Eni S.p.A.

Italian energy major Eni is working toward a final investment decision on the Denise West gas discovery offshore Egypt within the next few months, with first production targeted in less than two years. Eni CEO Claudio Descalzi discussed the development plans with Egyptian President Abdel Fattah el-Sisi on Tuesday as the company outlined its latest upstream investments and exploration program in the country. Denise West, discovered in April in the Temsah Concession in the Eastern Mediterranean, is estimated to contain around 2 trillion cubic feet of gas and 130 million barrels of condensate in place. The discovery sits less than 10 kilometers from existing infrastructure, giving Eni the option of a relatively rapid and infrastructure-led development. Eni is working with bp and the Egyptian General Petroleum Corporation on the project, operating the Denise Development Lease with a 50% contractor working interest, with bp holding the other 50%. Operations are conducted through Petrobel, the joint venture between Eni and EGPC. The project forms part of a broader Eni drilling and exploration campaign in Egypt that began in October 2025, which has lifted production from its offshore Sinai fields by 50% and yielded additional discoveries in the offshore Nile Delta and Western Desert. Eni said it remains Egypt's largest oil and gas producer, with equity production of roughly 242,000 barrels of oil equivalent per day in 2025. The renewed investment comes as Eni seeks to make greater use of Egypt's existing gas infrastructure while developing both domestic resources and discoveries elsewhere in the Eastern Mediterranean, including the Cronos project offshore Cyprus, which reached a final investment decision in July and holds more than 3 Tcf of gas in place, with first gas targeted for 2028.

Global private investment in nuclear fusion hit a record $4.48 billion in 2025, up 69% from a year earlier, as major energy companies like Eni, Equinor, Chevron, Shell, and Cenovus ramp up their commitments. Eni plans to deploy a commercial fusion power plant in Europe by the early 2040s, building on its investment in Commonwealth Fusion Systems and a $1 billion agreement to buy electricity from the startup's first U.S. plant. Eni is also forming a joint venture with the UK Atomic Energy Authority to develop fuel systems for fusion reactors, targeting a large-scale tritium fuel-cycle facility by 2028. Commonwealth Fusion Systems raised another $1 billion in July, bringing its total funding to $4 billion, and its planned 400-MW ARC facility in Virginia is the first fusion project to apply for grid interconnection. Chevron has backed TAE Technologies and Zap Energy, while Shell invested in Zap's $130 million Series D round, and Cenovus's early bet on General Fusion is moving toward a Nasdaq listing.

JPMorgan and Santander will lead a fundraising operation for Argentina LNG that could reach $15 billion, according to Bloomberg sources. The companies involved in the project aim to make a final investment decision by November. Argentina LNG is a partnership between Italy's Eni, Argentinian state energy major YPF, and Emirati XRG, with a total price tag of $24 billion. The facility on Argentina's Atlantic coast will have an annual production capacity of 12 million tons of liquefied gas, potentially ramping up to 18 million tons, and will include two floating liquefaction trains, two cross-country pipelines, and a natural gas liquids plant. The project will source gas from the Vaca Muerta shale play, which holds the world's second-largest technically recoverable shale gas resources after the U.S. Marcellus.

ADNOC has awarded McDermott a contract worth more than $1 billion for a major offshore pressure-boosting facility at Abu Dhabi's Umm Shaif field. The engineering, procurement, construction and installation contract covers Package 4 of ADNOC's Umm Shaif Integrated Gas Cap and Surface Pressure Boosting Project, with McDermott and its Qingdao McDermott Wuchuan consortium to construct and install a new jacket and topside while modifying existing offshore infrastructure. McDermott classified the award as a mega contract exceeding $1 billion and said the completed topside will be among the heaviest offshore modules ever installed in the Middle East. The contract follows ADNOC's $6.2 billion final investment decision in July to develop the Umm Shaif Gas Cap alongside TotalEnergies, Eni and China National Petroleum Corporation, with the wider project including three EPC contracts worth a combined $5.1 billion and a 14-well drilling program. ADNOC expects the development to unlock more than 600 million standard cubic feet per day of natural gas and associated liquids, equivalent to roughly 10% of current UAE domestic gas consumption, with first production targeted for 2030.

