Eni S.p.A. (E): Análisis PESTLE [Actualizado en enero de 2025]

En el panorama dinámico de la energía global, Eni S.P.A. se erige como una potencia transformadora que navega por las intrincadas intersecciones de los desafíos geopolíticos, la innovación tecnológica y el desarrollo sostenible. Con una visión estratégica que trasciende las fronteras tradicionales, la compañía está redefiniendo su papel en el complejo ecosistema de energía, equilibrando los imperativos económicos con las responsabilidades ambientales al tiempo que pionera las tecnologías innovadoras que prometen remodelar el futuro de la producción y el consumo de energía.

Eni S.P.A. (E) - Análisis de mortero: factores políticos

Opera en múltiples países con dinámica geopolítica compleja

ENI opera en 69 países en múltiples continentes, con una presencia significativa en:

Región	Número de países	Ubicaciones operativas clave
África	27	Argelia, Egipto, Libia, Nigeria
Europa	15	Italia, Reino Unido, Noruega
Asia	12	Kazajstán, Indonesia, EAU
América	15	Estados Unidos, México, Venezuela

Navega por sanciones internacionales y entornos regulatorios

ENI administra desafíos regulatorios complejos, particularmente en regiones con tensiones geopolíticas:

• Cumplimiento de las sanciones de la UE contra Rusia desde 2022
• Adaptando las sanciones de los Estados Unidos al sector petrolero iraní
• Navegar restricciones comerciales internacionales en Venezuela

Administra relaciones estratégicas con agencias de energía gubernamental

País	Agencia gubernamental	Tipo de asociación
Argelia	Sonatrach	Acuerdo de exploración conjunta
Libia	Corporación Nacional de Petróleo	Contrato compartido de producción
Egipto	Corporación General de Petróleo egipcio	Asociación de exploración

Equilibra las políticas de transición de energía en diferentes mercados globales

La estrategia política de ENI se centra en las inversiones de energía renovable:

• 7.400 millones de euros asignados para proyectos de energía renovable en 2023
• Objetivo de 5 GW Capacidad de energía renovable para 2025
• Cumplimiento de las regulaciones de Deal Green de la UE

Eni S.P.A. (E) - Análisis de mortero: factores económicos

Ingresos significativos de la exploración y producción de petróleo y gas

Eni S.P.A. informó ingresos totales de € 87.4 mil millones en 2022, con una producción de hidrocarburos de 1,7 millones de barriles de aceite equivalente por día. El segmento aguas arriba de la compañía generó € 27.8 mil millones en ingresos durante el mismo año.

Métrica financiera	Valor 2022
Ingresos totales	87.4 mil millones de euros
Producción de hidrocarburos	1.7 millones de boe/día
Ingresos del segmento ascendente	27.8 mil millones de euros

Diversificar las inversiones en energía renovable y tecnologías sostenibles

ENI cometió € 7.4 mil millones en inversiones para proyectos de energía renovable y descarbonización en 2022. La compañía apuntó a 15 GW de capacidad renovable instalada para 2025 y 60 GW para 2050.

Inversión de energía renovable	Objetivo
Inversión en 2022	7.4 mil millones de euros
Capacidad renovable para 2025	15 GW
Capacidad renovable para 2050	60 GW

Vulnerable a las fluctuaciones globales del precio del petróleo y la volatilidad del mercado

El precio del petróleo crudo de Brent promedió $ 100.1 por barril en 2022, con una volatilidad significativa que oscila entre $ 76 y $ 123 por barril. El flujo de efectivo operativo de ENI fue de € 17.2 mil millones en 2022, lo que demuestra la resistencia a las fluctuaciones del mercado.

Métrica del precio del petróleo	Valor 2022
Precio promedio de Brent Crudo	$ 100.1 por barril
Precio más bajo	$ 76 por barril
Precio más alto	$ 123 por barril
Flujo de caja operativo	17.2 mil millones de euros

Implementa estrategias de optimización de costos en condiciones económicas desafiantes

ENI logró un ahorro de costos de € 800 millones en 2022 a través de programas de eficiencia operativa. La compañía redujo los gastos operativos en un 5,2% en comparación con el año anterior.

