Delivering value through the transition

Strategic Plan 2022-2025

Eni’s distinctive strategy enables to address the challenges of the current energy market to deliver secure and sustainable energy to customers, while accelerating the path to net-zero.

The current situation makes us even more resolute in our ultimate goal, to work for the security and sustainability of the energy system, while keeping a sharp focus on a just energy transition and value creation for our stakeholders.

We are pursuing these objectives by:

  • leveraging our global upstream and partnerships with producing countries, to find alternative and additional supply opportunities for Europe; and
  • accelerating our decarbonization targets, working to offer progressively decarbonized services and products to our clients, in order to effectively tackle scope 3 emissions.
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The New Eni

Technology, and specifically, proprietary technology, is at the foundation of our strategy. This has been the case in the past, for our traditional businesses, and even more now to face the complexity of the energy transition.

Technology underpins the development of new businesses and allows us to be at the forefront of market change, so we can bring to scale and provide new solutions to customers more quickly, generating stronger returns. In line with this approach, we have decided to merge into a dedicated entity our biorefining business with the marketing of low carbon products and services for sustainable mobility, a winning customer-centric proposition along our downstream value chain.

In this context, a stakeholder alliance is a necessary condition to effectively deploy the new models and the new technologies, removing barriers to change and involving everyone in the transformation of the energy system.

Claudio Descalzi primo piano

The current situation has created new threats to energy security which we must meet without abandoning our ambitions for a just transition.

Claudio Descalzi, CEO of Eni
The New Eni

As a result of our strategic approach, we can further improve our emission reduction targets and be faster in our decarbonization efforts.

In 2020 we set absolute targets inclusive of scope 3 emissions and, in 2021, we set our long-term target of net zero emissions by 2050.

Today we are committing to go even faster, by announcing our plan to reach -35% by 2030 and -80% by 2040 of absolute carbon emissions. This accelerates our path towards net zero by 2050 and further aligns our emissions reduction pathway to 1.5 Degree Celsius scenarios.

We are bringing forward Eni’s net zero scope 1+2 emissions by 2035 and setting a new intermediate target of -40% by 2025.

Our decarbonization targets are underpinned by an industrial transformation plan that is designed around economically feasible solutions and available technologies. In particular:

  • in Upstream, our production will plateau at 2025, progressively increasing the share of gas (60% by 2030 and more than 90% beyond 2040)
  • in Midstream, we will progress in reshaping our gas portfolio, valorizing equity production to increase the value of our gas and LNG
  • in Downstream, we will accelerate our conversion of traditional refineries to bio refineries and circular economy hubs, while de-risking feedstock through vertical integration.

In addition, our Carbon Capture and Storage projects will support our hard-to-abate emissions reduction. The residual 5% of emissions at 2050 will be compensated by high quality offsets.


Our upstream commitments are grounded on enhancing the sustainability and value of the portfolio and reducing its cash neutrality and carbon footprint.

We will do this by combining production growth, expanding integrated gas and LNG developments, continuing to apply strict capital discipline, and reducing scope 1 and 2 absolute net emissions.


Following our strategy to reduce scope 3 emissions, over the plan period we are expanding our offer of decarbonized, green and bio energy products to our customers.

To that end, 25% of group investments are dedicated to growing profitable new energy businesses, across the green power value chain and in sustainable mobility. 


Eni’s financial plan is a structural component in the execution of our transition strategy.

While preserving a strict capital discipline, with an average capex of €7 bln per year, in line with last year’s plan, we will continue to restructure our portfolio to highlight the real value of our businesses and to maximize our opportunities of growth.

Moreover, we will continue to align our financial tools to the strategic milestones designed in our decarbonization plan. At the end of the plan € 13 billion of financing instruments will be linked to Eni’s strategic kpi.

Over the next 4 years,  we will strengthen the balance sheet, with an average leverage pre IFRS of around 10% at Eni’s planning scenario.


Assuming a Brent price of 80$/bbl, Cash Flow from Operation before working capital is expected to exceed € 14 billion in 2022 and more than €15 billion at a 90$ price. In 2022 considering capex of € 7.7 billion, we expect an organic Free Cash Flow of € 6 to 7 billion

Over the next 4 years, at our planning assumptions, we will generate a cumulative Cash Flow from Operation before working capital of about €55 billion and a free cash flow before working capital of more than €25 billion.  

While generating a solid stream of FCF, we will continue to focus on our resilience: cash neutrality, the level of price necessary to cover our capex needs and the floor dividend, will be maintained below 45 $/bbl throughout the plan period.


Reflecting the continued successful execution of our strategic path, a reinforced balance sheet and an improved outlook for commodities, the Board of Directors has decided to enhance 2022 distribution policy through the following set of actions.

Claudio Descalzi primo piano

Our immediate response to the current crisis has been to leverage our established alliances with producing countries to find replacement energy sources for Europe’s energy needs. This complements our work to develop new decarbonised products and services which can help deliver both energy security and carbon reduction.

Claudio Descalzi, CEO of Eni

Eni boosts the transformation