Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document and Entity Information | |
Entity Registrant Name | ENI SPA |
Entity Central Index Key | 0001002242 |
Entity Filer Category | Large Accelerated Filer |
Entity Well-known Seasoned Issuer | Yes |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Amendment Flag | false |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Common Stock, Shares Outstanding | 3,634,185,330 |
Entity Interactive Data Current | Yes |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | |||
Cash and cash equivalents | € 5,994 | € 10,836 | |
Financial assets held for trading | 6,760 | 6,552 | |
Other current financial assets | 384 | 300 | |
Trade and other receivables | 12,873 | 14,101 | |
Inventories | 4,734 | 4,651 | |
Income tax receivables | 192 | 191 | |
Other current assets | 3,972 | 2,819 | |
Current assets | 34,909 | 39,450 | |
Non-current assets | |||
Property, plant and equipment | 62,192 | 60,302 | € 63,158 |
Right-of-use assets | 5,349 | ||
Intangible assets | 3,059 | 3,170 | 2,925 |
Inventory - Compulsory stock | 1,371 | 1,217 | |
Equity-accounted investments | 9,035 | 7,044 | 3,511 |
Other investments | 929 | 919 | 219 |
Other non-current financial assets | 1,174 | 1,253 | |
Deferred tax assets | 4,360 | 3,931 | |
Income tax receivables | 173 | 168 | |
Other non-current assets | 871 | 624 | |
Non-current assets | 88,513 | 78,628 | |
Assets held for sale | 18 | 295 | |
TOTAL ASSETS | 123,440 | 118,373 | |
Current liabilities | |||
Short-term debt | 2,452 | 2,182 | |
Current portion of long-term debt | 3,156 | 3,601 | |
Current portion of long-term lease liabilities | 889 | ||
Trade and other payables | 15,545 | 16,747 | |
Income tax payables | 456 | 440 | |
Other current liabilities | 7,146 | 5,412 | |
Current liabilities | 29,644 | 28,382 | |
Non-current liabilities | |||
Long-term debt | 18,910 | 20,082 | |
Long-term lease liabilities | 4,759 | ||
Provisions | 14,106 | 11,626 | |
Provisions for employee benefits | 1,136 | 1,117 | |
Deferred tax liabilities | 4,920 | 4,272 | |
Income tax payables | 454 | 287 | |
Other non-current liabilities | 1,611 | 1,475 | |
Non-current liabilities | 45,896 | 38,859 | |
Liabilities directly associated with assets held for sale | 59 | ||
TOTAL LIABILITIES | 75,540 | 67,300 | |
SHAREHOLDERS' EQUITY | |||
Non-controlling interest | 61 | 57 | |
Eni shareholders' equity | |||
Share capital | 4,005 | 4,005 | |
Retained earnings | 37,436 | 36,702 | |
Cumulative currency translation differences | 7,209 | 6,605 | |
Other reserves | 1,564 | 1,672 | |
Treasury shares | (981) | (581) | |
Interim dividend | (1,542) | (1,513) | |
Net profit | 148 | 4,126 | |
Total Eni shareholders' equity | 47,839 | 51,016 | |
TOTAL SHAREHOLDERS' EQUITY | 47,900 | 51,073 | 48,079 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 123,440 | 118,373 | |
After initial application | |||
Current assets | |||
Cash and cash equivalents | 7,363 | ||
Financial assets held for trading | 6,219 | ||
Other current financial assets | 316 | ||
Trade and other receivables | 14,089 | 14,156 | |
Inventories | 4,621 | ||
Income tax receivables | 191 | ||
Other current assets | 2,768 | ||
Current assets | 39,438 | 35,634 | |
Non-current assets | |||
Property, plant and equipment | 60,256 | 63,158 | |
Right-of-use assets | 5,689 | ||
Intangible assets | 3,012 | ||
Inventory - Compulsory stock | 1,283 | ||
Equity-accounted investments | 7,066 | 3,474 | |
Other investments | 900 | ||
Other non-current financial assets | 1,675 | ||
Deferred tax assets | 4,315 | ||
Income tax receivables | 182 | ||
Other non-current assets | 1,141 | ||
Non-current assets | 84,271 | 79,140 | |
Assets held for sale | 308 | 323 | |
TOTAL ASSETS | 115,097 | ||
Current liabilities | |||
Short-term debt | 2,242 | ||
Current portion of long-term debt | 3,585 | 2,286 | |
Current portion of long-term lease liabilities | 794 | ||
Trade and other payables | 16,619 | 15,305 | |
Income tax payables | 472 | ||
Other current liabilities | 4,317 | ||
Current liabilities | 29,032 | 24,622 | |
Non-current liabilities | |||
Long-term debt | 20,046 | 20,179 | |
Long-term lease liabilities | 5,017 | ||
Provisions | 13,124 | ||
Provisions for employee benefits | 1,022 | ||
Deferred tax liabilities | 5,937 | ||
Income tax payables | 359 | ||
Other non-current liabilities | 1,443 | ||
Non-current liabilities | 43,840 | 42,064 | |
Liabilities directly associated with assets held for sale | 72 | 87 | |
TOTAL LIABILITIES | 66,773 | ||
SHAREHOLDERS' EQUITY | |||
Non-controlling interest | 49 | ||
Eni shareholders' equity | |||
Share capital | 4,005 | ||
Retained earnings | 36,211 | ||
Cumulative currency translation differences | 4,818 | ||
Other reserves | 1,889 | ||
Treasury shares | (581) | ||
Interim dividend | (1,441) | ||
Net profit | 3,374 | ||
Total Eni shareholders' equity | 48,275 | ||
TOTAL SHAREHOLDERS' EQUITY | 48,324 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 115,097 | ||
Related parties | |||
Current assets | |||
Other current financial assets | 60 | 49 | |
Trade and other receivables | 704 | 633 | |
Other current assets | 219 | 71 | |
Non-current assets | |||
Other non-current financial assets | 911 | 915 | |
Other non-current assets | 181 | 160 | |
Current liabilities | |||
Short-term debt | 46 | 661 | |
Current portion of long-term lease liabilities | 5 | ||
Trade and other payables | 2,663 | 3,664 | |
Other current liabilities | 155 | 63 | |
Non-current liabilities | |||
Long-term lease liabilities | 8 | ||
Other non-current liabilities | € 23 | € 23 | |
Related parties | After initial application | |||
Current assets | |||
Other current financial assets | 73 | ||
Trade and other receivables | 834 | ||
Other current assets | 30 | ||
Non-current assets | |||
Other non-current financial assets | 1,214 | ||
Other non-current assets | 46 | ||
Current liabilities | |||
Short-term debt | 164 | ||
Trade and other payables | 2,808 | ||
Other current liabilities | 60 | ||
Non-current liabilities | |||
Other non-current liabilities | € 23 |
CONSOLIDATED PROFIT AND LOSS AC
CONSOLIDATED PROFIT AND LOSS ACCOUNT - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES AND OTHER INCOME | |||
Sales from operations | € 69,881 | € 75,822 | € 66,919 |
Other income and revenues | 1,160 | 1,116 | 4,058 |
Total revenues and other income | 71,041 | 76,938 | 70,977 |
Purchases, services and other | (50,874) | (55,622) | (51,548) |
Net (impairment losses) reversals of trade and other receivables | (432) | (415) | (913) |
Payroll and related costs | (2,996) | (3,093) | (2,951) |
Other operating income (expense) | 287 | 129 | (32) |
Depreciation and amortization | (8,106) | (6,988) | (7,483) |
Net (impairment losses) reversals of tangible and intangible assets and right-of-use assets | (2,188) | (866) | 225 |
Write-off of tangible and intangible assets | (300) | (100) | (263) |
OPERATING PROFIT | 6,432 | 9,983 | 8,012 |
FINANCE INCOME (EXPENSE) | |||
Finance income | 3,087 | 3,967 | 3,924 |
Finance expense | (4,079) | (4,663) | (5,886) |
Net finance income (expense) from financial assets held for trading | 127 | 32 | (111) |
Derivative financial instruments | (14) | (307) | 837 |
Finance income (expense) | (879) | (971) | (1,236) |
INCOME (EXPENSE) FROM INVESTMENTS | |||
Share of profit (loss) from equity-accounted investments | (88) | (68) | (267) |
Other gain (loss) from investments | 281 | 1,163 | 335 |
Income (expense) from investments | 193 | 1,095 | 68 |
PROFIT BEFORE INCOME TAXES | 5,746 | 10,107 | 6,844 |
Income taxes | (5,591) | (5,970) | (3,467) |
Net profit | 155 | 4,137 | 3,377 |
Attributable to Eni | 148 | 4,126 | 3,374 |
Attributable to non-controlling interest | € 7 | € 11 | € 3 |
Earnings per share attributable to Eni ( per share) | |||
Basic | € 0.04 | € 1.15 | € 0.94 |
Diluted | € 0.04 | € 1.15 | € 0.94 |
Related parties | |||
REVENUES AND OTHER INCOME | |||
Sales from operations | € 1,248 | € 1,383 | € 1,567 |
Other income and revenues | 4 | 8 | 41 |
Purchases, services and other | (9,173) | (8,009) | (9,164) |
Net (impairment losses) reversals of trade and other receivables | 28 | 26 | |
Payroll and related costs | (28) | (22) | (34) |
Other operating income (expense) | 19 | 319 | 331 |
FINANCE INCOME (EXPENSE) | |||
Finance income | 96 | 115 | 191 |
Finance expense | € (36) | € (283) | € (4) |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Net profit | € 155 | € 4,137 | € 3,377 |
Items that are not reclassified to profit or loss in later periods | |||
Remeasurements of defined benefit plans | (42) | (15) | (33) |
Share of other comprehensive income (loss) on equity-accounted investments related to benefit plans remeasurements | (7) | ||
Change of minor investments measured at fair value with effects to other comprehensive income | (3) | 15 | |
Tax effect | 5 | (2) | 29 |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | (47) | (2) | (4) |
Items that may be reclassified to profit or loss in later periods | |||
Currency translation differences | 604 | 1,787 | (5,573) |
Change in the fair value of available-for-sale financial instruments | (5) | ||
Change in the fair value of cash flow hedging derivatives | (679) | (243) | (6) |
Share of other comprehensive income (loss) on equity-accounted investments | (6) | (24) | 69 |
Tax effect | 197 | 58 | 1 |
Other comprehensive income that will be reclassified to profit or loss, net of tax | 116 | 1,578 | (5,514) |
Total other items of comprehensive income (loss) | 69 | 1,576 | (5,518) |
Total comprehensive income (loss) | 224 | 5,713 | (2,141) |
Attributable to Eni | |||
Attributable to Eni | 217 | 5,702 | (2,144) |
Attributable to non-controlling interest | |||
Attributable to non-controlling interest | € 7 | € 11 | € 3 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - EUR (€) € in Millions | Share capital | Retained earnings | Cumulative currency translation differences | Other reserves | Treasury shares | Interim dividend | Net profit (loss) for the year | Total | Non-controlling interests | Total |
Balance at Dec. 31, 2016 | € 4,005 | € 40,367 | € 10,319 | € 1,832 | € (581) | € (1,441) | € (1,464) | € 53,037 | € 49 | € 53,086 |
Statement | ||||||||||
Net profit for the year | 3,374 | 3,374 | 3 | 3,377 | ||||||
Items that are not reclassified to profit or loss in later periods | ||||||||||
Remeasurements of defined benefit plans net of tax effect | (4) | (4) | (4) | |||||||
Other comprehensive income that will not be reclassified to profit or loss, net of tax | (4) | (4) | (4) | |||||||
Items that may be reclassified to profit or loss in later periods | ||||||||||
Currency translation differences | (5,575) | 2 | (5,573) | (5,573) | ||||||
Change in the fair value of other available-for-sale financial instruments net of tax effect | (4) | (4) | (4) | |||||||
Change in the fair value of cash flow hedge derivatives net of tax effect | (6) | (6) | (6) | |||||||
Share of "Other comprehensive income (loss)" on equity-accounted investments | 69 | 69 | 69 | |||||||
Other comprehensive income that will be reclassified to profit or loss, net of tax | (5,575) | 61 | (5,514) | (5,514) | ||||||
Total comprehensive income (loss) of the year | (5,575) | 57 | 3,374 | (2,144) | 3 | (2,141) | ||||
Transactions with shareholders | ||||||||||
Dividend distribution of Eni SpA | 1,441 | (2,881) | (1,440) | (1,440) | ||||||
Interim dividend distribution of Eni SpA | (1,441) | (1,441) | (1,441) | |||||||
Dividend distribution of other companies | (3) | (3) | ||||||||
Allocation of net income (loss) | (4,345) | 4,345 | ||||||||
Transactions with shareholders | (4,345) | 1,464 | (2,881) | (3) | (2,884) | |||||
Other changes in shareholders' equity | ||||||||||
Other changes | (56) | 74 | 18 | 18 | ||||||
Other changes in shareholders' equity | (56) | 74 | 18 | 18 | ||||||
Balance at Dec. 31, 2017 | 4,005 | 35,966 | 4,818 | 1,889 | (581) | (1,441) | 3,374 | 48,030 | 49 | 48,079 |
Changes in accounting policies at Dec. 31, 2017 | 245 | 245 | 245 | |||||||
Balance at Dec. 31, 2017 | 4,005 | 36,211 | 4,818 | 1,889 | (581) | (1,441) | 3,374 | 48,275 | 49 | 48,324 |
Statement | ||||||||||
Net profit for the year | 4,126 | 4,126 | 11 | 4,137 | ||||||
Items that are not reclassified to profit or loss in later periods | ||||||||||
Remeasurements of defined benefit plans net of tax effect | (17) | (17) | (17) | |||||||
Change of minor investments measured at fair value with effects recognised in OCI | 15 | 15 | 15 | |||||||
Other comprehensive income that will not be reclassified to profit or loss, net of tax | (2) | (2) | (2) | |||||||
Items that may be reclassified to profit or loss in later periods | ||||||||||
Currency translation differences | 1,787 | 1,787 | 1,787 | |||||||
Change in the fair value of cash flow hedge derivatives net of tax effect | (185) | (185) | (185) | |||||||
Share of "Other comprehensive income (loss)" on equity-accounted investments | (24) | (24) | (24) | |||||||
Other comprehensive income that will be reclassified to profit or loss, net of tax | 1,787 | (209) | 1,578 | 1,578 | ||||||
Total comprehensive income (loss) of the year | 1,787 | (211) | 4,126 | 5,702 | 11 | 5,713 | ||||
Transactions with shareholders | ||||||||||
Dividend distribution of Eni SpA | 1,441 | (2,881) | (1,440) | (1,440) | ||||||
Interim dividend distribution of Eni SpA | (1,513) | (1,513) | (1,513) | |||||||
Dividend distribution of other companies | (3) | (3) | ||||||||
Allocation of net income (loss) | 493 | (493) | ||||||||
Transactions with shareholders | 493 | (72) | (3,374) | (2,953) | (3) | (2,956) | ||||
Other changes in shareholders' equity | ||||||||||
Long-term share-based incentive plan | 5 | 5 | 5 | |||||||
Other changes | (7) | (6) | (13) | (13) | ||||||
Other changes in shareholders' equity | (2) | (6) | (8) | (8) | ||||||
Balance at Dec. 31, 2018 | 4,005 | 36,702 | 6,605 | 1,672 | (581) | (1,513) | 4,126 | 51,016 | 57 | 51,073 |
Changes in accounting policies at Dec. 31, 2018 | (4) | (4) | (4) | |||||||
Balance at Dec. 31, 2018 | 4,005 | 36,698 | 6,605 | 1,672 | (581) | (1,513) | 4,126 | 51,012 | 57 | 51,069 |
Statement | ||||||||||
Net profit for the year | 148 | 148 | 7 | 155 | ||||||
Items that are not reclassified to profit or loss in later periods | ||||||||||
Remeasurements of defined benefit plans net of tax effect | (37) | (37) | (37) | |||||||
Share of "Other comprehensive income (loss)" on equity-accounted investments related to benefit plans remeasurements | (7) | (7) | (7) | |||||||
Change of minor investments measured at fair value with effects recognised in OCI | (3) | (3) | (3) | |||||||
Other comprehensive income that will not be reclassified to profit or loss, net of tax | (47) | (47) | (47) | |||||||
Items that may be reclassified to profit or loss in later periods | ||||||||||
Currency translation differences | 604 | 604 | 604 | |||||||
Change in the fair value of cash flow hedge derivatives net of tax effect | (482) | (482) | (482) | |||||||
Share of "Other comprehensive income (loss)" on equity-accounted investments | (6) | (6) | (6) | |||||||
Other comprehensive income that will be reclassified to profit or loss, net of tax | 604 | (488) | 116 | 116 | ||||||
Total comprehensive income (loss) of the year | 604 | (535) | 148 | 217 | 7 | 224 | ||||
Transactions with shareholders | ||||||||||
Dividend distribution of Eni SpA | 1,513 | (2,989) | (1,476) | (1,476) | ||||||
Interim dividend distribution of Eni SpA | (1,542) | (1,542) | (1,542) | |||||||
Dividend distribution of other companies | (4) | (4) | ||||||||
Allocation of net income (loss) | 1,137 | (1,137) | ||||||||
Reimbursements to minority shareholders | (1) | (1) | ||||||||
Acquisition of treasury shares | (400) | 400 | (400) | (400) | (400) | |||||
Transactions with shareholders | 737 | 400 | (400) | (29) | (4,126) | (3,418) | (5) | (3,423) | ||
Other changes in shareholders' equity | ||||||||||
Long-term share-based incentive plan | 9 | 9 | 9 | |||||||
Other changes | (8) | 27 | 19 | 2 | 21 | |||||
Other changes in shareholders' equity | 1 | 27 | 28 | 2 | 30 | |||||
Balance at Dec. 31, 2019 | € 4,005 | € 37,436 | € 7,209 | € 1,564 | € (981) | € (1,542) | € 148 | € 47,839 | € 61 | € 47,900 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - € / shares | May 14, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | ||||
Dividend per share to fully settle prior year dividend | € 0.41 | € 0.41 | € 0.40 | € 0.40 |
Interim dividends paid per share in prior year | € 0.42 | 0.42 | 0.40 | 0.40 |
Interim dividends paid per share | € 0.43 | € 0.42 | € 0.40 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Statement | ||||||
Net profit | € 155 | € 4,137 | € 3,377 | |||
Adjustments to reconcile net profit to net cash provided by operating activities | ||||||
Depreciation and amortization | 8,106 | 6,988 | 7,483 | |||
Net Impairments (reversals) of tangible and intangible assets and right-of-use assets | 2,188 | 866 | (225) | |||
Write-off of tangible and intangible assets | 300 | 100 | 263 | |||
Share of (profit) loss of equity-accounted investments | 88 | 68 | 267 | |||
Net gain on disposal of assets | (170) | (474) | (3,446) | |||
Dividend income | (247) | (231) | (205) | |||
Interest income | (147) | (185) | (283) | |||
Interest expense | 1,027 | 614 | 671 | |||
Income taxes | 5,591 | 5,970 | 3,467 | |||
Other changes | (179) | (474) | 894 | |||
Changes in working capital: | ||||||
- inventories | (200) | 15 | (346) | |||
- trade receivables | 1,023 | 334 | 657 | |||
- trade payables | (940) | 642 | 284 | |||
- provisions | 272 | (238) | 96 | |||
- other assets and liabilities | 211 | 879 | 749 | |||
Cash flow from changes in working capital | 366 | 1,632 | 1,440 | |||
Net change in the provisions for employee benefits | (23) | 109 | 38 | |||
Dividends received | 1,346 | 275 | 291 | |||
Interest received | 88 | 87 | 104 | |||
Interest paid | (1,029) | (609) | (582) | |||
Income taxes paid, net of tax receivables received | (5,068) | (5,226) | (3,437) | |||
Net cash provided by operating activities | 12,392 | 13,647 | 10,117 | |||
Investing activities: | ||||||
- tangible assets | (8,049) | (8,778) | (8,490) | |||
- prepaid right-of-use assets | (16) | |||||
- intangible assets | (311) | (341) | (191) | |||
- consolidated subsidiaries and businesses net of cash and cash equivalent acquired | (5) | (119) | ||||
- investments | (3,003) | (125) | (510) | |||
- securities held for operating purposes | (8) | (8) | ||||
- financing receivables held for operating purposes | (229) | (358) | (585) | |||
- change in payables in relation to investing activities | (307) | 408 | 152 | |||
Cash flow from investing activities | (11,928) | (9,321) | (9,624) | |||
Disposals: | ||||||
- tangible assets | 264 | 1,089 | 2,745 | |||
- intangible assets | 17 | 5 | 2 | |||
- consolidated subsidiaries and businesses net of cash and cash equivalent disposed of | 187 | (47) | 2,662 | |||
- tax on disposals | (3) | (436) | ||||
- investments | 39 | 195 | 482 | |||
- securities held for operating purposes | 17 | 15 | 1 | |||
- financing receivables held for operating purposes | 178 | 279 | 493 | |||
- change in receivables in relation to disposals | 95 | 606 | (434) | |||
Cash flow from disposals | 794 | 2,142 | 5,515 | |||
Net change in securities and financing receivables held for non-operating purposes (a) | [1] | (279) | (357) | 341 | ||
Net cash used in investing activities | (11,413) | (7,536) | (3,768) | |||
Increase in long-term financial debt | 1,811 | 3,790 | 1,842 | |||
Repayments of long-term financial debt | (3,512) | (2,757) | (2,973) | |||
Payments of lease liabilities | (877) | |||||
Increase (decrease) in short-term financial debt | 161 | (713) | (581) | |||
Cash flows from used in increase (decrease) in borrowings | (2,417) | 320 | (1,712) | |||
Dividends paid to Eni's shareholders | (3,018) | (2,954) | (2,880) | |||
Dividends paid to non-controlling interest | (4) | (3) | (3) | |||
Reimbursements to non-controlling interest | (1) | |||||
Acquisition of additional interests in consolidated subsidiaries | (1) | |||||
Acquisition of treasury shares | (400) | |||||
Net cash used in financing activities | (5,841) | (2,637) | (4,595) | |||
Effect of change in consolidation (inclusion/exclusion of significant/insignificant subsidiaries) | (7) | 7 | ||||
Effect of exchange rate changes and other changes on cash and cash equivalents | 8 | 18 | (72) | |||
Net increase (decrease) in cash and cash equivalents | (4,861) | 3,492 | 1,689 | |||
Cash and cash equivalents - beginning of the year | 10,855 | [2] | 7,363 | [2] | 5,674 | |
Cash and cash equivalents - end of the year | [2] | 5,994 | 10,855 | 7,363 | ||
Related parties | ||||||
Changes in working capital: | ||||||
Net cash provided by operating activities | (6,356) | (2,707) | (2,843) | |||
Disposals: | ||||||
Net cash used in investing activities | (2,912) | (3,314) | (3,115) | |||
Net cash used in financing activities | € (817) | € 16 | € (16) | |||
[1] | From 2019, Eni’s cash flow statement is reporting in a dedicated line-item the net cash outflow (investments minus divestments) in held-for-trading financial assets and current non-operating receivables financing, with the latter being investment of temporary cash surpluses. Those two assets are netted against financial liabilities to determine the Group net borrowings in accordance to applicable listing standards. In previous reporting periods, cash inflows and outflows relating those assets were reported among investing activities or divesting activities relating to securities and financing receivables, respectively. The cash flow statements of comparative periods have been reclassified accordingly. | |||||
[2] | In 2018, cash and cash equivalents at the end of the year included €19 million of cash and cash equivalents of consolidated subsidiaries held for sale that were reported in the item "Assets held for sale”. |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) € in Millions | Dec. 31, 2018EUR (€) |
CONSOLIDATED STATEMENT OF CASH FLOWS | |
Cash and cash equivalents classified as part of disposal group held for sale | € 19 |
Significant accounting policies
Significant accounting policies, estimates and judgements | 12 Months Ended |
Dec. 31, 2019 | |
Significant accounting policies, estimates and judgements | |
Significant accounting policies, estimates and judgements | 1 Significant accounting policies, estimates and judgements Basis of preparation The Consolidated Financial Statements of the Eni Group have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS) 1 as issued by the International Accounting Standards Board (IASB). The Consolidated Financial Statements have been prepared under the historical cost convention, taking into account, where appropriate, value adjustments, except for certain items that under IFRSs must be measured at fair value as described in the accounting policies that follow. The 2019 Consolidated Financial Statements included in the Annual Report on Form 20‑F, approved by the Eni’s Board of Directors on March 18, 2020, were audited by the external auditor PricewaterhouseCoopers SpA. The external auditor of Eni SpA, as the main external auditor, is wholly in charge of the auditing activities of the Consolidated Financial Statements; when there are other external auditors, PricewaterhouseCoopers SpA takes the responsibility of their work. The Consolidated Financial Statements are presented in euros and all values are rounded to the nearest million euros (€ million), except where otherwise indicated. 1 IFRSs include also International Accounting Standards (IAS), currently effective, as well as the interpretations developed by the IFRS Interpretations Committee, previously named International Financial Reporting Interpretations Committee (IFRIC) and initially Standing Interpretations Committee (SIC). Significant accounting estimates and judgements The preparation of the Consolidated Financial Statements requires the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses recognised in the financial statements, as well as amounts included in the notes thereto, including disclosure of contingent assets and contingent liabilities. Estimates made are based on complex judgements and past experience of other assumptions deemed reasonable in consideration of the information available at the time. The accounting policies and areas that require the most significant judgements and estimates to be used in the preparation of the Consolidated Financial Statements are in relation to the accounting for oil and natural gas activities, specifically in the determination of proved and proved developed reserves, impairment of financial and non-financial assets, leases, decommissioning and restoration liabilities, environmental liabilities, business combinations, employee benefits, revenue from contracts with customers, fair value measurements and income taxes. Although the Company uses its best estimates and judgements, actual results could differ from the estimates and assumptions used. The accounting estimates and judgements relevant for the preparation of the Consolidated Financial Statement are described below. Principles of consolidation Subsidiaries The Consolidated Financial Statements comprise the financial statements of the parent Company Eni SpA and those of its subsidiaries, being those entities over which the Company has control, either directly or indirectly, through exposure or rights to their variable returns and the ability to affect those returns through its power over the investees. To have power over an investee, the investor must have existing rights that give it the current ability to direct the relevant activities of the investee, i.e. the activities that significantly affect the investee’s returns. Subsidiaries are consolidated, on the basis of consistent accounting policies, from the date on which control is obtained until the date that control ceases. Assets, liabilities, income and expenses of consolidated subsidiaries are fully recognised with those of the parent in the Consolidated Financial Statements; the parent’s investment in each subsidiary is eliminated against the corresponding parent’s portion of equity of each subsidiary. Non-controlling interests are presented separately on the balance sheet within equity; the profit or loss attributable to non-controlling interests is presented in a specific line item of the profit and loss account. For entities acting as sole-operator in the management of oil and gas contracts on behalf of companies participating in a joint project, the activities are financed proportionally based on a budget approved by the participating companies upon presentation of periodical reports of proceeds and expenses. Costs and revenue and other operating data (production, reserves, etc.) of the project, as well as the related obligations arising from the project, are recognised directly in the financial statements of the companies involved based on their own share. Some subsidiaries are not consolidated because they are immaterial, either individually or in the aggregate; this exclusion has not produced material 2 effects on the Consolidated Financial Statements 3 . When the proportion of the equity held by non-controlling interests changes, any difference between the consideration paid/received and the amount by which the non-controlling interests are adjusted is attributed to Eni shareholders’ equity. Conversely, the sale of equity interests with loss of control determines the recognition in the profit and loss account of: (i) any gain or loss calculated as the difference between the consideration received and the corresponding transferred net assets; (ii) any gain or loss recognised as a result of the remeasurement of any investment retained in the former subsidiary at its fair value; and (iii) any amount related to the former subsidiary previously recognised in other comprehensive income which may be reclassified subsequently to the profit and loss account4. Any investment retained in the former subsidiary is recognised at its fair value at the date when control is lost and shall be accounted for in accordance with the applicable measurement criteria 2 According to the requirements of the Conceptual Framework for Financial Reporting, “information is material if omitting it or misstating it could influence decisions that users make on the basis of financial information about a specific reporting entity”. 3 Unconsolidated subsidiaries are accounted for as described in the accounting policy for “The equity method of accounting”. 4 Conversely, any amount related to the former subsidiary previously recognised in other comprehensive income, which may not be reclassified subsequently to the profit and loss account, are reclassified in another item of equity. Interests in joint arrangements Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Investments in joint ventures are accounted for using the equity method as described in the accounting policy for “The equity method of accounting”. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have enforceable rights to the assets, and enforceable obligations for the liabilities, relating to the arrangement. In the Consolidated Financial Statements, Eni recognises its share of the assets/liabilities and revenue/expenses of joint operations on the basis of its rights and obligations relating to the arrangements. After the initial recognition, the assets/liabilities and revenue/expenses of the joint operations are measured in accordance with the applicable measurement criteria. Immaterial joint operations structured through a separate vehicle are accounted for using the equity method or, if this does not result in a misrepresentation of the Company’s financial position and performance, at cost net of any impairment losses. Investments in associates An associate is an entity over which Eni has significant influence, that is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control of those policies. Investments in associates are accounted for using the equity method as described in the accounting policy for “The equity method of accounting”. Consolidated companies’ financial statements are audited by external auditors who audit also the information required for the preparation of the Consolidated Financial Statements. The equity method of accounting Investments in joint ventures, associates and immaterial unconsolidated subsidiaries, are accounted for using the equity method. 5 6 Under the equity method, investments are initially recognised at cost, allocating, similarly to business combinations procedures, the purchase price of the investment to the investee’s identifiable assets/liabilities; if this allocation is provisionally recognised at initial recognition, it can be retrospectively adjusted within one year from the date of initial recognition, to reflect new information obtained about facts and circumstances that existed at the date of initial recognition. Subsequently, the carrying amount is adjusted to reflect: (i) the investor’s share of the profit or loss of the investee after the date of acquisition, adjusted to account for depreciation, amortization and any impairment losses of the equity-accounted entity’s assets based on their fair values at the date of acquisition; and (ii) the investor’s share of the investee’s other comprehensive income. Distributions received from an equity-accounted investee reduce the carrying amount of the investment. In applying the equity method, consolidation adjustments are considered (see also the accounting policy for “Subsidiaries”). Losses arising from the application of the equity method in excess of the carrying amount of the investment, recognised in the profit and loss account within “Income (Expense) from investments”, reduce the carrying amount, net of the related expected credit losses (see below), of any financing receivables towards the investee for which settlement is neither planned nor likely to occur in the foreseeable future (the so-called long-term interests), which are, in substance, an extension of the investment in the investee. The investor’s share of any losses of an equity-accounted investee that exceeds the carrying amount of the investment and any long-term interests (the so-called net investment), is recognised in a specific provision only to the extent that the investor has incurred legal or constructive obligations or made payments on behalf of the investee. Whenever there is objective evidence of impairment (e.g. relevant breaches of contracts, significant financial difficulty, probable default of the counterparty, etc.), the net investment is tested for impairment by comparing its carrying amount with the related recoverable amount, determined by adopting the criteria indicated in the accounting policy for “Impairment of non-financial assets”. When an impairment loss no longer exists or has decreased, any reversal of the impairment loss is recognised in the profit and loss account within “Income (Expense) from investments”. The impairment reversal of the net investment shall not exceed the previously recognised impairment losses. The sale of equity interests with loss of joint control or significant influence over the investee determines the recognition in the profit and loss account of: (i) any gain or loss calculated as the difference between the consideration received and the corresponding transferred share; (ii) any gain or loss recognised as a result of the remeasurement of any investment retained in the former joint venture/associate at its fair value 7 ; and (iii) any amount related to the former joint venture/associate previously recognised in other comprehensive income which may be reclassified subsequently to the profit and loss account 8 . Any investment retained in the former joint venture/associate is recognised at its fair value at the date when joint control or significant influence is lost and shall be accounted for in accordance with the applicable measurement criteria. 