Eni — Exploration & Production

Eni's consolidated upstream business across Africa, Europe, Asia, and the Americas, operated directly and through its satellite affiliates (Azule Energy in Angola, Var Energi in Norway, Ithaca Energy in the UK). Net proved reserves including equity-accounted entities were 6,885 million boe at year-end 2025 (3,055 mmbbl liquids and 20,034 bcf gas) at a reference Brent price of US$70/bbl; the all-sources reserves replacement ratio was 162% and the reserves life index 10.9 years. 2025 production averaged 1,728 kboe/d (840 kbbl/d liquids, up 7%, and 4,644 mmcf/d gas). Capital expenditure of about EUR 10 billion was invested to develop proved undeveloped reserves.