Métrica de optimización de costos	Valor 2022
Ahorro de costos	800 millones de euros
Reducción de gastos operativos	5.2%

Eni S.P.A. (E) - Análisis de mortero: factores sociales

Iniciativas de responsabilidad social corporativa

ENI invirtió 144 millones de euros en iniciativas sociales en 2022. La compañía reportó 94 proyectos sociales en 25 países, centrándose en la educación, el desarrollo de la comunidad local y la atención médica.

Categoría de inversión de CSR	Gasto (millones de euros)	Porcentaje del presupuesto total de RSE
Programas educativos	42.3	29.4%
Iniciativas de atención médica	35.7	24.8%
Desarrollo de la comunidad local	66.0	45.8%

Diversidad e inclusión de la fuerza laboral

A partir de 2022, ENI reportó 32.5% de representación femenina en la fuerza laboral total, con 27.6% en puestos de gestión. La Compañía implementó 8 programas específicos de diversidad e inclusión.

Métrica de diversidad	Porcentaje
Fuerza laboral femenina total	32.5%
Puestos de gestión femeninos	27.6%
Representación internacional de empleados	43.2%

Transición energética y percepción de sostenibilidad

ENI cometió € 7.4 mil millones a los esfuerzos de descarbonización en 2022, apuntando al 65% de reducción en la intensidad del carbono para 2050. Las encuestas de percepción pública indicaron un sentimiento positivo del 68% hacia las estrategias de sostenibilidad de la compañía.

Proyectos de desarrollo comunitario local

En 2022, ENI ejecutó 37 proyectos de desarrollo comunitario en las regiones operativas, beneficiando a aproximadamente 215,000 personas directamente.

Región	Número de proyectos	Beneficiarios
África	18	95,000
Oriente Medio	7	45,000
América Latina	12	75,000

Eni S.P.A. (E) - Análisis de mortero: factores tecnológicos

Invertir fuertemente en transformación digital y tecnologías de IA

ENI invirtió 255 millones de euros en iniciativas de transformación digital en 2022. La compañía desplegó más de 250 soluciones digitales en su panorama operativo. La IA y las tecnologías de aprendizaje automático implementadas en procesos de exploración y producción generaron aproximadamente 150 millones de euros en ahorros de eficiencia operativa.

Área de inversión tecnológica	2022 Gastos (millones de euros)	Métrica de rendimiento clave
Transformación digital	255	Más de 250 soluciones digitales
AI y aprendizaje automático	85	Ahorros de eficiencia de € 150m
Ciberseguridad	45	99.8% Tasa de protección del sistema

Desarrollo de soluciones avanzadas de captura y almacenamiento de carbono

ENI ha cometido € 1.2 mil millones a tecnologías de captura y almacenamiento de carbono (CCS). La capacidad actual de CCS de la compañía alcanza los 4.5 millones de toneladas de CO2 anualmente. La expansión planificada se dirige a 8 millones de toneladas para 2025.

Métrica de tecnología CCS	Valor actual	Objetivo 2025
Capacidad de captura de CO2	4.5 millones de toneladas/año	8 millones de toneladas/año
Inversión	1.200 millones de euros	2.500 millones de euros

Implementación de tecnologías innovadoras de exploración y extracción

ENI desplegó 75 tecnologías de sensores avanzados en sitios de exploración. Las tecnologías de imágenes de drones y satélites mejoraron la precisión de mapeo geológico en un 40%. Las tecnologías de perforación robótica redujeron los costos de extracción en un 22%.

Investigación de métodos de producción de hidrógeno y energía renovable

ENI asignó € 680 millones a la investigación de hidrógeno y energía renovable en 2022. La capacidad actual de producción de hidrógeno verde es de 2.5 MW, con planes de expandirse a 50 MW para 2026. Investigación de energía renovable centrada en el desarrollo de tecnologías solares y viento más eficientes.

Investigación de energía renovable	2022 inversión	Capacidad actual/proyectada
Producción de hidrógeno	680 millones de euros	2.5 MW (actual) / 50 MW (2026)
Tecnología solar	220 millones de euros	Tasa de eficiencia del 18%
Tecnología de viento	190 millones de euros	Mejora de la eficiencia del 25%

ENI S.P.A. (E) - Análisis de mortero: factores legales

Cumple con las regulaciones ambientales internacionales

ENI ha invertido 1,6 mil millones de euros en iniciativas de protección y sostenibilidad del medio ambiente en 2022. La compañía mantiene el cumplimiento de los estándares de gestión ambiental ISO 14001 en el 95% de sus operaciones globales.