Eni has signed new agreements with Algeria's Sonatrach to expand work on decarbonization, methane monitoring, and natural carbon removal projects in Algeria. The company aims to align its operations with upcoming EU climate regulations. Eni's share price trades at €24.0, with a 10.88% one-month return and a 46.68% year-to-date return. Its one-year total shareholder return is 69.30%. The most followed narrative suggests a fair value of about €24.80 per share, slightly above the latest close at €24.00.

Argentina LNG has applied to join Argentina's Large Investment Incentive Regime as it pursues a $51bn integrated LNG project offshore Río Negro in the Gulf of San Matías. The project, sponsored by YPF, Eni and ADNOC's XRG, would convert Vaca Muerta gas into LNG for export using two floating units with 12 million tonnes per annum combined capacity. It is expected to generate around $10bn in export revenues per year over 20 years, with investment projected to reach $29bn by 2031. Construction is forecast to create about 20,000 jobs annually from 2026 to 2030, peaking at 40,000 in the third year. The RIGI application is seen as a step toward a final investment decision by the end of 2026.

Oilprice.com has identified the five largest liquefied natural gas projects under development as global demand is expected to reach nearly 700 million tonnes a year by 2050, 65% higher than 2025 levels. QatarEnergy is expanding its North Field West project with two LNG mega trains that will add around 16 million tonnes per year, part of a broader plan to lift Qatari capacity from 77 million to 142 million tonnes annually. Glenfarne Group is developing Alaska LNG and is in talks with two more potential buyers to secure offtake agreements for another 3 million metric tons before a final investment decision, having already secured more than 13 million tons of its 20-million-ton target capacity. Argentina LNG is advancing a floating LNG project targeted for 2027 with initial capacity of 2.45 million tonnes per year, while a larger 12 to 30 million tonnes per year venture led by YPF, Eni, and XRG eyes a final investment decision in late 2026 and first shipments around 2030-31. NextDecade's Rio Grande LNG project in South Texas is designed for up to 48 million tonnes per annum, with Trains 1 and 2 over 74% complete and first production expected in the first half of 2027, while funding for Trains 4 and 5 was secured in late 2025.

Baker Hughes has been awarded a contract to provide subsea production systems for the Kutei Northern Hub development offshore Indonesia, a joint venture between Eni and Petronas. The company will supply 17 deepwater horizontal tree systems, manifolds, connections, and control and distribution systems for the integrated development of the Geng North and Gehem fields. Baker Hughes will also deploy its Cordant asset protection and condition monitoring systems to help prevent unplanned downtime. The contract builds on a previous award for flash gas compressors for a new floating production, storage, and offloading vessel capable of processing more than 1 billion standard cubic feet of gas per day and 90,000 barrels of condensate per day, with a storage capacity of 1.4 million barrels. Financial terms of the new contract were not disclosed.

Kazakhstan is considering re-routing part of its crude oil exports through pipelines via Azerbaijan, Georgia, and Turkey after Ukrainian drone attacks repeatedly disrupted shipments from Russia's Black Sea port of Novorossiysk. The Kazakh Ministry of Energy said on Monday that options include the Baku-Tbilisi-Ceyhan system, shipments across the Caspian Sea through Azerbaijan, and the Baku-Supsa route, while also boosting eastward supply via pipeline to China. Flows through the Caspian Pipeline Consortium, which handles most of Kazakhstan's crude exports from fields operated by international firms including Chevron, ExxonMobil, Shell, and Eni, were suspended on three separate occasions in July alone. The latest week-long shutdown briefly removed more than 1 million barrels per day of Kazakh production from the market, adding to global supply risks.

TotalEnergies and Eni have taken a final investment decision to develop the Cronos offshore gas field in Cyprus as a new LNG project. The development will use existing gas infrastructure in Egypt, including the Damietta LNG terminal, to accelerate exports to Europe and reduce carbon intensity. The project is designed with potential for additional phases that could expand LNG supply from the field over time, with a start-up target of 2028.

Eni reported second-quarter pro forma EBIT of 5.4 billion euros and net income of 2.3 billion euros, both doubling year over year, while cash flow from operations rose over 60% to 4.5 billion euros. The company raised its full-year guidance across multiple segments, including underlying production growth now seen exceeding 5%, Global Gas & LNG portfolio EBIT of over 1.4 billion euros, and Enilive adjusted EBITDA of 1.3 billion euros. Based on a revised Brent scenario of 85 dollars per barrel, Eni expects full-year cash flow from operations of 15 billion euros and has increased its 2026 share buyback program to 3.4 billion euros, a 127% increase over initial guidance. Pro forma gearing fell to 10%, the lower end of the target range, and the company highlighted a 4% production compound annual growth rate through 2030 supported by 54 organic growth projects. Exploration added over 1 billion barrels of new resources in 2026, and the Searah business combination contributed to production exceeding 300,000 barrels per day with a target of 800,000 barrels per day by 2030.

