Company Report

Eni corporate report

16 December 2021

Get this report

$6,750

You can pay by card or invoice

Share link

Contact us

Submit your details to receive further information about this report.

First name
Last name
Company
Email
Telephone

Country

Message

<div class="col small-12">
<div class="Form__Element FormChoice" data-f-element-name="__field_147196" data-f-type="choice" id="526f17d9-9134-4e46-a0b2-dee2ed7d3d9c">
    <label class="Form__Element__Caption">Consent</label>
    
        <div class="checkbox">
            <div class="checkbox__item">
                <input type="checkbox" id="__field_147196-0" name="__field_147196" value="Opt In" class="checkbox__input"   data-f-datainput />
                <label for="__field_147196-0" class="checkbox__label">Please keep me informed about Wood Mackenzie products, services and events.</label>
            </div>
        </div>
        <span class="field-validation-valid white gamma" data-f-linked-name="__field_147196" data-f-validationerror="" data-valmsg-for="" data-valmsg-replace="true" style="display:none;"></span>
    
</div>
</div>

<div class="Form__Element g-recaptcha push--top" 
                 data-theme="Dark" 
                 data-sitekey="6LfayioUAAAAAJ9mPlRSk-ZgoPiiYXgrhmbd84iy" 
                 data-callback="recaptchaSubmittedCallback"
                 data-expired-callback="recaptchaExpiredCallback"></div>
        
</div>
<li class="push--bottom ">
    <button id="75ab31c4-ca57-45f2-a8b1-9dcc80fe0256" name="submit" type="submit" value="75ab31c4-ca57-45f2-a8b1-9dcc80fe0256" data-f-is-finalized="false"
            data-f-is-progressive-submit="true" data-f-type="submitbutton"
             title="Submit" disabled
            
            class="g-recaptcha Form__Element FormExcludeDataRebind FormSubmitButton btn btn--primary btn--block">
        Submit
        
    </button>
</li>

function recaptchaExpiredCallback() {
        $('#75ab31c4-ca57-45f2-a8b1-9dcc80fe0256').attr('disabled', true);
        $('#75ab31c4-ca57-45f2-a8b1-9dcc80fe0256').addClass('disabled');
    };
</script><input name="__field_11192" id="e1dbe8a9-0e37-4eef-84ff-280ceea644c0" type="hidden" value="https://www.woodmac.com/reports/upstream-oil-and-gas-eni-corporate-report-16820904"  data-f-type="hidden" class="Form__Element FormHidden FormHideInSummarized"/>
                    </ul>

</div>
            </div>

</form>
    
</div>

<div class="push-half--top editor white">
<h6><span>For details on how your data is used and stored, see our </span><a href="/privacy-policy/">Privacy Notice</a><span>.</span></h6>
<h6> </h6></div>

</div>
</div>
                <p class="gamma white">
                        <a class="font-bold mono-link" href="/faq/">- FAQs about online orders</a><br/>
    <a class="font-bold mono-link" href="/products/research/subscriptions/">- Find out more about subscriptions</a><br/>

</p>
            </div>
        </div>
    </div>
</div>

<div class="wrap soft-double--ends">
        <div class="col small-12 medium-3 large-2 push-half--bottom hide-for-small-only">
            <div class="bg-company-report report-cover">
    <div class="report-cover__logo"></div>
    
    <div class="report-cover__details">
        <p class="report-cover__date">16 December 2021</p>
        <h2 class="report-cover__title">Eni corporate report</h2>
    </div>
</div>
        </div>
        <div class="col small-12 medium-8 large-7">
            <h3 class="alpha push-half--bottom">Report summary</h3>
            <p class="mega push--bottom">
                <div>
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.</div>
            </p>
        </div>
</div>

<div class="bg-light-grey-1">
    <div class="wrap soft-double--ends">
        <div class="col small-12 medium-6 large-12">
            <div class="row">
                <div class="col small-12 large-4 push--bottom">
                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Ambitious decarbonisation targets
    </li>

<li class="list__item-toggle font-semibold">
        Measured growth of low-carbon businesses
    </li>

<li class="list__item-toggle font-semibold">
        Continuing to leverage exploration strength
    </li>

<li class="list__item-toggle font-semibold">
        Structural flexibility to follow market signals
    </li>