Categoría de regulación	Tasa de cumplimiento	Inversión anual
Directivas ambientales de la UE	100%	723 millones de euros
Normas internacionales de emisión de carbono	98.5%	412 millones de euros
Regulaciones de gestión de residuos	97%	265 millones de euros

Administra acuerdos de exploración y licencias internacionales complejas

ENI opera en 69 países con 41 licencias activas de exploración y producción. El departamento legal de la compañía administra 127 acuerdos contractuales internacionales a partir de 2023.

Región	Número de licencias activas	Valor de contrato
África	23	4.200 millones de euros
Oriente Medio	12	2.700 millones de euros
Sudamerica	6	1.500 millones de euros

Aborda los posibles desafíos legales en la sostenibilidad ambiental

ENI ha asignado 350 millones de euros para la mitigación de riesgos legales relacionados con la sostenibilidad ambiental. La compañía ha resuelto el 97% de los casos de litigio ambiental pendiente en 2022.

Navega por la protección de la propiedad intelectual para innovaciones tecnológicas

ENI posee 412 patentes activas a partir de 2023, con 276 millones de euros invertidos en investigación y desarrollo. La compañía mantiene una tasa de protección del 98% para sus innovaciones tecnológicas.

Categoría de patente	Número de patentes	Inversión de I + D
Tecnologías de energía verde	142	96 millones de euros
Tecnologías de extracción	187	112 millones de euros
Innovación digital	83	68 millones de euros

Eni S.P.A. (E) - Análisis de mortero: factores ambientales

Comprometido con importantes objetivos de neutralidad de carbono para 2050

ENI S.P.A. ha establecido objetivos específicos de neutralidad de carbono con las siguientes métricas verificadas:

Objetivo de neutralidad de carbono	Alcance	Año basal	Porcentaje de reducción
Emisiones netas cero	Alcance 1 + 2	2018	100% para 2050
Emisiones netas cero aguas arriba	Alcance 1 + 2	2018	80% para 2040

Invertir en energía renovable y tecnologías bajas en carbono

Inversiones de energía renovable de ENI a partir de 2023:

Categoría de inversión	Inversión total	Objetivo de capacidad
Energía renovable	4.500 millones de euros	6 GW para 2025
Proyectos de hidrógeno	1.200 millones de euros	5 GW para 2030

Implementación de sistemas integrales de gestión ambiental

Detalles de la certificación ambiental:

• Certificación ISO 14001: 100% de los sitios operativos
• Registro de EMAS: 85% de las instalaciones elegibles
• Frecuencia anual de auditoría ambiental: 2 veces al año

Desarrollo de prácticas sostenibles en los sectores de energía tradicionales

Estrategias de reducción de carbono en los sectores de energía tradicionales:

Sector energético	Estrategia de reducción de CO2	Reducción proyectada
Aceite & Exploración de gas	Tecnologías de captura de carbono mejoradas	Reducción de emisiones del 35% para 2030
Operaciones de refinación	Mejoras de eficiencia energética	Reducción de la intensidad energética del 25% para 2025

Eni S.p.A. (E) - PESTLE Analysis: Social factors

Sociological

You're looking at Eni S.p.A. and trying to square their ambitious climate goals with their continued oil and gas investments, and honestly, that tension is the core social factor. Eni calls this balancing act a 'Just Transition' strategy, and it's a critical lens for investors and stakeholders. The company is trying to manage the social fallout of decarbonization-like job losses in legacy industries-while simultaneously addressing the energy access needs of developing nations, especially in Africa. It's a high-wire act, but one that is defintely measurable.

The company's approach to a Just Transition is focused on maintaining industrial intensity and protecting human capital. For example, their model estimates that for every €1 million invested in Italy, it generates a €2 million increase in national economic production. This shows their thinking: the transition must create new economic value to offset the structural decline in older sectors. That's a clear, tangible metric for social stability.

Eni is actively pursuing a 'Just Transition' strategy, balancing decarbonization with local economic and social stability.

Eni's 'Just Transition' strategy is less about a rapid, all-in pivot and more about a managed, socially equitable evolution. They frame it as a way to ensure the decarbonization process shares social and economic benefits across their workforce, value chain, and operating communities.