Saipem has secured contracts from Eni and its affiliates worth approximately €800 million, or $911 million, for two projects. The first contract, awarded by Eni Côte d'Ivoire and its partners, covers the third development phase of the Baleine oil and gas field offshore Ivory Coast, including engineering, fabrication, transport and installation of around 50 kilometers of rigid pipelines, subsea structures, flexible risers, jumpers, subsea production systems, a 3-kilometer flexible gas export flowline and 22 kilometers of subsea umbilicals, with work expected to last about three years using the FDS and Shen Da construction vessels. The second contract, from Eni subsidiary Enilive, involves engineering, procurement and construction of a new deoxygenation unit at the Venice biorefinery in Porto Marghera, Italy, designed to process 70 tonnes per hour of biogenic feedstocks and increase hydrotreated vegetable oil biofuel output, forming part of a wider collaboration on biorefining projects following a previous award for biojet fuel production at the same site announced in June 2025.

TotalEnergies and Eni have taken the final investment decision for the Cronos gas field offshore Cyprus, the country's first gas development. Production is expected to start in 2028, reaching a plateau of around 500 million cubic feet per day, equivalent to about 2.8 million tons of LNG per year. The gas will be transported via subsea pipeline to Egypt's Damietta LNG terminal for liquefaction and export to Europe, with TotalEnergies marketing 50% of the LNG, or 1.4 million tons per year. The project leverages existing Egyptian infrastructure to accelerate development and reduce carbon intensity, and could support future appraisal of additional resources in Block 6.

Eni has awarded Saipem a long-term offshore drilling contract valued at approximately $260 million for a campaign offshore Cote d'Ivoire. Saipem will deploy its seventh-generation Santorini drillship, which can operate in water depths up to 12,000 feet, with operations expected to begin in early 2027 under a firm work commitment. The contract also includes optional periods and the potential for deployment in neighboring countries, which could extend the drillship's utilization and improve long-term revenue visibility. Eni has been active in Cote d'Ivoire since 2015 and earlier this year made the Calao South discovery using the same Santorini drillship.

SLB announced an alliance with Liberty Energy to deliver modular behind-the-meter power solutions for AI-driven data centers, while its OneSubsea joint venture secured a multi-well subsea EPC contract from Eni for Phase 3 of the Baleine project offshore Côte d'Ivoire. The company's narrative projects $42.2 billion in revenue and $5.6 billion in earnings by 2029, requiring 5.5% annual revenue growth and a $2.3 billion earnings increase from $3.3 billion today. A Kuwait Oil Company seven-year Ahmadi Innovation Valley agreement reinforces SLB's push into AI, industrial IoT, and production optimization. Analysts' cautious view assumes about 3% annual revenue growth and roughly $4.8 billion in earnings by 2029. SLB's fair value estimate stands at $61.39, representing a 30% upside to its current price.

Eni has begun industrial electricity output from a 120 MW gas unit at the Mangystau Hybrid Power Plant in Kazakhstan, a project that also includes solar and wind components with phased commissioning. The stock trades at €22.97, about 8% below the average analyst target and at a 57% discount to one intrinsic value estimate. A widely followed valuation narrative places fair value at €25.40 per share, implying the stock is undervalued, though its price-to-earnings ratio of 24.7 times exceeds the European Oil and Gas industry average of 15.5 times and a peer average of 14.5 times.

Abu Dhabi National Oil Company has taken a final investment decision worth 22.6 billion dirhams, or 6.2 billion dollars, to develop the Umm Shaif Gas Cap offshore Abu Dhabi. The project, which involves international partners TotalEnergies, Eni, and China National Petroleum Corporation, is expected to deliver more than 600 million standard cubic feet per day of natural gas and associated gas liquids, representing nearly 10 percent of the UAE's current daily gas use, with output scheduled to begin by 2030. Three engineering, procurement and construction contracts worth 18.8 billion dirhams have been awarded for offshore infrastructure, and a 1.3 billion dirham drilling programme for 14 wells will be carried out by ADNOC Drilling over 18 months using three rigs. The decision is part of ADNOC's integrated gas strategy to meet rising global demand and expand its LNG platform, following the Supreme Council for Financial and Economic Affairs' approval of the Bab Gas Cap concession, which aims to unlock an additional 1.5 billion standard cubic feet per day of natural gas and related products.

