The multinational Italian company Eni S.p.A. was established by law in 1953 from the existing company Agip, which was dedicated to oil exploration and the commercialization of oil and its derivatives. Originally, the name “ENI” stood for “Ente Nazionale Idrocarburi” (national hydrocarbons authority). Since then, Eni has become Italy’s largest industrial company and has operations in more than 70 countries around the world. The company is headquartered in Rome. The oil and gas company was one of the ten
in 2022 and is roughly 30 percent owned by the Italian government.
Eni’s operations and financials
Since its establishment, Eni has broadened its operations to include nuclear energy, mining, natural gas and power, refining and marketing for petrochemical products, and more. Refining and marketing operations account for the majority of
Eni’s net revenues. Exploration and production of oil and gas also contribute extensively to its net revenues, since the company produces large volumes of hydrocarbons in its oil field areas across the globe. In 2021, approximately half of
Eni’s global gas sales were generated within Italy. The
company had a net loss of 8.6 billion euros in 2020, as a direct result of lower transportation fuel demand during the coronavirus pandemic. It was the greatest annual loss since 2015.
Eni’s green deal
As an oil and gas supermajor, Eni is one of the
leading greenhouse gas emitting companies worldwide. However, Eni plans to achieve carbon neutrality by 2050. Until then, the company has set intermediate targets to reduce its environmental impact. In 2021, Eni ranked as the second-leading
company in Italy based on greenhouse gas emissions reduction, after the multinational power company Enel. Eni’s actions towards carbon neutrality include a carbon capture and storage project in the Eni United Kingdom branch, investments in biofuels, and a nuclear fusion research project with the MIT spin-off Commonwealth Fusion Systems. The project aims to inaugurate the first experimental nuclear fusion reactor in 2025.
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