<li class="list__item-toggle font-semibold">
        SWOT analysis
    </li>

<li class="list__item-toggle font-semibold">
        Overview
    </li>

<li class="list__item-toggle font-semibold">
        Key targets
    </li>

<li class="list__item-toggle font-semibold">
        Long-term strategic outlook
    </li>

<li class="list__item-toggle font-semibold">
        Recent market performance
    </li>

<li class="list__item-toggle font-semibold">
        Future strategic moves
    </li>

<li class="list__item-toggle font-semibold">
        Overview
    </li>

<li class="list__item-toggle font-semibold">
        Company capex targets
    </li>

<li class="list__item-toggle font-semibold">
        Company cash flow targets
    </li>

<li class="list__item-toggle font-semibold">
        Shareholder distributions
    </li>

<li class="list__item-toggle font-semibold">
        Wood Mackenzie outlook
    </li>

<li class="list__item-toggle font-semibold">
        Swing factors
    </li>

<li class="list__item-toggle">
        <a href="#33402d47-d62b-4fa7-b3b1-9c97a4ba3ef2" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="33402d47-d62b-4fa7-b3b1-9c97a4ba3ef2" aria-expanded="false">
            Overview
        </a>
        <ul id="33402d47-d62b-4fa7-b3b1-9c97a4ba3ef2" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Legacy portfolio
    </li>
    <li class="push-quarter--bottom">
        Growth themes
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#9d52b4cd-70c9-4be2-9744-7facb979508e" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="9d52b4cd-70c9-4be2-9744-7facb979508e" aria-expanded="false">
            Production
        </a>
        <ul id="9d52b4cd-70c9-4be2-9744-7facb979508e" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Overview
    </li>
    <li class="push-quarter--bottom">
        Wood Mackenzie view
    </li>
    <li class="push-quarter--bottom">
        Projects approved for development
    </li>
    <li class="push-quarter--bottom">
        Projects justified for development
    </li>
    <li class="push-quarter--bottom">
        Longer-term view
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#a7b8423b-8fdf-4152-936f-f3d5d9791c60" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="a7b8423b-8fdf-4152-936f-f3d5d9791c60" aria-expanded="false">
            New project returns
        </a>
        <ul id="a7b8423b-8fdf-4152-936f-f3d5d9791c60" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Overview
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#af807452-2678-4e82-846f-1cf3836ed916" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="af807452-2678-4e82-846f-1cf3836ed916" aria-expanded="false">
            Portfolio renewal
        </a>
        <ul id="af807452-2678-4e82-846f-1cf3836ed916" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Overview
    </li>
    <li class="push-quarter--bottom">
        Exploration
    </li>
    <li class="push-quarter--bottom">
        Overview
    </li>
    <li class="push-quarter--bottom">
        Performance
    </li>
    <li class="push-quarter--bottom">
        Exploration outlook
    </li>
    <li class="push-quarter--bottom">
        Business development and M&A
    </li>
    <li class="push-quarter--bottom">
        Discovered resource opportunities (DROs) in the Middle East and North Africa
    </li>
    <li class="push-quarter--bottom">
        M&A
    </li>
    <li class="push-quarter--bottom">
        Future M&A opportunities
    </li>

</ul>
    </li>

<li class="list__item-toggle font-semibold">
        Overview
    </li>

<li class="list__item-toggle font-semibold">
        Value and Financials
    </li>

<li class="list__item-toggle">
        <a href="#3151b998-269b-4240-ac4d-45ec85864212" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="3151b998-269b-4240-ac4d-45ec85864212" aria-expanded="false">
            Refining
        </a>
        <ul id="3151b998-269b-4240-ac4d-45ec85864212" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Traditional
    </li>
    <li class="push-quarter--bottom">
        Biofuels
    </li>
    <li class="push-quarter--bottom">
        Refining outlook
    </li>

</ul>
    </li>

<li class="list__item-toggle font-semibold">
        Chemicals
    </li>

<li class="list__item-toggle font-semibold">
        Retail and marketing
    </li>