Their industrial restructuring plans, like the transformation of their chemical business Versalis, involve a €2 billion investment through 2029. This is aimed at reducing emissions by approximately 1 million tons of CO2 (about 40% of Versalis' current emissions in Italy) while also having positive implications for employment through retraining and repositioning personnel. Here's the quick math: they are spending big to cut emissions and save jobs, not just cut jobs to save costs.

The company faces ongoing public pressure regarding its dual strategy, which continues to invest in new hydrocarbon exploration.

This is the most significant social risk. Eni's dual strategy-growing gas production alongside renewables-draws heavy criticism from climate-focused NGOs and investors. While the company is pushing its renewables unit, Plenitude, and its biofuels arm, Enilive, the sheer scale of its hydrocarbon commitment is what raises eyebrows.

To be fair, CEO Claudio Descalzi argues the transition must be 'additive, not ideology,' prioritizing energy security and economic stability. Still, the numbers reveal the imbalance that fuels the pressure:

• Planned annual capital expenditure (CAPEX) for renewables (Plenitude) from 2025-2028 was reduced to €1.4 billion per year, a 22% drop from the prior plan.
• The company's oil and gas production in 2030 is projected to be 55% higher than the level required to align with the International Energy Agency's Net Zero Emissions (NZE) scenario.
• Total investment in Algeria, Libya, and Egypt over the next four years is approximately €24 billion (or $26.24 billion) to boost energy production, which is heavily hydrocarbon-focused.

This gap between the 'Just Transition' rhetoric and the capital allocation reality creates persistent reputational risk.

Community investment is a key part of the strategy in operating countries, promoting local skills and development.

Eni's presence in its 21 operating countries is heavily supported by local development projects, with over 100 active initiatives focusing on areas like access to water, energy, and health.

These investments are often linked directly to major resource projects to ensure local benefit and gain a social license to operate. For instance, the $1.5 billion oil investment deal signed in Ghana in September 2025 was explicitly described as a commitment to job creation and supporting Ghana's energy sector growth. In Côte d'Ivoire, a 30-year conservation project, which began with planting 100 hectares in 2025, is expected to benefit over 300,000 people by protecting 14 forests.

Here is a snapshot of recent, concrete social investments tied to local development and skills:

Country	Initiative Focus (2025)	Key Metric / Amount
Ghana	Upstream Oil Investment Deal	$1.5 billion investment signed (Sept 2025)
Côte d'Ivoire	Conservation/Community Benefit	Project expected to benefit over 300,000 people (30-year project)
Kenya	Entrepreneurial Development	Funding granted to five agritech startups in Nairobi (Nov 2025)
Italy (Versalis)	Industrial Transformation/Employment	€2 billion investment to reduce emissions and preserve jobs

Focus on energy poverty and accessibility remains critical, especially in Africa, linking social goals to business expansion.

The social imperative of energy access in Africa-where an estimated 600 million people still lack electricity-is a key driver for Eni's continued gas expansion. This is where the company's dual strategy finds its strongest social justification: providing reliable, cleaner-burning natural gas to replace biomass for cooking and power generation.

The domestic energy demand in North African countries is rising at an average of 7% to 8% every year due to demographic growth, which necessitates significant investment in gas infrastructure. Eni's strategy directly addresses this need. Furthermore, their Clean Cooking program, which aims to reduce reliance on polluting fuels, has already reached 750,000 people through the distribution of improved cookstoves. This links a clear social goal-reducing health impacts from indoor air pollution-to their broader business presence on the continent.

Eni S.p.A. (E) - PESTLE Analysis: Technological factors

A new dedicated Carbon Capture and Storage (CCS) satellite company is launching in 2025 to monetize this hard-to-abate solution.

You're seeing Eni S.p.A. make a decisive move to commercialize its Carbon Capture and Storage (CCS) technology, which is defintely a core solution for decarbonizing hard-to-abate industries like cement and steel. This isn't just an R&D project anymore; it's a new business line, formalized by the launch of the dedicated satellite company, Eni CCUS Holding, in 2025. The satellite model is crucial here because it allows Eni S.p.A. to bring in external, specialized capital and expertise, which accelerates growth.

Here's the quick math on the external validation: In August 2025, BlackRock's Global Infrastructure Partners (GIP) agreed to acquire a 49.99% stake in the new CCS business. This partnership provides significant financial muscle and a clear market valuation signal for a technology that still carries execution risk. Operationally, Eni S.p.A. is already executing, with Phase 1 of the Ravenna CCS project in Italy, a joint venture with Snam, aiming to capture and store 25,000 tonnes of CO2 per year.

