Eni operates across 60+ countries, generated €91.2 billion in revenue in FY2024, and holds one of the most geographically diversified upstream portfolios of any European oil major — anchored by the Coral Sul FLNG vessel off Mozambique, a growing CCS programme in the North Sea, and active E&P positions across North Africa, Sub-Saharan Africa, Iraq, and Kazakhstan. This eni company profile covers its key assets, 2026 strategic priorities, and position in the global energy infrastructure market.
Company Overview
Founded in 1953 as Ente Nazionale Idrocarburi, Eni SpA is headquartered in Rome and listed on both the Milan Stock Exchange and the NYSE (ticker: E). The Italian state retains approximately 30% ownership — around 4% held directly by the Ministry of Economy and Finance (MEF), with a further 26% through Cassa Depositi e Prestiti (CDP). The remaining ~70% is publicly traded.
The group employs approximately 32,000 people and operates through four core segments: Exploration & Production (E&P), Global Gas & LNG Portfolio (GGP), Enilive (biorefining and sustainable fuels), and Plenitude (renewables and retail energy). CEO Claudio Descalzi has led the company since 2014.
FY2024 group proforma adjusted EBIT reached €14.3 billion — above plan — driven by E&P outperformance and GGP delivering 40% above its original base case guidance, according to Eni’s full-year results statement. Total revenues were €91.2 billion, with adjusted operating cash flow of €13.6 billion. Organic capex came in at €8.8 billion, below the €9.0 billion guidance.
Key Assets and Upstream Portfolio
Eni’s E&P footprint spans every major producing basin. In North Africa, the company is one of the largest foreign operators in Libya, Algeria, and Egypt. The Mellitah Oil & Gas joint venture with Libya’s NOC includes the 520 km Greenstream pipeline to Italy. In Algeria, the Groupement Berkine joint venture is a material gas producer. In Egypt, Eni holds a 50% interest in the Damietta LNG facility via its Union Fenosa Gas stake — a 5 MTPA liquefaction plant on the Mediterranean coast.
In Sub-Saharan Africa, Eni operates across Nigeria, Angola, Congo, Mozambique, and Kenya. Nigerian onshore operations through the NAOC joint venture are in active divestment — the sale to Oando was progressing through 2025 and into 2026 as part of a broader portfolio shift toward deepwater and floating LNG assets. In Congo, the M’Boundi onshore field remains in production, alongside Eni’s stake in developing Congo LNG infrastructure.
Elsewhere, Eni holds a significant position in the Kashagan field in Kazakhstan and operates the Zubair field in Iraq, plus a stake in the Basra Energy Company development. Italy remains a producing basin — the Val d’Agri and Po Valley fields contribute domestic gas output.
Africa’s upstream recovery is creating both opportunity and complexity for operators in the region. Our analysis of Africa’s downstream investment gap despite the upstream revival examines the structural challenge facing the continent’s energy sector.
LNG and Floating Infrastructure
Eni’s most strategically significant LNG asset is the Coral Sul FLNG vessel, moored in Mozambique’s Area 4 block. The vessel — the first floating LNG facility in Africa — has a production capacity of 3.4 MTPA and delivered its first cargo in 2022. Offtake is contracted to BP, Shell, and other counterparties on long-term terms.
A second vessel, Coral Norte FLNG, is under construction with the same 3.4 MTPA capacity. First cargo is targeted for the late 2020s, with contracts already in place. Combined, the two Coral FLNG vessels will give Eni approximately 6.8 MTPA of floating liquefaction capacity in Mozambique alone.
In Egypt, the Damietta LNG plant operates at 5 MTPA and provides Mediterranean export flexibility. Eni’s broader gas and LNG portfolio is managed through the GGP segment, which outperformed its FY2024 base case by 40% — a result attributed to European gas market volatility driving trading margins above plan.
The onshore Mozambique LNG development in Area 1 — operated by TotalEnergies, not Eni — remains in a separate financing and restart process following the 2021 force majeure declaration. Eni’s exposure is through its Area 4 equity stake in the Coral assets, which are operationally distinct from the Area 1 onshore trains.
CCS and Energy Transition
Eni’s CCS programme is centred on the Hewett depleted gas field in the UK Southern North Sea, approved for CO₂ injection with an estimated storage capacity of approximately 300 million tonnes. The project is linked to the HyNet North West industrial decarbonisation cluster in northwest England. Read our full coverage of Eni’s North Sea carbon storage programme at Hewett Field.
Plenitude, Eni’s renewables and retail subsidiary, reached over €1 billion EBITDA in FY2024 and operates in more than 15 countries. Installed renewable capacity stands at approximately 3 GW, with a target of 7 GW by 2027. The subsidiary also runs one of Italy’s largest EV charging networks. Private equity firm EIP increased its stake in Plenitude to 10% in 2024.
