// ADVOCACY
Interview with Claudio Descalzi, CEO, Eni
Q: Amid ongoing volatility and geopo- litical tension, what is the core principle currently guiding Eni’s strategy? A: The key principle is consistency. In a volatile and fragmented world, consistency becomes a competitive advantage. Over the past decade, we have built a model that is increasingly less dependent on market cycles, but based on a clear industrial logic that works in any scenario. This is what has allowed us to deliver strong results even in the most complex phases of the market. Our strategy is not a sum of decisions. It is a system: what matters is not the single element, but how all the components work together. Exploration creates value, which we bring into production through execu- tion, supported by technology that reduces risk and a financial approach – based on the early monetisation of our major upstream discoveries and the creation of high-potential business combinations – that ensures industrial strength combined with rapid value creation. As we look ahead, this system gives us strong visibility on cash generation and allows us to maintain a solid financial structure, with disciplined capital alloca- tion and a low level of leverage. Flexibility matters, but only if it is built on structure. Consistency and discipline are what allow us to remain resilient in any market condition. Q: How do upstream, transition and financial strategy fit together in your overall model? A: Besides our E&P business, another cor- nerstone of our strategy is the development of transition businesses. Upstream, transi- tion businesses and financial strategy are fully integrated and work together within the model, which is based on innovation and technological development. Upstream generates strong cash flows over the plan, providing the foundation for growth and returns. As for transition-related busi- nesses, over the years we have undertaken an industrial transformation based on technology that has enabled us to lay the foundations for their creation: renewables, biorefining and CCS. We carved out the renewables and biorefining businesses from Eni’s perim- eter, integrating them with the retail business, and created two satellite com-
How strategy, technology and discipline are shaping Eni’s growth trajectory
Amid geopolitical volatility and a shifting energy landscape, Eni’s strategy is built on consistency, integration and disciplined capital allocation
panies – Plenitude and Enilive – capable of growing independently and attracting capital from leading international funds. The same applies to the company dedi- cated to our CCS projects, which has also seen the entry of another major inter- national fund. Plenitude and Enilive, in particular, are now worth nearly €24 bil- lion and generate around €3 billion in EBITDA. Until just a few years ago, they did not even exist. In our view, this is the only real way to deliver the energy transition, combined with a constant commitment to reducing emissions also across our traditional upstream activities. Q: Oil and gas remain central to your plan. How do you see the role of E&P going forward? A: Demand is growing, security of supply is
The Coral South project, Mozambique
critical, and upstream remains our main value generator. Since 2014, our exploration activities have led to the discovery of more than 11 billion barrels of resources, ena- bling a reserve replacement ratio of 167% in 2025, with the expectation of averaging over 140% across the 2026–2030 period. Today we have the strongest portfolio of E&P projects in our history, supporting a significant increase in production, driven by a strong project pipeline. The strength of this portfolio lies in its diversifica- tion – both geographic and technological – which reduces risk and gives us flex- ibility in execution. A key part of this model relies on our business combina- tions like Searah, our joint venture with
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// G7 FRANCE: THE ÉVIAN SUMMIT 2026
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