Eni CEO Claudio Descalzi says the oil and gas industry is shifting capital investments toward Southeast Asia and Latin America due to prolonged shipping disruptions in the Strait of Hormuz and permanent geopolitical risks in the Middle East. Speaking to a parliamentary committee, he noted that major producers like Russia and Gulf nations face long-term supply constraints, reshaping global energy flows. Southeast Asia is seeing a surge in final investment decisions for natural gas extraction, with Eni and Malaysia's PETRONAS launching a 50/50 joint venture called Searah that consolidates 19 upstream gas assets across Indonesia and Malaysia. In South America, Argentina and Guyana are driving a regional boom, with Eni and Abu Dhabi's XRG helping develop the roughly $30 billion Argentina LNG export complex in Río Negro province and a $1.2 billion, 527-kilometer trunk pipeline under construction. Descalzi also highlighted North and Sub-Saharan Africa as vital for long-term energy security, with Sub-Saharan Africa accounting for roughly 19% of Eni's overall production.

SLB announced that its OneSubsea joint venture has been awarded a major multi-well engineering, procurement, and construction contract by Eni for Phase 3 of the deepwater Baleine project offshore Côte d'Ivoire. SLB OneSubsea will deliver complete subsea production systems for 13 wells. The contract supports Eni's efforts to advance the complex deepwater project efficiently while contributing to the long-term development of offshore resources in Côte d'Ivoire. In pre-market trading on NYSE, SLB shares rose 0.93 percent to $48.20.

YPF CEO Horacio Marín said this week that the potential oil resources in Uruguay's offshore blocks could prove bigger than Argentina's Vaca Muerta shale, with the OFF-5 block alone possibly yielding millions of barrels of production. Companies including Shell, Chevron, Eni, APA, QatarEnergy, and YPF have acquired rights to drill in all seven offshore blocks contracted by Uruguay, and APA Corp is expected to spud the first exploration well later this year or early in 2027. YPF plans to begin drilling in late 2027 or early 2028, while Eni has signed an agreement to acquire a 50% stake and operatorship in Block OFF-5 from YPF, pending Uruguayan approval. Interest has surged due to geological links with Namibia's offshore discoveries, and QatarEnergy recently bought participating interests in three blocks from a Shell subsidiary. However, companies are still at the seismic survey stage, and deepwater conditions and lack of infrastructure pose development hurdles.

Eni CEO Claudio Descalzi warned that a prolonged conflict in the Middle East could drive oil prices above their recent $80 to $100 per barrel range by early 2027, fueling inflation and weighing on global energy demand. In an interview with Il Sole 24 Ore, Descalzi said governments have tapped strategic reserves to offset supply disruptions, but cautioned that relying on stockpiles is not sustainable because reserves are limited. He noted that global oil inventories have been declining since the outbreak of the Iran conflict earlier this year, with stock draws accelerating to about 4.6 million barrels per day in May from an average of 3.8 million barrels per day. Descalzi urged policymakers to strengthen energy security by diversifying supply sources and transportation routes, deepening ties with producers in Africa, Latin America and Southeast Asia while reducing reliance on vulnerable maritime chokepoints. The comments come as rising electricity demand from artificial intelligence and data centers increases pressure to secure reliable energy supplies.

Alcoa, Forestar Group, and Eni are trading at valuations well below the broader market, each with company-specific catalysts that have yet to be fully priced in. Alcoa shares have fallen 34% over the past month to around $48.60, giving it a forward P/E of 11 and an EV/EBITDA of 9, while free cash flow surged 1,250% year over year to $567 million after the company set production records at five smelters. Forestar Group trades at just 0.90 times book value with a trailing P/E of 10, and its fiscal second-quarter revenue rose 7% to $374.3 million, supported by 24,100 lots under contract representing roughly $2.2 billion of future revenue. Eni raised its 2026 cash flow guidance by 20% to €13.8 billion and nearly doubled its buyback program to €2.8 billion, while paying a 5.2% dividend yield and trading at a forward P/E of 8. Each stock carries distinct risks, including aluminum price sensitivity for Alcoa, housing market headwinds for Forestar, and crude oil and currency exposure for Eni.

