Strategy

At the end of 2016, as a result of the production cut agreement, Brent price returned to rise, recording a value of approximately 55 $/bbl. Eni’s industrial plan is incorporating a Brent scenario of 55 $/bbl in 2017 and a gradual recovery in the subsequent years, up to long-term case of 70 $/bbl in 2020, following the progressive rebalancing of the market.

The main goal of Eni’s growth strategy is to build a high-margin cash portfolio and will be pursued through the following levers:

the portfolio consolidation through high impact exploration activity on conventional basins, in proximity of existing facilities and not far from the final market

the development of projects with a “design to cost” approach, aimed to accelerate production start-ups and reduce financial exposure

the maximization of value through the integration of our portfolio with gas marketing activities (with a more relevant role played by LNG), the improvement of mid-downstream businesses and the active management of portfolio based on Dual Exploration Model

Capex cash neutrality

In 2017 organic cash neutrality (capex and dividend) at 60 $/bbl, for 2018-20 period < 60 $/bbl

Capex down by 8% vs previous plan at constant exchange rate

Asset disposal program

GHG emissions in upstream

Zero routine flaring by 2025

Maintenance of project portfolio with a low CO₂ emission profile