Italian energy major has set out an ambitious five-year strategy aimed at boosting production, expanding its energy transition portfolio, and significantly increasing shareholder returns through stronger cash generation and lower leverage.
At the core of the plan is a dual-track growth model: scaling its oil and gas portfolio while accelerating standalone transition businesses such as Plenitude and Enilive. Eni expects to generate more than €40 billion in free cash flow between 2026 and 2030, enabling higher dividends and share buybacks alongside continued investment.
Eni is doubling down on its exploration and production (E&P) segment, describing its current project pipeline as the strongest in its history. The company expects production to grow at an annual rate of 3–4% through 2030, supported by a diversified portfolio spanning Africa, the Eastern Mediterranean, Southeast Asia, and Norway.
New project approvals—including developments in Indonesia’s North Kutei Basin and a planned LNG project in Argentina—highlight Eni’s continued focus on gas monetization and LNG markets. The company also emphasized its leadership in floating LNG (FLNG), a technology gaining traction as operators seek flexible, lower-cost export solutions.
Since 2014, Eni has discovered more than 11 billion barrels of oil equivalent and converted 60% of those discoveries into production or asset sales—underscoring a capital-efficient exploration model that continues to differentiate it from peers.
Alongside hydrocarbons, Eni is expanding its energy transition platforms through Plenitude (renewables and retail) and Enilive (biofuels).
Plenitude is targeting 15 GW of installed renewable capacity by 2030, up from 5.8 GW at the end of 2025, while growing its customer base to more than 11 million. A planned deconsolidation and €1.5 billion capital increase is designed to accelerate growth while unlocking shareholder value.
Enilive, meanwhile, is scaling biofuel production capacity to 5 million tonnes annually by 2030, with sustainable aviation fuel (SAF) expected to play a growing role. EBITDA from the segment is forecast to triple to €3 billion over the period.
Together, the transition businesses have already attracted external investment valuing them at more than €23 billion, reinforcing Eni’s “satellite” model of partially divested, self-funding subsidiaries.
Eni’s financial framework underpins the entire plan. The company expects cash flow from operations to reach approximately €17 billion by 2030, representing a 14% compound annual growth rate on a per-share basis.
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