5 In the case of step acquisition of significant influence (joint control), the investment is recognised, at the acquisition date of significant influence (joint control), at the amount deriving from the use of the equity method assuming the adoption of this method since initial acquisition; the “step-up” of the carrying amount of interests owned before the acquisition of significant influence (joint control) is taken to equity. 6 Joint ventures, associates and immaterial unconsolidated subsidiaries are accounted for at cost less any accumulated impairment losses, if this does not result in a misrepresentation of the Company's financial position and performance. 7 If the retained investment continues to be accounted for using the equity method, no remeasurement at fair value is recognised in the profit and loss account. 8 Conversely, any amount related to the former joint venture/associate previously recognised in other comprehensive income, which may not be reclassified subsequently to the profit and loss account, are reclassified in another item of equity. Business combinations Business combinations are accounted for by applying the acquisition method. The consideration transferred in a business combination is the sum of the acquisition-date fair value of the assets transferred, the liabilities incurred and the equity interests issued by the acquirer. Acquisition-related costs are accounted for as expenses when incurred.The acquirer shall measure the identifiable assets acquired and liabilities assumed at their acquisition-date fair values 9 , unless another measurement basis is required by IFRSs. The excess of the consideration transferred over the Group’s share of the acquisition-date fair values of the identifiable assets acquired and liabilities assumed is recognised, on the balance sheet, as goodwill; conversely, a gain on a bargain purchase is recognised in the profit and loss account. Any non-controlling interests are measured as the proportionate share in the recognised amounts of the acquiree’s identifiable net assets at the acquisition date excluding the portion of goodwill attributable to them (partial goodwill method); as an alternative, non-controlling interests may be measured at fair value, which means that goodwill includes the portion attributable to them (full goodwill method) 10 . The choice of measurement basis for goodwill (partial goodwill method vs. full goodwill method) is made on a transaction-by-transaction basis. In a business combination achieved in stages, the purchase price is determined by summing the acquisition-date fair value of previously held equity interests in the acquiree and the consideration transferred for obtaining control; the previously held equity interests are remeasured at their acquisition-date fair value and the resulting gain or loss, if any, is recognised in the profit and loss account. Furthermore, on obtaining control, any amount recognised in other comprehensive income related to the previously held equity interests is reclassified to the profit and loss account, or in another item of equity when such amount may not be reclassified to the profit and loss account. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the provisional amounts recognised at the acquisition date shall be retrospectively adjusted within one year from the acquisition date, to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The acquisition of interests in a joint operation whose activity constitutes a business is accounted for applying the principles on business combinations accounting. In this regard, if the entity obtains control over a business that was a joint operation, the previously held interest in the joint operation is remeasured at the acquisition-date fair value and the resulting gain or loss is recognized in the profit and loss account. 11 9 Fair value measurement principles are described in the accounting policy for “Fair value measurements”. 10 The choice between the partial goodwill and full goodwill method is made also for business combinations resulting in the recognition of a gain on bargain purchase in the profit and loss account. 11 If the entity acquires additional interests in a joint operation that is a business, while retaining joint control, the previously held interest in the joint operation is not remeasured. Significant accounting estimates and judgements: investments and business combinations The assessment of the existence of control, joint control, significant influence over an investee, as well as for joint operations, the assessment of the existence of enforceable rights and obligations imply that the management makes complex judgements on the basis of the characteristics of the investee’s structure, arrangements between parties and other relevant facts and circumstances. Significant accounting estimates by management are required also for measuring the identifiable assets acquired and the liabilities assumed in a business combination at their acquisition-date fair values. For such measurement, to be performed also for the application of the equity method, Eni adopts the valuation techniques generally used by market participants taking into account the available information; for the most significant business combinations, Eni engages external independent evaluators. Intragroup transactions All balances and transactions between consolidated companies, and not yet realised with third parties, including unrealised profits arising from such transactions have been eliminated. Unrealised profits arising from transactions between the Group and its equity-accounted entities are eliminated to the extent of the Group’s interest in the equity-accounted entity. In both cases, unrealised losses are not eliminated unless the transaction provides evidence of an impairment loss of the asset transferred. Foreign currency translation The financial statements of foreign operations having a functional currency other than the euro, that represents the parent’s functional currency, are translated into euros using the spot exchange rates on the balance sheet date for assets and liabilities, historical exchange rates for equity and average exchange rates for the profit and loss account and the statement of cash flows (source: Reuters — WMR). The cumulative resulting exchange differences are presented in the separate component of Eni shareholders’ equity “Cumulative currency translation differences” 12 . Cumulative amount of exchange differences relating to a foreign operation are reclassified to the profit and loss account when the entity disposes the entire interest in that foreign operation or when the partial disposal involves the loss of control, joint control or significant influence over the foreign operation. On a partial disposal that does not involve loss of control of a subsidiary that includes a foreign operation, the proportionate share of the cumulative exchange differences is reattributed to the non-controlling interests in that foreign operation. On a partial disposal of interests in joint arrangements or in associates that does not involve loss of joint control or significant influence, the proportionate share of the cumulative exchange differences is reclassified to the profit and loss account. The repayment of share capital made by a subsidiary having a functional currency other than the euro, without a change in the ownership interest, implies that the proportionate share of the cumulative amount of exchange differences relating to the subsidiary is reclassified to the profit and loss account. The financial statements of foreign operations which are translated into euros are denominated in the foreign operations’ functional currencies which generally is the U.S. dollar. The main foreign exchange rates used to translate the financial statements into the parent’s functional currency are indicated below: Annual Exchange Annual Exchange Annual Exchange average rate at average rate at average rate at exchange rate December 31, exchange rate December 31, exchange rate December 31, (currency amount for 1 €) 2019 2019 2018 2018 2017 2017 U.S. Dollar 1.12 1.12 1.18 1.15 1.13 1.20 Pound Sterling 0.88 0.85 0.88 0.89 0.88 0.89 Australian Dollar 1.61 1.60 1.58 1.62 1.47 1.53 12 When the foreign subsidiary is partially owned, the cumulative exchange differences, that are attributable to the non-controlling interests, are allocated to and recognised as part of “Non-controlling interest”. Significant accounting policies The most significant accounting policies used in the preparation of the Consolidated Financial Statements are described below. Oil and natural gas exploration, appraisal, development and production activities Oil and natural gas exploration, appraisal and development activities are accounted for using the principles of the successful efforts method of accounting as described below. Acquisition of exploration rights Costs incurred for the acquisition of exploration rights (or their extension) are initially capitalised within the line item “Intangible assets” as “exploration rights — unproved” pending determination of whether the exploration and appraisal activities in the reference areas are successful or not. Unproved exploration rights are not amortised, but reviewed to confirm that there is no indication that the carrying amount exceeds the recoverable amount. This review is based on the confirmation of the commitment of the Company to continue the exploration activities and on the analysis of facts and circumstances that indicate the absence of uncertainties related to the recoverability of the carrying amount. If no future activity is planned, the carrying amount of the related exploration rights is recognised in the profit and loss account as write-off. Lower value exploration rights are pooled and amortised on a straight-line basis over the estimated period of exploration. In the event of a discovery of proved reserves (i.e. upon recognition of proved reserves and internal approval for development), the carrying amount of the related unproved exploration rights is reclassified to “proved exploration rights”, within the line item “Intangible assets”. Upon reclassification, or when there is any indication of impairment, the carrying amount of exploration rights to reclassify as proved is tested for impairment considering the higher of their value in use and their fair value less costs of disposal. From the commencement of production, proved exploration rights are amortised according to the unit of production method (the so-called UOP method, described in the accounting policy for “UOP depreciation, depletion and amortisation”). Acquisition of mineral interests Costs incurred for the acquisition of mineral interests are capitalised in connection with the assets acquired (such as exploration potential, possible and probable reserves and proved reserves). When the acquisition is related to a set of exploration potential and reserves, the cost is allocated to the different assets acquired based on their expected discounted cash flows. Acquired exploration potential is measured in accordance with the criteria illustrated in the accounting policy for “Acquisition of exploration rights”. Costs associated with proved reserves are amortised according to the UOP method (see the accounting policy for “UOP depreciation, depletion and amortisation”). Expenditure associated with possible and probable reserves (unproved mineral interests) is not amortised until classified as proved reserves; in case of a negative result, it is written off. Exploration and appraisal expenditure Geological and geophysical exploration costs are recognised as an expense as incurred. Costs directly associated with an exploration well are initially recognised within tangible assets in progress, as “exploration and appraisal costs — unproved” (exploration wells in progress) until the drilling of the well is completed and can continue to be capitalised in the following 12‑month period pending the evaluation of drilling results (suspended exploration wells). If, at the end of this period, it is ascertained that the result is negative (no hydrocarbon found) or that the discovery is not sufficiently significant to justify the development, the wells are declared dry/unsuccessful and the related costs are written-off. Conversely, these costs continue to be capitalised if and until: (i) the well has found a sufficient quantity of reserves to justify its completion as a producing well, and (ii) the entity is making sufficient progress assessing the reserves and the economic and operating viability of the project; on the contrary, the capitalised costs are recognised in the profit and loss account as write-off. Analogous recognition criteria are adopted for the costs related to the appraisal activity. When proved reserves of oil and/or natural gas are determined, the relevant expenditure recognised as unproved is reclassified to proved exploration and appraisal costs within tangible assets in progress. Upon reclassification, as well as whether there is any indication of impairment, the carrying amount of the costs to reclassify as proved is tested for impairment considering the higher of their value in use and their fair value less costs of disposal. From the commencement of production, proved exploration and appraisal costs are depreciated according to the UOP method (see the accounting policy for “UOP depreciation, depletion and amortisation”). Development expenditure Development expenditure, including the costs related to unsuccessful and damaged development wells, are capitalised as “Tangible asset in progress — proved”. Development costs are incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing the oil and gas. They are amortised, from the commencement of production, generally on a UOP basis. When development projects are unfeasible/not carried on, the related costs are written off when it is decided to abandon the project. Development costs are tested for impairment in accordance with the criteria described in the accounting policy for “Property, plant and equipment”. UOP depreciation, depletion and amortisation Proved oil and gas assets are depreciated generally under the UOP method, as their useful life is closely related to the availability of proved oil and gas reserves, by applying, to the depreciable amounts at the end of each quarter a rate representing the ratio between the volumes extracted during the quarter and the reserves existing at the end of the quarter, increased by the volumes extracted during the quarter. This method is applied with reference to the smallest aggregate representing a direct correlation between expenditures to be depreciated and oil and gas reserves. Proved exploration rights and acquired proved mineral interests are amortised over proved reserves; proved exploration and appraisal costs and development expenditure are depreciated over proved developed reserves, while common facilities are depreciated over total proved reserves. Production costs Production costs are those costs incurred to operate and maintain wells and field equipment and are recognised as an expense as incurred. Production Sharing Agreements and buy-back contracts Oil and gas reserves related to Production Sharing Agreements and buy-back contracts are determined on the basis of contractual terms related to the recovery of the contractor’s costs to undertake and finance exploration, development and production activities at its own risk (Cost Oil) and the Company’s stipulated share of the production remaining after such cost recovery (Profit Oil). Revenues from the sale of the lifted production, against both Cost Oil and Profit Oil, are accounted for on an accrual basis, whilst exploration, development and production costs are accounted for according to the above-mentioned accounting policies. The Company’s share of production volumes and reserves includes the share of hydrocarbons that corresponds to the taxes to be paid, according to the contractual agreement, by the national government on behalf of the Company. As a consequence, the Company has to recognise at the same time an increase in the taxable profit, through the increase of the revenue, and a tax expense. Plugging and abandonment of wells Costs expected to be incurred with respect to the plugging and abandonment of a well, dismantlement and removal of production facilities, as well as site restoration, are capitalised, consistent with the accounting policy described under “Property, plant and equipment”, and then depreciated on a UOP basis. Significant accounting estimates and judgements: oil and natural gas activities Engineering estimates of the Company’s oil and gas reserves are inherently uncertain. Proved reserves are the estimated volumes of crude oil, natural gas and gas condensates, liquids and associated substances which geological and engineering data demonstrate that can be economically producible with reasonable certainty from known reservoirs under existing economic conditions and operating methods. Although there are authoritative guidelines regarding the engineering and geological criteria that must be met before estimated oil and gas reserves can be categorised as “proved”, the accuracy of reserve estimates depends on a number of factors, assumptions and variables, including: (i) the quality of available geological, technical and economic data and their interpretation and judgement; (ii) projections regarding future rates of production and operating costs as well as timing and amount of development expenditures; (iii) changes in the prevailing tax rules, other government regulations and contractual conditions; (iv) results of drilling, testing and the actual production performance of Eni’s reservoirs after the date of the estimates which may drive substantial upward or downward revisions; and (v) changes in oil and natural gas prices which could affect expected future cash flows and the quantities of Eni’s proved reserves since the estimates of reserves are based on prices and costs existing as of the date when these estimates are made. Lower oil prices or the projections of higher operating and development costs may impair the ability of the Company to economically produce reserves leading to downward reserve revisions. Many of the factors, assumptions and variables involved in estimating proved reserves are subject to change over time and therefore affect the estimates of oil and natural gas reserves. The determination of whether potentially economic oil and natural gas reserves have been discovered by an exploration well is made within a year after well completion. The evaluation process of a discovery, which requires performing additional appraisal activities on the potential oil and natural gas field and establishing the optimum development plans, can take longer, in most cases, depending on the complexity of the project and on the size of capital expenditures required. During this period, the costs related to these exploration wells remain suspended on the balance sheet. In any case, all such capitalised costs are reviewed, at least, on an annual basis to confirm the continued intent to develop, or otherwise to extract value from the discovery. Field reserves will be categorised as proved only when all the criteria for attribution of proved status have been met. Initially, all booked reserves are classified as proved undeveloped. Subsequently, volumes are reclassified from proved undeveloped to proved developed as a consequence of development activity. Generally, reserves are booked as proved developed when the first oil or gas is produced. Major development projects typically take one to four years from the time of initial booking to the start of production. Estimated proved reserves are used in determining depreciation, amortisation and depletion charges and impairment charges. Assuming all other variables are held constant, an increase in estimated proved developed reserves for each field decreases depreciation, amortisation and depletion charge under the UOP method. Conversely, a decrease in estimated proved developed reserves increases depreciation, amortisation and depletion charge. Property, plant and equipment Property, plant and |
Primary financial statements
Primary financial statements | 12 Months Ended |
Dec. 31, 2019 | |
Primary financial statements | |
Primary financial statements | 2 Primary financial statements 31 Assets and liabilities on the balance sheet are classified as current and non-current. Items in the profit and loss account are presented by nature. 32 Assets and liabilities are classified as current when: (i) they are expected to be realised/settled in the entity’s normal operating cycle or within twelve months after the balance sheet date; (ii) they are cash or cash equivalents unless they are restricted from being exchanged or used to settle a liability for at least twelve months after the balance sheet date; or (iii) they are held primarily for the purpose of trading. Derivative financial instruments held for trading are classified as current, apart from their maturity date. Non hedging derivative financial instruments, which are entered into to manage risk exposures but do not satisfy the formal requirements to be considered as hedging, and hedging derivative financial instruments are classified as current when they are expected to be realised/settled within twelve months after the balance sheet date; on the contrary they are classified as non-current. The statement of comprehensive income (loss) shows net profit integrated with income and expenses that are not recognised directly in the profit and loss account according to IFRSs. The statement of changes in shareholders’ equity includes the total comprehensive income (loss) for the year, transactions with shareholders in their capacity as shareholders and other changes in shareholders’ equity. The statement of cash flows is presented using the indirect method, whereby net profit (loss) is adjusted for the effects of non-cash transactions. 31 The impacts on the primary financial statements arising from the adoption, starting from January 1, 2019, of the new IFRSs, as well as the other changes in the primary financial statements, are described in note 3 — Changes in accounting policies. 32 Further information about classification of financial instruments is provided in note 27 — Guarantees, commitments and risks — Other information about financial instruments. |
Changes in accounting policies
Changes in accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Changes in accounting policies | |
Changes in accounting policies | 3 Changes in accounting policies Starting from January 1, 2019, Eni has applied IFRS 16 (hereinafter IFRS 16), which replaces IAS 17 and related interpretations. In particular, IFRS 16 eliminates the classification of leases as either operating leases or finance leases for the preparation of lessees’ financial statements. Conversely, a lessor continues to classify its leases as either operating leases or finance leases. IFRS 16 enhances disclosures both for lessees and lessors. With reference to the lessee’s primary financial statements, starting from January 1, 2019: · on the balance sheet, right-of-use assets and lease liabilities are recognised and presented separately from other assets and other liabilities; · in the profit and loss account, depreciation charges and any impairment losses/write-offs of the right-of-use asset are recognised within operating expenses and the interest expense on the lease liability, if not capitalised, is recognised within finance expense rather than recognising the operating lease payments within operating expenses under IAS 17. The depreciation charges of the right-of-use asset and the interest expenses on the lease liability directly attributable to the construction of an asset are capitalised as part of the cost of such asset and subsequently recognised in the profit and loss account through depreciation/impairments or write-off, mainly in the case of exploration assets. Moreover, the profit and loss account includes: (i) the expenses relating to short-term leases and low-value leases; (ii) the expenses relating to variable lease payments that are not included in the measurement of the lease liability (e.g. payments that depend on the use of the underlying asset); and (iii) the expenses relating to any non-lease components accounted for separately from the lease component; · in the statement of cash flows, cash payments for the principal portion of the lease liability are classified within financing activities, whereas interest expense is classified within operating activities, if they are recognised in the profit and loss account, or within investing activities if they are capitalised in reference to leased assets that are used for the construction of other assets. 33 Consequently, compared to the requirements of IAS 17 related to operating leases, the adoption of IFRS 16 has a significant impact in the statement of cash flows, by determining: (a) an improvement of the net cash provided by operating activities, which no longer includes operating lease payments, not capitalised, but only includes the cash payments for the interest portion of the lease liability that are not capitalised 34 ; (b) an improvement of the net cash used in investing activities, which no longer includes capitalised lease payments, but only includes cash payments for the capitalised interest portion of the lease liability; and (c) a worsening in the net cash used in financing activities, which includes cash payments for the principal portion of the lease liability. The adoption of the new requirements affects most of the Group companies; in terms of amounts and/or volumes, the main cases are the following: (i) in the Exploration & Production segment, contracts for the lease of drilling rigs and floating production storage and offloading vessels (the so-called FPSOs); (ii) in the Refining & Marketing and Chemical segment, highway concessions, leases of land, service stations for the sale of oil products, as well as the car fleet dedicated to the car sharing business (enjoy); (iii) in the Gas & Power segment, leases of vessels used for shipping activities and gas distribution facilities, as well as tolling contracts; (iv) for Corporate activities, leases of property. 33 The prepayments for right-of-use assets, made before the commencement date of lease contracts, are classified within investing activities. 34 The net cash provided by operating activities will include also: (i) short-term lease payments and payments for low-value leases; (ii) variable lease payments not included in the measurement of lease liabilities; and (iii) payments for non-lease components. IFRS 16 has been applied, starting from January 1, 2019, by recognising, as allowed by the transition requirements of the accounting standard, the cumulative effect of the initial application as an adjustment to the opening balance of equity at January 1, 2019, with no restatement of comparative information (the so-called modified retrospective approach). In particular, the adoption of IFRS 16 resulted in the recognition of right-of-use assets for €5.7 billion and lease liabilities for €5.8 billion; the amount of the lease liabilities includes also the payables for lease fees outstanding at January 1, 2019, previously classified as trade payables. Such impacts take into account the indications of the IFRS Interpretations Committee according to which, in the case of unincorporated joint operations, the operator recognises the entire lease liability, as, by signing the contract, it has primary responsibility for the liability towards the third-party supplier. Therefore, if based on the contractual provisions and any other relevant facts and circumstances, Eni has primary responsibility, it recognises on the balance sheet: (i) the entire lease liability and (ii) the entire right-of-use asset, unless, based on the contractual provisions, there is a sublease with the followers. In particular, the amount of the lease liabilities at January 1, 2019, includes the share of the lease liabilities corresponding to the followers’ working interest for €2.0 billion, while the Eni working interest is €3.7 billion. On initial application, Eni has elected to apply the following practical expedients allowed by IFRS 16: · possibility to not reassess each contract existing at January 1, 2019, by applying IFRS 16 to all contracts previously identified as leases (under IAS 17 and IFRIC 4), while not applying IFRS 16 to contracts that were not previously identified as leases; · for contracts previously classified as operating leases, possibility to measure the right-of-use asset at an amount equal to the lease liability, adjusted, if necessary, by any prepaid amounts already recognised on the balance sheet; · as an alternative to performing an impairment review, possibility to adjust the right-of-use asset, existing at January 1, 2019, by the amount of any provision for onerous lease contracts recognised at December 31, 2018; · possibility to exclude initial direct costs from the measurement of the right-of-use asset at January 1, 2019. Moreover, on transition, Eni has elected to not consider leases for which the lease term ends within 12 months of January 1, 2019 as short-term leases. The breakdown of the abovementioned quantitative effects and reclassifications deriving from the initial application, as at January 1, 2019, of IFRS 16, is as follows: (€ million) December 31, Adoption of Reclassifications Total effect of the As restated Selected line items only 2018 IFRS 16 IFRS 16 first application January 1, 2019 Current assets 39,450 (12) (12) 39,438 of which: Trade and other receivables 14,101 (12) (12) 14,089 Non-current assets 78,628 5,656 (13) 5,643 84,271 of which: Property, plant and equipment 60,302 (46) (46) 60,256 of which: Right-of-use assets 5,656 33 5,689 5,689 Assets held for sale 295 13 13 308 Current liabilities 28,382 665 (15) 650 29,032 of which: Current portion of long-term debt 3,601 (16) (16) 3,585 of which: Current portion of long-term lease liabilities 665 129 794 794 of which: Trade and other payables 16,747 (128) (128) 16,619 Non-current liabilities 38,859 4,991 (10) 4,981 43,840 of which: Long-term debt 20,082 (36) (36) 20,046 of which: Long-term lease liabilities 4,991 26 5,017 5,017 Liabilities directly associated with assets held for sale 59 13 13 72 The reconciliation between the amount of future minimum lease payments under non-cancellable operating leases at December 31, 2018, discounted using the lessee's incremental borrowing rate at the date of initial application of IFRS 16, and the opening balance of the lease liabilities at January 1, 2019, is provided below: (€ billion) Future minimum lease payments under non-cancellable operating leases at December 31, 2018 4.0 – Recognition of the shares of leases related to followers 2.0 – Effect of discounting (1.5) – Extension options 1.2 – Other changes 0.1 Lease liability at January 1, 2019 5.8 In particular, the weighted average discount rate used to measure the lease liabilities as at January 1, 2019 is equal to 6.8%. Moreover, starting from January 1, 2019 the following IFRSs are effective: (i) the amendments to IAS 28 “Long-term Interests in Associates and Joint Ventures”, which clarify that entities account for any financing receivables towards an associate or joint venture, for which settlement is neither planned nor likely to occur in the foreseeable future (the so-called long-term interests) that, in substance, form part of the entity’s net investment in the investee, using the requirements of IFRS 9, including those related to impairment. These amendments did not have a significant impact on the Consolidated Financial Statements; (ii) IFRIC 23 “Uncertainty over Income Tax Treatments”, which clarifies the accounting for (current and/or deferred) tax assets and liabilities when there is uncertainty over income tax treatments. In particular, if there is uncertainty over income tax treatments, if the company concludes it is probable that the taxation authority will accept an uncertain tax treatment, it determines the (current and/or deferred) income taxes to be recognised in the financial statements consistent with the tax treatment used or planned to be used in its income tax filings. Conversely, if the company concludes it is not probable that the taxation authority will accept an uncertain tax treatment, the company reflects the effect of uncertainty in determining the (current and/or deferred) income taxes to be recognised in the financial statements. IFRIC 23 did not have a significant impact on the measurement of income taxes. Nevertheless, with reference to the presentation on the primary financial statements, in September 2019, the IFRS Interpretations Committee has indicated that the uncertain tax assets and liabilities shall be presented in the line items where income tax assets and income tax liabilities are recognised, and not in other line items. In this regard, as the uncertain tax liabilities include also the provisions for litigation concerning income taxes, these provisions have been reclassified out of the line item “Provisions” into the new line item “Income tax liabilities” within the non-current section of the balance sheet. Moreover, the balance sheet has been integrated with the new line items “Income tax assets”, within the non-current section, to present assets (other than deferred tax assets) related to income taxes, in specific, and not residual, line items. 35 Furthermore, starting from 2019, on the balance sheet, within the current section, the line items “Other tax receivables” and “Other tax payables” have been deleted and the related amounts have been reclassified into the line items “Other assets” and “Other liabilities”. This change has been carried out because the separate presentation is not considered useful to understand the Group’s financial position. The balance sheet as at January 1, 2018 has been presented due to the material effect of such reclassifications. 35 In previous reporting periods, income tax receivables and income tax payables were recognised within the non-current section of the balance sheet, respectively, in the line items “Other assets” and “Other liabilities”. |