Enilive, the biorefining arm, converted the Venice and Gela refineries from conventional processing to produce sustainable aviation fuel (SAF) and HVO diesel. Current biorefining capacity is approximately 1.5 million tonnes per year, with a stated target of 5 million tonnes of SAF annually by 2030. KKR acquired a 25% stake in Enilive in 2024, subsequently increasing to 30% in February 2025 — a transaction that brought in €3.1 billion of external capital across Enilive and Plenitude combined.
Eni in 2026
Several active processes are shaping this eni company profile in 2026. The NAOC onshore Nigeria divestment to Oando is progressing — a transaction that, once closed, completes Eni’s exit from legacy onshore Nigeria joint ventures and concentrates its Nigerian position in deepwater assets such as the OML 118 Bonga field participation.
The Versalis chemicals division is under strategic review. Versalis has reported persistent losses — FY2024 chemicals incurred a €0.23 billion quarterly loss, in line with previous quarters, driven by subdued demand and high European energy costs. A sale, joint venture, or restructuring of the petrochemicals arm is under active consideration.
In Kenya, offshore blocks L11A and L11B contain confirmed oil discoveries. Commercialisation discussions are ongoing, with Eni assessing development options for a basin that could add material production in the medium term. In Iraq, Zubair field operations continue under the Basra Energy Company framework.
At the corporate level, Eni established a new upstream satellite in 2024 by combining its UK North Sea assets with those of Ithaca Energy — a structure that mirrors the earlier Azule Energy model used for Angola and the Vår Energi vehicle for Norway.
Eni in the Global Market
Among European integrated majors, Eni is distinguished by its Africa-heavy upstream exposure and its early commitment to floating LNG as a monetisation strategy for stranded gas. The Coral Sul FLNG model — from construction through first cargo — has been completed faster and with more commercial certainty than many comparable onshore LNG projects.
The satellite model, in which Eni carves out transition-related businesses (Plenitude, Enilive) as separately capitalised entities attracting third-party equity, is a distinct financial structure that reduces the capital burden on the parent while retaining strategic control. It has attracted over €3 billion in external investment from KKR and EIP in a single year.
For context on how Eni’s storage and infrastructure assets compare across the peer group, see our Top 10 Oil Majors by Storage Infrastructure 2026 ranking.
Company Snapshot — Eni Company Profile
| Founded | 1953, Rome, Italy |
|---|---|
| Listed | Borsa Italiana (ENI), NYSE (E) |
| Ownership | MEF ~4%, CDP ~26%, publicly traded ~70% |
| CEO | Claudio Descalzi (since 2014) |
| Employees | ~32,000 |
| Countries | 60+ |
| Revenue (FY2024) | €91.2 billion |
| Adj. EBIT (FY2024) | €14.3 billion (proforma) |
| Key upstream regions | Italy, Libya, Algeria, Egypt, Nigeria, Angola, Congo, Mozambique, Kenya, Iraq, Kazakhstan |
| Key LNG assets | Coral Sul FLNG (3.4 MTPA, operational), Damietta LNG (5 MTPA, Egypt), Coral Norte FLNG (3.4 MTPA, under construction) |
| CCS | Hewett Field, UK Southern North Sea; HyNet North West cluster |
| Transition subsidiaries | Plenitude (renewables & retail, 3 GW), Enilive (biorefining, SAF) |
| Investor relations | eni.com/investors |
What does Eni do and where does it operate?
Eni is an Italian integrated energy company founded in 1953 and headquartered in Rome. It operates across exploration and production, LNG, biorefining, and renewables in 60+ countries. Key producing regions include Libya, Algeria, Egypt, Nigeria, Angola, Mozambique, Iraq, and Kazakhstan. The company is listed on the Milan Stock Exchange and the NYSE.
What is Eni’s main LNG asset and how large is it?
Eni’s flagship LNG asset is the Coral Sul FLNG vessel, moored offshore Mozambique in Area 4. It is the first floating LNG facility in Africa, with a production capacity of 3.4 MTPA. First cargo was delivered in 2022. A second vessel, Coral Norte FLNG, is under construction with an identical 3.4 MTPA capacity, targeting first cargo in the late 2020s.
What is Eni’s role in carbon capture and storage in 2026?
Eni is developing the Hewett CCS project in the UK Southern North Sea, using a depleted gas field with an estimated storage capacity of approximately 300 million tonnes of CO₂. The project is linked to the HyNet North West industrial cluster. Eni is also progressing CCS projects in Italy as part of a planned transition-related satellite entity.
Is Eni divesting its Nigerian onshore assets?
Yes. Eni is completing the sale of its NAOC onshore joint venture in Nigeria to Oando, a transaction that was progressing through 2025 and into 2026. The divestment is part of a broader strategy to exit legacy onshore Nigeria positions and concentrate the Nigerian portfolio in deepwater assets, including its participation in the OML 118 Bonga field.
How does Eni rank among global oil majors by production and storage?
Eni is one of Europe’s five integrated oil majors alongside Shell, BP, TotalEnergies, and Equinor. By upstream production it typically ranks fourth or fifth among European peers. Its LNG and floating infrastructure position is notable for its Africa focus and early adoption of the FLNG model. The Coral Sul FLNG is the only operational FLNG vessel in Africa.