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Eni investment case

Our 2019-2022 Strategic Plan is geared towards creating long-term value in the energy transition. This section highlights Eni's investment case.

Exploration: a range of opportunities on a global scale

  • Target 2019-2022 new discoveries 2.5 bln boe
  • Low unitary exploration cost < 2$/boe
  • Net acreage 460,000  sq km
  • Discovered resources >5 bln boe since 2014

Competitive upstream portfolio with a long pipeline of new projects

  • Average production growth +3.5% per year until 2025
  • Upstream CFFO at 19.5 $/boe in 2019 rising to $20.5/boe in 2022 (fiat $62 Brent scenario)
  • New projects average breakeven 25 $/bbl with an average rate or return around 22% (Eni Scenario)
  • Cash-in since 2013 thanks to "dual exploration model" > 10 bln $

A material plan of expansion in G&P and LNG sectors

  • 2022 G&P EBIT at 0.7 bln €
  • LNG contracted volumes 16 MTPA by 2025 (vs 8.8 in 2018)
  • 2019-2022 G&P free cash flow at 2.3 bln €
  • 2022 retail customers 12 mln (+26% vs 2018)

Downstream bigger, resilient and greener

  • 2019-2022 free cash flow at  2.6 bln €
  • 2021 green refinery capacity at 1 Mton/year
  • Refining margin breakeven down to 2.7 $/bbl in 2020 and 1.5 $/bbl in 2023

Decarbonization: a strategic priority

  • Net zero emission in our upstream business by 2030
  • Gas process flaring eliminated and methane emissions reduced by 80% by 2025
  • Direct forestry intervention for > 20 Mton/y of CO2 sequestration by 2030

A strong financial strategy and competitive distribution policy

  • Disciplined investment programme < 8 bln €/year CAPEX in the plan
  • Started buyback 400 mln € in 2019
  • CFFO Cash Neutrality (coverage of CAPEX and dividend) at 55 $/bbl in 2019 
  • And 50 $/bbl at the end of plan