IFRSs not yet adopted
IFRSs not yet adopted | 12 Months Ended |
Dec. 31, 2019 | |
IFRSs not yet adopted | |
IFRSs not yet adopted | 4 IFRSs not yet adopted On May 18, 2017, the IASB issued IFRS 17 “Insurance Contracts” (hereinafter IFRS 17), which sets out the accounting for the insurance contracts issued and the reinsurance contracts held. IFRS 17, which replaces IFRS 4 “Insurance Contracts”, shall be applied for annual reporting periods beginning on or after January 1, 2021. On March 29, 2018, the IASB issued the document “Amendments to References to the Conceptual Framework in IFRS Standards”, which includes, basically, technical and editorial changes to existing IFRS standards in order to update references in those standards to previous versions of the IFRS Framework with the new Conceptual Framework for Financial Reporting, issued by the IASB on the same date. These amendments shall be applied for annual reporting periods beginning on or after January 1, 2020. On October 22, 2018, the IASB issued amendments to IFRS 3 “Business Combinations” (hereinafter the amendments to IFRS 3), which clarify the definition of a business. The amendments to IFRS 3 shall be applied for annual reporting periods beginning on or after January 1, 2020. On October 31, 2018, the IASB issued amendments to IAS 1 and IAS 8 “Definition of Material” (hereinafter the amendments to IAS 1 and IAS 8), which clarify, and align across all IFRS Standards and other publications, the definition of material to help companies make better materiality judgements. In particular, information is material if omitting, misstating or obscuring it could be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The amendments to IAS 1 and IAS 8 shall be applied for annual reporting periods beginning on or after January 1, 2020. On September 26, 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7 “Interest Rate Benchmark Reform” (hereinafter amendments to IFRS 9, IAS 39 and IFRS 7), which provide temporary exceptions from applying specific hedge accounting requirements to all hedging relationships directly affected by the interest rate benchmark reform. The amendments to IFRS 9, IAS 39 and IFRS 7 shall be applied for annual reporting periods beginning on or after January 1, 2020. On January 23, 2020, the IASB issued amendments to IAS 1 “Presentation of Financial Statements: Classification of Liabilities as Current or Non-current” (hereinafter amendments to IAS 1), which clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 shall be applied for annual reporting periods beginning on or after January 1, 2022. Eni is currently reviewing the IFRSs not yet adopted in order to determine the likely impact on the Consolidated Financial Statements. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents | |
Cash and cash equivalents | 5 Cash and cash equivalents Cash and cash equivalents of €5,994 million (€10,836 million at December 31, 2018) included financial assets with maturity generally of up to three months at the date of inception amounting to €3,984 million (€8,732 million at December 31, 2018) and mainly included short-term deposits in euro and U.S. dollars with financial institutions, having notice of more than 48 hours, to meet the Group’s short-term financing needs. Restricted cash amounted to €198 million. The average maturity of bank deposits in euro of €3,086 million was 9 days and the effective interest rate was a negative 0.22%; the average maturity of bank deposits in U.S. dollars of €864 million was 8 days with an effective interest rate of 1.95%. |
Financial assets held for tradi
Financial assets held for trading | 12 Months Ended |
Dec. 31, 2019 | |
Financial assets held for trading. | |
Financial assets held for trading | 6 Financial assets held for trading (€ million) December 31, 2019 December 31, 2018 Bonds issued by sovereign states 1,462 1,083 Other 5,298 5,469 6,760 6,552 The Company has established a liquidity reserve as part of its internal targets and financial strategy with a view of ensuring an adequate level of flexibility to the Group development plans and of coping with unexpected fund requirements or difficulties in accessing financial markets. The management of this liquidity reserve is performed through trading activities in view of the financial optimization of returns, within a predefined and authorized level of risk tolerance, targeting the preservation of the invested capital and the ability to promptly convert it into cash. Financial assets held for trading include securities subject to lending agreements of €1,347 million (€1,301 million at December 31, 2018). The breakdown by currency is provided below: (€ million) December 31, 2019 December 31, 2018 Euro 4,272 4,573 U.S. dollars 2,279 1,614 Other currencies 209 365 6,760 6,552 The breakdown by issuing entity and credit rating is presented below: Nominal value Fair Value (€ million) (€ million) Rating - Moody’s Rating - S&P Quoted bonds issued by sovereign states Fixed rate bonds Italy 734 743 Baa3 BBB Chile 177 181 A1 A+ Other (*) 216 224 from Aaa to Baa1 from AAA to BBB+ 1,127 1,148 Floating rate bonds Italy 126 126 Baa3 BBB Germany 106 106 Aaa AAA Other (*) 81 82 from Aaa to Baa3 from AAA to BBB 313 314 Total quoted bonds issued by sovereign states 1,440 1,462 Other Bonds Fixed rate bonds Quoted bonds issued by industrial companies 1,183 1,212 from Aa2 to Baa3 from AA to BBB- Quoted bonds issued by financial and insurance companies 862 879 from Aa3 to Baa3 from AA- to BBB- Other bonds 105 106 from Aaa to Baa2 from AAA to BBB 2,150 2,197 Floating rate bonds Quoted bonds issued by industrial companies 1,530 1,535 from Aa1 to Baa3 from AA+ to BBB- Quoted bonds issued by financial and insurance companies 1,116 1,122 from Aa1 to Baa3 from AA+ to BBB- Other bonds 444 444 from Aaa to Baa2 from AAA to BBB 3,090 3,101 Total other bonds 5,240 5,298 Total other financial assets held for trading 6,680 6,760 (*) The fair value hierarchy is level 1 for €6,219 million and level 2 for €541 million. During 2019, there were no transfers between the different hierarchy levels of fair value. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables | |
Trade and other receivables | 7 Trade and other receivables (€ million) December 31, 2019 December 31, 2018 Trade receivables 8,519 9,520 Receivables from divestments 30 122 Receivables from joint ventures in exploration and production activities 2,637 3,024 Other receivables 1,687 1,435 12,873 14,101 Generally, trade receivables do not bear interest and provide payment terms within 180 days. Trade receivables decreased by €1,001 million, of which €874 million related to the Gas & Power segment following a drop in prices and volumes of gas sold in the fourth quarter 2019 compared to the same period of 2018. At December 31, 2019, Eni sold without recourse receivables due in 2020 for €1,782 million (€1,769 million at December 31, 2018 due in 2019). Derecognized receivables related to the Gas & Power segment for €1,369 million and to the Refining & Marketing and Chemical business line for €413 million. Receivables from divestments decreased by €92 million during 2019 due to the collection of the last installment of €123 million related to the sale of a 10% interest in the Zohr asset in Egypt made to BP in 2017. Receivables from joint ventures in exploration and production activities included amounts due by partners in unincorporated joint operations in Nigeria for €1,052 million (€977 million at December 31, 2018) in respect of the contractual recovery of expenditures incurred at certain projects operated by Eni. The amount due by the Nigerian national oil company NNPC was €764 million (€681 million at December 31, 2018), of which 70% is overdue. This overdue amount is subject to a “Repayment Agreement”, whereby Eni is to be reimbursed through the sale of the profit oil attributable to NNPC in certain rig-less petroleum initiatives with low mineral risk. Based on Eni’s Brent price scenario, the reimbursement will be accomplished over a time horizon of three to five years. This plan has allowed to recover about 45% of the original amount from the implementation of the agreement two years ago. The overdue receivable is stated net of a discount factor. A local oil company owed us about €113 million, net of a provision based on the loss given default (LGD) defined by Eni for international oil companies. Initiatives for the definition of a repayment plan are underway. A receivable of equivalent amount was reclassified to non-current assets following the definition of a repayment plan based on the attribution to Eni of the proceeds for the sale of the productions attributable to the partner. This receivable has been considered as performing because the production is operated by Eni. Other receivables comprised the recoverable amounts for €373 million (€300 million at December 31, 2018) of certain overdue trade receivables towards the state-owned oil company of Venezuela, PDVSA, in relation to gas equity volumes supplied by the joint venture Cardón IV, equally participated by Eni and Repsol. Those trade receivables were agreed to be transferred from the joint venture to the two shareholders. The receivables are stated net of an allowance for doubtful accounts determined on the basis of the average recovery percentages obtained by creditors in the context of sovereign defaults, adjusted to reflect the strategic value of the Oil&Gas sector, and also applied for assessing the recoverability of the carrying amount of the investment and the long-term interest in the initiative, as described in note 16 - Other financial assets. Trade and other receivables stated in euro and U.S. dollars amounted to €6,303 million and €5,480 million, respectively. Credit risk exposure and expected losses relating to trade and other receivables has been prepared on the basis of internal ratings as follows: Eni gas Performing receivables Defaulted e luce (€ million) Low risk Medium Risk High Risk receivables customers Total December 31, 2019 Business customers 1,922 2,882 840 1,396 7,040 National Oil Companies and public administrations 1,201 472 244 2,710 4,627 Other counterparties 1,646 103 381 217 2,105 4,452 Gross amount 4,769 3,457 1,465 4,323 2,105 16,119 Allowance for doubtful accounts (13) (4) (16) (2,547) (666) (3,246) Net amount 4,756 3,453 1,449 1,776 1,439 12,873 Expected loss (% net of counterpart risk mitigation factors) 0.3 0.1 1.1 58.9 31.6 20.1 December 31, 2018 Business customers 2,454 3,585 1,152 1,350 8,541 National Oil Companies and public administrations 1,292 157 672 2,217 4,338 Other counterparties 1,494 77 156 271 2,374 4,372 Gross amount 5,240 3,819 1,980 3,838 2,374 17,251 Allowance for doubtful accounts (9) (3) (44) (2,237) (857) (3,150) Net amount 5,231 3,816 1,936 1,601 1,517 14,101 Expected loss (% net of counterpart risk mitigation factors) 0.2 0.1 2.6 62.5 36.1 18.3 Eni has classified its business customers and the associated commercial or industrial exposures based on an individual assessment of the credit merit and the counterparty risks. Business customers other than National Oil Companies (NOC) and public administrations, each of whom have undergone specific credit evaluations, have been assigned a probability of default calculated based on internal ratings which factor in: (i) a full assessment of each customer profitability, financial condition and liquidity and business a financial prospects on an ongoing basis; (ii) history of the contractual relationship (timeliness in invoice payment, number of claims, etc.); (iii) presence of mitigation factors of the credit risk (e.g. securitization package, insurance against the credit risk, guarantee from third parties, etc.); (iv) other specialized pieces of information obtained by the Company’s business commercial departments or by specialized info-providers; (v) industrial and market trends. Internal ratings and the probability of default are constantly updated by means of back-testing analysis and risk assessment of the current credit portfolio. The loss given default associated with those industrial customers is estimated by the business departments based on the past experience in credit recoverability; in the case of defaulting customers, loss given default is estimated based on the recovery rates obtained in situations of credit restructurings or litigation procedures. The probability of default associated with NOCs and public administrations is estimated based on the country risk premium incorporated in the risk-adjusted weighted average cost of capital utilized by the Company to perform the impairment review of its fixed assets. The loss given default of these business partners, essentially represented by the probability of a delay in repaying due amounts, is estimated based on historical averages of delays in collecting overdue receivables, substantially assessing the time value of money. The resulting loss given default is adjusted to factor in any existing mitigation factor. In case of particular market conditions or sovereign defaults, the expected loss associated with NOCs is re-rated based on the empirical evidence and outcomes obtained from restructuring of sovereign debts considering the specificities of trading relationships with energy companies. Customers of the Eni subsidiary “Eni gas e luce”, which engages in marketing gas and power to residential customers, were grouped into homogeneous clusters with different credit risk and probability of default which have been estimated based on past experience on credit collection, systematically updated and, in case of particular market conditions, adjusted to take into account expected market and credit trends in any given cluster. The exposure to credit risk and expected losses relating to retail customers of the Gas & Power segment was assessed on the basis of a provision matrix as follows: Ageing Not-past from 0 from 3 from 6 over (€ million) due to 3 months to 6 months to 12 months 12 months Total December 31, 2019 Customers - Eni gas e luce: - Retail 991 105 60 86 376 1,618 - Middle 93 29 4 14 263 403 - Other 76 3 1 2 2 84 Gross amount 1,160 137 65 102 641 2,105 Allowance for doubtful accounts (16) (27) (26) (49) (548) (666) Net amount 1,144 110 39 53 93 1,439 Expected loss (%) 1.4 19.7 40.0 48.0 85.5 31.6 December 31, 2018 Customers - Eni gas e luce: - Retail 575 49 34 64 554 1,276 - Middle 449 43 13 29 349 883 - Other 207 2 1 2 3 215 Gross amount 1,231 94 48 95 906 2,374 Allowance for doubtful accounts (20) (18) (18) (56) (745) (857) Net amount 1,211 76 30 39 161 1,517 Expected loss (%) 1.6 19.1 37.5 58.9 82.2 36.1 Trade and other receivables are stated net of the allowance for doubtful accounts which has been determined considering the counterparty risk mitigation factors amounting to €2,914 million (€3,072 million at December 31, 2018): (€ million) 2019 2018 Carrying amount - beginning of the year 3,150 2,639 Changes in accounting policies (IFRS 9) 427 Carrying amount - restated 3,150 3,066 Additions on trade and other performing receivables 95 126 Additions on trade and other defaulted receivables 525 372 Deductions on trade and other performing receivables (119) (189) Deductions on trade and other defaulted receivables (484) (532) Other changes 79 307 Carrying amount - end of the year 3,246 3,150 Additions to allowance for doubtful accounts on trade and other performing receivables related for €67 million (€108 million in 2018) to the Gas & Power segment, particularly in the retail business; in the Exploration & Production segment provisions of €23 million (€16 million in 2018) related to cash calls towards joint operators - State oil Companies or International Oil Companies - in oil projects operated by Eni. Additions to allowance for doubtful accounts on trade and other defaulted receivables related to the Exploration & Production segment for €339 million (€291 million in 2018) and were in relation with receivables for the supply of equity hydrocarbons to State-owned companies and receivables towards joint operators for cash calls in oil projects operated by Eni. Utilizations of allowance for doubtful accounts on trade and other performing and defaulted receivables amounted to €603 million (€721 million in 2018) and mainly related to the Gas & Power segment for €385 million(€613 million in 2018), in particular utilizations against charges of €344 million (€579 million in 2018) mainly in the retail business. The mitigation measures regarding the counterparty risk executed by the Company, including better customer selection, allowed to reduce the incidence of unpaid amounts on retail sales of gas and power to physiological levels. Utilizations in Exploration & Production segment of €177 million (€66 million in 2018) related to the progress in the collection of overdue amounts for cash calls. Net (impairment losses) reversals of trade and other receivables are disclosed as follows: (€ million) 2019 2018 Net (impairment losses) reversals of trade and other receivables New or increased provisions (620) (498) Credit losses (45) (37) Reversals 233 120 (432) (415) Receivables with related parties are disclosed in note 36 — Transactions with related parties. |
Non-current and current invento
Non-current and current inventories | 12 Months Ended |
Dec. 31, 2019 | |
Non-current and current inventories | |
Non-current and current inventories | 8 Non-current and current inventories Current inventories are disclosed as follows: December 31, December 31, (€ million) 2019 2018 Raw and auxiliary materials and consumables 950 889 Consumables for infrastructure and facility maintenance of perforation activities 1,477 1,451 Finished products and goods 2,284 2,274 Work in progress 8 Certificates and emission rights 15 37 4,734 4,651 Raw and auxiliary materials and consumables include oil-based feedstock, catalysts and other consumables pertaining to refining and chemical activities. Materials and supplies include materials to be consumed in drilling activities and spare parts related to the Exploration & Production segment for €1,359 million (€1,334 million at December 31, 2018). Finished products and goods included gas and petroleum products for €1,467 million (€1,543 million at December 31, 2018) and chemical products for €547 million (same amount at December 31, 2018). Certificates and emission rights are measured at the fair value based on market prices. The fair value hierarchy is level 1. Inventories of €95 million (same amount at December 31, 2018) were pledged to guarantee the estimated imbalance in volumes input to/off-taken from the national gas network operated by Snam Rete Gas SpA. Inventories are stated net of write-down provisions of €377 million (€578 million at December 31, 2018). Inventories held for compliance purposes of €1,371 million (€1,217 million at December 31, 2018) related to Italian subsidiaries for €1,353 million (€1,200 million at December 31, 2018) in accordance with minimum stock requirements for oil and petroleum products set forth by applicable laws. |
Income tax receivables and paya
Income tax receivables and payables | 12 Months Ended |
Dec. 31, 2019 | |
Income tax receivables and payables | |
Income tax receivables and payables | 9 Income tax receivables and payables December 31, 2019 December 31, 2018 Receivables Payables Receivables Payables (€ million) Current Non-Current Current Non-Current Current Non-Current Current Non-Current Income taxes 191 168 440 287 Income taxes are described in note 32 — Income tax expense. Non-current income tax payables include the likely outcome of pending litigation with tax authorities in relation to uncertain tax matters relating to foreign subsidiaries of the Exploration & Production segment for €362 million (€255 million at December 31, 2018). |
Other assets and liabilities
Other assets and liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other assets and liabilities | |
Other assets and liabilities | 10 Other assets and liabilities December 31, 2019 December 31, 2018 Assets Liabilities Assets Liabilities (€ million) Current Non-current Current Non-current Current Non-current Current Non-current Fair value of derivative financial instruments 2,573 54 2,704 50 1,594 68 1,445 40 Contract liabilities — — 1,669 456 — — 1,108 518 Other Taxes 766 223 1,411 63 561 254 1,432 34 Other 633 594 1,362 1,042 664 302 1,427 883 3,972 871 7,146 1,611 2,819 624 5,412 1,475 The fair value related to derivative financial instruments is disclosed in note 23 - Derivative financial instruments and hedge accounting. Assets related to other current taxes refer to VAT for €742 million, of which €557 million are current, and related to advances made in December (€608 million at December 31, 2018, of which €383 million current). Other assets include : (i) gas volumes prepayments that were made in previous years due to the take-or-pay obligations in relation to the Company’s long-term supply contracts of €174 million (€26 million at December 31, 2018); in 2019 the Company opted to increase the take-or-pay advance with a view of optimizing its gas portfolio, expecting to recover the underlying volumes within the next year; (ii) non-current receivables for investing activities for €11 million (€9 million at December 31, 2018). Contract liabilities included: (i) advances denominated in local currency of €1,228 million (€716 million at December 31, 2018) to offset future supplies of equity hydrocarbons to our Egyptian State-owned partners in relation to the operations of Eni’s Concession Agreements in the Country, in particular, among these, the Zohr project; (ii) the current portion of advances received by Engie SA (former Suez) relating to a long-term agreement for supplying natural gas and electricity for €64 million (€66 million at December 31, 2018); the non-current portion amounted to €455 million (€518 million at December 31, 2018). Other current liabilities included overlifting imbalances of the Exploration & Production segment for €917 million (€1,004 million at December 31, 2018). Liabilities related to other current taxes include excise duties and consumer taxes for €628 million (€636 million at December 31, 2018) and VAT liabilities for €311 million (€359 million at December 31, 2018). Other non-current liabilities include cautionary deposits from retail customers for the supply of gas and electricity of €231 million (€233 million at December 31 2018). Transactions with related parties are described in note 36 - Transactions with related parties. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment | |
Property, plant and equipment | 11 Property, plant and equipment Other tangible E&P wells, E&P exploration E&P tangible assets in Land and plant and Other plant assets and assets in progress and (€ million) buildings machinery and machinery appraisal progress advances Total 2019 Net carrying amount - beginning of the year 1,274 42,856 3,901 1,267 9,195 1,809 60,302 Additions 12 144 223 508 6,170 992 8,049 Depreciation capitalized — — — 14 202 — 216 Depreciation (*) (60) (6,435) (537) — — — (7,032) Reversals 44 65 69 — 65 139 382 Impairment (47) (659) (500) — (669) (537) (2,412) Write-off — — (5) (216) (49) — (270) Disposals (1) (3) (1) (22) (80) (6) (113) Currency translation differences 2 815 21 24 181 1 1,044 Initial recognition and changes in estimates — 2,028 — 25 21 — 2,074 Transfers 42 7,568 597 (42) (7,526) (639) — Other changes (48) 113 (136) 5 (98) 116 (48) Net carrying amount - end of the year 1,218 46,492 3,632 1,563 7,412 1,875 62,192 Gross carrying amount - end of the year 4,067 144,789 28,191 1,563 11,406 2,799 192,815 Provisions for depreciation and impairments 2,849 98,297 24,559 — 3,994 924 130,623 2018 Net carrying amount - beginning of the year 1,313 45,782 3,877 1,371 9,469 1,346 63,158 Additions 18 432 173 330 6,947 878 8,778 Depreciation (*) (65) (6,012) (529) — — — (6,606) Reversal 41 299 86 — — — 426 Impairment (61) (477) (73) — (548) (117) (1,276) Write-off — (12) (1) (66) (4) (1) (84) Disposals (2) (400) (9) (32) (198) 2 (639) Currency translation differences 2 1,623 36 53 385 (1) 2,098 Changes in the scope of consolidation 1 (4,388) 32 (58) (474) 10 (4,877) Transfers 81 6,795 461 (294) (6,501) (542) Other changes (54) (786) (152) (37) 119 234 (676) Net carrying amount - end of the year 1,274 42,856 3,901 1,267 9,195 1,809 60,302 Gross carrying amount - end of the year 4,060 135,467 27,516 1,267 12,559 2,415 183,284 Provisions for depreciation and impairments 2,786 92,611 23,615 — 3,364 606 122,982 (*) Before capitalization of depreciation Capital expenditures included capitalized finance expenses of €93 million (€52 million in 2018) related to the Exploration & Production segment for €71 million (€37 million in 2018). The interest rate used for capitalizing finance expense ranged from 2.6% to 2.8% (2.3% to 2.4% at December 31, 2018). Capital expenditures primarily related to the Exploration & Production segment for €6,889 million (€7,757 million in 2018) and included the consideration of €400 million paid for the acquisition of a proved and unproved mineral interest in an already participated producing field in the United States, an entry bonus in a property under development in Algeria and the residual entry bonus in a concession in the United Arab Emirates; therefore, part of those expenditures increased unproved mineral properties. More information is reported in note 35 - Segment information and information by geographical area. The main depreciation rates used were substantially unchanged from the previous year and ranged as follows: (%) Buildings 2 – 10 Mineral exploration wells and plants UOP Refining and chemical plants 3 – 17 Gas pipelines and compression stations 4 – 12 Power plants 4 – 5 Other plant and machinery 6 – 12 Industrial and commercial equipment 5 – 25 Other assets 10 – 20 The criteria adopted by Eni for determining impairment losses and reversal is reported in note 14 – Impairment review of tangible and intangible assets and right-of-use assets. Foreign currency translation differences primarily related to subsidiaries which utilize the U.S. dollar as functional currency (€976 million). Initial recognition and changes in estimates include the increase in the asset retirement cost of Exploration & Production tangible assets due to the decrease in the discount rate curve and new obligations recorded during the year. Transfers from E&P tangible assets in progress to E&P UOP wells, plant and machinery related for €4,560 million to progress in the development of reserves primarily in Egypt, Mexico, Libya, Ghana and Angola. Changes in exploration and appraisal activities related to: (i) the successful completion of exploration and appraisal activities at certain suspended exploration wells and their transfer to tangible assets for €46 million, primarily in Egypt and Angola; (ii) write-off of unsuccessful exploration wells costs for €183 million mainly in Australia, Kazakhstan, Pakistan, China and United Kingdom. Exploration and appraisal activities related for €1,246 million to costs of suspended exploration wells pending final determination and for €317 million to costs of exploration wells in progress at the end of the year. Changes relating to suspended wells are showed: (€ million) 2019 2018 2017 Costs for exploratory wells suspended - beginning of the year 1,101 1,263 1,684 Increases for which is ongoing the determination of proved reserves 368 235 451 Amounts previously capitalized and expensed in the year (183) (61) (217) Reclassification to successful exploratory wells following the estimation of proved reserves (46) (297) (278) Disposals (15) (6) (199) Changes in the scope of consolidation — (58) — Reclassification to assets held for sale — (24) — Currency translation differences 21 49 (178) Costs for exploratory wells suspended - end of the year 1,246 1,101 1,263 The following information relates to the stratification of the suspended wells pending final determination (ageing): 2019 2018 2017 (number of (number of (number of wells in Eni’s wells in Eni’s wells in Eni’s (€ million) interest) (€ million) interest) (€ million) interest) Costs capitalized and suspended for exploratory well activity - within 1 year 185 7.7 111 7.0 222 8.0 - between 1 and 3 years 171 6.4 87 2.9 241 3.9 - beyond 3 years 890 26.4 903 24.2 800 21.4 1,246 40.5 1,101 34.1 1,263 33.3 Costs capitalized for suspended wells - fields including wells drilled over the last 12 months 185 7.7 111 7.0 148 5.9 - fields for which the delineation campaign is in progress 556 11.3 217 4.7 261 4.7 - fields including commercial discoveries that proceeds to sanctioning 505 21.5 773 22.4 854 22.7 1,246 40.5 1,101 34.1 1,263 33.3 Suspended wells costs awaiting a final investment decision amounted to €505 million and included a significant amount relating to the exploration costs incurred for the Mamba discovery in Mozambique’s offshore Area 4, for which the venture partners are completing the activities for sanctioning the project. The other suspended costs refer to initiatives ongoing in the main countries of presence (Nigeria, Angola, Congo and Egypt), none of which, however, represents an individually significant amount. Unproved mineral interests include the purchase price allocated to unproved reserves following business combinations or acquisition of individual properties. Unproved mineral interests were as follows: United Arab (€ million) Congo Nigeria Turkmenistan USA Algeria Egypt Emirates Total 2019 Book amount at the beginning of the year 769 921 77 103 77 29 502 2,478 Additions 97 135 1 23 256 Net (impairments) reversals (533) 65 (27) (495) Reclassification to proved mineral interest (4) (14) (99) (12) (129) Currency translation differences 17 18 1 3 2 1 10 52 Book amount at the end of the year 253 939 139 162 115 19 535 2,162 2018 Book amount at the beginning of the year 1,162 825 192 99 105 7 2,390 Additions 26 56 23 487 592 Net (impairments) reversals (429) (76) (505) Reclassification to proved mineral interest (32) (44) (32) (2) (110) Other changes and currency translation differences 42 40 5 4 4 1 15 111 Book amount at the end of the year 769 921 77 103 77 29 502 2,478 Unproved mineral interests comprised a property denominated Oil Prospecting License 245 (OPL 245), offshore Nigeria, with a net book value of €874 million corresponding to the price paid in 2011 to the Nigerian Government to acquire a 50% interest in the property, together with the partner Shell which acquired the remaining 50%. As of December 31, 2019, the net book value of the property amounted to €1,184 million, including capitalized exploration and pre-development costs. The acquisition of OPL 245 is subject to judicial proceedings in Italy and in Nigeria for alleged corruption and money laundering in respect of the Resolution Agreement signed on April 29, 2011, relating to the purchase of the license by Eni and Shell. Those proceedings are disclosed in note 27 - Guarantees, Commitments and Risks. The impairment test of the asset confirmed the book value also considering a stress test assuming possible delays in the start of development activities. Accumulated provisions for impairments amounted to €18,226 million (€16,471 million at December 31, 2018). Property, plant and equipment include assets subject to leases for €241 million. At December 31, 2019, Eni pledged property, plant and equipment for €24 million to guarantee payments of excise duties (same amount as of December 31, 2018). Government grants recorded as a decrease of property, plant and equipment amounted to €112 million (€125 million at December 31, 2018). Contractual commitments related to the purchase of property, plant and equipment are disclosed in note 27 - Guarantees, commitments and risks - Liquidity risk. Property, plant and equipment under concession arrangements are described in note 27 — Guarantees, commitments and risks - Assets under concession arrangements. |