Biorefining is a core focus, transforming conventional refineries to produce sustainable mobility fuels via Enilive.

The company is rapidly transforming its traditional refining assets into biorefineries, which is a smart way to repurpose legacy infrastructure for the energy transition. This effort is consolidated under Enilive, another successful satellite company. Enilive is focused on producing high-value biofuels like Hydrotreated Vegetable Oil (HVO) and Sustainable Aviation Fuel (SAF) from biogenic feedstocks, including used cooking oil and animal fats.

The growth trajectory is aggressive. Current biorefining capacity stands at 1.65 million tons per year (Mt/y). The plan is to nearly double this to over 3 Mt/y by 2028 and exceed 5 Mt/y by 2030. The market is already pricing this growth: the 2024 sale of a 25% stake to KKR valued the entire Enilive business at an equity value of €11.75 billion. This business is a significant cash generator, targeting an adjusted pro forma EBITDA of about €1 billion for the 2025 fiscal year.

Plenitude is targeting 5.5 GW of installed renewable capacity by year-end 2025, a substantial 34% year-on-year increase.

Eni S.p.A.'s renewable and retail arm, Plenitude, continues to be a central pillar of its technological shift, focusing on solar, onshore, and offshore wind. The target for installed renewable capacity by the end of 2025 is 5.5 GW. This represents a 37.5% increase over the 4 GW capacity achieved in 2024.

As of September 2025, Plenitude had already reached 4.8 GW of installed capacity. That means they have 0.7 GW of capacity to bring online in the final quarter of the year to hit their target. The company is executing on large projects, including the Renopool photovoltaic plant in Spain, which will be operational by the end of 2025 with a total capacity of 330 MW. The sheer scale of the capacity additions is a clear technological commitment.

Plenitude Renewable Capacity Milestones	Capacity (GW)	Year/Status
Installed Capacity (End of 2024)	4.0 GW	Achieved
Installed Capacity (September 2025)	4.8 GW	Current Status
Target Capacity (End of 2025)	5.5 GW	Target
Target Capacity (2028)	>10 GW	Strategic Goal

Investment in corporate venture capital (Eni Next) targets breakthrough innovations like nuclear fusion and long-duration storage.

The company is looking beyond incremental improvements, using its corporate venture capital arm, Eni Next, to invest in truly disruptive, frontier technologies. This is the long-term hedge against technological obsolescence.

The focus is on technologies that promise to radically change the energy landscape, specifically:

• Magnetic Confinement Nuclear Fusion: Eni Next is a long-standing shareholder in Commonwealth Fusion Systems (CFS). The biggest signal of commitment in 2025 came in September with the signing of a landmark Power Purchase Agreement (PPA) with CFS, valued at over $1 billion, for the offtake of power from CFS's first commercial 400 MW ARC fusion power plant. This moves fusion from a purely scientific pursuit to a commercial opportunity for Eni S.p.A.
• Long-Duration Energy Storage: This is critical for making intermittent renewables like wind and solar reliable. Eni Next has invested in companies like Form Energy and Energy Dome to develop solutions that can store power for days, not just hours.

The strategy is simple: gain early access to breakthrough technology that can accelerate the path to net-zero, and then use Eni S.p.A.'s industrial scale to commercialize it. It's a smart way to manage the risk of a moonshot technology.

Eni S.p.A. (E) - PESTLE Analysis: Legal factors

Compliance with the EU Methane Regulation is a near-term focus, building on the Gold Standard reporting achieved in 2023.

The new EU Methane Regulation, which entered into force in August 2024, is now a primary compliance driver for Eni S.p.A., especially as the rules for monitoring and reporting annual methane emissions data from third countries begin in 2025. This legal push aligns with the company's existing efforts, which saw them achieve the 'Gold Standard Pathway' from the UN's Oil and Gas Methane Partnership 2.0 (OGMP 2.0) in 2023, and then the full 'Gold Standard reporting' in 2024. This is a strong starting position, but the new regulation is a mandate, not a voluntary standard, so compliance is non-negotiable.

Eni already boasts an Upstream methane intensity of 0.06% in 2023, placing it among the sector leaders, but the legal requirement for Leak Detection and Repair (LDAR) programs and the ban on routine venting and flaring will necessitate continuous, verifiable investment across all European and global supply chains. The legal risk here is a potential market split, where non-compliant Liquefied Natural Gas (LNG) could face restricted demand after January 2027. That's a clear financial threat.

