaining to certain businesses from which Eni exited, divested, or shut down in past years; and
The ‘Corporate and financial companies’ segment comprises results of operations of Eni’s headquarters and certain Eni subsidiaries engaged in treasury, finance, and other general and business support services. Eni’s headquarters is a department of the parent company Eni SpA and performs Group strategic planning, human resources management, finance, administration, information technology, legal affairs, international affairs, and corporate research and development functions. It also includes the results of the CO2 Capture, Storage, and Utilization and Agri-business, which is under development.
Through Eni’s subsidiaries Banque Eni SA, Eni International BV, Eni Finance USA Inc, and Eni Insurance DAC, Eni carries out cash management activities, administrative services to its foreign subsidiaries, lending, factoring, leasing, financing Eni’s projects around the world, and insurance activities, principally on an intercompany basis. Eni Servizi, Eni Corporate University, AGI, and other minor subsidiaries are engaged in providing Group companies with diversified services, mainly services, including training, business support, real estate, and general purposes services to Group companies. Management does not consider Eni’s activities in these areas to be material to its overall operations.
Seasonality
Eni’s results of operations reflect the seasonality in demand for natural gas and certain refined products used in residential space heating, the demand for which is typically highest in the first quarter of the year (year ended December 31, 2024), which includes the coldest months, and lowest in the third quarter, which includes the warmest months.
Patents
In 2024, Eni filed 39 patent applications.
Research and development
In 2024, Eni’s overall expenditure in research and development amounted to €178 million, which were almost entirely expensed as incurred.
Environmental matters
Compliance with REACH requirements and the involvement of all stakeholders in the company is coordinated and supervised by the HSEQ/Product Safety function.
In addition, Eni’s activities are subject to Law No. 287 of October 10, 1990 (the ‘Italian Antitrust Law’).
History
Eni S.p.A. was founded in 1953.