<li class="list__item-toggle">
        <a href="#63c5196b-7966-47a6-8fde-b80c5bf7b604" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="63c5196b-7966-47a6-8fde-b80c5bf7b604" aria-expanded="false">
            Carbon
        </a>
        <ul id="63c5196b-7966-47a6-8fde-b80c5bf7b604" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Overview
    </li>
    <li class="push-quarter--bottom">
        Emissions reductions targets
    </li>
    <li class="push-quarter--bottom">
        Key targets
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#82276370-65e3-46f9-8f6e-3235c3eeda00" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="82276370-65e3-46f9-8f6e-3235c3eeda00" aria-expanded="false">
            New Energy
        </a>
        <ul id="82276370-65e3-46f9-8f6e-3235c3eeda00" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Overview
    </li>
    <li class="push-quarter--bottom">
        Plenitude (Eni gas and power retail and renewables)
    </li>
    <li class="push-quarter--bottom">
        Low carbon power
    </li>
    <li class="push-quarter--bottom">
        Solar highlights
    </li>
    <li class="push-quarter--bottom">
        Wind Highlights
    </li>

</ul>
    </li>

</ul>

</div>
                <div class="col small-12 large-4 push--bottom">

<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes 18 images and tables including:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom"></li><li class="list__item push-quarter--bottom">Benchmark: market premium/discount to Wood Mackenzie’s NPV10 base valuation</li><li class="list__item push-quarter--bottom">Benchmark: Q4 2021 gearing (excluding operating leases) versus av. Brent cash flow breakeven 22-24</li>
     </ul>
    <div>
        <button data-target="#02342b33dd204675bb990b76defd767f"
                class="btn-toc js-toggle-local"
                role="button"
                aria-controls="02342b33dd204675bb990b76defd767f"
                aria-expanded="false">
            View all tables and charts in this report
        </button>
        <ul class="list list--bullets panel-toggle" id="02342b33dd204675bb990b76defd767f">
            <li class="list__item push-quarter--bottom">Interactive Chart: Wood Mackenzie Upstream Value NPV Detail (Click to drill-down)</li><li class="list__item push-quarter--bottom">Strategic fit of countries within Eni's portfolio</li><li class="list__item push-quarter--bottom">Wood Mackenzie’s estimate of Eni’s downstream key financial metrics</li><li class="list__item push-quarter--bottom">Wood Mackenzie: Eni production outlook by country</li><li class="list__item push-quarter--bottom">Majors’ production: oil versus gas split</li><li class="list__item push-quarter--bottom">Majors’ average weighted new project returns versus capex spend to 2035</li><li class="list__item push-quarter--bottom">Eni: IRRs and Capex for largest development projects</li><li class="list__item push-quarter--bottom">Main basins and discovery expectations in Eni’s 2021-2024 plan</li><li class="list__item push-quarter--bottom">Majors conventional exploration average IRR: 2011 to 2020</li><li class="list__item push-quarter--bottom">Contracted LNG supply</li><li class="list__item push-quarter--bottom">Benchmark: European refining capacity vs NCM in 2022</li><li class="list__item push-quarter--bottom">Wood Mackenzie estimate of renewable power capacity (net)</li><li class="list__item push-quarter--bottom">Base price assumptions (nominal terms)</li><li class="list__item push-quarter--bottom">Valuation assumptions</li><li class="list__item push-quarter--bottom">Foreign exchange rate assumptions</li>
        </ul>
        
    </div>

</div>

<div class="col small-12 large-4 push--bottom">
                    
<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Eni corporate report</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>2.11 MB</span>
</p>
</li><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Eni Update Q4 2021 (1).xlsx</p>
<p class="uppercase delta">
    <span>XLSX</span>
    <span>615.39 KB</span>
</p>
</li></ul>
                </div>
            </div>
        </div>
    </div>
</div>

<div class="module">
    <div class="wrap">
        <h2 class="col small-12 mega push--bottom">Other reports you may be interested in</h2>
        <div class="flex__equal-height">

<a class="dark-link col small-12 medium-6 xlarge-4 report-category" href="/reports/upstream-oil-and-gas-corporate-week-in-brief-pttep-beats-chevron-to-thai-licence-extensions-38695/"
       data-tracking-click="eyJldmVudCI6InByb2R1Y3RDbGljayIsImVjb21tZXJjZSI6eyJjbGljayI6eyJwcm9kdWN0cyI6W3sibmFtZSI6IkNvcnBvcmF0ZSB3ZWVrIGluIGJyaWVmOiBQVFRFUCBiZWF0cyBDaGV2cm9uIHRvIFRoYWkgbGljZW5jZSBleHRlbnNpb25zIiwiaWQiOiIxMDE0OTkiLCJwcmljZSI6IjcwMC4wMCIsInF1YW50aXR5IjoxfV19fX0=">
    <div class="row">
        <div class="col small-12 small-medium-4 report-category__cover">
            <div class="bg-insight-report report-cover">
    <div class="report-cover__logo"></div>
    
