Integrated Oil & Gas · Senior · Integrated · Balanced · Oil · Africa · Asia · Europe
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 5 projects
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Eni — Exploration & Production
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
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.
Portfolio Aggregate
Multiple effective dates · 1P
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Reserves & resources — detail
As at 31 December 2025
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Plenitude
Portfolio · Power Renewables · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni's retail and renewables business, combining renewable power generation, retail energy, and EV charging. Installed renewable capacity reached 5.8 GW at year-end 2025 (4.1 GW in 2024, 3.0 GW in 2023), up 41%, and targets 15 GW by 2030.
Portfolio Aggregate · Processing facilities
Multiple effective dates
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Enilive
Portfolio · Other · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni's mobility and biorefining business, producing biofuels and operating 5,294 service stations in Europe at year-end 2025. Sold biofuels production was 925 ktonnes in 2025. Biofuel manufacturing capacity of 1.7 MTPA is targeted to grow by 2030, with new biorefineries developed at Livorno (Italy, via conversion), Sannazzaro, Priolo, Daesan/Seosan (South Korea), and Pengerang (Malaysia, Euglena).
Portfolio Aggregate · Processing facilities
Multiple effective dates
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Eni — Global Gas & LNG Portfolio and Power
Portfolio · Lng Export
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni's Global Gas & LNG Portfolio and Power business, marketing and trading natural gas, LNG, and power. 2025 natural gas sales were 43.72 bcm (2024: 50.88). Eni is expanding toward a contracted LNG portfolio above 20 MTPA (approximately 70% on an equity basis), including a long-term supply agreement with Venture Global, and is advancing the 12 MTPA Argentina LNG project with YPF.
Portfolio Aggregate · Processing facilities
Multiple effective dates
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Versalis (Refining & Chemicals)
Portfolio · Other
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni's refining and chemicals business, including the Versalis chemicals subsidiary. Exposed to the structural weakness of the European chemicals sector, Versalis permanently shut down its cracking plants in 2025 as part of a transformation toward profitability, alongside the conversion of refining capacity to biorefining.
Portfolio Aggregate · Processing facilities
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Operating · 11 projects
Baleine
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni-operated offshore oil and gas field in Cote d'Ivoire, the country's largest discovery. The start of Baleine Phase 2 drove organic liquids growth in 2025. Eni sold a 30% stake to Vitol in 2025 and agreed to sell a further 10% to SOCAR in January 2026; a 2025 discovery confirmed the eastern extension of the field. Cote d'Ivoire production reached 18 mmboe in 2025 (from 8 mmboe in 2024).
Oil & Gas metrics
Multiple effective dates
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Congo LNG
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni-operated LNG project offshore the Republic of the Congo. Phase 2 of the Congo FLNG project was launched at the end of 2025, ahead of schedule, expanding capacity, alongside gas-valorization projects that supported zero routine flaring. Congo production reached 25 mmboe in 2025.
Oil & Gas metrics
As at 31 December 2025
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Johan Castberg
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Oil field in the Barents Sea, Norway, in which Eni holds an interest via its 63%-owned associate Var Energi. Production started in 2025 with a gross capacity of 220 kbbl/d, with the Askeladd West gas field supporting full capacity.
Oil & Gas metrics
As at 31 December 2025
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Merakes / Merakes East
Asset · Operating · Ownership 85%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni-operated (85% interest) gas field in the East Sepinggan offshore block in the Kutei basin, Indonesia. The Merakes East field started production in 2025, contributing approximately 18 kboe/d to Eni's output. Significant Kutei basin discoveries are expected to ramp production to over 500 kboe/d in the medium term.
Oil & Gas metrics
As at 31 December 2025
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Agogo Integrated West Hub
District · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Offshore oil development in block 15/06 operated by the Azule Energy joint venture (Eni 50%). The Agogo Integrated West Hub started up in 2025 ten months ahead of schedule, developing the Agogo and Ndungu fields. Eni's equity-accounted Angola (Azule Energy) production was 39 mmboe in 2025.
Oil & Gas metrics
As at 31 December 2025
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Eni — North Africa E&P
Segment
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni's North African upstream operations across Egypt (including Zohr), Libya, Algeria, and Tunisia, its largest consolidated producing area. North Africa held net proved reserves of 517 mmbbl liquids and 5,052 bcf gas (1,483 mmboe) at year-end 2025. Country production in 2025 included Egypt 88 mmboe, Libya 59 mmboe, and Algeria 43 mmboe.
Oil & Gas metrics
As at 31 December 2025 · 1P
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Reserves & resources — detail
As at 31 December 2025
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Eni — Rest of Asia E&P
Segment
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni's upstream operations across the rest of Asia, including Indonesia (Kutei basin/Merakes), Iraq (Zubair), the United Arab Emirates, and Turkmenistan. The area held net proved reserves of 713 mmbbl liquids and 4,009 bcf gas (1,480 mmboe) at year-end 2025, reflecting strong additions in Indonesia.
Oil & Gas metrics
As at 31 December 2025 · 1P
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Reserves & resources — detail
As at 31 December 2025
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Eni — Kazakhstan E&P
Segment
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni's Kazakhstan upstream interests, including the Karachaganak and Kashagan mega-projects. Kazakhstan held net proved reserves of 556 mmbbl liquids and 1,399 bcf gas (824 mmboe) at year-end 2025.
Oil & Gas metrics
As at 31 December 2025 · 1P
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Reserves & resources — detail
As at 31 December 2025
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Eni — Rest of Europe E&P (Var Energi / Ithaca)
Segment
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni's equity-accounted European upstream interests held through the 63%-owned Var Energi in Norway and the 36%-owned Ithaca Energy in the United Kingdom. The 2025 start-up of the Balder X oilfield (Var Energi) and the Johan Castberg field supported production. Equity-accounted Rest of Europe held net proved reserves of 381 mmbbl liquids and 1,229 bcf gas (617 mmboe).
Oil & Gas metrics
As at 31 December 2025 · 1P
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Reserves & resources — detail
As at 31 December 2025
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Eni — Italy E&P
Segment
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni's domestic Italian upstream operations, including the Argo/Cassiopea offshore gas development off Sicily. Italy held net proved reserves of 197 mmbbl liquids and 651 bcf gas (320 mmboe) at year-end 2025.
Oil & Gas metrics
As at 31 December 2025 · 1P
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Reserves & resources — detail
As at 31 December 2025
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Eni — Americas E&P
Segment
Project information
As at 31 December 2025
Description
As at 31 December 2025
Eni's upstream operations in the Americas, including the Area 1 development offshore Mexico and US Gulf of Mexico interests. The area held net proved reserves of 111 mmbbl liquids and 80 bcf gas (127 mmboe) at year-end 2025.
Oil & Gas metrics
As at 31 December 2025 · 1P
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Reserves & resources — detail
As at 31 December 2025
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Processing facilities · 1 project
Coral FLNG (Area 4, Rovuma Basin)
Asset · Lng Export · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
Floating LNG development in the Coral gas reservoir of Area 4, Rovuma Basin, offshore Mozambique. Following the producing Coral South FLNG, Eni and partners CNPC, ENH, Kogas, and XRG reached final investment decision on the Coral North FLNG facility with 3.6 MTPA capacity. Eni's equity-accounted Mozambique production was 9 mmboe in 2025.
Processing facilities
As at 31 December 2025
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
Oil
Natural gas
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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