Eni’s nimble energy strategy evolves

Italian firm sharpens gas focus and ramps up E&P while pursuing satellite strategy

Italy's Eni is continuing the pivot it began in the wake of the outbreak of the war in Ukraine in early 2022. The company’s initial goal was to replace Russian gas volumes in Italy, and this has since evolved into a push for more exploration, coupled with strategic asset sales and underpinned by Eni’s satellite model. How successful the company’s approach proves will be seen over time, especially as the satellite model—which is based on creating separate entities that can access capital markets independently to finance their growth, according to Eni’s website—is still relatively new. On top of this, exploration comes with risk, especially in offshore areas, and success is not guaranteed. If