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Eni’s evolution

The 2020-2023 Action Plan.

In line with the Long-Term Strategic Plan until 2050, the 2020-2023 Action Plan sets out the first steps in Eni's evolution path, confirming the aim of continuing to create value through the organic and sustainable growth of the business.

Growth will also leverage our operating model over the next four years, which includes ongoing commitment to minimising risks and a focus on human capital, the environment and safety. Balanced development of the business portfolio will enable progressive shareholder remuneration, ensuring the maintenance of a solid financial structure.

By adhering to our values and renewing them in line with the United Nations SDGs, we will continue to promote local development by applying our cooperation model (Dual Flag approach) and establishing public-private partnerships. To support local development, we will also promote access to electricity and water and undertake health, education and hygiene projects. Finally, in parallel with these actions, we will continue to share know-how with our partners.


With regard to the Upstream, the 2020-2023 Action Plan envisages the enhancement and growth of the exploration portfolio, with the aim of discovering 2.5 billion boe of resources and contributing to the geographical diversification of the portfolio. During the period of the plan, we expect to achieve cumulative organic free cash flow of more than 25 billion euros. 


We will focus our upstream on gas, and make its production profile more flexible and more sustainable with the use of carbon capture and offsetting with forestry conservation projects.

by Claudio Descalzi


When it comes to renewables, we intend to move from the 0.4 GW of installed capacity in 2020, to 3 GW in 2023 and 5 GW in 2025, investing 2.6 billion euros over the duration of the plan. For the next four years, we will also be increasingly integrated along the value chain, from production to final consumption, so that we can provide sustainable electricity to every consumer. In addition to our brownfield projects, we aim to expand in developed markets. In Italy, we will continue to expand Progetto Italia, creating new plants for the production of renewable energy on decommissioned industrial land. In the United States, a market that we have just entered, we plan to develop projects of 1 GW installed capacity. On a global level, we will invest in renewables in AfricaAsiaAustralia and Kazakhstan.

Gas & Power

In the Gas&Power sector, we expect retail customer growth to be around 11 million by 2023, including over 4 million from power sales outlets, developing new products and focusing on non-commodity services. With regard to the LNG portfolio, we also intend to develop new markets and enhance gas equity through an increasing integration with Upstream. Combined, these activities will enable a 2020-2023 cumulative organic free cash flow of 2.1 billion euros.

Refining & Marketing

In refining, for the 2020-2023 period, we plan to bring bio-refineries to a processing capacity of 1 million tonnes, at the same time making them palm oil free by using other feedstocks, such as castor oil. In the scope of the circular economy, we are developing initiatives to produce hydrogen and methanol from waste recycling. In terms of marketing, we aim to consolidate our presence in Europe by favouring high-margin segments. All these actions will enable us to create a 2020-2023 cumulative organic free cash flow equal to 2.6 million euros.


We will dramatically scale up our bio refining capacities, exiting palm oil by 2023 and concentrating on 2nd and 3rd generation feedstock.

by Claudio Descalzi


With regard to Chemicals, the 2020-23 Action Plan envisages an increase in the balance of the ethylene-polyethylene supply chain, integrated with mechanical and chemical recycling and the recovery of efficiency from cracking. In polymers, we aim to increase the portfolio's progressive specialisation of higher value-added products and extend the downstream supply chain to compounding to reduce margin volatility. New processes and products will also be developed in renewable chemicals. In terms of reducing greenhouse gas emissions, we want to take action on increasing energy efficiency and feedstock flexibility. More generally, we will continue to promote the international development of this sector in synergy with other businesses in the group. Together, all these actions will enable a cumulative organic operating cash flow of 0.4 billion euros.

The main economic and financial data

Speed and flexibility
The four-year investment plan, which focuses on high-value and rapid return projects, includes investments of around 32 billion euros by 2023 and is characterised by a high level of flexibility with around 60% of investments between 2022-2023 not yet contracted. The Upstream investment plan, which accounts for 74% of the total, is well diversified geographically thanks to developments in the Middle East, Africa, Norway and Mexico. The current portfolio of active Upstream projects has a break even price of 23 dollars per barrel and a total IRR of about 25%. 

Competitive in low-carbon

Our projects remain competitive even when it comes to low-carbon scenarios. In particular, by adopting the EA SDS scenario that foresees the global application of a strongly increasing direct COcost, the overall IRR would be reduced by 0.7 percentage points In line with the medium and long-term objectives and to fuel the process of decarbonisation in society, we plan investments in renewable sources, energy efficiency, the circular economy and flaring reduction of 4 billion euros, a 33% increase from the previous plan. 

Expected outcome

Overall, the cumulative free cash flow over the plan horizon will be 23 billion euros and a strong growth in cash generation.

In particular, by 2023, operating cash flow is expected to grow by more than 3 billion euros vs 2019, thanks to the solid contribution of all businesses. Based on the results achieved in 2019 and the actions foreseen in the plan's horizon the shareholder remuneration policy is confirmed with a proposal of 0.89 euros  dividend for 2020 (3.5% growth vs 2019)