Eni has marked several industrial milestones, including a major expansion of its liquefied natural gas (LNG) operations in Africa and a strategic shift toward sustainable biofuels in Europe.
Major Projects & Operational Updates
Congo LNG Phase 2 Export: On 9 February 2026, Eni dispatched the first LNG cargo from the Nguya FLNG facility in the Republic of the Congo. This milestone marks the start of commercial production for Phase 2, increasing total liquefaction capacity to 3 million tonnes per annum.
Eni’s equity production in Congo is expected to reach 110,000 barrels of oil equivalent per day (kboed) by the end of 2026.
On 3 February 2026, Eni and Q8 Italy announced a strategic partnership to build a new biorefinery in Priolo, Sicily. The plant will have a capacity of 500,000 tonnes per year, producing Sustainable Aviation Fuel (SAF) and Hydrotreated Vegetable Oil (HVO).
Eni and CDP Venture Capital invested €550,000 in the startup EXE Engineering on 9 February 2026 to accelerate carbon offsetting and emission reduction projects in Africa.
As of early February, Eni reported it has acquired over 113 million treasury shares (roughly 3.6% of share capital) for approximately €1.7 billion under its ongoing buyback programme.
Eni executives anticipate a finely balanced global LNG market for 2026, with European inventories at four-year lows and recovering demand from Asia.
Eni is scheduled to present its 2026–2029 Strategic Plan and Capital Markets Update on 19 March 2026.
A preliminary report on full-year 2025 results is expected later this month, following a quarter where Eni repositioned its chemicals division (Versalis) toward circularity and specialty products.
Eni’s operations in Venezuela have reached a critical turning point following a period of extreme regulatory uncertainty and a leadership change in the country.
On 2 February 2026, the U.S. Treasury reportedly issued a new general licence allowing Eni and Spain’s Repsol to resume collecting $6 billion in combined debt (approximately $3 billion for Eni) from the state-owned PDVSA.
Oil-for-Debt Swaps: This authorisation re-establishes “oil-for-debt” and “oil-for-fuel” swaps. Eni can now receive Venezuelan heavy crude in exchange for debt repayment and the supply of diluents like naphtha.
Under strict new U.S. rules, Eni is prohibited from using Chinese-controlled infrastructure to monetise this crude; instead, the oil is expected to flow primarily to refineries in the United States.
Eni continues to produce gas from the offshore Perla field (a 50/50 joint venture with Repsol), which supplies roughly 40% of Venezuela’s domestic gas for electricity generation.
CEO Claudio Descalzi stated that Eni remained committed to gas production despite payment freezes throughout 2025 to avoid triggering a social or humanitarian crisis in Venezuela.
As of early 2026, Eni’s production in the country was estimated at approximately 60,000 barrels of oil equivalent per day (boed).
Following the capture of former leader Nicolás Maduro in early January 2026, the interim administration passed a landmark reform of the Organic Hydrocarbons Law on 29 January 2026.
The new law removes many “Chávez-era” restrictions, allowing for increased private sector participation and control over oil and gas exports. Acting President Delcy Rodríguez has actively courted European energy executives to secure new investments under these terms.
note by Alessandro Bazzoni