Right-of-use assets and lease l
Right-of-use assets and lease liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Right-of-use assets and lease liabilities | |
Right-of-use assets and lease liabilities | 12 Right-of-use assets and lease liabilities Floating Naval facilities production and related logistic Motorway concessions Oil and gas storage and bases for oil and service distribution € million) offloading vessels (FPSO) Drilling rig and gas transportation stations facilities Office buildings Vehicles Other Total First adoption IFRS 16 3,294 346 569 462 7 720 43 215 5,656 Reclassifications — — — 30 — — — 16 46 Reclassifications to assets held for sale — — — — — — — (13) (13) Net carrying amount at January 1, 2019 3,294 346 569 492 7 720 43 218 5,689 Additions 32 192 219 54 1 108 22 56 684 Depreciation (a) (240) (224) (272) (61) (1) (115) (23) (63) (999) Impairment losses — — — (13) — — — (28) (41) Currency translation differences 67 6 4 2 — 3 — 3 85 Other changes — (7) (23) (14) (1) (9) (10) (5) (69) Net carrying amount at December 31, 2019 3,153 313 497 460 6 707 32 181 5,349 Gross carrying amount 3,393 528 757 532 7 806 54 274 6,351 Provisions for depreciation and impairment 240 215 260 72 1 99 22 93 1,002 (a) Before capitalization of depreciation for tangible and intangible assets The first application of IFRS 16 is disclosed in note 3 – Changes in accounting policies. Right-of-use assets (RoU) related: (i) for €3,895 million to the Exploration & Production segment and mainly comprised the operating leases of certain FPSO vessels hired in connection with operations at offshore development projects in Ghana (OCTP) and Angola (Block 15/06 West and East hub) with expiry date between 10 and 18 years including a renewal option and in addition the lease component of long-term leases of offshore rigs; (ii) for €512 million to the Refining & Marketing and Chemical segment relating to motorway concessions, land leases, leases of service stations for the sale of oil products and the car fleet dedicated to the car sharing business; (iii) for €365 million to the Gas & Power segment relating to the leasing of naval vessels for shipping activities and logistics structures for gas distribution; (iv) for €577 million to the Corporate and Other activities segment mainly regarding property rental contracts. The main leasing contracts signed for which the asset is not yet available concern: (i) a contract with a nominal value of €2.1 billion relating to an FPSO vessel that will be deployed for the development of Area 1 in Mexico. The asset is expected to enter under the Group's control and be accounted as RoU in 2021, expiring in 2040; (ii) a contract with a nominal value of €438 million relating to leasing of office building with an expiry date of 20 years with an extension option of 6 years. The main future cash outflows potentially due not reflected in the measurements of lease liabilities related to: (i) options for the extension or termination of the lease for office buildings of €297 million; (ii) service stations for the sale of oil products of € 155 million; (iii) other extension options related to concessions of land for €60 million and ancillary assets in the upstream business for €84 million. Liabilities for leased assets were as follows: Current portion of long-term Long-term (€ million) lease liabilities lease liabilities Total First adoption IFRS 16 665 4,991 5,656 Reclassifications 132 36 168 Reclassifications to liabilities directly associated with assets held for sale (3) (10) (13) Carrying amount at January 1, 2019 794 5,017 5,811 Additions — 668 668 Decreases (875) (2) (877) Currency translation differences 10 77 87 Other changes 960 (1,001) (41) Carrying amount at December 31, 2019 889 4,759 5,648 Lease liabilities related for €1,976 million to the portion of the liabilities attributable to the joint operators in Eni-led projects which will be recovered through the mechanism of the cash calls. Total cash outflows for leases consisted of the following: (i) cash payments for the principal portion of the lease liability for €877 million; (ii) cash payments for the interest portion of €347 million; (iii) prepayment RoU for leased assets for €16 million. The amounts recognised in the profit and loss account consist of the following: 2019 (€ million) Other income and revenues Income from remeasurement of lease liabilitiy 6 6 Purchases, services and other Short-term leases 115 Low-value leases 39 Variable lease payments not included in the measurement of lease liabilities 16 Capitalised direct cost associated with self-constructed assets - tangible assets (2) 168 Depreciation and impairments Depreciation of RoU leased assets 999 Capitalised direct cost associated with self-constructed assets - tangible assets (210) Impairment losses of RoU leased assets 41 830 Finance income (expense) from leases Interests on lease liabilities (378) Capitalised finance expense of ROU leased assets - tangible assets 17 Net currency translation differences on lease liabilities (6) (367) |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets | |
Intangible assets | 13 Intangible assets Industrial patents and Other Intangible assets Exploration intellectual property intangible with finite useful (€ million) rights rights assets lives Goodwill Total 2019 Net carrying amount - beginning of the year 1,081 221 584 1,886 1,284 3,170 Additions 78 23 210 311 311 Amortization (81) (93) (117) (291) (291) Impairments (19) — (72) (91) (26) (117) Write-off (28) (1) (1) (30) (30) Currency translation differences 18 — 1 19 3 22 Other changes (18) 45 (37) (10) 4 (6) Net carrying amount at the end of the year 1,031 195 568 1,794 1,265 3,059 Gross carrying amount at the end of the year 1,748 1,597 4,373 7,718 — — Provisions for amortization and impairment 717 1,402 3,805 5,924 — — 2018 Net carrying amount - beginning of the year 995 240 486 1,721 1,204 2,925 Changes in accounting policies (IFRS 15) 87 87 87 Net carrying amount restated - beginning of the year 995 240 573 1,808 1,204 3,012 Additions 133 28 180 341 341 Amortization (71) (87) (226) (384) (384) Impairments (16) (16) (16) Write-off (15) (1) (16) (16) Currency translation differences 39 39 8 47 Change in the scope of consolidation 74 74 46 120 Other changes 40 40 26 66 Net carrying amount at the end of the year 1,081 221 584 1,886 1,284 3,170 Gross carrying amount at the end of the year 1,686 1,534 4,188 7,408 Provisions for amortization and impairment 605 1,313 3,604 5,522 Exploration rights comprised the residual book value of license and leasehold property acquisition costs relating to areas with proved reserves, which are amortized based on UOP criteria and are regularly reviewed for impairment. Furthermore, they include the cost of unproved areas which are suspended pending a final determination of the success of the exploration activity or until management confirms its commitment to the initiative. Additions for the year related to signature bonuses paid for the acquisition of new exploration acreage mainly in United Arab Emirates, Mozambique, Mexico and Indonesia. The breakdown of exploration rights by type of asset was as follows: (€ million) December 31, 2019 December 31, 2018 Proved licence and leasehold property acquisition costs 291 357 Unproved licence and leasehold property acquisition costs 709 684 Other mineral interests 31 40 1,031 1,081 Industrial patents and intellectual property rights mainly regarded the acquisition and internal development of software and rights for the use of production processes and software. Other intangible assets comprised: (i) customer acquisition costs relating to the retail gas business for €226 million (€166 million at December 31, 2018); (ii) concessions, licenses, trademarks and similar items for €102 million (€151 million at December 31, 2018) comprised transmission rights for natural gas imported from Algeria of €30 million (€27 million at December 31, 2018); (iii) capital expenditures in progress on natural gas pipelines for which Eni has acquired transport rights for €78 million ( same amount at December 31, 2018). The main amortization rates used were substantially unchanged from the previous year and ranged as follows: (%) Exploration rights UOP – 33 Transport rights of natural gas 3 Other concessions, licenses, trademarks and similar items 3 – 33 Service concession arrangements 20 – 33 Capitalized costs for customer acquisition 25 – 33 Other intangible assets 4 – 20 The carrying amount of goodwill at the end of the year amounted €2,454 million, net of cumulative impairments charges. The breakdown by segment is provided below: (€ million) December 31, 2019 December 31, 2018 Gas & Power 981 Exploration & Production 190 187 Refining & Marketing and Chemicals 93 119 Other activities 1 1 1,265 1,284 An impairment loss of the entire allocated goodwill was recorded by the Chemical business line in relation to activities concerning the development, industrialization, licensing of bio-chemical technologies and processes based on the use of renewable sources. An increase in goodwill was recorded in connection with the allocation of the acquisition cost of the company SEA SpA, which engages in providing services and solutions for energy efficiency in the residential and industrial segments. Goodwill acquired through business combinations has been allocated to the CGUs that are expected to benefit from the synergies of the acquisition. The amount of goodwill outstanding at the reporting date mainly related to the Gas & Power segment. A breakdown is disclosed below: (€ million) December 31, 2019 December 31, 2018 Domestic gas market 839 835 Foreign gas market 142 142 981 977 Goodwill allocated to the CGU domestic gas market was recognized upon the buy-out of the former Italgas SpA minorities in 2003 through a public offering (€706 million). The acquired entity engaged in the retail sale of gas to the residential sector and middle and small-sized businesses in Italy. In addition, further goodwill amounts have been allocated over the years following business combinations with small, local companies selling gas to residential customers in focused territorial reach and municipalities synergic to Eni’s activities. The impairment review performed at the balance sheet date confirmed the recoverability of the carrying amount of this CGU, including the allocated goodwill. In assessing the recoverability of the carrying amount of the CGU domestic gas market, including the allocated portion of goodwill, management determined the value in use of the CGU considering the sales margin exclusively of the retail market (excluding margins on sales to wholesalers, industrial and power generation customers). The assessment was performed considering the cash flows of the four-year plan approved by management and incorporating a terminal value calculated as perpetuity of the last year of the plan by assuming a nominal long-term growth rate equal to zero, unchanged from the previous reporting period. These cash flows were discounted by using the post-tax WACC adjusted considering the specific country risk of 5.3% for Italy. Post-tax cash flows and discount rates were adopted as they resulted in an assessment that substantially approximated a pre-tax assessment. There are no realistic hypotheses of changes in the discount rate, growth rate, profitability or volumes that would lead to zeroing the headroom amounting to €1,701 million of the value in use of the Italian Market CGU with respect to its book value, including the goodwill. Goodwill allocated to the CGU European gas market related for €95 million to Eni Gas & Power France SA (former Altergaz SA) operating in France and for €45 million to the acquisition in 2018 of the residual 51% interest in Gas Supply Company Thessaloniki-Thessalia SA operating in Greece, previously participated with a 49% of the share capital. The impairment review performed at the balance sheet date by using a method similar to the Domestic gas market CGU confirmed the recoverability of the carrying amount of these gas market CGUs, including any allocated goodwill, by using a post-tax WACC adjusted considering a country risk for France of 5.9%, and 6.2% for Greece. |
Impairment review of tangible a
Impairment review of tangible and intangible assets and right-of-use assets | 12 Months Ended |
Dec. 31, 2019 | |
Impairment review of tangible and intangible assets and right-of-use assets | |
Impairment review of tangible and intangible assets and right-of-use assets | 14 Impairment review of tangible and intangible assets and right-of-use assets In assessing whether impairment is required, the carrying amounts of the assets are compared with their recoverable amounts. The recoverable amount is the higher between an asset’s fair value less costs to sell and its value-in-use. In the event of an asset’s impairment being reversed, the reversal may not raise the carrying amount above the value it would have stood at taking into account depreciation, if no impairment had originally been recognized. Impairment losses of goodwill cannot be reversed. Given the nature of Eni’s activities, information on asset fair value is usually difficult to obtain unless negotiations with a potential buyer are ongoing. Therefore, the recoverability is verified by estimating assets’ values-in-use. The valuation is carried out for individual assets or for the smallest identifiable group of assets that generates cash inflows that are largely independent from the cash inflows from other assets, or groups of assets (cash generating unit - CGU). The Group has identified the following CGUs: (i) in the Exploration & Production segment, individual oilfields or pools of oilfields when technical, economic or contractual features make underlying cash flows interdependent; (ii) in the Gas & Power segment, the CGUs to which goodwill arisen from business combinations was allocated and costs for customer acquisition (Italian retail market and other foreign markets), electric power plants, international pipelines and other minor activities; (iii) in the Refining & Marketing business line, refining plants, and assets related to distribution channels grouped by country of operations and type of network (retail outlets located along ordinary routes and high-ways, wholesale facilities); and (iv) in the Chemical business five lines of activities have been identified as autonomous CGUs: intermediates, polyethylene, styrenes, elastomers and biotech activities. As of 2019, following the application of IFRS 16, the book values of the identified CGUs include the right of use assets (RoU), associated to plants and equipment hired in connection with operations at specific CGUs operations. Because they are instrumental to specific CGUs operation, those RoU assets lack the requisites to be evaluated as autonomous CGUs. The CGUs’ cash flows to which the RoUs have been allocated exclude lease liability repayments according to the unlevered valuation methodology used for capital projects. Rather, a small number of RoU not allocated to CGU are considered corporate assets, whose recoverability depends on the whole of the company’s CGUs. The value-in-use is calculated by discounting the estimated future cash flows deriving from the continuing use of the CGUs and, if significant and reasonably determinable, the cash flows deriving from disposal at the end of their useful lives. Cash flows are determined based on the best information available at the time of the assessment. Cash flow projections for the first four years of each CGU evaluation are extracted from the Company’s four-year plan adopted by the top management. The plan includes data points on expected oil&gas production volumes, reserves, sales volumes, capital expenditure, operating costs and margins and industrial and marketing set-up, as well as trends on the main macroeconomic variables, including inflation, nominal interest rates and exchange rates. The estimation of CGUs’ terminal values is based on cash flow projections beyond the four-year plan horizon, which are estimated based on management’s long-term assumptions regarding the main macroeconomic variables (inflation rates, commodity prices, etc.) and considering the expected useful lives of the Company’s CGUs and certain assumptions regarding future trends in revenues and costs. In the case of the oil&gas CGUs, management assumed the residual life of the reserves considering the expected production rates and the associated projections of operating costs and development expenditures. The CGUs of Refining & Marketing, Chemical and Gas & Power, with a definite useful life, (i.e. power plants) are evaluated based on the plant economic and technical life and the associated, normalized projections of operating costs and expenditures to support plant efficiency. The CGUs of the gas market business to which goodwill has been allocated are evaluated based on the perpetuity method of the last year-plan result assuming nominal growth rates equal to 0%. In the forecast of the operating expenses are considered expected costs to be incurred in compliance to the so-called CO2 Emission Trading Scheme applicable to CGUs operating within the EU economic space. In projecting future commodity prices, management assumed the price scenario adopted for the economic and financial projections of the Company’s four-year industrial plans and for the assessment of capital projects returns. The Company’s price scenario is approved by the Board of Directors and is based on internal assumptions about future trends in the fundamentals of demand and supply of crude oil and other commodities as benchmarked against the market consensus forecasts and on forward prices of commodities for future delivery in case the level of liquidity and reliability of future contracts is deemed fair. The oil market continues to be affected by weak fundamentals against the backdrop of an unabated supply glut, fueled by continuing grow in U.S. tight oil output and a seemingly fading commitment on part of the oil producers of the OPEC+ agreement at supporting crude oil prices going forward. The market is also weighed down by uncertainties about the strength of the global economic recovery, exposed to a wide range of systemic risks, including geopolitical risks, any possible development in the trade dispute between USA and China, the relationship between the EU and the UK post Brexit. Eni’s management forecast a gradual rebalancing of global supplies and demand for crude oil over the medium term, under the assumptions of moderate economic growth and taking into account the stricter capital discipline adopted by major oil companies designed to curtail growth plans to boost shareholders’ returns and lately a shift in the financial approach retained by the U.S. independent producers which have de-emphasized growth to preserve the free cash flow. Based on these considerations and taking into account the forecasts made by specialized observatories and investment banks, management has retained its assumption of a long-term Brent crude oil price of 70$/BBL in real terms 2022, substantially in line with the assumption made in the annual report 2018. The oversupply condition is even more severe in the gas market due to excess production of associated gas in the USA and to the ramp-up of several liquefaction projects which have significantly increased global supplies of LNG at a time when the greatest consuming countries have slowed down (China, South Korea and Japan). Management expect gas prices to rebalance in the medium term considering an anticipated recovery of the Asian economies and also considering an ongoing switch from coal to gas in the power generation in Europe. Overall, price assumptions for the main gas benchmarks in Europe have been retained at the same level as the previous planning projections, whilst gas prices assumptions have been revised downward for the reference Henry Hub gas prices in USA due to structural headwinds. Having retained management’s long-term assumptions for crude oil prices unchanged from the previous financial statements, the impairment indicators at the Company’s oil&gas assets were mainly driven by downward reserves revisions and a lowered operating performance. Furthermore, management is forecasting unchanged spreads for natural gas between the selling prices at Eni’s reference market, Italy, and the spot prices at continental hub to which the gas procurement costs of our long-term contracts are indexed. This latter assumption excludes any evidence of impairment indicator in relation to the G&P fixed assets (particularly the goodwill recorded in the retail segment). The Company’s downstream businesses of the refining and the petrochemicals sectors are currently in a down-cycle due to weak end-demands, excess production capacity and oversupplies and continuing competitive pressures from overseas operators who can leverage better cost positions and scale economies (for example Middle East refiners and the ethane-based cracking of U.S. chemicals producers), while environmental issues are expected to negatively affect consumption and profitability of gasoil and single-use plastics. Operating costs for emission allowances as part of the European Emission Scheme are also forecast to increase. Furthermore, Eni’s complex refineries have been negatively affected by narrowing price differentials between sour crudes with high sulfur content and the light benchmark Brent crude, thus impairing the cost-advantage of complex refineries of processing low-quality crudes that under normal market conditions trade at a discount vs the Brent. Due to those structural weaknesses, management has reduced the profitability outlook of its refineries and petrochemicals plants. Management tested for impairment the totality of the Group’s fixed assets as provided by the Company’s internal guidelines. Values-in-use is estimated by discounting post-tax cash flows at a rate, which corresponds for the Exploration & Production segment and Refining & Marketing business line to the Company's weighted average cost of capital (WACC) net of specific risk factors attributable to the Gas & Power segment and the Chemical business line, the WACC of which is assessed on a stand-alone basis. Then the discount rates are adjusted to factor in risks specific to each country of activity (adjusted post-tax WACC). Post-tax cash flows and discount rates were adopted as they resulted in an assessment that substantially approximated a pre-tax assessment. In 2019 the weighted-average cost of capital (WACC) to the Group increased marginally from 7.3% in 2018 to 7.4%. Based on our estimation the cost of equity has significantly appreciated driven by a sharp decline in government bond yields in 2019 that lifted the so-called equity risk premium, or the excess return for equities over a risk-free rate of return such as yields on treasuries of benchmark countries like USA and Germany and a step-up in the equity risk premium applied by financial markets to the oil&gas sector reflecting recent underperformance of the sector and uncertainties over future returns considering the structural decline in hydrocarbons prices and the risks associated with the energy transition. However, this impact has been mitigated by a higher leverage following the adoption of the accounting standard IFRS 16 which increased the total finance debt recorded in the balance sheet and by this way reduced the increase in the weighted average cost of capital to the Group due to the higher equity risk. Finally, a weighted-average premium for the country risk is added to the cost of equity; the weighting factor is the amount of invested capital in each country of operations. Calculation of country-specific WACC for each country is obtained by adjusting the Group WACC by the difference between the specific risk premium applicable to a given country and the average country risk premium of the Group portfolio. Based on those assumptions, the existence of impairment indicators and estimates of discount rates, management recorded the following net impairment losses: (i) in the Exploration & Production segment the Company recorded impairment losses before taxes for €1,217 million driven by downward reserve revisions and lowered future production rates mainly at properties in Congo (WACC at 7.6%), Italy (WACC at 6.4%) and USA (WACC at 6.5%), in this latter country upward estimates of operating costs and expenditures were projected, as well as a loss on the disposal of a property in Ecuador. In the case of an impairment loss higher than €100 million post-tax, a post-tax WACC of 6.4% was applied, corresponding to pre-tax rate of 6.9%; (ii) in the Refining & Marketing business line impairment losses of €819 million were recorded, with the largest amount relating to the Sannazzaro refinery for €684 million driven by the above mentioned revised profitability outlook and also in connection to higher projected costs for CO2 emissions; the remaining amount related to the investments of the year for compliance and stay-in-business made at CGUs fully impaired in prior years for which profitability expectations have remained unchanged from the previous-year impairment review. In the case of an impairment loss higher than €100 million post-tax, a post-tax WACC of 6.6% was applied, corresponding to pre-tax rate of 7.1%; (iii) in the Chemicals business impairment losses amounted to €103 million driven by the deteriorated market outlook described above; and (iv) in the G&P segment, €37 million of impairment losses were recorded at power generation plants in connection to a downward revision to the outlook for electricity margins due to higher competition and overcapacity. Furthermore, management assessed the recoverability of the expected costs associated with the Company’s plans to ramp up the participation in projects for forestry conservation and protection from degradation. Those projects which have been started in 2019 envisage the purchase of carbon credits certified in accordance with generally accepted international standards. Management projects to build in future years a portfolio of forestry projects intended to allow the Company to offset the net residual “Scope 1 and 2” carbon emissions of the E&P business calculated on equity production for the achievement of the carbon neutrality of the business from 2030 onwards. Those costs are considered part of the operating expenses of the E&P business and their recoverability has been evaluated in relation to the CGU E&P segment as a whole. When including those costs extrapolated along the reserves residual life in the determination of the value-in-use of the E&P segment, a 2% reduction in the headroom of the segment is observed. Ultimately, under management’s assumptions for a long-term Brent price at 70$/BBL (real terms 2022), which has remained unchanged for the last few years, and at a reference price for the Italian spot gas benchmark of 7.8$/Mbtu, Eni’s oil&gas properties have exhibited a substantial resilience of their carrying amounts, as highlighted by the trend in the recognition of impairment losses in the last three years. In 2017 we recorded a net reversal of €158 million and in 2018 we recorded net impairment losses of €726 million. Impairment losses in those three years have been driven mainly by asset-specific issues, which were acquired during a historic phase of suspected peak supply, and in relation to certain complex operating environments. However, considered the following trends of the sector: the increased volatility of crude oil prices which have been increasingly exposed to macro and global risks; the continued oversupply in the oil markets which has determined a reset in hydrocarbons realized prices and cash flows of oil companies; growing uncertainty about long-term evolution of the global oil demand in light of the rising commitment on part of the international community at fighting climate change and speeding up the pace of the energy transition, the increase in energy alternatives to fossil fuels and changing consumers’ preferences, management has evaluated the recoverability of the book values of Eni’s oil&gas properties at different stress-test scenarios, including the risk of stranded assets. Particularly, under the toughest of the assumptions at a flat long-term Brent price of 50$/BBL and at a flat Italian gas price of 5$/Mbtu, management is estimating that approximately 85% of the Company’s proven and probable/possible reserves (risked at 70% and 30% respectively) will be produced within 2035 realizing 94% of the overall net present value in the same period. The net present value of those production volumes, valued under the most conservative of the scenarios considered, is substantially aligned with the book values of the net fixed assets of Eni’s oil&gas properties, including Eni’s share of the fixed assets of our joint ventures like Vår Energi AS, and including in the calculation the expected cash outflows committed to the Company’s forestry projects. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments | |
