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In a complex global energy landscape, we strengthen our position in the LNG market through operational flexibility and a diversified portfolio management, creating value at every stage of the value chain. Ilaria Azzimonti, Head of LNG Portfolio at Eni, shares an overview of Eni’s integrated approach.
How does Eni position itself in the international LNG landscape and what distinctive elements make it a key player in such a rapidly expanding market?
Eni positions itself as a leading integrated energy company with a strong focus on sustainability and innovation in the LNG sector. Our distinctive elements include a diversified portfolio of assets, a long-term strategic focus on energy security, and a commitment to delivering low-carbon energy solutions. We leverage our extensive experience in both upstream and midstream operations, allowing us to control significant portions of the LNG value chain. Our global presence, from traditional markets in Europe and Asia to emerging markets in Africa and the Middle East, strengthens our ability to respond to market demands efficiently. Additionally, our focus on technological advancements, including floating LNG (FLNG) and carbon capture, utilization, and storage (CCUS), allows us to provide flexible and competitive solutions in this rapidly expanding market.
How does managing the fleet of LNG vessels affect Eni's ability to adapt to fluctuations in demand and price dynamics on global markets?
Managing the fleet of LNG vessels is essential to maintaining flexibility in a dynamic global market. By strategically optimizing vessel utilization and ensuring the efficient scheduling of deliveries, we can adjust rapidly to market fluctuations in both demand and pricing. Our fleet management system allows us to pivot between different supply routes and destinations based on market needs. Moreover, our ability to leverage both long-term and spot market contracts means that we can adjust our offering depending on market conditions. In addition, the ongoing collaboration with third-party operators gives us additional flexibility to manage unforeseen fluctuations in demand, ensuring we remain responsive and agile.
In the coming years, Eni aims to build a diversified and flexible portfolio by investing in decarbonisation technologies and leveraging its expertise in LNG infrastructure. With a focus on flexibility, sustainability and innovation, we will continue to play a key role in the global LNG market and contribute to the energy transition.
Ilaria Azzimonti
Head of LNG Portfolio, Eni
How does Eni contribute to the flexibility of the offer?
Flexibility is central to our LNG offering. We contribute to this by providing a variety of flexible contract structures, from long-term agreements to more short-term or spot contracts, depending on customer needs. This allows our partners to navigate the fluctuating dynamics of the energy market. Additionally, Eni’s ability to source LNG from multiple regions worldwide, along with our strategic partnerships in both producing and importing countries, gives us a diverse supply base. Our investments in advanced infrastructure, such as floating storage regasification units (FSRUs) and LNG storage facilities, also contribute to the flexibility of our offer, enabling us to respond rapidly to changes in demand.
The rapid evolution of markets affects LNG export and import flows. What metrics and tools does Eni adopt to assess profitability and make timely and effective decisions in such a variable landscape, also from a geopolitical point of view?
To navigate the complex and evolving LNG market, we rely on a range of tools and metrics to evaluate profitability, market conditions, and geopolitical risks. These include detailed market analysis, supply-demand forecasting, and price index tracking across key regions. We also take into account geopolitical risks, regulatory shifts, and energy policy changes through our global network of experts. We integrate real-time data from trading desks, production facilities, and market research to inform decisions on pricing, contracts, and investments. Risk assessment tools, such as scenario planning and stress testing, are employed to anticipate potential disruptions and ensure that we are prepared for various market conditions.
In which geographical areas Eni sees the greatest growth opportunities in the LNG market and how does the company assess the potential of new emerging markets?
Eni sees significant growth opportunities in several emerging regions, particularly in Asia, Africa, and Latin America. The rapid economic growth and urbanization in Asia, combined with an increasing demand for cleaner energy, make it a key focus area for our LNG expansion. We are also expanding our presence in Sub-Saharan Africa, where new LNG projects are expected to emerge over the next decade. In Asia in particular there is increasing demand for natural gas, and LNG plays a crucial role in meeting these needs. We assess the potential of emerging markets by evaluating factors such as energy demand forecasts, infrastructure development, geopolitical stability, and the regulatory landscape. Our flexible business model allows us to enter these markets through joint ventures, long-term contracts, and infrastructure investments.
In light of the strategic importance of LNG for energy security, how do you balance business needs with the need to ensure stable and diversified supplies globally?
Ensuring stable and diversified LNG supplies is crucial for both energy security and meeting global demand. At Eni, we prioritize long-term relationships with reliable suppliers and invest in diverse sources of LNG to reduce the risk of supply disruptions. Our global portfolio of assets - spanning multiple continents - ensures that we are not reliant on any single source or market. We balance business needs with security by carefully managing supply chain risks, including diversifying both upstream production and midstream infrastructure. Our focus on innovation also plays a role. We are exploring technologies such as floating LNG (FLNG) and small-scale LNG to unlock new sources of supply while ensuring flexibility and resilience in our supply chains.
