Eni is targeting ambitious growth in its LNG portfolio. In 2019, it announced its plan to almost double its LNG portfolio from 8.8 mmtpa in 2019 to 16 mmtpa by 2025, an increase of 6 mmtpa over its previous target. We expect such rapid growth to come organically, with the sanctioning of upstream supply into existing projects and new plant facilities alike. The step-up in its LNG ambitions is reflective of the other European majors, who are all increasing the share of gas and LNG in their portfolios. Eni’s rapid LNG growth is also a response to its lack of geographic diversity – Europe dominates its gas and LNG trading, accounting for 82% of its sales in 2018. Furthermore, the majority of this was from pipeline sales. With the major gas growth markets in Asia, coupled with some scenario uncertainty on European gas demand, the pivot to LNG is a pivot towards flexibility and towards greater sales in the Pacific basin.