Eni’s satellite model: a distinctive approach

Striking the right balance between investments and returns through a unique organizational and financial strategy.

Our satellite model is based on creating separate entities that can independently access capital markets to finance their own growth and to reveal the real value of each business.  It is our answer to the potential trade off emerging between continuing with more traditional businesses that generate high free cashflows, but offer reduced growth profiles, or investing into Energy Transition, high growth sectors where we can generate significant value but which demand capital.

Our satellite model reduces the capital absorption by new businesses preserving the free cash flow from traditional assets for the benefit of shareholder distribution.

Emerging activities can be developed autonomously, usually with third-party funding, accessing new pools of aligned capital and thereby highlighting value creation.


The recent sale of the Plenitude stake for example is the first step to support further investments and it highlighted the value already generated in this business but not reflected in Eni’s multiple. The company intends to replicate this model for Enilive, for Novamont biochemical activity and for CCS.

At the same time a satellite structure can also be applied in some upstream geographies, to access operational and financial synergies, maximise growth potential, and free up more capital for the rest of the portfolio.

Var Energi and Azule are very successful examples of business combinations that have allowed us to fuel upstream growth under a dedicated and focussed management structure in Norway and Angola. 

Capital Markets Update 2024

On 14 March, Eni presented the Capital Markets Update 2024, and the video on demand is available.

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