Eni CEO Claudio Descalzi Highlights Exploration Success and Innovative ‘Satellite Model’ at CERAWeek
Houston, TX – Eni’s exploration efforts have been a key driver of growth and capital generation over the past 15 years, according to CEO Claudio Descalzi. Speaking at S&P Global’s CERAWeek conference in Houston on Tuesday, March 24, 2026, Descalzi emphasized the company’s commitment to exploration and its unique approach to project development.
“We have never abandoned exploration, I can say that we have based all our growth on exploration activity and organic growth,” Descalzi stated during his address. Over the last 15 years, Eni has discovered 12 billion barrels of oil across seven countries in Asia, the Middle East, Africa, South America and Northern Europe.
Dual Exploration Model Drives Efficiency
Descalzi highlighted Eni’s “dual exploration model,” which allows for rapid monetization of discoveries. This model contributes to the company’s cost efficiency. Eni’s exploration success rate currently stands at 75-80 percent, significantly higher than the industry average of 35 percent.
This success, Descalzi believes, is due to a shift in focus within the industry. “For the majority of large companies, the interest and propensity towards exploration has reduced in the last 25 years,” he explained. Eni has focused on internalizing key skills, reversing the trend of outsourcing, which has enabled important discoveries in areas previously abandoned by other companies. With the exception of discoveries in Mozambique, all of Eni’s major discoveries in the last 15 years have reach from assets previously divested by other large companies.
From a technical perspective, Eni has embraced higher-risk exploration by focusing on “complex reservoirs,” leading to discoveries of exceptional dimensions.
The ‘Satellite Model’ for Sustainable Growth
Eni’s “satellite model” represents a corporate structure innovation that supports growth without straining the budget. Introduced between 2018 and 2019, the model initially faced skepticism from investors, who perceived it as risky. However, Descalzi successfully convinced stakeholders with demonstrable results.
The model addresses the demand for capital allocation to develop discovered resources by creating autonomous entities capable of generating cash flow and attracting financing. “In the last eleven years we have discovered 11-12 billion barrels equivalent, which requires huge investments,” Descalzi noted.
In the upstream segment, Eni has created dedicated companies combining resources with growth potential and existing production, allowing these entities to access debt without impacting the group’s balance sheet. This approach has facilitated rapid growth in Norway and Angola, contributing to a 7 percent increase in production over the past three years.
Expanding the Model to Energy Transition
The satellite model has likewise been replicated in Eni’s energy transition efforts, with the creation of Plenitude (focused on renewables and retail customers) and Enilive (focused on biorefining). “We have separated activities with different multiples to avoid destruction of value,” Descalzi explained, noting that these entities have attracted international investors and raised over $6 billion in three to four years without relying on subsidies.
Claudio Descalzi has held the position of Chairman of Eni UK from 2010 to 2014 and was the first European in the Oil & Gas field to receive the Charles F. Rand Memorial Gold Medal in 2012 according to CERAWeek.