Investments | 15 Investments Equity-accounted investments 2019 2018 Investments in Investments in unconsolidated entities Joint unconsolidated entities Joint (€ million) controlled by Eni ventures Associates Total controlled by Eni ventures Associates Total Carrying amount - beginning of the year 95 5,497 1,452 7,044 116 2,332 1,063 3,511 Changes in accounting policies (IFRS 9 and 15) — — — — (34) (3) (37) Changes in accounting policies (IAS 28) — 22 — 22 Carrying amount restated - beginning of the year 95 5,519 1,452 7,066 116 2,298 1,060 3,474 Additions and subscriptions 6 76 2,910 2,992 28 92 120 Divestments and reimbursements (5) — (17) (22) (33) (3) (115) (151) Share of profit of equity-accounted investments 6 80 75 161 8 16 385 409 Share of loss of equity-accounted investments (10) (157) (17) (184) (5) (415) (10) (430) Deduction for dividends (4) (1,073) (61) (1,138) (6) (19) (25) (50) Change in the scope of consolidation 1 — — 1 3,448 3,448 Currency translation differences 2 67 17 86 2 25 54 81 Other changes (5) 80 (2) 73 13 119 11 143 Carrying amount - end of the year 86 4,592 4,357 9,035 95 5,497 1,452 7,044 In 2019 additions and subscriptions related to: (i) a 20% equity interest in Abu Dhabi Oil Refining Co (Takreer), UAE acquired for a cash consideration of €2,896 million. The investee operates three refineries in Ruwais (Ruwais East and Ruwais West) and Abu Dhabi, with a refining capacity in excess of 900 KBBL per day. With this transaction, Eni enters the UAE downstream sector and increases its global refining capacity by 35%, in line with the Company’s strategy of making Eni’s overall portfolio more geographically diversified and more balanced along the value chain; (ii) a capital contribution of €39 million made to Lotte Versalis Elastomers Co Ltd, joint venture operating in production of elastomers in South Korea. Share of profit of equity-accounted investments included a gain of €49 million related to Vår Energi AS and of €47 million to Angola LNG Ltd . The accounting under the equity method of Saipem SpA resulted in a gain of €4 million. Considering the volatility of the Saipem shares and the ongoing uncertainties surrounding a recovery in the investing cycle of oil companies and competitive pressure in the Engineering & Construction segment, management performed an impairment review of the investment to assess its recoverability based on an internal financial model of future cash flows of Saipem. Inputs to that model were estimated based on financial projections made by the sell-side analysts who cover the Saipem shares, publicly available data on Saipem and the observed historical correlation which link the Saipem turnover to crude oil prices and spending in capital projects made by oil companies. This review supported the book value of the investment. Share of losses of equity-accounted investments included a loss of €90 million accounted at the joint venture Cardón IV SA (Eni’s interest 50%) which is operating the Perla gas field affected by the slowdown in the gas supplies to the buyer PDVSA due to a deteriorated operating environment. Deduction for dividends related for 1,057 million to Vår Energi AS. Net carrying amount related to the following companies: December 31, 2019 December 31, 2018 Net carrying % of the Net carrying % of the (€ million) amount investment amount investment Investments in unconsolidated entities controlled by Eni Eni BTC Ltd 30 100.00 31 100.00 Other (*) 56 64 86 95 Joint ventures Vår Energi AS 2,518 69.60 3,498 69.60 Saipem SpA 1,250 30.99 1,228 30.99 Unión Fenosa Gas SA 326 50.00 335 50.00 Cardón IV SA 148 50.00 98 50.00 Gas Distribution Company of Thessaloniki - Thessaly SA 139 49.00 137 49.00 Lotte Versalis Elastomers Co Ltd 74 50.00 75 50.00 PetroJunín SA 53 40.00 47 40.00 AET - Raffineriebeteiligungsgesellschaft mbH 35 33.33 32 33.33 Other (*) 49 47 4,592 5,497 Associates Abu Dhabi Oil Refining Co (Takreer) 2,829 20.00 Angola LNG Ltd 1,159 13.60 1,106 13.60 Coral FLNG SA 102 25.00 102 25.00 Novamont SpA 71 25.00 67 25.00 United Gas Derivatives Co 69 33.33 62 33.33 Commonwealth Fusion Systems Llc (a) 37 42 Other (*) 90 73 4,357 1,452 9,035 7,044 (a) The ownership cannot be determined. As of December 31, 2019, the book value of investments included Vår Energi SA which was established at the end of 2018 following the merger between the former Eni subsidiary Eni Norge AS and Point Resources AS for maximizing synergies in the development of hydrocarbon reserves in Norway through the sharing of assets and know-how. The decrease of €980 million compared to the opening balance was due to the distribution of dividends classified as part of the cash flow from operating activities considering that Vår Energi SA is an investment integrated in the industrial plans and the upstream growth strategy of Eni. This decrease was partially absorbed by Eni's share of profit. Results of equity-accounted investments by segment are disclosed in note 35 — Segment information and information by geographical area. The carrying amounts of equity-accounted investments included differences between the purchase price of acquired interests and their underlying book value of net assets amounting to €72 million, related to Novamont SpA for €43 million and Unión Fenosa Gas SA for €29 million. These surpluses were driven by the long-term profitability outlook of the acquired companies at the time of the acquisition. As of December 31, 2019, the market value of the investments listed in regulated stock markets was as follows: Saipem SpA Number of shares held 308,767,968 % of the investment 30.99 Share price (€) 4.356 Market value (€ million) 1,345 Book value (€ million) 1,250 Additional information is included in note 37 — Other information about investments. Other investments (€ million) 2019 2018 Carrying amount – beginning of the year 919 219 Changes in accounting policies (IFRS 9) — 681 Carrying amount restated – beginning of the year 919 900 Additions and subscriptions 11 5 Change in the fair value (3) 15 Divestments and reimbursements (12) (22) Currency translation differences 15 31 Other changes (1) (10) Carrying amount – end of the year 929 919 The fair value of the main non-controlling interests in non-listed investees on regulated markets, classified within level 3 of the fair value hierarchy, was estimated based on a methodology that combines future expected earnings and the sum-of-the-parts methodology (so-called residual income approach) and takes into account, inter alia, the following inputs: (i) expected results, as a gauge of the future profitability of the investees, derived from the business plans, but adjusted, where appropriate, to include the assumptions that market participants would incorporate; (ii) the cost of capital, adjusted to include the risk premium of the specific country in which each investee operates. A stress test based on a 1% change in the cost of capital considered in the valuation did not produce significant changes at the fair value evaluation. Dividend income from these investments is disclosed in note 31 — Income (expense) from investments. The investment book value as of December 31, 2019 primarily related to Nigeria LNG Ltd for €657 million (€651 million at December 31, 2018) and Saudi European Petrochemical Co “IBN ZAHR” for €146 million (€144 million at December 31, 2018). |
Other financial assets
Other financial assets | 12 Months Ended |
Dec. 31, 2019 | |
Other financial assets | |
Other financial assets | 16 Other financial assets December 31, 2019 December 31, 2018 (€ million) Current Non-current Current Non-current Long-term financing receivables held for operating purposes 60 1,119 61 1,189 Short-term financing receivables held for operating purposes 37 51 97 1,119 112 1,189 Financing receivables held for non-operating purposes 287 188 384 1,119 300 1,189 Securities held for operating purposes 55 64 384 1,174 300 1,253 Financing receivables are stated net of allowance for doubtful accounts as follows: (€ million) 2019 2018 Carrying amount at the beginning of the year 430 730 Additions 11 279 Deductions (88) (596) Currency translation differences 7 17 Other changes 19 Carrying amount at the end of the year 379 430 Financing receivables held for operating purposes related principally to funds provided to joint ventures and associates in the Exploration & Production segment (€1,041 million) and the Gas & Power segment (€49 million) to execute capital projects of interest to Eni. These receivables are expression of long-term interests in the initiatives funded. The greatest exposure is towards the joint venture Cardón IV SA (Eni’s interest 50%) in Venezuela, which is currently operating the Perla offshore gas field, for €563 million at December 31, 2019 (€705 million at December 31, 2018). Financing receivables held for operating purposes due beyond five years amounted to €1,018 million (€1,088 million at December 31, 2018). The fair value of non-current financing receivables held for operating purposes of €1,119 million has been estimated based on the present value of expected future cash flows discounted at rates ranging from -0.3% to 2.0% (-0.2% and 2.9% at December 31, 2018). The recoverability of the financial loan granted to the joint venture Cardón IV SA to fund the development projects carried out by the venture was assessed based on the future, expected cash flows of the industrial project. These cash flows are exposed to a counterparty risk given the difficult financial condition of Venezuela and of the national oil company, PDVSA, and to the complexity of the local operating environment. To factor in those risks in assessing the recoverability of the financing, the future cash flows of the project have been adjusted to price possible difficulties in converting future gas sales into cash, essentially assuming a deferral in the time of revenues collection. This schedule was estimated on the basis of a study on empirical evidence relating to the average recovery rates obtained by creditors in the context of sovereign defaults, adjusted to reflect the strategic role of the energy sector to local economy. Those risked cash flows have been then discounted to a risk-adjusted WACC which incorporates the deteriorated local operating environment. This recoverability assessment confirmed the book value of the financial receivable. The same method was used to estimate the recoverable amount of the overdue trade receivables for gas supplies to the state-owned company PDVSA. In 2019, the percentages of the gas revenues collected by the joint venture were in line with the estimates adopted in assessing the loss-given-default applied in the evaluation recoverability performed in 2018; therefore, no adjustment was necessary to the estimation of the percentage of recoverability of these receivables. The recoverability of other long-term financial assets was assessed by considering the expected probability default in the next twelve months only, as the creditworthiness suffered no significant deterioration in the reporting period. Financing receivables held for non-operating purposes related to bank deposits with the purpose to invest cash surpluses and restricted deposits in escrow to guarantee transactions on derivative contracts. Financing receivables held for operating purposes were denominated in euro and U.S. dollar for €370 million and €1,112 million, respectively. Securities held for operating purposes related to listed bonds issued by sovereign states. Securities for €20 million (same amount at December 31, 2018) were pledged as guarantee of the deposit for gas cylinders as provided for by the Italian law. The following table analyses securities per issuing entity: Amortized cost Nominal value Fair Value Nominal rate Rating - (€ million) (€ million) (€ million) of return (%) Maturity date Moody’s Rating - S&P Sovereign states Fixed rate bonds Italy 24 24 25 from 0.20 to 4.75 from 2020 to 2025 Baa3 BBB Others (*) 23 23 23 from 0.05 to 4.20 from 2020 to 2024 from Aa3 to Baa1 from AA to A- Floating rate bonds Italy 5 5 5 from 2020 to 2022 Baa3 BBB Others 3 3 3 Baa3 BBB Total sovereign states 55 55 56 (*) All securities have maturity within five years. The fair value of securities was derived from quoted market prices. Receivables with related parties are described in note 36 — Transactions with related parties. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other payables | |
Trade and other payables | 17 Trade and other payables The following are the effects of the application of IFRS 16: Down payments and advances from joint ventures in Total trade Trade exploration and Other and other (€ million) payables production activities payables payables Carrying amount at December 31, 2018 11,645 207 4,895 16,747 Changes in accounting policies (IFRS 16) (128) (128) Carrying amount at January 1, 2019 11,517 207 4,895 16,619 The first application of IFRS 16 is disclosed in note 3 – Changes in accounting policies. The breakdown of trade and other payables is the following: December 31, December 31, (€ million) 2019 2018 Trade payables 10,480 11,645 Down payments and advances from joint ventures in exploration & production activities 401 207 Payables for purchase of non-current assets 2,276 2,530 Payables due to joint ventures in exploration & production activities 1,236 1,151 Other payables 1,152 1,214 15,545 16,747 Trade and other payables were denominated in euro for €5,866 million and in U.S. dollar for €8,371 million. Because of the short-term maturity and conditions of remuneration of trade and other payables, the fair values approximated the carrying amounts. Payables due to related parties are described in note 36 — Transactions with related parties. |
Finance debts
Finance debts | 12 Months Ended |
Dec. 31, 2019 | |
Finance debts | |
Finance debts | 18 Finance debts December 31, 2019 December 31, 2018 Current Current portion of portion of Short-term long-term Long-term Short-term long-term Long-term (€ million) debt debt debt Total debt debt debt Total Banks 187 504 2,341 3,032 383 768 2,710 3,861 Ordinary bonds 2,642 16,137 18,779 2,781 16,923 19,704 Convertible bonds 393 393 390 390 Commercial papers 1,778 1,778 915 915 Other financial institutions 487 10 39 536 884 52 59 995 2,452 3,156 18,910 24,518 2,182 3,601 20,082 25,865 Finance debts decreased of €1,347 million due to repayments made net of new issuance of €1,540 million and increased due to currency translation differences relating to foreign subsidiaries and debt denominated in foreign currency recorded by euro-reporting subsidiaries for €249 million. Commercial papers were issued by the Group’s financial subsidiaries. The following table reflects long-term debt as of December 31, 2019 by maturity: Long-term debt (€ million) 2021 2022 2023 2024 After Total Banks 750 146 838 134 473 2,341 Ordinary bonds 930 698 1,879 1,641 10,989 16,137 Convertible bonds 393 393 Other financial institutions 11 13 14 1 39 1,691 1,250 2,731 1,776 11,462 18,910 Eni entered into long-term borrowing facilities with the European Investment Bank. These borrowing facilities are subject to the retention of a minimum level of credit rating. According to the agreements, should the Company lose the minimum credit rating, new guarantees could be required to be agreed upon with the European Investment Bank. In addition, Eni entered into long-term facilities subject to the retention of certain financial ratios based on the Consolidated Financial Statements of Eni with Citibank Europe Plc. In case of default, the bank may request early repayment. At December 31, 2019, debts subjected to restrictive covenants amounted to €1,243 million (€1,337 million at December 31, 2018). Eni was in compliance with those covenants. Ordinary bonds consisted of bonds issued within the Euro Medium Term Notes Program for a total of €15,030 million and other bonds for a total of €3,749 million. The following table provides a breakdown of ordinary bonds by issuing entity, maturity date, interest rate and currency as of December 31, 2019: Discount on bond issue and accrued Maturity Rate % (€ million) Amount expense Total Currency from to from to Issuing entity Euro Medium Term Notes Eni SpA 1,200 16 1,216 EUR Eni SpA 1,000 38 1,038 EUR Eni SpA 1,000 28 1,028 EUR Eni SpA 1,000 20 1,020 EUR Eni SpA 1,000 10 1,010 EUR Eni SpA 1,000 8 1,008 EUR Eni SpA 900 (4) 896 EUR Eni SpA 800 2 802 EUR Eni SpA 800 (1) 799 EUR Eni SpA 750 9 759 EUR Eni SpA 750 5 755 EUR Eni SpA 750 (4) 746 EUR Eni SpA 700 2 702 EUR Eni SpA 650 3 653 EUR Eni SpA 600 (4) 596 EUR Eni Finance International SA 1,558 (3) 1,555 USD variable Eni Finance International SA 295 4 299 EUR 3.875 Eni Finance International SA 118 123 GBP Eni Finance International SA 25 25 YEN 14,896 134 15,030 Other bonds Eni SpA 890 4 894 USD Eni SpA 890 2 892 USD Eni SpA 890 (1) 889 USD Eni SpA 401 4 405 USD Eni SpA 312 1 313 USD Eni USA Inc 356 356 USD 3,739 10 3,749 18,635 144 18,779 As of December 31, 2019, ordinary bonds maturing within 18 months amounted to €2,611 million. During 2019, new bonds issued amounted to €1,635 million. The following table provides a breakdown of convertible bonds issued by Eni SpA as of December 31, 2019: Discount on bond issue and accrued (€ million) Amount expense Total Currency Maturity Rate % Eni SpA 400 (7) 393 EUR The non-dilutive equity-linked bond provides for a redemption value linked to the market price of Eni’s shares. The bondholders have “conversion” rights at certain times and/or in the presence of certain events, while the bonds will be cash-settled. Accordingly, to hedge its exposure, Eni purchased cash-settled call options relating to Eni shares that will be settled on a net cash basis. The bond conversion price is equal €17.62 and includes a 35% premium with respect to the Eni’s share reference price at the date of issuance. The convertible bond is measured at amortized cost. The conversion option, embedded in the financial instrument issued, and the call option on Eni’s shares acquired are valued at fair value with effects recognized through profit and loss. Eni has in place a program for the issuance of Euro Medium Term Notes up to €20 billion, of which €14.9 billion were drawn as of December 31, 2019. The following table provides a breakdown by currency of finance debt and the related weighted average interest rates: December 31, 2019 December 31, 2018 Long term Long term debt and debt and current current Short term portion of long Short term portion of long debt Average rate term debt Average rate debt Average rate term debt Average rate (€ million) (%) (€ million) (%) (€ million) (%) (€ million) (%) Euro 464 0.2 16,526 2.1 680 1.9 18,635 2.3 U.S. dollar 1,981 2.3 5,392 4.6 1,007 2.5 4,530 4.3 Other currencies 7 (0.7) 148 4.3 495 1.0 518 4.2 2,452 22,066 2,182 23,683 As of December 31, 2019, Eni retained undrawn uncommitted borrowing facilities amounting to €13,299 million (€12,484 million at December 31, 2018) and undrawn long-term committed borrowing facilities of €4,667 million (€5,214 million at December 31, 2018). Those facilities bore interest rates reflecting prevailing conditions in the marketplace. As of December 31, 2019, Eni was in compliance with covenants and other contractual provisions in relation to borrowing facilities. Fair value of long-term debt, including the current portion of long-term debt is described below: (€ million) December 31, 2019 December 31, 2018 Ordinary bonds 19,173 20,257 Convertible bonds 402 399 Banks 2,904 3,445 Other financial institutions 49 111 22,528 24,212 Fair value of finance debts was calculated by discounting the expected future cash flows at discount rates ranging from -0.3% to 2.0% (‑0.2% and 2.9% at December 31, 2018). Because of the short-term maturity and conditions of remuneration of short-term debts, the fair value approximated the carrying amount. Changes in liabilities arising from financing activities Long-term and current Long-term debt and current Short-term portion of long-term lease (€ million) portion of long-term debt debt liabilietis Total Carrying amount at December 31, 2018 23,683 2,182 25,865 First adoption of IFRS 16 5,656 Reclassifications 168 168 Reclassification to liabilities directly associated with assets held for sale (13) (13) Carrying amount at January 1, 2019 23,683 2,182 5,811 31,676 Cash flows (1,701) (877) (2,417) Currency translation differences 157 93 Changes in the scope of consolidation Other non-monetary changes (73) 621 Carrying amount at December 31, 2019 22,066 2,452 5,648 30,166 Other non-monetary changes include €668 million of lease liabilities assumptions. Lease liabilities are described in note 12 - Right-of-use assets and lease liabilities. Transactions with related parties are described in note 36 - Transactions with related parties |
Information on net borrowings
Information on net borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Information on net borrowings | |
Information on net borrowings | 19 Information on net borrowings In assessing its capital structure, Eni uses net borrowings, which is a non-GAAP financial measure. Eni calculates net borrowings as total finance debt (short-term and long-term debt) derived from its Consolidated Financial Statements prepared in accordance with IFRS less: cash and cash equivalents, held-for-trading securities and certain highly-liquid investments not related to operations including, among others, non-operating financing receivables. Held-for-trading securities are part of a strategic reserve of liquidity that management has established by reinvesting proceeds from the Group disposal plans and is intended to provide a certain degree of financial flexibility in case of a prolonged price downturn, tight financial markets or in view of other Company’s purposes. Non-operating financing receivables consist mainly of deposits with banks and other financing institutions and deposits in escrow. These assets are generally intended to absorb temporary surpluses of cash as part of the Company’s ordinary management of financing activities. Management believes that net borrowings is a useful measure of Eni’s financial condition as it provides insight about the soundness of Eni’s capital structure and the ways by which Eni’s operating assets are financed. December 31, 2019 December 31, 2018 (€ million) Current Non-current Total Current Non-current Total A. Cash and cash equivalents 5,994 5,994 10,836 10,836 B. Held-for-trading financial assets 6,760 6,760 6,552 6,552 C Liquidity (A+B) 12,754 12,754 17,388 17,388 D. Financing receivables 287 287 188 188 E. Short-term debt towards banks 187 187 383 383 F. Long-term debt towards banks 504 2,341 2,845 768 2,710 3,478 G. Bonds 2,642 16,530 19,172 2,781 17,313 20,094 H. Short-term debt towards related parties 46 46 661 661 I. Other short-term liabilities 2,219 2,219 1,138 1,138 J. Other long-term liabilities 10 39 49 52 59 111 K. Total borrowings before lease liabilities (E+F+G+H+I+J) 5,608 18,910 24,518 5,783 20,082 25,865 L. Net borrowings before lease liabilities (K-C-D) (7,433) 18,910 11,477 (11,793) 20,082 8,289 M. Lease liabilities 884 4,751 5,635 N. Lease liabilities towards related parties 5 8 13 O. Total borrowings including lease liabilities (K+M+N) 6,497 23,669 30,166 5,783 20,082 25,865 P. Net borrowings including lease liabilities (O-C-D) (6,544) 23,669 17,125 (11,793) 20,082 8,289 Cash and cash equivalent are disclosed in note 5 – Cash and cash equivalent. Financial assets held for trading are disclosed in note 6 – Financial assets held for trading. Financing receivables are disclosed in note 16 – Other financial assets. Finance debts are disclosed in note 18 – Finance debts. Liabilities for leased assets related for €1,976 million to the share of joint operators in upstream projects operated by Eni which will be recovered through a partner cash-call billing process. More information is reported in note 12 – Right-of-use assets and lease liabilities. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Provisions | |
Provisions | 20 Provisions Loss adjustments Provisions Provisions and for site for actuarial Provisions restoration, taxes provisions Provisions for Provisions Provisions abandonment Provisions other than for Eni’s for OIL for for and social Environmental for income insurance losses on insurance redundancy disposal and (€ million) projects provisions litigations taxes companies investments cover incentives restructuring Other Total Carrying amount at December 31, 2018 6,777 2,595 824 180 327 204 130 108 66 415 11,626 New or increased provisions 354 165 38 173 65 2 2 411 1,210 Initial recognition and changes in estimates 2,074 2,074 Accretion discount 247 7 (2) 3 255 Reversal of utilized provisions (313) (299) (43) (24) (175) (11) (12) (51) (928) Reversal of unutilized provisions (7) (25) (105) (19) (29) (10) (7) (202) Currency translation differences 112 13 8 2 4 139 Other changes 46 (30) (2) (3) 8 (83) 2 (6) (68) Carrying amount at December 31, 2019 8,936 2,602 850 199 333 188 113 70 46 769 14,106 Provisions for site restoration, abandonment and social projects include the present value of the estimated costs that the Company expects to incur for decommissioning oil and natural gas production facilities at the end of the producing lives of fields, well-plugging, abandonment and site restoration of the Exploration & Production segment for €8,411 million. Initial recognitions and changes in estimates of €2,074 million were mainly driven by a decrease in the discount rate curve and to a lesser extent by the recognition of new decommissioning obligations due to the activity of the year. The unwinding of discount recognized through profit and loss for €247 million was determined based on discount rates ranging from -0.1% to 6.1% (from -0.2% to 6.1% at December 31, 2018). Main expenditures associated with decommissioning operations are expected to be incurred over a 45‑year period. Provisions for environmental risks included the estimated costs for environmental clean-up and remediation of soil and groundwater in areas owned or under concession where the Group performed in the past industrial operations that were progressively divested, shut down, dismantled or restructured. The provision was accrued because at the balance sheet date there is a legal or constructive obligation for Eni to carry out environmental clean-up and remediation and the expected costs can be estimated reliably. The provision included the expected charges associated with strict liability related to obligations of cleaning up and remediating polluted areas that met the parameters set by the law at the time when the pollution occurred but presently are no more in compliance with current environmental laws and regulations, or because Eni assumed the liability borne by other operators when the Company acquired or otherwise took over site operations. Those environmental provisions are recognized when an environmental project is approved by or filed with the relevant administrative authorities or a constructive obligation has arisen whereby the Company commits itself to performing certain cleaning-up and restoration projects and a reliable cost estimation is available. At December 31, 2019, environmental provision primarily related to Eni Rewind SpA (former Syndial SpA) for €1,930 million and to the Refining & Marketing business line for €416 million which includes the costs of restoration and environmental remediation as a part of the Memorandum of Understanding signed between Eni and the Ministry for the Environment in December 2019. Litigation provisions comprised expected liabilities associated with legal proceedings and other matters arising from contractual claims, including arbitrations, fines and penalties due to antitrust proceedings and administrative matters. These provisions represent the Company’s best estimate of the expected and probable liabilities associated with ongoing litigation and related to the Exploration & Production segment for €723 million. Provisions for taxes other than income taxes related to the estimated losses that the Company expects to incur to settle uncertain tax matters and tax claims pending with tax authorities in relation to uncertainties in applying rules in force for foreign subsidiaries of the Exploration & Production segment for €169 million. Loss adjustments and actuarial provisions of Eni’s insurance company Eni Insurance DAC represented the estimated liabilities accrued on the basis for third party claims. Against such liability was recorded receivables of €162 million recognized towards insurance companies for reinsurance contracts. Provisions for losses on investments included provisions relating to investments whose loss exceeds the equity and primarily related to Industria Siciliana Acido Fosforico — ISAF — SpA (in liquidation) for €131 million. Provisions for the OIL mutual insurance scheme included the estimated future increase of insurance premiums which will be charged to Eni in the next five years and that were accrued at the reporting date because of the effective accident rate occurred in past reporting periods. Provisions for redundancy incentives were recognized mainly due to a restructuring program involving the Italian personnel related to past reporting periods. |
Provisions for employee benefit
Provisions for employee benefits | 12 Months Ended |
Dec. 31, 2019 | |
Provisions for employee benefits | |
Provisions for employee benefits | 21 Provisions for employee benefits (€ million) December 31, 2019 December 31, 2018 Italian defined benefit plans 269 275 Foreign defined benefit plans 412 385 FISDE, foreign medical plans and other 177 148 Defined benefit plans 858 808 Other benefit plans 278 309 Provision for employee benefits 1,136 1,117 The liability relating to Eni’s commitment to cover the healthcare costs of personnel is determined on the basis of the contributions paid by the Company. Other employee benefit plans related to deferred monetary incentive plans for €132 million, the isopensione plans (a post retirement benefit plan applicable to a specific category of employees) of Eni gas e luce SpA for €107 million, jubilee awards for €25 million and other long-term plans for €14 million. Present value of employee benefits, estimated by applying actuarial techniques, consisted of the following: 2019 2018 FISDE, FISDE, foreign foreign Italian Foreign medical Italian Foreign medical defined defined plans Defined Other defined defined plans Defined Other benefit benefit and benefit benefit benefit benefit and benefit benefit (€ million) plans plans other plans plans Total plans plans other plans plans Total Present value of benefit liabilities at beginning of year 275 925 148 1,348 309 1,657 284 997 135 1,416 194 1,610 Current cost 19 2 21 55 76 27 2 29 42 71 Interest cost 4 37 3 44 1 45 4 31 2 37 1 38 Remeasurements: 5 41 24 70 1 71 1 (25) 13 (11) 30 19 - actuarial (gains) losses due to changes in financial assumptions 7 50 3 60 1 61 (31) (30) 29 (1) - experience (gains) losses (2) (9) 21 10 10 1 6 12 19 20 Past service cost and (gains) losses settlements 1 8 9 (2) 7 2 1 3 115 118 Plan contributions: 1 1 1 1 1 1 - employee contributions 1 1 1 1 1 1 Benefits paid (15) (28) (9) (52) (88) (140) (15) (35) (9) (59) (74) (133) Reclassification to liabilities directly associated with asset held for sale (8) (8) (8) Changes in the scope of consolidation (90) (90) (2) (92) Currency translation differences and other changes 48 1 49 2 51 25 4 30 3 33 Present value of benefit liabilities at end of year (a) 269 1,044 177 1,490 278 1,768 275 925 148 1,348 309 1,657 Plan assets at beginning of year 545 545 545 588 588 588 Interest income 20 20 20 17 17 17 Return on plan assets 23 23 23 (21) (21) (21) Plan contributions: 14 14 14 25 25 25 - employee contributions 1 1 1 1 1 1 - employer contributions 13 13 13 24 24 24 Benefits paid (19) (19) (19) (26) (26) (26) Changes in the scope of consolidation (64) (64) (64) Currency translation differences and other changes 49 49 49 26 26 26 Plan assets at end of year (b) 632 632 632 545 545 545 Asset ceiling at beginning of year 5 5 5 Change in asset ceiling (5) (5) (5) 5 5 5 Asset ceiling at end of year (c) 5 5 5 Net liability recognized at end of year (a-b+c) 269 412 177 858 278 1,136 275 385 148 808 309 1,117 Employee benefit plans included the liability attributable to partners operating in exploration and production activities of €175 million (€181 million at December 31, 2018). Eni recorded a receivable for an amount equivalent to such liability. Costs charged to the profit and loss account consisted of the following: FISDE, Italian Foreign foreign defined defined medical Defined Other benefit benefit plans and benefit benefit (€ million) plans plans other plans plans Total 2019 Current cost 19 2 21 55 76 Past service cost and (gains) losses on settlements 1 8 9 (2) 7 Interest cost (income), net: - interest cost on liabilities 4 37 3 44 1 45 - interest income on plan assets (20) (20) (20) Total interest cost (income), net 4 17 3 24 1 25 - of which recognized in “Payroll and related cost” 1 1 - of which recognized in “Financial income (expense)” 4 17 3 24 24 Remeasurements for long-term plans 1 1 Total 4 37 13 54 55 109 - of which recognized in “Payroll and related cost” 20 10 30 55 85 - of which recognized in “Financial income (expense)” 4 17 3 24 24 2018 Current cost 27 2 29 42 71 Past service cost and (gains) losses on settlements 2 1 3 115 118 Interest cost (income), net: - interest cost on liabilities 4 31 2 37 1 38 - interest income on plan assets (17) (17) (17) Total interest cost (income), net 4 14 2 20 1 21 - of which recognized in “Payroll and related cost” 1 1 - of which recognized in “Financial income (expense)” 4 14 2 20 20 Remeasurements for long-term plans 30 30 Total 4 43 5 52 188 240 - of which recognized in “Payroll and related cost” 29 3 32 188 220 - of which recognized in “Financial income (expense)” 4 14 2 20 20 Costs of defined benefit plans recognized in other comprehensive income consisted of the following: 2019 2018 FISDE, FISDE, Italian foreign Italian Foreign foreign defined Foreign medical defined defined medical benefit defined plans and benefit benefit plans and (€ million) plans benefit plans other Total plans plans other Total Remeasurements Actuarial (gains)/losses due to changes in financial assumptions 7 50 3 60 (31) 1 (30) Experience (gains) losses (2) (9) 21 10 1 6 12 19 Return on plan assets (23) (23) 21 21 Change in asset ceiling (5) (5) 5 5 5 13 24 42 1 1 13 15 Plan assets consisted of the following: Assets Cash and held by cash Equity Debt Real Investment insurance (€ million) equivalents securities securities estate Derivatives funds company Other Total December 31, 2019 Plan assets with a quoted market price 32 39 388 7 2 79 17 65 629 Plan assets without a quoted market price 3 3 32 39 388 7 2 79 20 65 632 December 31, 2018 Plan assets with a quoted market price 115 37 238 6 2 56 18 70 542 Plan assets without a quoted market price 3 3 115 37 238 6 2 56 21 70 545 The main actuarial assumptions used in the measurement of the liabilities at year-end and in the estimate of costs expected for 2020 consisted of the following: FISDE, foreign Other Italian defined Foreign defined medical plans benefit benefit plans benefit plans and other plans 2019 Discount rate (%) 0.7 0.0 - 13.7 0.7 0.0 - 0.7 Rate of compensation increase (%) 1.7 1.3 - 12.5 Rate of price inflation (%) 0.7 0.8 - 11.3 0.7 Life expectations on retirement at age 65 (years) 13 - 25 24 2018 Discount rate (%) 1.5 0.8 ‑ 18.0 1.5 0.2 ‑ 1.5 Rate of compensation increase (%) 2.5 1.5 ‑ 16.5 Rate of price inflation (%) 1.5 0.8 ‑ 16.0 1.5 Life expectations on retirement at age 65 (years) 13 ‑ 25 24.0 The following is an analysis by geographical area related to the main actuarial assumptions used in the valuation of the principal foreign defined benefit plans: Foreign Euro Rest Other defined area of Europe Africa areas benefit plans 2019 Discount rate (%) 0.8 - 1.0 0.0 - 2.0 2.6 - 13.7 7.3- 11.3 0.0 - 13.7 Rate of compensation increase (%) 1.3 - 3.0 2.5 - 3.6 2.0 - 12.5 10.0 - 11.3 1.3 - 12.5 Rate of price inflation (%) 1.3 - 2.0 0.8 - 3.1 2.6 - 11.3 3.3 - 5.0 0.8 - 11.3 Life expectations on retirement at age 65 (years) 21 - 22 24 - 25 13 - 17 13 - 25 2018 Discount rate (%) 1.5 - 1.9 0.8 ‑ 2.9 3.7 ‑ 18.0 8.0 ‑ 13.3 0.8 ‑ 18.0 Rate of compensation increase (%) 1.5 ‑ 3.0 2.5 ‑ 3.8 5.0 ‑ 16.5 10.0 ‑ 13.3 1.5 ‑ 16.5 Rate of price inflation (%) 1.5 ‑ 2.0 0.8 ‑ 3.3 3.7 ‑ 16.0 3.5 ‑ 5.0 0.8 ‑ 16.0 Life expectations on retirement at age 65 (years) 21 ‑ 22 23 ‑ 25 13 ‑ 17 13 ‑ 25 The effects of a possible change in the main actuarial assumptions at the end of the year are listed below: Rate of Rate Rate of Healthcare increases to of price increases in cost pensions in Discount rate inflation pensionable salaries trend rate payment (€ million) 0.5% Increase 0.5% Decrease 0.5% Increase 0.5% Increase 0.5% Increase 0.5% Increase December 31, 2019 Italian defined benefit plans (12) Foreign defined benefit plans (67) FISDE, foreign medical plans and other (9) Other benefit plans (4) December 31, 2018 Italian defined benefit plans (12) 13 8 Foreign defined benefit plans (58) 65 23 15 18 FISDE, foreign medical plans and other (7) 8 6 Other benefit plans (5) 3 1 The sensitivity analysis was performed based on the results for each plan through assessments calculated considering modified parameters. The amount of contributions expected to be paid for employee benefit plans in the next year amounted to €130 million, of which €57 million related to defined benefit plans. The following is an analysis by maturity date of the liabilities for employee benefit plans and their relative weighted average duration: Foreign FISDE, foreign Italian defined defined benefit medical plans Other benefit (€ million) benefit plans plans and other plans December 31, 2019 2020 2021 2022 2023 2024 2025 and thereafter Weighted average duration (years) 3.0 December 31, 2018 2019 15 54 9 81 2020 16 56 7 72 2021 18 63 6 67 2022 14 64 6 20 2023 11 74 6 17 2024 and thereafter 201 74 114 57 Weighted average duration (years) 10.1 17.4 12.8 2.6 |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Deferred tax assets and liabilities | |