TechnipFMC has been awarded a significant contract by Eni for the Baleine Phase 3 development offshore Côte d’Ivoire. The contract, valued between $75 million and $250 million, covers the design and manufacture of flexible flowlines and risers to connect wells in water depths of approximately 1,200 meters to a new floating production unit. This award was included in TechnipFMC’s inbound orders in the second quarter of 2026.

Eni has agreed to acquire a 25% stake in EnergyX’s Black Giant lithium project in Chile for $225 million. The early-stage project, located in the Antofagasta region, is expected to produce up to 52,500 metric tons per year of lithium carbonate once its first two stages are complete in 2030, with a first phase of 7,500 tons entering production in 2028. EnergyX also holds a $690 million non-binding letter of intent from the Export-Import Bank of the United States for debt financing to fund commercialization and operations. The company acquired the project in 2023 and has identified 9.8 million tons of resources. Based on current lithium prices of $25,000 per metric ton, Black Giant is expected to generate approximately $1.3 billion in annual gross revenue. Eni will play a significant technical and operational role and obtain a seat on the project’s board of directors.

Eni has signed an agreement with global commodities trader Mercuria to establish a 50:50 joint venture focused on energy commodities trading. The independently operated venture will handle the commercialization and trading of oil, natural gas, LNG, biofuels, and related logistics and infrastructure rights through a global network of trading hubs. The partnership combines Eni's integrated energy portfolio with Mercuria's expertise in global trading, logistics, and risk management. Eni expects the joint venture to improve operational efficiency, enhance risk management, and maximize value across the supply chain while supporting its strategy to expand higher-margin trading activities and diversify earnings. The closing of the transaction is subject to standard regulatory clearances and other definitive conditions.

Goldman Sachs Chief Global Equity Strategist Peter Oppenheimer noted that European equities have kept pace with the S&P 500 through the first half of the year, driven by AI infrastructure spending spilling over into European chipmakers. ASML surged 72% year to date as the sole supplier of EUV lithography, while STMicroelectronics jumped 190% and Infineon Technologies climbed 115% on AI-related demand. Oppenheimer highlighted that comparable European companies trade at a discount to US peers, with SAP down 35% on an earnings miss yet growing cloud revenue 27% and trading at 19 times forward earnings. He argued profit growth will be the main driver of equity markets, and Europe stacks up reasonably well despite lower tech exposure, with value stocks like Eni up 26% on raised cash flow guidance and an expanded buyback.

Eni stock still appears undervalued on a P/E basis relative to a tailored fair ratio, even after mixed results from broader valuation checks. The company currently trades at a P/E of 21.7 times, below the fair P/E of 27.1 times implied by a framework that considers its size, margins and risk profile. This comes as Eni has returned 175.6% over the past five years and 52.0% over the last year. The planned energy trading joint venture with Mercuria and expansion across gas and LNG projects can support long-term cash generation, while execution, geopolitical exposure and large project spend remain key risks. Community views are split, with a bull case seeing the stock as 21% undervalued and a bear case viewing it as roughly fairly valued.

Eni has reiterated its Final Investment Decision for the Greater PAJ project in Angola. The company holds its interest through Azule Energy, an entity equally owned with BP, covering Blocks 31 and 31/21. The project involves a coordinated development of hydrocarbon resources across the two adjacent concessions. Eni expects first oil in the first half of 2029, less than three years from now, using a concept with 17 wells connected to a new Floating Production Storage and Offloading vessel capable of handling 95,000 barrels of oil per day.

Eni and Libya's National Oil Company have started production from the Sabratha Compression Project through their Mellitah Oil & Gas joint venture. The offshore project installs a 1,600-ton compression module on the Sabratha platform, providing nearly 440 million standard cubic feet per day of compression capacity to offset natural decline at the Bahr Essalam gas field. It is expected to add approximately 800 million cubic meters of natural gas annually along with associated condensates, supporting Libya's power generation and exports to Italy via the Greenstream pipeline.

Eni has agreed to acquire a 32% stake in three unconventional gas blocks within Argentina's Vaca Muerta shale formation. The assets will be jointly owned by YPF, Eni, and XRG once regulatory approvals are secured. The investment is designed to supply gas to the Argentina LNG project, an integrated development aiming to export 12 million metric tons of LNG annually using two floating units. The deal aligns with Eni's strategy to build integrated value chains by combining upstream production with global LNG marketing, leveraging its expertise in floating LNG technology to convert Vaca Muerta's shale resources into competitive exports.

