Eni corporate report
Eni has an ambitious plan to transform its business by 2050. Over the next three decades, production will decline and swing heavily towards gas, renewables generation will materially increase, more refineries will convert to biofuels and other low-carbon uses, and Eni’s product mix will be decarbonised. Eni’s progress can be assessed against comprehensive interim targets, but the plan represents a transition rather than a pivot. There is no abrupt winding down of oil and gas and the build-out of new areas such as wind, solar and biofuels is taking place at a more moderate place than peers such as BP and TotalEnergies. This approach means that Eni has some heavy lifting to do beyond 2030. It is also reliant on the cost-competitive scaling up of nascent fields such as CCS and hydrogen. But Eni has the flexibility to adapt its plan as market and competitor dynamics evolve. This should help the company to maximise returns while also keeping options open in the legacy oil and gas business.