Deferred tax assets and liabilities | 22 Deferred tax assets and liabilities (€ million) December 31, 2019 December 31, 2018 Deferred tax liabilities before offsetting 9,583 7,956 Deferred tax assets available for offset (4,663) (3,684) Deferred tax liabilities 4,920 4,272 Deferred tax assets before offsetting (net of accumulated write-down provisions) 9,023 7,615 Deferred tax liabilities available for offset (4,663) (3,684) Deferred tax assets 4,360 3,931 The most significant temporary differences giving rise to net deferred tax liabilities are disclosed below: Carrying Carrying amount at amount at December 31, December 31, (€ million) 2019 2018 Deferred tax liabilities Accelerated tax depreciation 6,796 6,612 Leasing 1,375 Difference between the fair value and the carrying amount of assets acquired 617 849 Site restoration and abandonment (tangible assets) 126 85 Application of the weighted average cost method in evaluation of inventories 97 44 Other 572 366 9,583 7,956 Deferred tax assets, gross Carry-forward tax losses (6,065) (5,528) Site restoration and abandonment (provisions for contingencies) (2,242) (1,986) Timing differences on depreciation and amortization (2,022) (2,104) Accruals for impairment losses and provisions for contingencies (1,513) (1,460) Leasing (1,385) Impairment losses (946) (792) Over/Under lifting (525) (604) Employee benefits (209) (212) Unrealized intercompany profits (120) (124) Other (740) (546) (15,767) (13,356) Accumulated write-downs of deferred tax assets 6,744 5,741 Deferred tax assets, net (9,023) (7,615) The following table summarizes the changes in deferred tax liabilities and assets: Accumulated Deferred tax Deferred tax Deferred tax write-downs of assets, net of (€ million) liabilities, gross assets, gross deferred tax assets impairments 2019 Carrying amount at December 31, 2018 7,956 (13,356) 5,741 (7,615) Changes in accounting policies (IFRS 16) 1,470 (1,470) (1,470) Carrying amount at January 1, 2019 9,426 (14,826) 5,741 (9,085) Additions 1,265 (2,091) 1,161 (930) Deductions (1,205) 1,407 (174) 1,233 Currency translation differences 194 (182) 34 (148) Other changes (97) (75) (18) (93) Carrying amount at at December 31, 2019 9,583 (15,767) 6,744 (9,023) 2018 Carrying amount at December 31, 2017 10,169 (13,609) 5,262 (8,347) Changes in accounting policies (IFRS 15) 37 (237) (237) Carrying amount at January 1, 2018 10,206 (13,846) 5,262 (8,584) Additions 1,147 (1,478) 253 (1,225) Deductions (802) 1,523 (43) 1,480 Currency translation differences 283 (278) 71 (207) Change in the scope of consolidation (2,778) 813 813 Other changes (100) (90) 198 108 Carrying amount at at December 31, 2018 7,956 (13,356) 5,741 (7,615) The first application of IFRS 16 is disclosed in note 3 – Changes in accounting policies. Carry-forward tax losses amounted to €21,360 million out of which €15,256 million can be carried forward indefinitely. Carry-forward tax losses were €12,039 million and €9,321 million at Italian subsidiaries and foreign subsidiaries, respectively. Deferred tax assets recognized on these losses amounted to €2,936 million and €3,129 million, respectively. Italian taxation law allows the carry-forward of tax losses indefinitely. Foreign taxation laws generally allow the carry-forward of tax losses over a period longer than five years, and in many cases, indefinitely. A tax rate of 24% was applied to tax losses of Italian subsidiaries to determine the portion of the carry-forwards tax losses, which will be utilized in future years to offset expected taxable profit. The corresponding average rate for foreign subsidiaries was 33.6%. Accumulated write-downs of deferred tax assets related to Italian companies for €5,329 million and non-Italian companies for €1,415 million. Taxes are also described in note 32 – Income taxes. |
Derivative financial instrument
Derivative financial instruments and hedge accounting | 12 Months Ended |
Dec. 31, 2019 | |
Derivative financial instruments and hedge accounting | |
Derivative financial instruments and hedge accounting | 23 Derivative financial instruments and hedge accounting December 31, 2019 December 31, 2018 Fair value Fair value Level of Fair Fair value Fair value Level of Fair (€ million) asset liability value asset liability value Non-hedging derivatives Derivatives on exchange rate - Currency swap 2 99 46 2 - Interest currency swap 2 14 71 2 - Outright 2 3 5 2 116 122 Derivatives on interest rate - Interest rate swap 2 18 6 2 18 6 Derivatives on commodities - Future 192 1 1,060 1,107 1 - Over the counter 89 2 306 284 2 - Other 12 2 1 5 2 293 1,367 1,396 437 1,501 1,524 Trading derivatives Derivatives on commodities - Over the counter 2,387 1,953 2 992 1,031 2 - Future 348 1 367 263 1 - Options 21 2 80 71 2 2,756 2,288 1,439 1,365 Cash flow hedge derivatives Derivatives on commodities - Over the counter 1 2 311 196 2 - Future 34 1 - Options 2 26 15 1 35 337 Option embedded in convertible bonds 11 2 21 21 2 Gross amount 3,239 3,366 3,298 3,121 Offsetting (612) (612) (1,636) (1,636) Net amount 2,627 2,754 1,662 1,485 Of which: - current 2,573 2,704 1,594 1,445 - non-current 54 68 40 Derivative fair values were estimated on the basis of market quotations provided by primary info-provider or, alternatively, appropriate valuation techniques generally adopted in the marketplace. Fair values of non-hedging derivatives consisted of derivatives that did not meet the formal criteria to be designated as hedges under IFRS. Fair values of trading derivatives consisted of derivatives entered for trading purposes and proprietary trading. Fair value of cash flow hedge derivatives related to commodity hedges were entered into by the Gas & Power segment. These derivatives were entered into to hedge variability in future cash flows associated with highly probable future sale transactions of gas or electricity or on already contracted sales due to different indexation mechanisms of supply costs versus selling prices. A similar scheme applies to exchange rate hedging derivatives. The effects of the measurement at fair value of cash flow hedge derivatives are given in note 25 – Shareholders’ equity and in note 29 – Costs. Information on hedged risks and hedging policies is disclosed in note 27 – Guarantees, commitments and risks - Risk factors. Options embedded in convertible bonds relate to equity-linked cash settled. More information is disclosed in note 18 – Finance debts. The offsetting of financial derivatives related to the Gas & Power segment. During 2019, there were no transfers between the different hierarchy levels of fair value. Hedging derivative instruments are disclosed below: December 31, 2019 December 31, 2018 Nominal Change in fair Nominal Change in fair amount of the Change in fair value amount of the Change in fair value hedging value (ineffective hedging value (ineffective (€ million) instrument (effective hedge) hedge) instrument (effective hedge) hedge) Cash flow hedge derivatives Derivatives on commodity - Over the counter 2,179 (1,357) (2) 3,528 404 2 - Future 1,245 (61) 71 (6) (2) 3,424 (1,418) (2) 3,599 398 In 2019, the exposure to the exchange rate risk deriving from securities denominated in U.S. dollars included in the strategic liquidity portfolio amounting to €1,902 million was hedged by using, in a fair value hedge relationship, negative exchange differences for €21 million resulting on a portion of bonds denominated in U.S. dollars amounting to €1,844 million. The breakdown of the underlying asset or liability by type of risk hedged under cash flow hedge is provided below: December 31, 2019 December 31, 2018 Change of the underlying Change of the underlying asset used for the asset used for the calculation of Reclassification calculation of Reclassification (€ million) hedging ineffectiveness CFH reserve adjustments hedging ineffectiveness CFH reserve adjustments Cash flow hedge derivatives Commodity price risk - Planned sales 1,444 (656) (739) (389) (13) 642 1,444 (656) (739) (389) (13) 642 Eni’s results of operations are affected by fluctuations in the price of commodities. To that end, Eni enters into commodities derivatives traded on organized markets (like MTF and OTF) and commodities derivatives traded over the counter (swaps, forward, contracts for differences and options on commodities) with underlying commodities being crude oil, gas, refined products, electricity or emission certificates that are not settled through physical delivery of the underlying commodity but are designated as hedging instruments in a cash flow hedge relation. The existence of a relationship between the hedged item and the hedging derivative is checked at inception to verify eligibility for hedge accounting by observing the offset in changes of the fair values at both the underlying commodity and the derivative. The hedging relationship is also stress-tested against the level of credit risk of the counterparty in the derivative transaction. The hedge ratio is defined consistently with the Company's risk management objectives, under a defined risk management strategy. The hedging relationship is discontinued when it ceases to meet the qualifying criteria and the risk management objectives on the basis of which hedge accounting has initially been applied. More information is reported in note 27 — Guarantees, Commitments and Risks — Financial risks. Effects recognized in other operating profit (loss) Other operating profit (loss) related to derivative financial instruments on commodity was as follows: (€ million) 2019 2018 2017 Net income (loss) on cash flow hedging derivatives (2) 12 Net income (loss) on other derivatives 289 129 (44) 287 129 (32) Net income (loss) on cash flow hedging derivatives related to the ineffective portion of the hedging relationship on commodity derivatives was recognized through profit and loss in the Gas & Power segment. Net income (loss) on other derivatives included the fair value measurement and settlement of commodity derivatives which could not be elected for hedge accounting under IFRS because they related to net exposure to commodity risk and derivatives for trading purposes and proprietary trading. Effects recognized in finance income (loss) Finance income (loss) on derivative financial instruments consisted of the following: (€ million) 2019 2018 2017 Derivatives on exchange rate (329) 809 Derivatives on interest rate (23) 22 28 (14) (307) 837 Net financial income from derivative financial instruments was recognized in connection with the fair value valuation of certain derivatives which lacked the formal criteria to be treated in accordance with hedge accounting under IFRS, as they were entered into for amounts equal to the net exposure to exchange rate risk and interest rate risk, and as such, they cannot be referred to specific trade or financing transactions. Exchange rate derivatives were entered into in order to manage exposures to foreign currency exchange rates arising from the pricing formulas of commodities in the Gas & Power segment. Finance income (expense) with related parties is disclosed in note 36 - Transactions with related parties. |
Assets held for sale and liabil
Assets held for sale and liabilities directly associated with assets held for sale | 12 Months Ended |
Dec. 31, 2019 | |
Assets held for sale and liabilities directly associated with assets held for sale | |
Assets held for sale and liabilities directly associated with assets held for sale | 24 Assets held for sale and liabilities directly associated with assets held for sale As of December 31, 2019, assets held for sale related to sales of tangible assets for €18 million. In the course of 2019, Eni finalized the sale of Agip Oil Ecuador BV, which retains a service contract for the development of Villano oil field, and of a minority investment. |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2019 | |
Shareholders' equity | |
Shareholders' equity | 25 Shareholders’ equity Eni shareholders’ equity (€ million) December 31, 2019 December 31, 2018 Share capital 4,005 4,005 Retained earnings 37,436 36,702 Cumulative currency translation differences 7,209 6,605 Legal reserve 959 959 Reserve for treasury shares 981 581 Reserve related to the fair value of cash flow hedging derivatives net of the tax effect (465) (9) Reserve related to the defined benefit plans net of tax effect (173) (130) Other comprehensive income on equity-accounted investments 60 66 Other comprehensive income on other investments 12 15 Other reserves 190 190 Treasury shares (981) (581) Interim dividend (1,542) (1,513) Net profit (loss) for the year 148 4,126 47,839 51,016 Share capital As of December 31, 2019, the parent company’s issued share capital consisted of €4,005,358,876 represented by 3,634,185,330 ordinary shares without nominal value (same amounts as of December 31, 2018). On May 14, 2019, Eni’s Shareholders’ Meeting resolved: (i) to distribute a dividend of €0.41 per share, with the exclusion of treasury shares held at the ex-dividend date, in full settlement of the 2018 dividend of €0.83 per share, of which €0.42 per share was already paid as interim dividend in September 2018. The final amount was paid on 22 May 2019, to shareholders on the register on May 20, 2019, record date on May 21, 2019; (ii) to authorise the Board of Directors - pursuant to and for the purposes of Article 2357 of the Italian Civil Code - to proceed, within a period of eighteen months from the date of the resolution, with the purchase of a maximum number of shares equal to 67,000,000 ordinary shares of the Company, representing about 1.84% of the share capital of Eni SpA, for a total outlay of up to €1,200 million. In execution of this resolution at December 31, 2019, 28,590,482 shares were acquired for a total consideration of €400 million. Legal reserve This reserve represents earnings restricted from the payment of dividends pursuant to Article 2430 of the Italian Civil Code. The legal reserve has reached the maximum amount required by the Italian Law. Reserve for treasury shares The reserve for treasury shares represents the reserve that was established in previous reporting period to repurchase the Company shares in accordance with resolutions at Eni’s Shareholders’ Meetings. Other Comprehensive Income reserves Other Cash flow hedge derivatives Defined benefit plans * comprehensive Deferred Deferred income on Investments Gross tax Net Gross tax Net equity-accounted valued at (€ million) reserve liabilities reserve reserve liabilities reserve investments fair value Reserve as of December 31, 2018 (13) 4 (9) (143) 13 (130) 66 15 Changes of the year (1,418) (1,007) (49) (44) (6) (3) Foreign currency translation differences (3) (3) Change in scope of consolidation 5 (1) 4 Reversal to inventories adjustments (10) Reclassification adjustments (214) Reserve as of December 31, 2019 (656) 191 (465) (190) 17 (173) 60 12 Reserve as of December 31, 2017 240 (57) 183 (133) 19 (114) 90 Changes of the year 399 (116) 283 (15) (2) (17) (24) 15 Foreign currency translation differences 1 (1) Change in scope of consolidation 4 (3) 1 Reversal to inventories adjustments (10) 3 (7) Reclassification adjustments (642) 174 (468) Reserve as of December 31, 2018 (13) 4 (9) (143) 13 (130) 66 15 * OCI for defined benefit plans at December 31, 2019 includes €7 million relating to equity-accounted investments. Other reserves Other reserves related to: (i) a reserve of €127 million representing the increase in Eni shareholders’ equity associated with a business combination under common control, whereby the parent company Eni SpA divested its subsidiaries; (ii) a reserve of €63 million deriving from Eni SpA’s equity. Cumulative foreign currency translation differences The cumulative foreign currency translation differences arose from the translation of financial statements denominated in currencies other than euro. Treasury shares A total of 61,635,679 of Eni’s ordinary shares (33,045,197 at December 31, 2018) were held in treasury for a total cost of €981 million (€581 million at December 31, 2018). On April 13, 2017, the Shareholders Meeting approved the Long-Term Monetary Incentive Plan 2017-2019 and empowered the Board of Directors to execute the Plan by authorizing it to dispose up to a maximum of 11 million of treasury shares in service of the Plan. Interim dividend The interim dividend for the year 2019 amounted to €1,542 million corresponding to €0.43 per share, as resolved by the Board of Directors on 19 September 2019, in accordance with Article 2433‑bis, paragraph 5 of the Italian Civil Code; the dividend was paid on 25 September 2019. Distributable reserves As of December 31, 2019, Eni shareholders’ equity included distributable reserves of approximately €43 billion. Reconciliation of net profit and shareholders’ equity of the parent company Eni SpA to consolidated net profit and shareholders’ equity Shareholders’ equity Net profit December 31, December 31, (€ million) 2019 2018 2019 2018 As recorded in Eni SpA’s Financial Statements 2,978 3,173 41,636 42,615 Excess of net equity stated in the separate accounts of consolidated subsidiaries over the corresponding carrying amounts of the parent company (2,800) (134) 5,211 7,183 Consolidation adjustments: - difference between purchase cost and underlying carrying amounts of net equity (6) 202 153 - adjustments to comply with Group accounting policies (348) 862 1,424 2,000 - elimination of unrealized intercompany profits (74) 177 (593) (519) - deferred taxation 405 59 20 (359) 155 4,137 47,900 51,073 Non-controlling interest (7) (11) (61) (57) As recorded in Consolidated Financial Statements 148 4,126 47,839 51,016 |
Other information
Other information | 12 Months Ended |
Dec. 31, 2019 | |
Other information | |
Other information | 26 Other information Supplemental cash flow information (€ million) 2019 2018 2017 Investment in consolidated subsidiaries and businesses Current assets 1 44 Non-current assets 12 198 Net borrowings 11 Current and non-current liabilities (6) (47) Net effect of investments 7 206 Fair value of investments held before the acquisition of control (50) Non-controlling interests (2) Gain on a bargain purchase (8) Purchase price 5 148 less: Cash and cash equivalents (29) Consolidated subsidiaries and businesses net of cash and cash equivalent acquired 5 119 Disposal of consolidated subsidiaries and businesses Current assets 77 328 166 Non-current assets 188 5,079 814 Net borrowings 11 785 (252) Current and non-current liabilities (57) (3,470) (205) Net effect of disposals 219 2,722 523 Reclassification of foreign currency translation differences among other items of comprehensive income (24) 113 Fair value of share capital held after the sale of control (3,498) Fair value valuation for business combination 889 Gain (loss) on disposal 16 13 2,148 Selling price 211 239 2,671 less: Cash and cash equivalents (24) (286) (9) Consolidated subsidiaries and businesses net of cash and cash equivalent disposed of 187 (47) 2,662 Investments in 2019 concerned: (i) the acquisition of a 60% stake of SEA SpA, which supplies services and solutions for energy efficiency in the residential and industrial segments in Italy; (ii) the acquisition of the residual 32% interest in the joint operation Petroven Srl, which operates storage facilities of petroleum products. Disposals in 2019 concerned the sale of 100% of the stake of Agip Oil Ecuador BV, which retains a service contract for the development of the Villano oil field. Investments in 2018 concerned: (i) the acquisition of the business by Versalis Spa of the “bio” activities of the Mossi & Ghisolfi Group, related to development, industrialization, licensing of bio-chemical technologies and processes based on use of renewable sources for €75 million; (ii) the acquisition of the remaining 51% stake in the Gas Supply Company of Thessaloniki - Thessalia SA which distributes and sells gas in Greece for €24 million, net of cash acquired of €28 million; (iii) the acquisition of the company Mestni Plinovodi distribucija plina doo, which distributes and sells gas in Slovenia for €15 million, net of cash acquired for €1 million. The gain from bargain purchase, recognized in Other income and revenues, was due to the obtainable synergies from the greater ability to recover the investments made by the acquired company due to the combination of customer portfolios. Disposals in 2018 concerned: (i) the loss of control of Eni Norge AS resulting from the business combination with Point Resources AS, with the establishment of the equity-accounted joint venture Vår Energi AS (Eni’s interest 69.60%), that will develop the project portfolio of the combined entities. The operation entailed the change in scope of consolidation of €2,486 million of net assets, of which cash and cash equivalents for €258 million, the recognition of the investment in Vår Energi AS for €3,498 million and a fair value gain of €889 million, net of negative exchange rate differences of €123 million; (ii) the sale of 98.99% (entire stake owned) of Tigáz Zrt and Tigáz Dso (100% Tigáz Zrt) operating in the gas distribution business in Hungary to the MET Holding AG group for €145 million net of cash divested of €13 million; (iii) the sale by Lasmo Sanga Sanga of the business relating to a 26.25% stake (entire stake owned) in the PSA of the Sanga Sanga gas and condensates field for €33 million; (iv) the sale of 100% of Eni Croatia BV, which owns shares of gas projects in Croatia to INA-Industrija Nafte dd for €20 million, net of cash divested of €15 million; (v) the sale of 100% of Eni Trinidad and Tobago Ltd, which holds a share of a gas project in Trinidad and Tobago for €10 million. |
Guarantees, commitments and ris
Guarantees, commitments and risks | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees, commitments and risks | |
Guarantees, commitments and risks | 27 Guarantees, commitments and risks Guarantees (€ million) December 31, 2019 December 31, 2018 Consolidated subsidiaries 4,323 5,082 Unconsolidated subsidiaries 197 196 Joint ventures and associates 4,075 4,056 Others 267 163 8,862 9,497 Guarantees include the guarantees issued by Eni SpA on behalf of third-party contractors and lenders who have a certain contractual obligations to build and finance the construction of an LNG Floating Production unit for the development of the Coral gas reserves discovered in Area 4 offshore Mozambique. The total value of the contract is €4,673 million. Eni is operator of the project with a 25% indirect interest through a 35.71% stake in the joint operation Mozambique Rovuma Venture SpA. The final investment decision (FID) for the Coral project was made on June 1, 2017. The FLNG plant is designed to treat approximately 3.37 million tonnes per year of LNG. A special purpose entity was established, Coral FLNG SA (Eni’s interest 25%). This entity will operate the vessel in accordance with a service agreement (EPCC) for the liquefaction, storage and loading of the LNG on behalf of the Concessionaires of Area 4 and of the other two partners of Mozambique Rovuma Venture SpA, CNPC and ExxonMobil in proportion to their participating interest in the Exploration and Production Concession Contract (EPCC) of Area 4, equal to 20% and 25%, respectively. The LNG will be supplied to BP under a long-term LNG sale and purchase agreement with a take-or-pay clause and a twenty-year term, providing an option of extending the duration for up to ten consecutive years. Eni issued a parent company guarantee, whereby it irrevocably and unconditionally guarantees the Technip – JGC - Samsung Heavy Industries (TJS) consortium (the beneficiaries) for the due and proper performance of the obligations of Coral FLNG SA in connection with execution of the Engineering Procurement Construction Installation and Commissioning (EPCIC) contract, up to the maximum liability of €1,168 million equal to 25% of the value of the contract. The maximum liability will be automatically reduced by any amount paid to the beneficiaries in respect of the guaranteed obligations. The financing of the project is carried out partly through funds provided by the venturers and partly by a project financing with Export Credit Agencies and commercial banks for a total amount of €4,164 million. During the construction and the commissioning of the FLNG plant, the project financing agreement will be supported by a debt service undertaking (DSU), up to a maximum liability of €1,425 million in proportion to Eni’s participating interest equal to 25% in the industrial initiative. Subsequently, in the running phase of the plant, once the performance tests of the vessel have been validated by the lenders, that guarantee will be released and the financing facility will convert to non-recourse, terminating the obligations of the venturers of Area 4 towards the lenders. Once vessel operations start, the lenders will be guaranteed only by the cash flows of the sale of LNG volumes treated by the vessel and delivered to the buyer, excluding the gas reserves from the scope of the guarantee. The financing and any collateral costs will be reimbursed to the lenders through a “pay-when-paid” clause, whereby loan repayments will be made through the cash flows associated with the sale of the LNG arising from the project to the long-term buyer, without any obligations from Eni and Concessionaires to guarantee the performance of Coral FLNG SA towards the lenders. Furthermore, the Concessionaries opened a credit facility which committed each Concessionary to finance pro-quota: (i) the share of capital expenditures to be borne by the Mozambique State-owned company ENH up to a maximum liability of €123 million in Eni’s share; (ii) the share of the debt service undertaking by ENH up to a maximum liability of €158 million in Eni’s share. As a final point, as provided by the EPCC that regulates the petroleum activities in Area 4, Eni SpA in its capacity as parent company of the operator Mozambique Rovuma Venture SpA has provided concurrently with the approval of the initial development plan of the Area reserves, an irrevocable and unconditional parent company guarantee in respect of any possible claims or any contractual breaches in connection with the petroleum activities to be carried out in the contractual area, including those activities in charge of the special purpose entities like Coral FLNG SA, to the benefit of the Government of Mozambique and third parties. The obligations of the guarantor towards the Government of Mozambique are unlimited (non-quantifiable commitments), whereas they provide a maximum liability of €1,335 million in respect of third-parties claims. This guarantee will be effective until the completion of any decommissioning activity related to both the development plan of Coral as well as any development plan to be executed within Area 4 (particularly the Mamba project). This parent company guarantee issued by Eni covering 100% of the aforementioned obligations was taken over by the other concessionaires (Kogas, Galp and ENH) and by ExxonMobil and CNPC shareholders of the joint operation Mozambico Rovuma Venture SpA, in proportion to their respective participating interest in the EPCIC of Area 4. Guarantees issued on behalf of consolidated subsidiaries of €4,323 million (€5,082 million at December 31, 2018) primarily consisted of guarantees given to third parties relating to bid bonds and performance bonds for €2,886 million (€2,576 million at December 31, 2018). In 2019 a bank guarantee of €1,010 million, issued on behalf of GasTerra to obtain the waiver to a temporary seizure of Eni’s investment in Eni International BV, which was ordered by a Netherlands Court in July 2016, was settled. In July 2019, the arbitration proceeding, initiated by the parties to settle the dispute, issued an award favourable to Eni and ruled the claim of GasTerra for a price adjustment to the gas supplies to be without merit, which in the first partial award was the basis whereby GasTerra obtained the seizure order. On July 24, 2019 upon Eni's request and GasTerra’s consent, the bank guarantee was terminated. GasTerra has reserved its rights of appeal. At December 31, 2019, the underlying commitment issued on behalf of consolidated subsidiaries covered by such guarantees was €4,013 million (€5,000 million at December 31, 2018). Guarantees issued on behalf of joint ventures and associates of €4,075 million (€4,056 million at December 31, 2018) primarily consisted of: (i) unsecured guarantees and other guarantees for €1,676 million issued towards banks and other lending institutions in relation to loans and lines of credit received (€1,664 million at December 31, 2018), of which €1,425 million (€1,397 million at December 31, 2018) related to guarantees issued as part of the Coral development project in Area 4 offshore Mozambique on behalf of Coral South FLNG DMCC with respect to the financing agreements of the project with Export Credit Agencies and banks; and (ii) guarantees given to third parties relating to bid bonds and performance bonds for €1,661 million (€1,644 million at December 31, 2018), of which €1,168 million (€1,147 million at December 31, 2018) related to guarantees issued towards the contractors who are building the FLNG vessel as part of the Coral development project offshore Mozambique; (iii) an unsecured guarantee of €499 million (€499 million at December 31, 2018) given by Eni SpA on behalf of the participated Saipem joint-venture to Treno Alta Velocità - TAV SpA (now RFI - Rete Ferroviaria Italiana SpA) for the proper and timely completion of a project for the construction of the Milan-Bologna fast track railway by the CEPAV (Consorzio Eni per l’Alta Velocità) Uno; (iv) a guarantee issued in favor of Gulf LNG Energy and Gulf LNG Pipeline and on behalf of Angola LNG Supply Service Llc (Eni’s interest 13.60%) to cover contractual commitments of paying re-gasification fees for €181 million (€177 million at December 31, 2018). At