Brent crude topped $73 per barrel as renewed US-Iran strikes keep the Strait of Hormuz on edge, leaving oil markets vulnerable to sharp summer price swings. Daily Hormuz transits have slowed to 20-25 ships this week, mostly inbound, suggesting shippers await safer conditions, while global crude on water jumped to 1.29 billion barrels, its highest since hostilities began. In deal news, San Mateo Midstream agreed to buy Cardinal Midstream Partners for $752 million, TotalEnergies and BP each took a 10% stake in the UAE's Bab Gas Cap project, and ENI and ADNOC's XRG signed for three Vaca Muerta exploration blocks. Other developments include China lifting some refined product export restrictions, US natural gas futures rising above $3.3 per MMBtu on extreme heat forecasts, and ADNOC switching its offshore crude pricing to a Dubai benchmark differential.

Libya's oil production has reached 1.487 million barrels per day, the highest level in 13 years, as the state-owned National Oil Corporation targets 2.1 million barrels per day within three to five years. The country holds 48 billion barrels of proved crude reserves, the largest in Africa, and Western companies including TotalEnergies, Eni, BP, and KBR are expanding investments despite ongoing political instability. A 2026 national budget allocates a 12 billion Libyan dinar ring-fenced operational budget to the National Oil Corporation, but rival factions and the Grand Mufti have rejected the deal, raising risks of future oil blockades. Eni recently announced new offshore gas discoveries near the Bahr Essalam field with over 1 trillion cubic feet of gas in place, while TotalEnergies restarted production at the Mabruk oil field. A senior source close to the European Union's energy security complex told Oilprice.com that Libya remains one of the few large-scale oil and gas options available despite its troubles since 2011.

Eni has signed an agreement to acquire a 32% stake in three unconventional gas blocks in Argentina's Vaca Muerta shale formation. The blocks—Meseta Buena Esperanza, Aguada Villanueva, and Las Tacanas—will supply gas to the Argentina LNG project, an integrated development targeting 12 million metric tons per year of LNG export capacity through two floating LNG units. Once the deal closes, ownership will be split between YPF at 36%, Eni at 32%, and XRG at 32%. Eni's Chief Operating Officer for Global Natural Resources, Guido Brusco, said the move strengthens the company's ability to develop world-scale gas resources for international markets. The transaction remains subject to regulatory approvals.

Chevron confirmed its operations in Venezuela remain unaffected after two powerful earthquakes measuring 7.2 and 7.5 in magnitude. All employees are safe and accounted for, and the company's three onshore heavy crude projects continue normal operations. Key oil infrastructure, including the Paraguaná refining complex and the José export terminal, also maintained regular activities. Other international operators such as Eni and Repsol reported their Venezuelan assets remain operational, with Eni continuing natural gas supply for about half of the country's gas-fired power generation. Chevron, which contributes roughly a quarter of Venezuela's total crude output, reaffirmed its commitment to employee safety and community support during the recovery.

BP and Eni's Azule Energy joint venture has approved a final investment decision for a large floating production, storage and offloading vessel project offshore Angola. The Angola FPSO project marks a significant step in BP's international upstream oil and gas expansion. At the same time, incoming CEO Meg O'Neill is preparing a major corporate reorganisation that will consolidate BP into two core business units, upstream and downstream. The restructuring aims to improve capital discipline and clarify accountability for projects such as Greater PAJ and Caspian gas developments. Investors may want to monitor execution on the FPSO development and the timing of the new structure, as both could shape how BP allocates capital and manages risk across its portfolio.

Eni and its 50-50 joint venture Azule Energy have taken the final investment decision for the Greater PAJ Project, Angola's first integrated cross-block offshore development. The project will combine five fields—Palas, Astraea, Juno, Urano and Dione—across Blocks 31 and 31/21 into a single hub tied to a new floating production, storage and offloading vessel with a capacity of 95,000 barrels of oil per day. The FPSO will also export 70 million standard cubic feet of gas per day to the Angola LNG facility via a new line connected to existing Block 31 infrastructure. First oil is targeted for the first half of 2029, supporting Eni's production growth and Angola's output goals.