    <div class="report-cover__details">
        <p class="report-cover__date">17 December 2018</p>
        <h2 class="report-cover__title">Corporate week in brief: PTTEP beats Chevron to Thai licence extensions</h2>
    </div>
</div>
        </div>
        <div class="col small-12 small-medium-8">
            <span class="badge push-quarter--bottom">Insight</span>
            <h3 class="report-category__title">Corporate week in brief: PTTEP beats Chevron to Thai licence extensions</h3>
            <div class="author push-half--bottom">
                    <div class="author__content">
                        <time class="delta font-bold">17 December 2018</time>
                    </div>
            </div>

<p class="gamma off-black font-regular push-half--bottom">PTTEP beats Chevron to Thai license extensions; plus news on BP, Repsol, ENI, EQT, Pioneer, Hess, COP, Total, INPEX, Equinor and Shell</p>

</div>
    </div>
</a>

<a class="dark-link col small-12 medium-6 xlarge-4 report-category" href="/reports/upstream-oil-and-gas-corporate-week-in-brief-tullow-doubles-down-on-high-impact-exploration-36659/"
       data-tracking-click="eyJldmVudCI6InByb2R1Y3RDbGljayIsImVjb21tZXJjZSI6eyJjbGljayI6eyJwcm9kdWN0cyI6W3sibmFtZSI6IkNvcnBvcmF0ZSB3ZWVrIGluIGJyaWVmOiBUdWxsb3cgZG91YmxlcyBkb3duIG9uIGhpZ2gtaW1wYWN0IGV4cGxvcmF0aW9uIiwiaWQiOiIxMDAzNTQiLCJwcmljZSI6IjcwMC4wMCIsInF1YW50aXR5IjoxfV19fX0=">
    <div class="row">
        <div class="col small-12 small-medium-4 report-category__cover">
            <div class="bg-insight-report report-cover">
    <div class="report-cover__logo"></div>
    
    <div class="report-cover__details">
        <p class="report-cover__date">03 December 2018</p>
        <h2 class="report-cover__title">Corporate week in brief: Tullow doubles down on high-impact exploration</h2>
    </div>
</div>
        </div>
        <div class="col small-12 small-medium-8">
            <span class="badge push-quarter--bottom">Insight</span>
            <h3 class="report-category__title">Corporate week in brief: Tullow doubles down on high-impact exploration</h3>
            <div class="author push-half--bottom">
                    <div class="author__content">
                        <time class="delta font-bold">03 December 2018</time>
                    </div>
            </div>

<p class="gamma off-black font-regular push-half--bottom">We look at Tullow's dividend, the Majors in renewables and the latest hedging activity among US E&Ps.</p>

</div>
    </div>
</a>

<a class="dark-link col small-12 medium-6 xlarge-4 report-category" href="/reports/upstream-oil-and-gas-petrobras-corporate-report-16817201/"
       data-tracking-click="eyJldmVudCI6InByb2R1Y3RDbGljayIsImVjb21tZXJjZSI6eyJjbGljayI6eyJwcm9kdWN0cyI6W3sibmFtZSI6IlBldHJvYnJhcyBjb3Jwb3JhdGUgcmVwb3J0IiwiaWQiOiIxODAzIiwicHJpY2UiOiI1NDAwLjAwIiwicXVhbnRpdHkiOjF9XX19fQ==">
    <div class="row">
        <div class="col small-12 small-medium-4 report-category__cover">
            <div class="bg-company-report report-cover">
    <div class="report-cover__logo"></div>
    
    <div class="report-cover__details">
        <p class="report-cover__date">23 November 2020</p>
        <h2 class="report-cover__title">Petrobras corporate report</h2>
    </div>
</div>
        </div>
        <div class="col small-12 small-medium-8">
            <span class="badge push-quarter--bottom">Company Report</span>
            <h3 class="report-category__title">Petrobras corporate report</h3>
            <div class="author push-half--bottom">
                    <div class="author__content">
                        <time class="delta font-bold">23 November 2020</time>
                    </div>
            </div>

<p class="gamma off-black font-regular push-half--bottom">Petrobras’ resilience has shined through during the pandemic. Can it continue to thrive in a low-carbon world as it retrenches to deepwater?</p>

