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Eni’s oil and gas production rose by 7% in the fourth quarter from a year earlier as the Italian energy major started up six major new projects in 2025.
Fourth-quarter output was 1.84 million barrels of oil equivalent per day (boe/d), up by 5% from the previous quarter, Eni said in its Q4 and full-year earnings release on Thursday.
The rise in the fourth quarter lifted full-year 2025 production to an average of 1.73 million boe/d, which marked 4% underlying growth from the prior year, and exceeded the company’s guidance and expectations. Major new projects in Angola, Indonesia, Norway, and Congo boosted Eni’s oil and gas output, with the upstream continuing to yield strong cash flows.
Eni also reported a 167% organic reserve replacement ratio for 2025, which is well above the same metric for some other European majors such as Shell.
“Exploration & Production results were outstanding, driven by accretive production growth and disciplined costs. We started up six major projects, enabling production to finish above full-year guidance and delivering underlying growth of 4%,” Eni’s chief executive Claudio Descalzi said.
“We also strengthened the pipeline, taking FIDs on four major projects reinforcing our medium-term outlook. In parallel, we created a new growth platform through our largest business combination with Petronas in Indonesia and Malaysia focused on LNG,” the executive added.
At the end of last year, Eni and Petronas announced plans for $15 billion in investment in developing the proved reserves in Indonesia and Malaysia over the next five years.
As part of the plans, Eni and Petronas are looking to start up as many as eight new upstream projects in Indonesia and Malaysia over the next three years, Eni’s Descalzi said in November.
The new business in Southeast Asia is part of Eni’s so-called “satellite model strategy”, following similar ventures such as Var Energy in Norway, Azule in Angola, and Ithaca in the UK.
