Eni Announces 3rd Qtr. 2025 Results
London, October 24, 2025, (Oilandgaspress) –– Eni’s Board of Directors, chaired by Giuseppe Zafarana, yesterday approved the unaudited consolidated results for the third quarter and nine months of 2025.
Strategic and financial highlights
Accretive oil&gas production growth and excellent base performance underpinned strong E&P results in 3Q ‘25.
3Q ‘25 oil&gas production growth rose significantly, up 6% y-o-y and 5% sequentially to 1.76 mln boe/d, thanks to accelerated and smooth start-ups and ramp-ups, strong operational continuity and optimized turnaround activity.
FID to develop the major Coral North FLNG project offshore Mozambique was reached. Completion is expected in just three years, leveraging our fast-track approach and successful experience on Coral South, to bring on the market 3.6 MTPA of production capacity.
The sail away of the Nguya FLNG marks a decisive step towards the start of Ph. 2 of the Congo LNG project, expected by 2025 YE with a target plateau of 3 MTPA, from the current 0.6 MTPA.
The quarter was especially notable for the contribution coming from our upstream satellites. Azule Energy, our 50%-owned satellite in Angola, began production at the operated Agogo West Hub project, 10 months ahead of schedule. First gas at the operated NGC project is also imminent. Meanwhile Vår Energi, our 63%-owned satellite in Norway, reached 400 kboe/d in 3Q ‘25, a quarter ahead of schedule, benefiting from the fast ramp-ups at Johan Castberg and the operated Balder X fields. Our UK-focused satellite, Ithaca Energy (Eni 36%), has almost doubled its share price since its inception, and raised production guidance via value accretive bolt on acquisitions and top tier operational performance.
A fourth upstream satellite, our largest to date, combining Eni’s and Petronas’ activities in Indonesia/Malaysia, is on track to be finalized by 2025 YE. It represents significant value creation and growth potential, with a particular focus on Asian LNG markets.
Eni and YPF have signed an agreement on the next required steps to reach final investment decision in the large-scale integrated upstream/midstream Argentina LNG project developing the vast Vaca Muerta resources, entailing a phased approach to export up to 30 mln tons/y of LNG in the long-term.
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