Eni has recently agreed to divest upstream assets in Alaska and partnered with Ithaca on its North Sea operations. Credit: Massimo Todaro/Shutterstock.

Italian oil and gas company Eni is on track to raise more than €8bn from its disposal plan by 2027, reported Reuters, citing CEO Claudio Descalzi. 

Descalzi, speaking to analysts during a post-result call, indicated that the company is executing its strategy faster than expected.  

Related Company Profiles

View all

The updated business plan to 2027 outlines the collection of approximately €4bn from oil and gas asset sales, with a similar amount from minority stake sales and initial public offerings of its low-carbon units. 

Eni has recently agreed to divest upstream assets in Alaska and partnered with Ithaca on its North Sea operations.  

The company is also progressing with the sale of Nigerian onshore assets and has attracted investment from Energy Infrastructure Partners for its retail and renewable unit, Plenitude.  

Recently, Eni said it is in exclusive talks with US investment firm KKR to sell a stake in its biofuel unit Enilive. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Can we go above €8bn? … Maybe yes,” Descalzi said, hinting at the possibility of additional divestments, particularly in the upstream portfolio, after the completion of ongoing deals.  

Earlier in May, sources told the publication that Eni may spin off stakes in lucrative oil and gas projects to finance development and shift focus to low-carbon activities.  

This aligns with Descalzi’s strategy of creating separate entities or satellites to raise capital and attract specialised investors. 

Eni’s satellites include Var Energi in Norway, Azule in Angola, the Ithaca partnership, and the low-carbon entities Plenitude and Enilive.  

In a separate development, Enilive, in collaboration with Petronas and Euglena, has reached a final investment decision to develop a biorefinery in Malaysia.  

This facility, expected to be operational by the second half of 2028, will produce sustainable aviation fuel and other biofuels, leveraging the expertise of each partner.