</div>
    </div>
</a>

</div>
    </div>
</div>

<div><div class="wrap push-double--ends"><div class="col small-12">
    <h2 class="mega push--bottom">Browse reports by Industry Sector</h2>
</div>

<div class="browse-lister flex__equal-height"><div>
<a href="/store/industry-sector/petrochemicals/" class="img-overlay">
    <figure class="img-overlay__wrap">
        <img class="img-overlay__image lazyload" data-src="https://www.woodmac.com/siteassets/photography---industry/chemicals-polymers--fibres/woodmac_chemicals_020.jpg?width=500&height=300&mode=crop&center=0.5,0.5" alt="">
    </figure>
    <div class="img-overlay__blend">
        <div class="img-overlay__content">
            <h3 class="alpha push-quarter--bottom white">Chemicals</h3>
        </div>
    </div>
</a></div><div>
<a href="/store/industry-sector/power-and-renewables/" class="img-overlay">
    <figure class="img-overlay__wrap">
        <img class="img-overlay__image lazyload" data-src="https://www.woodmac.com/siteassets/photography---industry/power--renewables/woodmac_wind_008.jpg?width=500&height=300&mode=crop&center=0.5,0.5" alt="">
    </figure>
    <div class="img-overlay__blend">
        <div class="img-overlay__content">
            <h3 class="alpha push-quarter--bottom white">Power and renewables</h3>
        </div>
    </div>
</a></div><div>
<a href="/store/industry-sector/metals-markets/" class="img-overlay">
    <figure class="img-overlay__wrap">
        <img class="img-overlay__image lazyload" data-src="https://www.woodmac.com/siteassets/photography---industry/metals--mining/woodmac_metals_mining_051.jpg?width=500&height=300&mode=crop&center=0.5,0.5" alt="">
    </figure>
    <div class="img-overlay__blend">
        <div class="img-overlay__content">
            <h3 class="alpha push-quarter--bottom white">Metals markets</h3>
        </div>
    </div>
</a></div><div>
<a href="/store/industry-sector/metals-costs/" class="img-overlay">
    <figure class="img-overlay__wrap">
        <img class="img-overlay__image lazyload" data-src="https://www.woodmac.com/siteassets/photography---industry/metals--mining/woodmac_metals_mining_052.jpg?width=500&height=300&mode=crop&center=0.5,0.5" alt="">
    </figure>
    <div class="img-overlay__blend">
        <div class="img-overlay__content">
            <h3 class="alpha push-quarter--bottom white">Metals costs</h3>
        </div>
    </div>
</a></div><div>
<a href="/store/industry-sector/coal/" class="img-overlay">
    <figure class="img-overlay__wrap">
        <img class="img-overlay__image lazyload" data-src="https://www.woodmac.com/siteassets/photography---industry/metals--mining/woodmac_metals_mining_001.jpg?width=500&height=300&mode=crop&center=0.5,0.5" alt="">
    </figure>
    <div class="img-overlay__blend">
        <div class="img-overlay__content">
            <h3 class="alpha push-quarter--bottom white">Coal</h3>
        </div>
    </div>
</a></div><div>
<a href="/store/industry-sector/macroeconomics-risk-and-global-trends/" class="img-overlay">
    <figure class="img-overlay__wrap">
        <img class="img-overlay__image lazyload" data-src="https://www.woodmac.com/siteassets/photography---industry/corporate-analysis/woodmac_corporate_002_2.jpg?width=500&height=300&mode=crop&center=0.5,0.5" alt="">
    </figure>
    <div class="img-overlay__blend">
        <div class="img-overlay__content">
            <h3 class="alpha push-quarter--bottom white">Macroeconomics, risk and global trends</h3>
        </div>
    </div>
</a></div><div>
<a href="/store/industry-sector/lng-reports/" class="img-overlay">
    <figure class="img-overlay__wrap">
        <img class="img-overlay__image lazyload" data-src="https://www.woodmac.com/siteassets/photography---industry/gas--lng/woodmac_lng_001.jpg?width=500&height=300&mode=crop&center=0.5,0.5" alt="">
    </figure>
    <div class="img-overlay__blend">
        <div class="img-overlay__content">
            <h3 class="alpha push-quarter--bottom white">LNG</h3>
        </div>
    </div>
</a></div><div>
<a href="/store/industry-sector/upstream-oil-and-gas/" class="img-overlay">
    <figure class="img-overlay__wrap">
        <img class="img-overlay__image lazyload" data-src="https://www.woodmac.com/siteassets/photography---industry/upstream-offshore/allseas_transport-of-the-delta-topsides-to-hartlepool.jpg?width=500&height=300&mode=crop&center=0.5,0.5" alt="">
    </figure>
    <div class="img-overlay__blend">
        <div class="img-overlay__content">
            <h3 class="alpha push-quarter--bottom white">Upstream oil and gas</h3>
        </div>
    </div>
</a></div><div>
<a href="/store/industry-sector/oil-and-gas-markets/" class="img-overlay">
    <figure class="img-overlay__wrap">
        <img class="img-overlay__image lazyload" data-src="https://www.woodmac.com/siteassets/photography---industry/upstream-offshore/woodmac_upstream_offshore_061.jpg?width=500&height=300&mode=crop&center=0.5,0.5" alt="">
    </figure>
    <div class="img-overlay__blend">
        <div class="img-overlay__content">
            <h3 class="alpha push-quarter--bottom white">Oil and gas markets</h3>
        </div>
    </div>
</a></div><div>
<a href="/store/industry-sector/downstream-oil-refining/" class="img-overlay">
    <figure class="img-overlay__wrap">
        <img class="img-overlay__image lazyload" data-src="https://www.woodmac.com/siteassets/photography---industry/oils--refining/woodmac_oils_refining_018.jpg?width=500&height=300&mode=crop&center=0.5,0.5" alt="">
    </figure>
    <div class="img-overlay__blend">
        <div class="img-overlay__content">
            <h3 class="alpha push-quarter--bottom white">Downstream oil refining</h3>
        </div>
    </div>
</a></div></div>
</div><div class="wrap push-double--ends"><div class="module">
    <div class="wrap">
        <div class="col small-12 store-browse push-double--bottom">
            <a class="font-semibold alpha" href="/store/browse-categories/">Browse all categories</a>
        </div>
    </div>
</div></div></div>