The company must navigate evolving EU taxonomy rules for gas and low-carbon investments, which affect funding access.

The EU Taxonomy (a classification system for environmentally sustainable economic activities) is the legal framework dictating which investments are considered 'green' and thus eligible for certain types of financing, like green bonds. For Eni, this creates a tension between its gas-heavy portfolio and its low-carbon ambitions. The technical screening criteria for natural gas-which the EU classifies as a transitional activity-are strict, requiring a clear pathway to displacement of higher-emitting fuels.

This regulatory pressure is visible in their capital allocation. For the 2025-2028 period, Eni plans to invest €1.4 billion in capital expenditure (CAPEX) per year in its renewable energy business, Plenitude, but this is actually a 22% lower target than the company had previously set. Here's the quick math on the investment challenge:

• In 2024, for every €1 invested in the low-carbon Plenitude business, Eni invested €7.7 in oil and gas.

The legal and financial risk is that a perception of insufficient 'green' CAPEX, despite the Taxonomy's inclusion of gas, could limit access to the growing pool of dedicated sustainable finance capital, making their gas projects more reliant on traditional, and potentially more expensive, funding sources.

New legal frameworks for $\text{CO}_2$ transportation and storage are being developed by the EU, directly impacting the CCS satellite's rollout.

The development of Carbon Capture and Storage (CCS) is moving from a technical concept to a legally mandated industrial necessity, driven by the EU's Industrial Carbon Management (ICM) Strategy and the Net-Zero Industry Act (NZIA). This is an opportunity, but it comes with fresh legal obligations.

The European Commission, in May 2025, formally mandated that key oil and gas producers, including Eni, must contribute to developing $\text{CO}_2$ injection capacity. The collective goal is to achieve 50 million metric tons of annual $\text{CO}_2$ injection capacity by 2030. Eni is responding directly to this by launching a new CCS satellite company in 2025, consolidating its projects under a single entity to streamline development and attract third-party emitters. This new entity must navigate the complex, evolving legal landscape for third-party access to pipelines and storage sites, which the existing CCS Directive (2009/31/EC) only partially covers. Eni has already invested around €400 million in CCS projects, such as HyNet in the UK. That's a significant head start.

International operations are subject to complex local content and anti-corruption laws, demanding defintely robust governance.

Operating in over 60 countries means Eni must manage a patchwork of local legal systems, particularly concerning anti-corruption and local content requirements (LCRs). The company's internal controls, like its Anti-Corruption Compliance Program, prohibit all forms of corruption and explicitly ban facilitation payments. However, the legal environment in key African markets is tightening, demanding concrete, measurable compliance.

In Nigeria, the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and the new Nigeria First Policy (2025) enforce strict LCRs. Non-compliance can lead to project halts or contract loss. Similarly, in Mozambique, the Coral North FLNG project development plan, approved in April 2025, requires a strong commitment to LCRs, building on the existing Coral South project which has already contributed over \$200 million in revenues to the Mozambican government since production started.

The table below summarizes the key legal compliance metrics in major operating regions for 2025:

Region / Legal Framework	Key 2025 Compliance Metric	Eni's Exposure / Action
EU Methane Regulation	Mandatory reporting of all methane emissions from 2025 onwards.	Leveraging Gold Standard reporting (OGMP 2.0) status; Upstream methane intensity at 0.06% in 2023.
EU Net-Zero Industry Act (NZIA)	Obligation to contribute to 50 million metric tons of $\text{CO}_2$ injection capacity by 2030.	Launching a dedicated CCS satellite company in 2025; already invested approx. €400 million in CCS projects.
Nigeria (NOGICD Act)	Minimum 50% local equipment procurement; 95% Nigerian employment in junior/intermediate roles.	Requires constant monitoring of Nigerian Content Plans (NCPs) for all major contracts.
EU Taxonomy (Gas)	Strict criteria for gas to be classified as 'sustainable' (transitional) to access green finance.	Renewable CAPEX target of €1.4 billion per year (2025-2028) is under scrutiny due to the high ratio of fossil fuel investment.

Finance: Ensure all new international contracts for the Coral North FLNG project explicitly quantify local content spend and training targets by the end of the next quarter.