December 31, 2019, the underlying commitment issued on behalf of joint ventures and associates covered by such guarantees was €2,109 million (€2,159 million at December 31, 2018). Commitments and risks (€ million) December 31, 2019 December 31, 2018 Commitments 74,338 54,611 Risks 676 673 75,014 55,284 Commitments related to: (i) parent company guarantees that were issued in connection with certain contractual commitments for hydrocarbon exploration and production activities and quantified, on the basis of the capital expenditures to be incurred, to be €65,374 million (€52,397 million at December 31, 2018). The increase of €12,977 million was incurred in connection with: (a) the issuance of new parent company guarantees of €9,794 million of which €8,904 million issued on behalf of Eni Abu Dhabi BV in relation to the entry into the exploration permits of Blocks 1 and 2 and €890 million on behalf of Eni RAK BV in relation to the entry and the start of exploration activities in Block A in the United Arab Emirates. These parent company guarantees are in addition to those issued in 2018 as part of the transactions with the Abu Dhabi State oil company ADNOC, whereby Eni acquired participating interests in the two offshore concessions in production of Lower Zakum (Eni’s interest 5%) and Umm Shaif and Nasr (Eni’s interest 10%) for a period of 40 years and a maximum amount of €13,356 million and in the concession under development of Gasha (Eni’s interest 25%) for a period of 40 years and a maximum amount of €22,261 million. These guarantees were issued to cover the contractual obligations towards the State company, deriving from oil operations related to the Concession Agreements including, in particular, the achievement of some production targets and recovery factors of reserves in the medium and long term, an asset integrity plan and optimization and maintenance of the production after reaching the plateau, the transfer of technologies and the adoption of best-in-class operating standards in HSE. The guarantees do not cover any loss of profit or production deriving from failure to achieve the targets; (b) a new parent company guarantee of €445 million issued in relation to an asset swap with Lukoil involving Blocks 10 and 12 in the offshore of Mexico. This parent company guarantee is in addition to those issued in previous years for €9,194 million, of which €6,968 million issued in 2018 following the awarding of new exploration licenses in the offshore of Mexico and the final investment decision for the development of the offshore reserves in Area 1; (c) a new parent company guarantee for €1,781 million in relation to the acquisition of the upstream assets of ExxonMobil by the joint venture Vår Energi AS intended to cover the decommissioning contractual obligations; (ii) two parent company guarantees for a total amount of €6,527 million given on behalf of Eni Abu Dhabi Refining & Trading BV following the Share Purchase Agreement to acquire from ADNOC a 20% equity interest in ADNOC Refining and the set-up of ADNOC Global Trading Ltd dedicated to marketing petroleum products. The first parent company guarantee of €2,965 million was issued to guarantee the obligations under the Share Purchase Agreement and will remain in place until the payment of the Deferred Consideration expected by March 31, 2020. The second parent company guarantee of €3,562 million has been issued to guarantee the obligations set out in the Shareholders Agreements and will remain in force as long as the investment is maintained; (iii) commitments assumed by Eni USA Gas Marketing Llc towards Angola LNG Supply Service Llc for the purchase of volumes of regasified gas at the Pascagoula plant (United States) over a twenty-year period (until 2031). The expected commitments were estimated at €1,978 million (€2,079 million at December 31, 2018) and have been included in off-balance sheet contractual commitments in the table “Future payments under contractual obligations” in the paragraph Liquidity risk. However, since the project has been abandoned by the partners, Eni does not expect to make any payment under those contractual obligations. In 2018, the contractual commitment signed in December 2007 between Eni USA Gas Marketing Llc and Gulf LNG Energy Llc (GLE) and Gulf LNG Pipeline Llc (GLP) for the purchase of long-term regasification and transport services (until 2031) amounting at December 31, 2017 to €948 million (undiscounted) ceased due to an arbitration ruling. The jurors established that the commitment was resolved by March 1, 2016 and recognized to the counterparties an equitable compensation of €324 million to Eni's counterparties. Despite the ruling of the arbitration court invalidating the contract, GLE and GLP filed a claim with the Supreme Court of New York against Eni SpA demanding the enforcement of the parent company guarantee issued by Eni for the payment of the regasification fees until the original due date of the contract (2031) for a maximum amount of €757 million. Eni believes that the claims by GLE and GLP have no merit and is defending the action. At the moment, the risk of losing the proceeding is considered unlikely; (iv) a memorandum of intent signed with the Basilicata Region, whereby Eni has agreed to invest €114 million (€116 million at December 31, 2018) in the future, also on account of Shell Italia E&P SpA, in connection with Eni’s development plan of oilfields in Val d’Agri. The commitment has been included in the off-balance sheet contractual commitments in the following paragraph “Liquidity risk”; (v) the commitment of €105 million for the acquisition of a 70% stake of Evolvere SpA, a company leader in the distributed generation of energy from renewable sources; the acquisition was finalized in January 2020. Risks relate to potential risks associated with: (i) contractual assurances given to acquirers of certain investments and businesses of Eni for €248 million (€244 million at December 31, 2018); (ii) assets of third parties under the custody of Eni for €428 million (€429 million at December 31, 2018). Other commitments and risks A parent company guarantee was issued on behalf of Cardón IV SA (Eni’s interest 50%), a joint venture operating the Perla gas field located in Venezuela, for the supply to PDVSA GAS of the volumes of gas produced by the field until the end of the concession agreement (2036). This guarantee cannot be quantified because the penalty clause for unilateral anticipated resolution originally set for Eni and the relevant quantification became ineffective due to a revision of the contractual terms. In case of failure on part of the operator to deliver the contractual gas volumes out of production, the claim under the guarantee will be determined by applying the local legislation. Eni’s share (50%) of the contractual volumes of gas to be delivered to PDVSA GAS amounted to a total of around €13 billion. Notwithstanding this amount does not properly represent the guarantee exposure, nonetheless such amount represents the maximum financial exposure at risk for Eni. A similar guarantee was issued by PDVSA on behalf of Eni for the fulfillment of the purchase commitments of the gas volumes by PDVSA GAS. Other commitments also include the agreements entered into for forestry initiatives, implemented within the low carbon strategy defined by the Company, and in particular concerning the commitments for the purchase, up to 2038, of carbon credits produced and certified according to international standards by subjects specialized in forest conservation programs. Eni is liable for certain non-quantifiable risks related to contractual assurances given to acquirers of certain Eni assets, including businesses and investments, against certain contingent liabilities deriving from tax, social security contributions, environmental issues and other matters applicable to periods during which such assets were operated by Eni. Eni believes such matters will not have a material adverse effect on Eni’s results of operations and liquidity. Financial risks Financial risks are managed in respect of guidelines issued by the Board of Directors of Eni SpA in its role of directing and setting the risk limits, targeting to align and centrally coordinate Group companies’ policies on financial risks (“Guidelines on financial risks management and control”). The “Guidelines” define for each financial risk the key components of the management and control process, such as the aim of the risk management, the valuation methodology, the structure of limits, the relationship model and the hedging and mitigation instruments. Market risk Market risk is the possibility that changes in currency exchange rates, interest rates or commodity prices will adversely affect the value of the Group’s financial assets, liabilities or expected future cash flows. The Company actively manages market risk in accordance with a set of policies and guidelines that provide a centralized model of handling finance, treasury and risk management transactions based on the Company’s departments of operational finance: the parent company’s (Eni SpA) finance department, Eni Finance International SA, Eni Finance USA Inc and Banque Eni SA, which is subject to certain bank regulatory restrictions preventing the Group’s exposure to concentrations of credit risk, and Eni Trading & Shipping that is in charge to execute certain activities relating to commodity derivatives. In particular, Eni Corporate finance department, Eni Finance International SA and Eni Finance USA Inc manage subsidiaries’ financing requirements in and outside Italy and in the United States of America, respectively, covering funding requirements and using available surpluses. All transactions concerning currencies and derivative contracts on interest rates and currencies different from commodities are managed by the parent company, while Eni Trading & Shipping SpA executes the negotiation of commodity derivatives over the market. Eni SpA and Eni Trading & Shipping SpA (also through its subsidiary Eni Trading & Shipping Inc) perform trading activities in financial derivatives on external trading venues, such as European and non-European regulated markets, Multilateral Trading Facility (MTF), Organized Trading Facility (OTF), or similar and brokerage platforms (i.e. SEF), and over the counter on a bilateral basis with external counterparties. Other legal entities belonging to Eni that require financial derivatives enter into these transactions through Eni Trading & Shipping and Eni SpA based on the relevant asset class expertise. Eni uses derivative financial instruments (derivatives) in order to minimize exposure to market risks related to fluctuations in exchange rates relating to those transactions denominated in a currency other than the functional currency (the euro) and interest rates, as well as to optimize exposure to commodity prices fluctuations taking into account the currency in which commodities are quoted. Eni monitors every activity in derivatives classified as risk-reducing (in particular, back-to-back activities, flow hedging activities, asset-backed hedging activities and portfolio-management activities) directly or indirectly related to covered industrial assets, so as to effectively optimize the risk profile to which Eni is exposed or could be exposed. If the result of the monitoring shows those derivatives should not be considered as risk reducing, these derivatives are reclassified in proprietary trading. As proprietary trading is considered separately from the other activities in specific portfolios of Eni Trading & Shipping, its exposure is subject to specific controls, both in terms of Value at Risk (VaR) and stop loss and in terms of nominal gross value. For Eni, the gross nominal value of proprietary trading activities is compared with the limits set by the relevant international standards. The framework defined by Eni’s policies and guidelines provides that the valuation and control of market risk is performed on the basis of maximum tolerable levels of risk exposure defined in terms of: (i) limits of stop loss, which expresses the maximum tolerable amount of losses associated with a certain portfolio of assets over a pre-defined time horizon; (ii) limits of revision strategy, which consist in the triggering of a revision process of the strategy in the event of exceeding the level of profit and loss given; and (iii) VaR which measures the maximum potential loss of the portfolio, given a certain confidence level and holding period, assuming adverse changes in market variables and taking into account the correlation among the different positions held in the portfolio. Eni’s finance department defines the maximum tolerable levels of risk exposure to changes in interest rates and foreign currency exchange rates in terms of VaR, pooling Group companies’ risk positions maximizing, when possible, the benefits of the netting activity. Eni’s calculation and valuation techniques for interest rate and foreign currency exchange rate risks are in accordance with banking standards, as established by the Basel Committee for bank activities surveillance. Tolerable levels of risk are based on a conservative approach, considering the industrial nature of the Company. Eni’s guidelines prescribe that Eni Group companies minimize such kinds of market risks by transferring risk exposure to the parent company finance department. Eni’s guidelines define rules to manage the commodity risk aiming at optimizing core activities and pursuing preset targets of stabilizing industrial and commercial margins. The maximum tolerable level of risk exposure is defined in terms of VaR, limits of revision strategy, stop loss and volumes in connection with exposure deriving from commercial activities, as well as exposure deriving from proprietary trading, exclusively managed by Eni Trading & Shipping. Internal mandates to manage the commodity risk provide for a mechanism of allocation of the Group maximum tolerable risk level to each business unit. In this framework, Eni Trading & Shipping, in addition to managing risk exposure associated with its own commercial activity and proprietary trading, pools the requests for negotiating commodity derivatives and executes them in the marketplace. According to the targets of financial structure included in the financial plan approved by the Board of Directors, Eni decided to retain a cash reserve to face any extraordinary requirement. Eni’s finance department, with the aim of optimizing the efficiency and ensuring maximum protection of capital, manages such reserve and its immediate liquidity within the limits assigned. The management of strategic cash is part of the asset management pursued through transactions on own risk in view of optimizing financial returns, while respecting authorized risk levels, safeguarding the Company’s assets and retaining quick access to liquidity. The four different market risks, whose management and control have been summarized above, are described below. Market risk - Exchange rate Exchange rate risk derives from the fact that Eni’s operations are conducted in currencies other than euro (mainly U.S. dollar). Revenues and expenses denominated in foreign currencies may be significantly affected by exchange rate fluctuations due to conversion differences on single transactions arising from the time lag existing between execution and definition of relevant contractual terms (economic risk) and conversion of foreign currency-denominated trade and financing payables and receivables (transactional risk). Exchange rate fluctuations affect the Group’s reported results and net equity as financial statements of subsidiaries denominated in currencies other than euro are translated from their functional currency into euro. Generally, an appreciation of U.S. dollar versus euro has a positive impact on Eni’s results of operations, and vice versa. Eni’s foreign exchange risk management policy is to minimize transactional exposures arising from foreign currency movements and to optimize exposures arising from commodity risk. Eni does not undertake any hedging activity for risks deriving from the translation of foreign currency denominated profits or assets and liabilities of subsidiaries, which prepare financial statements in a currency other than euro, except for single transactions to be evaluated on a case-by-case basis. Effective management of exchange rate risk is performed within Eni’s finance departments, which pool Group companies’ positions, hedging the Group net exposure by using certain derivatives, such as currency swaps, forwards and options. Such derivatives are evaluated at fair value based on market prices provided by specialized info-providers. Changes in fair value of those derivatives are normally recognized through profit and loss, as they do not meet the formal criteria to be recognized as hedges. The VaR techniques are based on variance/covariance simulation models and are used to monitor the risk exposure arising from possible future changes in market values over a 24‑hour period within a 99% confidence level and a 20‑day holding period. Market risk - Interest rate Changes in interest rates affect the market value of financial assets and liabilities of the Company and the level of finance charges. Eni’s interest rate risk management policy is to minimize risk with the aim to achieve financial structure objectives defined and approved in management’s finance plans. The Group’s finance departments pool borrowing requirements of the Group companies in order to manage net positions and fund portfolio developments consistent with management plans, thereby maintaining a level of risk exposure within prescribed limits. Eni enters into interest rate derivative transactions, in particular interest rate swaps, to manage effectively the balance between fixed and floating rate debt. Such derivatives are evaluated at fair value based on market prices provided from specialized sources. VaR deriving from interest rate exposure is measured daily based on a variance/covariance model, with a 99% confidence level and a 20‑day holding period. Market risk - Commodity Eni’s results of operations are affected by changes in the prices of commodities. A decrease in oil&gas prices generally, has a negative impact on Eni’s results of operations and vice versa, and may jeopardize the achievement of the financial targets preset in the Company’s four-year plans and budget. The commodity price risk arises in connection with the following exposures: (i) strategic exposure: exposures directly identified by the Board of Directors as a result of strategic investment decisions or outside the planning horizon of risk. These exposures include those associated with the program for the production of proved and unproved oil&gas reserves, long-term gas supply contracts for the portion not balanced by ongoing or highly probable sale contracts, refining margins identified by the Board of Directors of strategic nature (the remaining volumes can be allocated to the active management of the margin or to asset-backed hedging activities) and minimum compulsory stocks; (ii) commercial exposure: includes the exposures related to the components underlying the contractual arrangements of industrial and commercial activities and, if related to take-or-pay commitments, to the components related to the time horizon of the four-year plan and budget and the relevant activities of risk management. Commercial exposures are characterized by a systematic risk management activity conducted based on risk/return assumptions by implementing one or more strategies and subjected to specific risk limits (VaR, revision strategy limits and stop loss). In particular, the commercial exposures include exposures subjected to asset-backed hedging activities, arising from the flexibility/optionality of assets; and (iii) proprietary trading exposure: includes operations independently conducted for profit purposes in the short term, and normally not for the purpose of delivery, both within the commodity and financial markets, with the aim to obtain a profit upon the occurrence of a favorable result in the market, in accordance with specific limits of authorized risk (VaR, stop loss). Origination activities are included in the proprietary trading exposures, if not connected to contractual or physical assets. Strategic risk is not subject to systematic activity of management/coverage that is eventually carried out only in case of specific market or business conditions. Because of the extraordinary nature, hedging activities related to strategic risks are delegated to the top management. Strategic risk is subject to measuring and monitoring but is not subject to specific risk limits. If previously authorized by the Board of Directors, exposures related to strategic risk can be used in combination with other commercial exposures in order to exploit opportunities for natural compensation between the risks (natural hedge) and consequently reduce the use of derivatives (by activating logics of internal market). Eni manages exposure to commodity price risk arising in normal trading and commercial activities in view of achieving stable economic results. Eni manages the commodity risk through the trading unit of Eni Trading & Shipping and the exposure to commodity prices through the Group’s finance departments by using derivatives traded on the organized markets MTF, OTF and derivatives traded over the counter (swaps, forward, contracts for differences and options on commodities) with the underlying commodities being crude oil, gas, refined products, power or emission certificates. Such derivatives are valued at fair value based on market prices provided from specialized sources or, absent market prices, on the basis of estimates provided by brokers or suitable valuation techniques. VaR deriving from commodity exposure is measured daily based on a historical simulation technique, with a 95% confidence level and a one-day holding period. Market risk - Strategic liquidity Market risk deriving from liquidity management is identified as the possibility that changes in prices of financial instruments (bonds, money market instruments and mutual funds) would affect the value of these instruments when valued at fair value. The setting up and maintenance of the liquidity reserve is mainly aimed to guarantee a proper financial flexibility. Liquidity should allow Eni to fund any extraordinary need (such as difficulty in access to credit, exogenous shock, macroeconomic environment, as well as merger and acquisitions) and must be dimensioned to provide a coverage of short-term debts and a coverage of medium and long-term finance debts due within a time horizon of 24 months. In order to manage the investment activity of the strategic liquidity, Eni defined a specific investment policy with aims and constraints in terms of financial activities and operational boundaries, as well as governance guidelines regulating management and control systems. In particular, strategic liquidity management is regulated in terms of VaR (measured based on a parametrical methodology with a one-day holding period and a 99% confidence level), stop loss and other operating limits in terms of concentration, issuing entity, business segment, country of emission, duration, ratings and type of investing instruments in portfolio, aimed to minimize market and liquidity risks. Financial leverage or short selling is not allowed. Activities in terms of strategic liquidity management started in the second half of the year 2013 (Euro portfolio) and throughout the course of the year 2017 (U.S. dollar portfolio). In 2019, the Euro investment portfolio has maintained an average credit rating of A-/BBB+, whereas the USD investment portfolio has maintained an average credit rating of A+/A, both in line with the year 2018. The following tables show amounts in terms of VaR, recorded in 2019 (compared with 2018) relating to interest rate and exchange rate risks in the first section and commodity risk. Regarding the management of strategic liquidity, the sensitivity to changes of interest rate is expressed by values of “Dollar value per Basis Point” (DVBP). (Value at risk - parametric method variance/covariance; holding period: 20 days; confidence level: 99%) 2019 2018 (€ million) High Low Average At year end High Low Average At year end Interest rate (a) 5.19 2.44 3.80 3.00 3.65 1.80 2.73 2.99 Exchange rate (a) 0 |
Revenues and other income
Revenues and other income | 12 Months Ended |
Dec. 31, 2019 | |
Revenues and other income | |
Revenues and other income | 28 Revenues and other income Sales from operations Refining & Exploration & Marketing and Corporate and (€ million) Production Gas & Power Chemical Other activities Total 2019 Sales from operations 10,499 38,160 21,017 205 69,881 Products sales and service revenues Sales of crude oil 3,505 17,334 27 20,866 Sales of oil products 1,189 3,000 16,615 20,804 Sales of natural gas and LNG 5,454 12,468 17,922 Sales of petrochemical products 316 3,772 22 4,110 Sales of other products 68 2,502 16 7 2,593 Services 283 2,540 587 176 3,586 Total 10,499 38,160 21,017 205 69,881 Transfer of goods/services Goods/Services transferred in a specific moment 9,946 38,047 20,768 87 68,848 Goods/Services transferred over a period of time 553 113 249 118 1,033 2018 Sales from operations Products sales and service revenues Sales of crude oil 3,982 18,471 22,453 Sales of oil products 1,133 4,053 17,213 22,399 Sales of natural gas and LNG 4,554 15,088 19,642 Sales of petrochemical products 762 4,777 35 5,574 Sales of other products 27 2,363 20 11 2,421 Services 247 2,372 584 130 3,333 Total 9,943 43,109 22,594 176 75,822 Transfer of goods/services Goods/Services transferred in a specific moment 9,676 42,979 22,535 106 75,296 Goods/Services transferred over a period of time 267 130 59 70 526 2017 Sales from operations Products sales and service revenues Sales of crude oil 2,431 17,693 20,141 Sales of oil products 1,030 3,930 14,615 19,575 Sales of natural gas and LNG 3,470 11,643 15,113 Sales of petrochemical products 147 4,591 32 4,770 Sales of other products 14 2,021 21 12 2,068 Services 186 4,412 527 127 5,252 Total 7,131 39,846 19,771 171 66,919 (€ million) 2019 2018 Revenues associated with contract liabilities at the beginning of the period 747 342 Revenues associated with performance obligations totally or partially satisfied in previous years 10 11 Sales from operations by industry segment and geographical area of destination are disclosed in note 35 – Segment information and information by geographic area. Sales from operations with related parties are disclosed in note 36 – Transactions with related parties. Other income and revenues (€ million) 2019 2018 2017 Gains from sale of assets and businesses 152 454 3,288 Other proceeds 1,008 662 770 1,160 1,116 4,058 In 2019, gains from the sale of assets and businesses related for €146 million to assets of the Exploration & Production segment. In 2018, gains from the sale of assets and businesses related to the divestment of a 10% stake in the Zohr project for €428 million. In 2017, the amount related to the divestment of a 25% stake in natural gas-rich Area 4 offshore Mozambique (€1,985 million) and of a 40% stake in the Zohr project (€1,281 million). Other proceeds include €368 million related to the recovery of the cost share of right-of-use assets pertaining to partners of non-incorporated joint operations operated by Eni. Other income and revenues with related parties are disclosed in note 36 – Transactions with related parties. |
Costs
Costs | 12 Months Ended |
Dec. 31, 2019 | |
Costs | |
Costs | 29 Costs Purchase, services and other charges (€ million) 2019 2018 2017 Production costs - raw, ancillary and consumable materials and goods 36,272 41,125 35,907 Production costs - services 11,589 10,625 12,228 Lease expense and other 1,478 1,820 1,684 Net provisions for contingencies 858 1,120 886 Charges for price variation on overliftling and underlifting operations 145 Other expenses 879 1,130 931 51,076 55,820 51,781 less: - capitalized direct costs associated with self-constructed assets - tangible assets (197) (192) (224) - capitalized direct costs associated with self-constructed assets - intangible assets (5) (6) (9) 50,874 55,622 51,548 Purchase, services and other charges include geological and geophysical costs of exploration activities for €275 million (€ 287 million and €273 million in 2018 and 2017, respectively). In 2018 and 2017, the item included operating leases for €872 million and €1,022 million, respectively. Costs incurred in connection with research and development activities expensed through profit and loss, as they did not meet the requirements to be recognized as long-lived assets, amounted to €194 million (€197 million and €185 million in 2018 and 2017, respectively). Royalties on the extraction of hydrocarbons amounted to €1,183 million (€1,043 million and €674 million in 2018 and 2017, respectively). Additions to provisions net of reversal of unused provisions mainly related to net addition for litigations amounting to €60 million (net provisions of €101 million and €375 million in 2018 and 2017, respectively) and net additions for environmental liabilities amounting to €329 million (net provisions of €266 million and €200 million in 2018 and 2017, respectively). More information is provided in note 20 – Provisions. Net additions to provisions by segment are disclosed in note 35 – Segment information and information by geographic area. Information about leases is disclosed in note 12 – Right-of-use assets and lease liabilities. Payroll and related costs (€ million) 2019 2018 2017 Wages and salaries 2,417 2,409 2,447 Social security contributions 449 448 441 Cost related to employee benefit plans 85 220 113 Other costs 213 170 162 3,164 3,247 3,163 less: - capitalized direct costs associated with self-constructed assets - tangible assets (152) (142) (202) - capitalized direct costs associated with self-constructed assets - intangible assets (16) (12) (10) 2,996 3,093 2,951 Other costs comprised provisions for redundancy incentives of €45 million (€37 million and €18 million in 2018 and 2017, respectively) and costs for defined contribution plans of €99 million (€95 million and €90 million in 2018 and 2017, respectively). Cost related to employee benefit plans are described in note 21 – Provisions for employee benefits. Costs with related parties are disclosed in note 36 – Transactions with related parties. Average number of employees The Group average number and breakdown of employees by category is reported below: 2019 2018 2017 (number) Subsidiaries Joint operations Subsidiaries Joint operations Subsidiaries Joint operations Senior managers 1,014 16 999 17 995 17 Junior managers 9,267 77 9,095 84 9,089 98 Employees 15,945 361 16,220 361 16,721 371 Workers 4,910 287 5,259 283 5,659 285 31,136 741 31,573 745 32,464 771 The average number of employees was calculated as the average between the number of employees at the beginning and the end of the period. The average number of senior managers included managers employed in foreign countries, whose position is comparable to a senior manager’s status. Long-term monetary incentive plan for the managers of Eni On April 13, 2017, the Shareholders Meeting approved the Long-Term Monetary Incentive Plan 2017-2019 and empowered the Board of Directors to execute the Plan by authorizing it to dispose up to a maximum of 11 million of treasury shares in service of the Plan. The Long-Term Monetary Incentive Plan 2017-2019 provides for three annual awards for the years 2017, 2018 and 2019 and is intended for the Chief Executive Officer of Eni and for the managers of Eni and its subsidiaries who qualify as “senior managers deemed critical for the business”, selected among those who are in charge of tasks directly linked to the Group results or of strategic clout to the business. The Plan provides the granting of Eni shares for no consideration to eligible managers after a three-year vesting period under the condition that they would remain in office until vesting. Considering that this incentive falls within the category of employee compensation, in accordance with IFRS, the cost of the plan is determined based on the fair value of the financial instruments awarded to the beneficiaries and the number of shares that will be granted at the end of the vesting period; the cost is accruing along the vesting period. The number of shares that will be granted at the end of the vesting period is conditioned on a 50-50 basis to actual results of two performance parameters against preset targets: (i) a market condition in terms of Total Shareholder Return (TSR) of the Eni share compared to the TSR of the FTSE Mib index of the Italian Stock Exchange Market, and to a group of Eni’s competitors (“Peers Group”) 37 and the TSR of their corresponding stock exchange market 38 ; (ii) growth in the Net Present Value (NPV) of proved reserves benchmarked against the Peer Group. Depending on the performance of the parameters mentioned above, the number of shares that will vest after three years may range between 0% and 180% of the initial award. Furthermore, 50% of the shares that will eventually vest is subject to a lock-up clause of one year after the vesting date. The number of shares awarded at the grant date was 1,759,273 in 2019, 1,517,975 in 2018 and 1,719,061 in 2017; the weighted average fair value of the shares at the same date was €9.88 per share in 2019, €11.73 per share in 2018 and €7.99 per share in 2017. The estimation of the fair value was calculated by adopting specific valuation techniques regarding the different performance parameters provided by the plan (the stochastic method for the market condition of the plan and the Black-Scholes model for the component related to the NPV of the reserves), taking into account the fair value of the Eni share at the grant date (€13.714 per share in 2019; €14.246 per share in 2018; €13.81 per share in 2017), reduced by dividends expected along the vesting period (6.1% of the share price at vesting date in 2019; 5.8% of the share price at vesting date in 2018; 5.8% of the share price at vesting date in 2017), the volatility of the stock (19% for attribution 2019; 20% for attribution 2018; 25% for attribution 2017), the forecasts for the performance parameters, as well as the lower value attributable to the shares considering the lock-up period at the end of the vesting period. In 2019, the costs related to the long-term monetary incentive plan 2017-2019, recognized as a component of the payroll cost, amounted to €9 million (€5 million in 2018; €0.4 million in 2017) with a contra-entry to equity reserves. Compensation of key management personnel Compensation, including contributions and collateral expenses, of personnel holding key positions in planning, directing and controlling the Eni Group subsidiaries, including executive and non-executive officers, general managers and managers with strategic responsibilities in office during the year consisted of the following: (€ million) 2019 2018 2017 Wages and salaries 28 27 25 Post-employment benefits 2 2 2 Other long-term benefits 12 10 9 Indemnities upon termination of employment 12 7 54 39 43 Compensation of Directors and Statutory Auditors Compensation of Directors amounted to €9.2 million, €9.6 million and €14.5 million for 2019, 2018 and 2017, respectively. Compensation of Statutory Auditors amounted to €0.613 million, €0.604 million and €0.760 million in 2019, 2018 and 2017, respectively. Compensation included emoluments and social security benefits due for the office as Director or Statutory Auditor held at the parent company Eni SpA or other Group subsidiaries, which was recognized as a cost to the Group, even if not subject to personal income tax. 37 The group consists of the following oil companies: Anadarko, Apache, BP, Chevron, ConocoPhillips, ExxonMobil, Marathon Oil, Royal Dutch Shell, Statoil and Total. 38 The performance condition connected with the TSR in accordance with the international accounting standards represents a so-called market condition. |