</main>

<div class="col small-12 medium-8 large-5 push--bottom">
            <h3 class="giga white push-half--bottom">Inspiring natural resources decisions.</h3>
            <ul class="push--top">
                <li class="list__item-inline social-label"><span class="white gamma">Follow us</span></li>
                    <li class="list__item-inline">
                        <a class="block" href="https://twitter.com/WoodMackenzie">
                                <svg class="btn-svg" xmlns="http://www.w3.org/2000/svg" width="40" height="40" viewBox="0 0 45 40"><title>Twitter</title><path fill="#1AA3DE" d="M33.9 12.9c-.8.4-1.7.6-2.7.7 1-.6 1.7-1.5 2.1-2.6-.9.5-1.9.9-3 1.1-.9-.9-2.1-1.5-3.4-1.5-2.6 0-4.7 2.1-4.7 4.7 0 .4 0 .7.1 1.1-3.9-.2-7.3-2.1-9.6-4.9-.4.7-.6 1.5-.6 2.4 0 1.6.8 3.1 2.1 3.9-.8 0-1.5-.2-2.1-.6v.1c0 2.3 1.6 4.2 3.8 4.6-.4.1-.8.2-1.2.2-.3 0-.6 0-.9-.1.6 1.9 2.3 3.2 4.4 3.2-1.6 1.3-3.6 2-5.8 2-.4 0-.7 0-1.1-.1 2.1 1.3 4.5 2.1 7.2 2.1 8.6 0 13.3-7.1 13.3-13.3v-.6c.7-.6 1.5-1.4 2.1-2.4z"></path></svg>

</a>
                    </li>
                    <li class="list__item-inline">
                        <a class="block" href="http://www.linkedin.com/company/wood-mackenzie">
                                <svg class="btn-svg" xmlns="http://www.w3.org/2000/svg" width="40" height="40" viewBox="0 0 45 40"><title>LinkedIn</title><path fill="#1AA3DE" d="M31 21.8v6.3h-3.6v-5.9c0-1.5-.5-2.5-1.8-2.5-1 0-1.6.7-1.9 1.3-.1.2-.1.6-.1.9V28H20V17h3.6v1.6c.5-.7 1.3-1.8 3.3-1.8 2.3.1 4.1 1.7 4.1 5zm-14.9-9.9c-1.2 0-2.1.8-2.1 1.9s.8 1.9 2 1.9c1.3 0 2.1-.8 2.1-1.9s-.8-1.9-2-1.9zm-1.9 16.2h3.6v-11h-3.6v11z"></path></svg>