Eni S.p.A. (E) - PESTLE Analysis: Environmental factors

Eni is targeting a -65% reduction in net Scope 1+2 greenhouse gas emissions by 2025 (versus 2018 baseline).

You need to know where Eni S.p.A. stands on its direct operational emissions, the ones the company controls most closely (Scope 1 and 2). The headline target is a -65% reduction in net Scope 1+2 GHG life cycle (LC) emissions by the end of 2025, benchmarked against the 2018 baseline.

This is an aggressive, near-term goal. To be fair, achieving this requires a massive acceleration in the final year. As of the end of 2024, the company had already achieved a -37% overall reduction in its net carbon footprint (Scope 1+2) compared to 2018. For the Upstream business alone, the reduction was even steeper, reaching a -55% cut in net Scope 1+2 emissions versus 2018, which actually surpassed its own 2024 target.

Here's the quick math on the 2024 operational footprint. Your total operational GHG emissions (Scope 1 and 2) for 2024 stood at 31,900,000 metric tons of CO2 equivalent (tCO2e). Hitting the -65% target means cutting a substantial amount of CO2e in 2025. It's a tough, but defintely achievable, stretch goal given the 2024 momentum.

The goal of achieving zero routine flaring in operated assets by 2025 is a critical environmental milestone.

The commitment to eliminate routine gas flaring in operated assets by 2025 is a key environmental metric, as flaring is a visible and wasteful source of emissions. Eni S.p.A. is advancing toward this target, which is a major step toward reducing methane emissions-a potent greenhouse gas.

However, this goal is not a clean sweep across the entire portfolio just yet. The target for co-operated assets, where Eni does not have full operational control, is subject to the execution of ongoing projects in Libya and is currently expected to be completed in 2026. This is a crucial distinction for investors and analysts; you must separate the performance of fully controlled assets from joint ventures.

The Ravenna CCS project's Phase 1 is already capturing 25,000 tonnes of CO2 annually, with plans for a major expansion.

Carbon Capture and Storage (CCS) is a vital lever in Eni S.p.A.'s decarbonization strategy, especially for hard-to-abate industrial sectors. The Ravenna CCS project, a joint venture with Snam, is Italy's first offshore CCS initiative. Phase 1, which started in September 2024, is already injecting and permanently storing CO2.

Phase 1 is capturing approximately 25,000 tonnes of CO2 per year (or 0.025 Mt/year) from Eni's Casalborsetti natural gas treatment plant. This initial phase is a proof-of-concept, already reducing the Casalborsetti plant's CO2 emissions by up to 96% during peak operations.

The real opportunity lies in the scale-up. Phase 2 is planned to allow annual storage of up to 4 Mt of CO2 by 2030, with the ultimate potential for the Ravenna hub reaching up to 16 Mt per year after 2030, leveraging the vast storage capacity of the depleted gas fields in the Adriatic Sea.

CCS Project Phase	Target Start Year	Annual CO2 Storage Capacity	Status (as of 2025)
Phase 1	Q3 2024 (Started)	25,000 tonnes (0.025 Mt)	Operational, capturing CO2 from Casalborsetti plant.
Phase 2	By 2030	Up to 4 Mt	Planned, targeting hard-to-abate industries in Southern Europe.
Ultimate Potential	After 2030	Up to 16 Mt	Long-term potential based on market demand and reservoir capacity.

The strategy relies on progressively increasing the share of gas in production to over 60% by 2030 as a lower-carbon bridge fuel.

Eni S.p.A.'s transition strategy acknowledges that natural gas (including condensates) is a necessary bridge fuel to displace higher-carbon energy sources in the near term. This is why the company is actively re-weighting its upstream portfolio.

The plan is to progressively increase the share of gas in total hydrocarbon production to over 60% by 2030. This shift is supported by strategic moves, such as the acquisition of Neptune Energy, which is a gas-focused independent, and the start of LNG production in Congo. This focus allows Eni to grow production (underlying production is expected to grow by 3-4% per annum to 2028) while simultaneously managing its overall carbon intensity.

The reliance on gas is a dual-edged sword: it offers a lower-carbon solution than oil, but it still ties the company to fossil fuel production for the next decade. The company's long-term goal is to increase the gas share to 90% beyond 2040. This is the core of their energy mix evolution.

• Gas share target: Over 60% of production by 2030.
• Upstream production growth: 3-4% annually through 2028.
• Long-term gas goal: Over 90% of production beyond 2040.