Can the regulatory and tax context in the various countries significantly affect the profitability of the LNG business?
Yes, the regulatory and tax context in various countries can have a significant impact on the profitability of the LNG business. Each country has its own set of regulations, tax structures, and environmental standards that can influence project viability, production costs, and pricing. For example, in some regions, taxes and royalties on LNG exports can be high, while others offer tax incentives to encourage investment. We closely monitor regulatory changes, particularly in key markets, and engage proactively with local governments to ensure that our operations are in line with local regulations while minimizing the impact on profitability. Additionally, we work to ensure compliance with global environmental standards, including emissions reductions, which is increasingly important in the LNG sector.
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Global trends and perspectives
Looking ahead, there are several key global trends that will have a significant impact on the LNG business, and Eni is proactively positioning itself to leverage these trends in a way that ensures sustainable growth and long-term competitiveness.
The shift towards cleaner energy in Asia, driven by countries like China, India, and Southeast Asia, will continue to be a major driver of LNG demand in the coming years. These countries are seeking to reduce their reliance on coal and oil, making natural gas and LNG critical components of their energy transition strategies. As urbanization increases and industrial growth accelerates, demand for LNG is expected to rise steadily.
Eni's Strategy
We are enhancing our position in Asia by expanding our LNG infrastructure and developing long-term relationships with key customers in the region. Additionally, we are working on flexible LNG supply contracts that allow us to meet the dynamic needs of these rapidly growing markets. Our ability to offer both large-scale and small-scale LNG solutions will be key in catering to the diverse energy requirements across Asia.
The global push towards reducing carbon emissions is intensifying, and LNG is seen as a bridge fuel in the transition to a low-carbon economy. However, as countries tighten their emissions targets, the pressure on the entire LNG value chain to reduce carbon footprints is mounting. This includes not just the production of LNG, but also its transportation, storage, and consumption.
Eni's Strategy
Eni is committed to decarbonizing its LNG operations through investments in technologies such as carbon capture, utilization, and storage (CCUS). Our focus is also on advancing renewable energy solutions such as offshore wind and solar, alongside our LNG assets, to provide a cleaner energy mix. These efforts are part of our broader strategy to meet the global energy transition goals.
Global commodity prices, including natural gas and LNG, have seen significant volatility due to geopolitical tensions, supply chain disruptions, and fluctuations in demand. The situation in Eastern Europe, the Middle East, and other regions could continue to influence the supply-demand balance and price dynamics in the LNG market.
Eni's Strategy
To mitigate the risks associated with price volatility, Eni has a diversified LNG portfolio, both in terms of supply sources and contractual structures. This allows us to adapt quickly to changes in the market and provide our customers with flexible pricing options. We are also focusing on expanding our geographical reach to reduce dependence on any single market. Additionally, we closely monitor global political and economic developments, using real-time data and advanced risk management tools to adapt our strategy to evolving geopolitical risks.
Stricter environmental regulations and policies are being implemented across the globe, particularly in Europe and developed markets, where emissions reduction targets are becoming more ambitious. These regulatory shifts will continue to influence how LNG is produced, transported, and consumed.
Eni's Strategy
Eni is investing in research and innovation to ensure compliance with stringent environmental regulations. We are actively working to reduce the carbon footprint of our LNG operations by adopting the latest low-carbon technologies and improving the efficiency of our supply chain. Eni is also increasing its focus on LNG projects that integrate renewable energy solutions, such as floating wind farms and solar energy projects, to meet the growing demand for green energy.
Technological advancements are revolutionizing the LNG sector. New developments in liquefaction, storage, and transportation technologies are improving efficiency and reducing costs. Additionally, digitalization and smart technologies are playing a growing role in fleet management and supply chain optimization.
Eni's Strategy
Eni is actively investing in the latest LNG technologies to enhance operational efficiency and reduce costs. This includes expanding our use of floating LNG (FLNG) platforms, which allow us to access remote and stranded gas reserves more effectively. We are also leveraging digital technologies, including AI and data analytics, to optimize fleet management, improve predictive maintenance, and enhance the flexibility of our operations.
The increasing emphasis on energy security, particularly in the wake of the COVID-19 pandemic and recent geopolitical tensions, is leading countries to seek more stable and diversified sources of energy. This is particularly true in Europe, where the need for reliable and diversified LNG sources has become a priority.
Eni's Strategy
To address these energy security concerns, Eni is strengthening its relationships with key LNG producers in diverse geographical regions, including Africa, the Middle East, and the Americas. We are also expanding our infrastructure, including floating storage and regasification units (FSRUs), to ensure a more flexible and resilient LNG supply chain. By ensuring that we can source LNG from multiple regions, Eni helps ensure stability for customers while mitigating the risks associated with over-reliance on any single supply chain.
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