</a>
                    </li>
                    <li class="list__item-inline">
                        <a class="block" href="http://www.facebook.com/Wood.Mackenzie.Global/">
                                <svg class="btn-svg" title="facebook" xmlns="http://www.w3.org/2000/svg" width="40" height="40" viewBox="0 0 45 40"><title>Facebook</title><path fill="#1AA3DE" d="M24.1 16.4v-1.8-.6s.1-.3.2-.4c.1-.1.2-.2.4-.3.2-.1.5-.1.8-.1h1.8V9.6h-2.9c-1.7 0-2.8.4-3.6 1.2-.7.8-1.1 1.9-1.1 3.5v2.1h-2.1V20h2.1v10.4H24V20h2.9l.4-3.6h-3.2z"></path></svg>

</a>
                    </li>
                    <li class="list__item-inline">
                        <a class="block" href="https://www.youtube.com/woodmackenziechannel">
                                <svg class="btn-svg" xmlns="http://www.w3.org/2000/svg" width="40" height="40" viewBox="0 0 40 40"><title>Youtube</title><path fill="#2297C9" d="M33.4 13.6c-.3-1.4-1.5-2.5-2.9-2.7-3.3-.4-6.7-.4-10.1-.4-3.4 0-6.8 0-10.1.4-1.4.2-2.6 1.2-2.9 2.7-.5 2-.5 4.3-.5 6.4s0 4.3.5 6.4c.3 1.4 1.5 2.5 2.9 2.7 3.3.4 6.7.4 10.1.4 3.4 0 6.8 0 10.1-.4 1.4-.2 2.6-1.2 2.9-2.7.5-2 .5-4.3.5-6.4-.1-2.1-.1-4.3-.5-6.4zM16.8 24.2v-8.9c2.9 1.5 5.7 3 8.6 4.5-2.8 1.4-5.7 2.9-8.6 4.4z"></path></svg>

</a>
                    </li>
            </ul>
        </div>

<div class="col small-12 medium-12 large-7">
            <div class="row">
                <div class="flex__equal-height">
                    <div class="col small-12 medium-4 large-4 site-footer__item">
                        <p class="alpha white font-light push-half--bottom">Get our latest comment and breaking news</p>
                        <div class="site-footer__wrap">
                            <a class="beta push-half--bottom icon icon--right" href="/media-centre/">Media</a>
                        </div>
                    </div>
                    <div class="col small-12 medium-4 large-4 site-footer__item">
                        <p class="alpha white font-light push-half--bottom">Join our team of experts</p>
                        <div class="site-footer__wrap">
                            <a class="beta push-half--bottom icon icon--right" href="/careers/">Careers</a>
                        </div>
                    </div>
                </div>
            </div>
        </div>

<div class="col small-12 white push--top">
            <div class="row">
                <div class="col small-12 medium-8 push--bottom">
                        <a class="list__link" href="/conditions-of-use/">Terms of use</a>
                                            <a class="list__link" href="/privacy-policy/">Privacy</a>
                                                                <a class="list__link" href="/about-us/contact-us/">Contact us</a>
                                            <a class="list__link" href="/cookie-policy/">Cookie policy</a>
                </div>
                
            </div>
        </div>

</div> 
    <div class="bg-off-black push--top">
        <div class="wrap">
            <div class="col small-12 medium-6 push--ends">
                <a href="https://www.verisk.com"><img class="push-quarter--bottom lazyload" alt="Verisk Analytics" data-src="/content/img/branding/logo-verisk.svg"></a>
                <p class="delta white">Wood Mackenzie is a Verisk business</p>
            </div>
            <div class="col small-12 medium-6 push--ends text-right--medium">
                <span class="white font-bold">VERISK ANALYTICS<sup>®</sup></span>
            </div>
        </div>
    </div>
</footer>

window.dataLayer = window.dataLayer || [];

var registerClicks = function () {
        
        var querySelector = '[data-tracking-click]';
        var dataSelector = document.querySelectorAll(querySelector);
        if (dataSelector !== undefined && dataSelector !== null) {
            for (var i = 0; i < dataSelector.length; ++i) {
                dataSelector[i].onclick = function() {
                    var data = this.getAttribute('data-tracking-click');
                        data = window.atob(data);

data = JSON.parse(data);

dataLayer.push(data);
                }
            }
        }

}

registerClicks();

</script>

</body>
</html>