Eni’s outstanding exploration success over the past decade has differentiated the company from the rest of the Majors. The giant 2015 Zohr discovery in Egypt has, in particular, been a game changer. Sanctioned in 2016 – one of the very few projects globally to receive FID – Zohr will drive outperformance on post-2020 production growth metrics. Finances are also in good shape. Recent asset disposals have helped bring down gearing down to one of the lowest levels in the peer group.