Eni’s Descalzi expects green profit to match oil and gas by 2035

ROME, July 30, 2025 – Italian energy major Eni expects profits from its low-carbon businesses to equal those from oil and gas by 2035, the Financial Times reported on Sunday.

CEO Claudio Descalzi told the London-based publication that operating profit from biofuels and renewables would match that of hydrocarbons within a decade and surpass it by 2040.

Eni’s renewables arm Plenitude and biofuels unit Enilive posted combined first-half 2025 operating profit of EUR 598 million, while oil and gas and the gas and power units earned EUR 6.6 billion, per the FT report.

Plenitude and Enilive, launched in 2022 and 2023 respectively, mix clean energy with income-generating assets and report annual EBITDA of around EUR 1 billion each.

The businesses are valued at a combined EUR 22 billion and have attracted minority investments from KKR, Energy Infrastructure Partners and BlackRock’s Global Infrastructure Partners, according to the report.

“Growth alone is not enough,” Descalzi was quotes by FT as saying. “The [energy] transition has been super useful” in helping Eni reduce exposure to oil price volatility.

Eni’s satellite strategy, which includes joint ventures in Norway, the UK, Angola and Asia, diverges from Shell and BP’s recent retrenchment from renewables due to weaker returns.

FT noted that Eni raised EUR 3.8 billion in the first half of 2025 from external investors backing Plenitude and Enilive.

HSBC and RBC Capital Markets analysts told the Financial Times that Eni’s approach has created value and showed differentiation among majors in energy transition strategy.

Eni operates in more than 60 countries. It engages in exploration, production, refining, marketing and power generation, and is expanding into low-carbon and renewable energy solutions through its satellite businesses.

Photo of the Livorno refinery, a key Eni asset which is being converted to a bio-refinery, courtesy of Eni

Read our latest insights on: