convert discoveries into value and to maintain capital discipline. In our operations, deployment of innovative technologies, including digital- isation of our plants, drilling automation and AI, increases our efficiency and reduces non-productive and overall drill- ing time, contributing to more robust and safer operations and leading to both eco- nomic and emissions improvements. At the same time, technology is ena- bling the scaling of new energy solutions. From biofuels and renewable power to carbon capture and storage, and to breakthrough technologies such as mag- netic confinement fusion, where we are actively working with partners to accelerate industrialisation, clearly inno- vation is fully embedded in our industrial approach. This means that technology is not a standalone factor, but a fully inte- grated driver of growth, efficiency and transformation across both our tradi- tional and transition businesses. Q: Your “satellite model” is often described as innovative. How does it support your growth? A: The satellite model is fundamentally about capital allocation and expanding
the financing capacity of each business according to its specific growth profile, capital intensity and risk characteristics. The energy transition requires simulta- neous investment across very different activities: upstream, renewables, biofuels, mobility, retail and new technologies. A fully centralised structure would inev- itably constrain growth, because all businesses would compete for the same pool of capital and be valued through a single corporate lens. Our model is designed to overcome this limitation. We create focused and strategically coherent entities that remain industrially integrated with Eni – leverag- ing our technology, trading capabilities, project execution and operational exper- tise – while gaining access to dedicated pools of capital and investors aligned with their own business models and growth tra- jectories and anticipating cash generation. This approach allows each business not only to accelerate its development, but also to optimise its cost of capital and capture the valuation multiples most appropriate to its sector or geography, particularly in areas with strong growth potential. In the transition businesses, for example, Pleni- tude combines renewable generation – with 5.8 GW installed today and a target of 15 GW by 2030 – with a growing retail base of more than 11 million customers. Enilive integrates bio-refining, sustainable mobil- ity and an extensive European distribution network, targeting 5 million tonnes of bio- fuel production capacity. In upstream, we applied the same logic through entities such as Vår Energi in Norway, Azule Energy in Angola, Searah in Indonesia and Ithaca Energy in the UK – structures designed to unlock value, maximise regional growth opportunities and expand financing capac- ity without placing the full burden on Eni’s balance sheet. Since 2019, the model has generated around €15 billion of value through portfo- lio optimisation, partnerships, dividends and the development of these businesses. But beyond the financial contribution, the real strategic advantage is flexibility: the ability to grow multiple businesses simul- taneously, attract differentiated capital, and maintain strict financial discipline while preserving balance sheet resilience.
Petronas which combines assets in Indo- nesia and Malaysia, and will boast more than 300,000 barrels of production per day from day one, over 3 billion barrels of discovered resources and significant exploration potential. Another important element is pro- ject execution, and Congo LNG is a clear example: production started just one year after final investment decision with Phase 1, leveraging existing infrastructure and fast-track development. Phase 2, based on the Nguya FLNG unit, delivered its first LNG cargo in February 2026, ahead of schedule, increasing overall capacity to around 3 million tonnes per year. This is what differentiates our model: combining resource strength with speed of execution and capital efficiency. Q: Technology is often cited as a differentiating factor for Eni. What does that mean in practice? A: Technology is a core part of our strat- egy. We chose to keep key capabilities in-house and invest in them consistently. This gives us control, speed and a better understanding of risk. We invest around €200 million per year in R&D alone, with seven research centres, more than 1,000 researchers and around 10,000 patents. If we take into consideration total spending on innovation (including investments in Open Innovation vehicles and the devel- opment of digital solutions, including HPC systems and frontier technologies) we are in the region of half a billion euros per year. However, it’s not only about scale. It’s about how technology is integrated across the entire value chain. Advanced com- puting is central to our model. Our HPC systems improve subsurface understand- ing, reduce risk and increase success rates, supporting faster development and more efficient execution across the portfo- lio. This capability is now evolving further, with the integration of new computing paradigms such as quantum computing, which will enable us to tackle increasingly complex problems in areas like materials discovery, system optimisation and simu- lation of physical systems. In the Oil & Gas domain, our develop- ment model is based on 'appraise while developing', a phased approach that includes reuse of assets, allowing us to accelerate execution and improve effi- ciency. Technology is a core part of this model, supporting our ability to quickly
// CLAUDIO DESCALZI Claudio Descalzi has been the CEO of Eni, a global energy tech company operating in over 62 countries, since May 2014.
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