The oil & gas upstream cycle: Exploration activity

Abstract

Eni operates in all areas, from its traditional oil, gas and chemical businesses to renewable energy resources, through its business units and companies. Significant investments are also dedicated to research and development. Eni’s organizational structure is oriented towards the oil & gas core business, time and cost efficiency and the achievement of goals; an agile and effective organization in constant evolution, capable of responding promptly to the challenges that the scenario poses to the entire energy sector. Within the oil & gas industry cycle, the upstream phase includes the exploration, which is the object of the present paper, the development, production and abandonment activities, whereas the midstream and downstream phases deal with the hydrocarbon transportation and trading to the refining and marketing. The exploration units manage Eni’s exploration activities. Exploration is Eni’s driving force, and it is this activity that in recent years has ensured, and will continue to ensure, the future organic growth of the company, with low costs and the flexibility to monetize quickly the results. The concluding section of the present paper will briefly review the future of the oil and gas industry in the context of the energy transition.