Finance income (expense)
Finance income (expense) | 12 Months Ended |
Dec. 31, 2019 | |
Finance income (expense) | |
Finance income (expense) | 30 Finance income (expense) (€ million) 2019 2018 2017 Finance income (expense) Finance income 3,087 3,967 3,924 Finance expense (4,079) (4,663) (5,886) Net finance income (expense) from financial assets held for trading 127 32 (111) Income (expense) from derivative financial instruments (14) (307) 837 (879) (971) (1,236) The analysis of finance income (expense) was as follows: (€ million) 2019 2018 2017 Finance income (expense) related to net borrowings Interest and other finance expense on ordinary bonds (618) (565) (638) Net finance income (expense) on financial assets held for trading 127 32 (111) Interest and other expense due to banks and other financial institutions (122) (120) (113) Interest on lease liabilities (378) Interest from banks 21 18 12 Interest and other income on financial receivables and securities held for non-operating purposes 8 8 16 (962) (627) (834) Exchange differences 250 341 (905) Income (expense) from derivative financial instruments (14) (307) 837 Other finance income (expense) Interest and other income on financing receivables and securities held for operating purposes 112 132 128 Capitalized finance expense 93 52 73 Finance expense due to the passage of time (accretion discount) (a) (255) (249) (264) Other finance income (expense) (103) (313) (271) (153) (378) (334) (879) (971) (1,236) (a) The item related to the increase in provisions for contingencies that are shown at present value in non-current liabilities. Information about leases is disclosed in note 12 — Right-of-use assets and lease liabilities. The analysis of income (expense) from derivative financial instruments is disclosed in note 23 — Derivative financial instruments and hedge accounting. Operating expenses with related parties are disclosed in note 36 — Transactions with related parties. |
Income (expense) from investmen
Income (expense) from investments | 12 Months Ended |
Dec. 31, 2019 | |
Income (expense) from investments | |
Income (expense) from investments | 31 Income (expense) from investments Share of profit (loss) of equity-accounted investments More information is provided in note 15 — Investments. Share of profit or loss of equity accounted investments by industry segment is disclosed in note 35 — Segment information and information by geographic area. Other gain (loss) from investments (€ million) 2019 2018 2017 Dividends 247 231 205 Net gain (loss) on disposals 19 22 163 Other net income (expense) 15 910 (33) 281 1,163 335 Dividend income primarily related to Nigeria LNG Ltd for €186 million and to Saudi European Petrochemical Co for €46 million (€187 million and €35 million in 2018 and €167 million and €21 million in 2017, respectively). In 2018, other net income included a gain of €889 million deriving from the business combination between Eni Norge AS and Point Resources AS, with the establishment of joint venture the Vår Energi AS, determined by the difference between the book value of the investment corresponding to the fair value of the combined net assets and the book value of the net assets sold. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income taxes | |
Income taxes | 32 Income taxes (€ million) 2019 2018 2017 Current taxes: - Italian subsidiaries 347 301 712 - subsidiaries of the Exploration & Production segment - outside Italy 4,729 4,906 3,167 - other subsidiaries - outside Italy 152 163 142 5,228 5,370 4,021 Net deferred taxes: - Italian subsidiaries 599 130 (464) - subsidiaries of the Exploration & Production segment - outside Italy (172) 497 (162) - other subsidiaries - outside Italy (64) (27) 72 363 600 (554) 5,591 5,970 3,467 Current income taxes payable by Italian subsidiaries referred to foreign taxes for €137 million. The reconciliation between the statutory tax charge calculated by applying the Italian statutory tax rate of 24% (same amount in 2018 and 2017) and the effective tax charge is the following: (€ million) 2019 2018 2017 Profit (loss) before taxation 5,746 10,107 6,844 Tax rate (IRES) (%) 24.0 24.0 24.0 Statutory corporation tax charge (credit) on profit or loss 1,379 2,426 1,643 Increase (decrease) resulting from: - higher tax charges related to subsidiaries outside Italy 2,934 3,096 1,882 - impact pursuant to the write-down of deferred tax assets and recalculation of tax rates 938 261 (96) - tax effects related to previous years 147 (24) (1) - impact pursuant to foreign tax effects of italian entities 105 46 54 - effect due to the tax regime provided for intercompany dividends 65 47 1 - Italian regional income tax (IRAP) 25 50 77 - impact pursuant to redetermination of the Italian Windfall Corporate tax as per Law 7/2009 61 - effect due to non-taxable gains/losses on sales of investments (1) (177) - other adjustments (2) 69 23 4,212 3,544 1,824 Effective tax charge 5,591 5,970 3,467 The higher tax charges at non-Italian subsidiaries related to the Exploration & Production segment for €2,934 million (€3,014 million and €1,811 million in 2018 and in 2017, respectively). |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share | |
Earnings per share | 33 Earnings per share Basic earnings per ordinary share are calculated by dividing net profit for the period attributable to Eni’s shareholders by the weighted average number of ordinary shares issued and outstanding during the period, excluding treasury shares. The average number of ordinary shares used for the calculation of the basic earnings per share in 2019 was 3,592,249,603 (3,601,140,133 in 2018 and 2017). Diluted earnings per share are calculated by dividing the net profit of the period attributable to Eni’s shareholders by the weighted average number of shares fully-diluted, excluding treasury shares, and including the number of potential shares to be issued in connection with stock-based compensation plans. As of December 31, 2019, the shares that could be potentially issued related the estimation of new shares that will vest in connection with the 2017-2019 long-term monetary incentive plan. Reconciliation of the weighted average number of shares used for the calculation for both basic and diluted earnings per share was as follows: 2019 2018 2017 Weighted average number of shares used for basic earnings per share 3,592,249,603 3,601,140,133 3,601,140,133 Potential shares to be issued for ILT incentive plan 2,251,406 2,782,584 1,691,413 Weighted average number of shares used for diluted earnings per share 3,594,501,009 3,603,922,717 3,602,831,546 Eni’s net profit (€ million) 148 4,126 3,374 Basic earnings per share (€ per share) 0.04 1.15 0.94 Diluted earnings per share (€ per share) 0.04 1.15 0.94 |
Exploration for evaluation of o
Exploration for evaluation of oil&gas resources | 12 Months Ended |
Dec. 31, 2019 | |
Exploration for evaluation of oil&gas resources | |
Exploration for evaluation of oil&gas resources | 34 Exploration for evaluation of oil&gas resources (€ million) 2019 2018 2017 Revenues related to exploration activity and evaluation 34 17 9 Exploration activity and evaluation costs - write-off of exploration and evaluation costs 214 93 252 - costs of geological and geophysical studies 275 287 273 Exploration expense for the year 489 380 525 Intangible assets: proved and unproved exploration licence and leasehold property acquisition costs 1,031 1,081 995 Tangible assets: capitalized exploration and evaluation costs 1,563 1,267 1,371 Total tangible and intangible assets 2,594 2,348 2,366 Provision for decommissioning related to exploration activity and evaluation 109 77 81 Exploration expenditure (net cash used in investing activivties) 586 463 442 Geological and geophysical costs (cash flow from operating activities) 275 287 273 Total exploration effort 861 750 715 |
Segment information and informa
Segment information and information by geographical area | 12 Months Ended |
Dec. 31, 2019 | |
Segment information and information by geographical area | |
Segment information and information by geographical area | 35 Segment information and information by geographic area Segment information Eni’s segmental reporting reflects the Group’s operating segments, whose results are regularly reviewed by the chief operating decision maker (the CEO) to make decisions about resources to be allocated to each segment and to assess segment performance. Segment performance is evaluated based on operating profit or loss. Other segment information presented to the CEO include segment revenues and directly attributable assets and liabilities. As of December 31, 2019, Eni had the following reportable segments: · Exploration & Production : engages in the research, development and production of crude oil and natural gas, including projects to build and operate liquefaction plants of LNG; · Gas & Power : engages in supply and marketing of natural gas at wholesale and retail markets, supply and marketing of LNG and supply, production and marketing of power at retail and wholesale markets. Gas & Power is also engaged in supply and marketing of crude oil and oil products targeting the operational requirements of Eni’s refining business and in energy commodity trading (including crude oil, natural gas, oil products, power, emission allowances, etc.) targeting to both hedge and stabilize the Group’s industrial and commercial margins according to an integrated view and to optimize margins. · Refining & Marketing and Chemical : engages in the manufacturing, supply and distribution and marketing activities of oil products and chemical products. The results of the Chemicals business have been aggregated to those of the Refining & Marketing business in a single reportable segment, because these two operating segments exhibit similar economic characteristics. · Corporate and Other activities : include the costs of the Group HQ functions which provide services to the operating subsidiaries, comprising holding, financing and treasury, IT, HR, real estate, legal assistance, captive insurance, as well as the results of the Group environmental clean-up and remediation activities performed by the subsidiary Eni Rewind SpA (former Syndial SpA). The Energy Solutions Department, which engages in developing the renewable energy business, is an operating segment, which is reported within Corporate and Other activities because it does not meet the materiality threshold set by IFRS 8 for separate segment reporting. Information by segment is as follows: Refining & Corporate Adjustments Exploration & Gas & Marketing and Other of intragroup (€ million) Production Power and Chemical activities profits Tota l 2019 Sales from operations including intersegment sales 50,015 23,334 1,681 Less: intersegment sales (11,855) (2,317) (1,476) Sales from operations 38,160 21,017 205 69,881 Operating profit 699 (854) (710) (120) 6,432 Net provisions for contingencies 232 273 307 (51) 858 Depreciation and amortization (447) (485) (146) 32 (8,106) Impairments of tangible and intangible assets and right-of-use assets (83) (1,127) (13) (2,570) Reversals of tangible and intangible assets 46 205 1 382 Write-off of tangible and intangible assets (1) (6) (1) (300) Share of profit (loss) of equity-accounted investments (11) (63) (21) (88) Identifiable assets (a) 9,176 12,336 1,860 (492) 91,795 Unallocated assets (b) 31,645 Equity-accounted investments 487 3,107 1,333 9,035 Identifiable liabilities (c) 7,852 4,599 3,927 (141) 36,401 Unallocated liabilities (d) 39,139 Capital expenditure in tangible and intangible assets and prepaid right-of-use assets 230 933 231 (14) 8,376 2018 Sales from operations including intersegment sales 25,744 55,690 25,216 1,589 Less: intersegment sales (15,801) (12,581) (2,622) (1,413) Sales from operations 9,943 43,109 22,594 176 75,822 Operating profit 10,214 629 (380) (691) 211 9,983 Net provisions for contingencies 235 53 274 579 (21) 1,120 Depreciation and amortization (6,152) (408) (399) (59) 30 (6,988) Impairments of tangible and intangible assets (1,025) (56) (193) (18) (1,292) Reversals of tangible and intangible assets 299 127 426 Write-off of tangible and intangible assets (97) (1) (2) (100) Share of profit (loss) of equity-accounted investments 158 9 (67) (168) (68) Identifiable assets (a) 63,051 9,989 11,692 1,171 (420) 85,483 Unallocated assets (b) 32,890 Equity-accounted investments 4,972 494 275 1,303 7,044 Identifiable liabilities (c) 18,110 8,314 4,319 4,072 (275) 34,540 Unallocated liabilities (d) 32,760 Capital expenditure in tangible and intangible assets 7,901 215 877 143 (17) 9,119 2017 Sales from operations including intersegment sales 19,525 50,623 22,107 1,462 Less: intersegment sales (12,394) (10,777) (2,336) (1,291) Sales from operations 7,131 39,846 19,771 171 66,919 Operating profit 7,651 75 981 (668) (27) 8,012 Net provisions for contingencies 479 (20) 182 245 886 Depreciation and amortization (6,747) (345) (360) (60) 29 (7,483) Impairments of tangible and intangible assets (650) (56) (131) (25) (862) Reversals of tangible and intangible assets 808 202 77 1,087 Write-off of tangible and intangible assets (260) (2) (1) (263) Share of profit (loss) of equity-accounted investments (99) (10) (57) (101) (267) Identifiable assets (a) 66,661 11,058 11,599 1,108 (610) 89,816 Unallocated assets (b) 25,112 Equity-accounted investments 1,234 509 321 1,447 3,511 Identifiable liabilities (c) 17,273 8,851 4,005 4,053 (306) 33,876 Unallocated liabilities (d) 32,973 Capital expenditure in tangible and intangible assets 7,739 142 729 87 (16) 8,681 (a) Include assets directly associated with the generation of operating profit. (b) Include assets not directly associated with the generation of operating profit. (c) Include liabilities directly associated with the generation of operating profit. (d) Include liabilities not directly associated with the generation of operating profit. Information by geographical area Identifiable assets and investments by geographical area of origin Other European Rest of Other (€ million) Italy Union Europe Americas Asia Africa areas Total 2019 Identifiable assets (a) 19,346 7,237 1,151 5,230 17,898 40,021 912 91,795 Capital expenditure in tangible and intangible assets and prepaid right-of-use assets 1,402 306 9 1,017 1,685 3,902 55 8,376 2018 Identifiable assets (a) 18,646 7,086 1,031 4,546 16,910 36,155 1,109 85,483 Capital expenditure in tangible and intangible assets 1,424 267 538 534 1,782 4,533 41 9,119 2017 Identifiable assets (a) 18,449 7,706 6,160 4,406 16,527 35,385 1,183 89,816 Capital expenditure in tangible and intangible assets 1,090 316 387 278 898 5,699 13 8,681 (a) Include assets directly associated with the generation of operating profit. Sales from operations by geographical area of destination (€ million) 2019 2018 2017 Italy 23,312 25,279 21,925 Other European Union 18,567 20,408 19,791 Rest of Europe 6,931 7,052 5,911 Americas 3,842 5,051 5,154 Asia 8,102 9,585 7,523 Africa 8,998 8,246 6,428 Other areas 129 201 187 69,881 75,822 66,919 |
Transactions with related parti
Transactions with related parties | 12 Months Ended |
Dec. 31, 2019 | |
Transactions with related parties | |
Transactions with related parties | 36 Transactions with related parties In the ordinary course of its business, Eni enters into transactions regarding: a) Purchase/supply of goods and services and the provision of financing to joint ventures, associates and non-consolidated subsidiaries; b) Purchase/supply of goods and services to entities controlled by the Italian Government; c) Purchase/supply of goods and services to companies related to Eni SpA through members of the Board of Directors. Most of these transactions are exempt from the application of the Eni internal procedure “Transactions involving interests of Directors and Statutory Auditors and transactions with related parties” pursuant to the Consob Regulation, since they relate to ordinary transactions conducted at market or standard conditions, or because they fall below the materiality threshold provided for by the procedure. The solely non-exempted transaction, that was positively examined and valued in application of the procedure, concerned the remote monitoring of cars in the “enjoy” initiative (for an amount of about €1 million) conducted with Vodafone Italia SpA related to Eni SpA through of a member of the Board of Directors; and d) contributions to non-profit entities correlated to Eni with the aim to develop solidarity, culture and research initiatives. In particular these related to: (i) Eni Foundation, established by Eni as a non-profit entity with the aim of pursuing exclusively solidarity initiatives in the fields of social assistance, health, education, culture and environment, as well as scientific and technological research; and (ii) Eni Enrico Mattei Foundation, established by Eni with the aim of enhancing, through studies, research and training initiatives, knowledge enrichment in the fields of economics, energy and environment, both at the national and international level. Transactions with related parties were conducted in the interest of Eni companies and, with exception of those with entities whose aim is to develop charitable, cultural and research initiatives, are related to the ordinary course of Eni’s business. Transactions and balances with related parties December 31, 2019 2019 Receivables Payables (€ million) and other and other Other operating Name assets liabilities Guarantees Revenues Costs (expense) income Joint ventures and associates Agiba Petroleum Co 3 71 229 Angola LNG Supply Services Llc 181 Coral FLNG SA 15 1,168 71 Gas Distribution Company of Thessaloniki - Thessaly SA 13 53 Saipem Group 75 227 510 27 503 Karachaganak Petroleum Operating BV 33 198 1 1,134 Mellitah Oil & Gas BV 57 171 3 365 Petrobel Belayim Petroleum Co 50 1,130 7 1,590 Unión Fenosa Gas SA 8 1 57 1 6 63 Vår Energi AS 32 143 482 63 1,481 (64) Other (*) 106 29 1 112 87 379 1,983 2,399 285 5,448 (1) Unconsolidated entities controlled by Eni Eni BTC Ltd 180 Industria Siciliana Acido Fosforico - ISAF SpA (in liquidation) 101 1 3 14 Other 5 25 14 6 18 106 26 197 20 18 485 2,009 2,596 305 5,466 (1) Entities controlled by the Government Enel Group 185 284 105 602 (8) Italgas Group 3 154 1 677 Snam Group 278 229 71 1,208 Terna Group 40 45 171 223 17 GSE - Gestore Servizi Energetici 26 24 549 468 11 Other 10 19 12 35 542 755 909 3,213 20 Other related parties 2 3 5 37 Groupement Sonatrach - Agip «GSA» and Organe Conjoint des Opérations «OC SH/FCP» 75 74 33 457 1,104 2,841 2,596 1,252 9,173 19 (*) December 31, 2018 2018 Receivables Payables (€ million) and other and other Other operating Name assets liabilities Guarantees Revenues Costs (expense) income Joint ventures and associates Agiba Petroleum Co 1 96 156 Angola LNG Supply Services Llc 177 Coral FLNG SA 14 1,147 62 Gas Distribution Company of Thessaloniki - Thessaly SA 1 18 51 Saipem Group 75 171 793 30 420 Karachaganak Petroleum Operating BV 27 134 1 998 Mellitah Oil & Gas BV 1 268 1 502 Petrobel Belayim Petroleum Co 56 2,029 7 2,282 Unión Fenosa Gas SA 4 7 57 123 37 Vår Energi AS 13 100 218 Other (*) 44 25 111 104 (26) 236 2,848 2,392 335 4,513 11 Unconsolidated entities controlled by Eni Eni BTC Ltd 177 Industria Siciliana Acido Fosforico - ISAF SpA (in liquidation) 87 1 5 11 Other 6 23 14 7 13 93 24 196 18 13 329 2,872 2,588 353 4,526 11 Entities controlled by the Government Enel Group 134 151 118 514 227 Italgas Group 5 146 23 667 Snam Group 237 289 109 1,184 (1) Terna Group 26 47 150 231 8 GSE - Gestore Servizi Energetici 67 85 555 588 74 Other 25 18 45 34 494 736 1,000 3,218 308 Other related parties 1 2 4 32 Groupement Sonatrach - Agip «GSA» and Organe Conjoint des Opérations 40 140 34 229 864 3,750 2,588 1,391 8,005 319 Each individual amount included herein was lower than €50 million. December 31, 2017 2017 Receivables Payables (€ million) and other and other Other operating Name assets liabilities Guarantees Revenues Costs (expense) income Joint ventures and associates Agiba Petroleum Co 1 83 142 Coral FLNG SA 20 4 1,094 28 Karachaganak Petroleum Operating BV 36 121 951 Mellitah Oil & Gas BV 5 220 2 495 Petrobel Belayim Petroleum Co 86 1,205 8 3,168 Saipem Group 63 76 7,270 44 450 Unión Fenosa Gas SA 57 202 3 28 Other (*) 84 22 128 140 295 1,731 8,421 412 5,349 28 Unconsolidated entities controlled by Eni Eni BTC Ltd 169 Industria Siciliana Acido Fosforico - ISAF SpA (in liquidation) 77 1 5 7 Other 20 23 7 7 14 97 24 181 14 14 392 1,755 8,602 426 5,363 28 Entities controlled by the Government Enel Group 123 187 164 622 285 GSE - Gestore Servizi Energetici 69 219 702 506 2 Italgas Group 14 180 1 18 681 Snam Group 187 351 85 1,221 Terna Group 35 31 154 212 15 Other (*) 50 21 16 38 1 478 989 1 1,139 3,280 303 Other related parties 1 2 1 25 Groupement Sonatrach - Agip «GSA» and Organe Conjoint des Opérations 39 145 42 530 910 2,891 8,603 1,608 9,198 331 (*) Each individual amount included herein was lower than €50 million. The most significant transactions with joint ventures, associates and unconsolidated subsidiaries concerned: · Eni’s share of expenses incurred to develop oil fields from Agiba Petroleum Co, Karachaganak Petroleum Operating BV, Mellitah Oil & Gas BV, Petrobel Belayim Petroleum Co, Groupement Sonatrach - Agip «GSA», Organe Conjoint des Opérations «OC SH/FCP» and, only for Karachaganak Petroleum Operating BV, purchase of crude oil by Eni Trading & Shipping SpA; services charged to Eni’s associates are invoiced on the basis of incurred costs; · a guarantee issued on behalf of Angola LNG Supply Services Llc to cover the commitments relating to the payment of the regasification fee; · supply of upstream specialist services and a guarantee issued on a pro-quota basis granted to Coral FLNG SA on behalf of the Consortium TJS for the contractual obligations assumed following the award of the EPCIC contract for the construction of a floating gas liquefaction plant (for more information see note 27 - Guarantees, commitments and risks); · the acquisition of transport and distribution services from the Gas Distribution Company of Thessaloniki - Thessaly SA; · engineering, construction and drilling services by the Saipem Group mainly for the Exploration & Production segment and residual guarantees issued by Eni SpA relating to bid bonds and performance bonds; · a performance guarantee given on behalf of Unión Fenosa Gas SA in relation to contractual commitments related to the results of operations and fair value of derivative financial instruments; · a guarantee issued in compliance with contractual agreements in the interest of Vår Energi AS, the supply of upstream specialist services, the purchase of crude oil, condensates and gas and fair value of derivative financial instruments; · a guarantee issued in relation to the construction of an oil pipeline on behalf of Eni BTC Ltd; and · services for environmental restoration to Industria Siciliana Acido Fosforico - ISAF SpA (in liquidation). The most significant transactions with entities controlled by the Italian Government concerned: · sale of fuel, sale and purchase of gas, acquisition of power distribution services and fair value of derivative financial instruments with Enel Group; · acquisition of natural gas transportation, distribution and storage services with Snam Group and Italgas Group on the basis of tariffs set by the Italian Regulatory Authority for Energy, Networks and Environment and purchase and sale with Snam Group of natural gas for granting the system balancing on the basis of prices referred to the quotations of the main energy commodities; · acquisition of domestic electricity transmission service and sale and purchase of electricity for granting the system balancing on the basis of prices referred to the quotations of the main energy commodities, and derivatives on commodities entered to hedge the price risk related to the utilization of transport capacity rights with Terna Group; · sale and purchase of electricity, gas, environmental certificates, fair value of derivative financial instruments, sale of oil products and storage capacity with GSE - Gestore Servizi Energetici for the setting-up of a specific stock held by the Organismo Centrale di Stoccaggio Italiano (OCSIT) according to the Legislative Decree No. 249/2012. Transactions with other related parties concerned: · provisions to pension funds of €30 million; and · contributions and service provisions to Eni Enrico Mattei Foundation for €6 million and to Eni Foundation for €1 million. Financing transactions and balances with related parties (€ million) December 31, 2019 2019 Name Receivables Payables Guarantees Gains Charges Joint ventures and associates Angola LNG Ltd 249 Cardón IV SA 563 5 77 Coral FLNG SA 253 2 Coral South FLNG DMCC 1,425 Société Centrale Electrique du Congo SA 85 20 Other 18 14 2 18 14 919 19 1,676 95 36 Unconsolidated entities controlled by Eni 48 28 1 48 28 1 Entities controlled by the Government Other 4 12 4 12 971 59 1,676 96 36 (€ million) December 31, 2018 2018 Name Receivables Payables Guarantees Gains Charges Joint ventures and associates Angola LNG Ltd 245 Cardón IV SA 705 36 95 Coral FLNG SA 108 Coral South FLNG DMCC 1,397 Shatskmorneftegaz Sàrl 7 267 Société Centrale Electrique du Congo SA 64 30 5 Vår Energi AS 494 Other 38 4 22 13 9 915 564 1,664 115 281 Unconsolidated entities controlled by Eni 49 25 Entities controlled by the Government Enel Group 64 Other 8 2 72 2 964 661 1,664 115 283 December 31, 2017 2017 (€ million) Name Receivables Payables Guarantees Gains Charges Joint ventures and associates Angola LNG Ltd 233 Coral South FLNG D MCC 1,334 Cardón IV SA 955 86 Shatskmorneftegaz Sarl 101 6 Société Centrale Electrique du Congo SA 66 43 Saipem Group 3 56 13 Coral FLNG SA 56 71 Other 48 49 2 14 1 1,226 95 1,625 190 1 Unconsolidated entities controlled by Eni Servizi Fondo Bombole Metano SpA 60 9 1 Other (*) 1 52 61 61 1 Entities controlled by the Government Other 8 3 8 3 1,287 164 1,625 191 4 Each individual amount included herein was lower than €50 million. The most significant transactions with joint ventures, associates and unconsolidated subsidiaries concerned: · bank debt guarantees issued on behalf of Angola LNG Ltd; · the financing loan granted to Cardón IV SA for the exploration and development activities of a gas field in Venezuela; · the financing loan granted to Coral FLNG SA for the construction of a floating gas liquefaction plant in Area 4 offshore Mozambique (for more information see note 27 - Guarantees, commitments and risks); · a bank debt guarantee issued on behalf of Coral South FLNG DMCC as part of the project financing of the Coral FLNG development project (for more information see note 27 - Guarantees, commitments and risks); · the loan granted to Société Centrale Electrique du Congo SA for the construction of a power plant in Congo. Impact of transactions and positions with related parties on the balance sheet, profit and loss account and statement of cash flows The impact of transactions and positions with related parties on the balance sheet accounts consisted of the following: December 31, 2019 December 31, 2018 Related Related (€ million) Total parties Impact % Total parties Impact % Other current financial assets 384 60 15.63 300 49 16.33 Trade and other receivables 12,873 704 5.47 14,101 633 4.49 Other current assets 3,972 219 5.51 2,819 71 2.52 Other non-current financial assets 1,174 911 77.60 1,253 915 73.02 Other non-current assets 871 181 20.78 624 160 25.64 Short-term debt 2,452 46 1.88 2,182 661 30.29 Current portion of long-term lease liabilities 889 5 0.56 Trade and other payables 15,545 2,663 17.13 16,747 3,664 21.88 Other current liabilities 7,146 155 2.17 5,412 63 1.16 Long-term lease liabilities 4,759 8 0.17 Other non-current liabilities 1,611 23 1.43 1,475 23 1.56 The impact of transactions with related parties on the profit and loss accounts consisted of the following: 2019 2018 2017 Related Related Related (€ million) Total parties Impact % Total parties Impact % Total parties Impact % Sales from operations 69,881 1,248 1.79 75,822 1,383 1.82 66,919 1,567 2.34 Other income and revenues 1,160 4 0.34 1,116 8 0.72 4,058 41 1.01 Purchases, services and other (50,874) (9,173) 18.03 (55,622) (8,009) 14.40 (51,548) (9,164) 17.78 Net (impairment losses) reversals of trade and other receivables (432) 28 — (415) 26 — (913) Payroll and related costs (2,996) (28) 0.93 (3,093) (22) 0.71 (2,951) (34) 1.15 Other operating income (expense) 287 19 6.62 129 319 — (32) 331 — Finance income 3,087 96 3.11 3,967 115 2.90 3,924 191 4.87 Finance expense (4,079) (36) 0.88 (4,663) (283) 6.07 (5,886) (4) 0.07 Main cash flows with related parties are provided below: (€ million) 2019 2018 2017 Revenues and other income 1,252 1,391 1,608 Costs and other expenses (6,869) (5,210) (5,360) Other operating income (expense) 19 319 331 Net change in trade and other receivables and payables (839) 683 391 Net interests 81 110 187 Net cash provided from operating activities (6,356) (2,707) (2,843) Capital expenditure in tangible and intangible assets (2,332) (2,768) (3,838) Net change in accounts payable and receivable in relation to investments (339) 20 425 Change in financial receivables (241) (566) 298 Net cash used in investing activities (2,912) (3,314) (3,115) Change in financial and lease liabilities (817) 16 (16) Net cash used in financing activities (817) 16 (16) Total financial flows to related parties (10,085) (6,005) (5,974) The impact of cash flows with related parties consisted of the following: 2019 2018 2017 Related Related Related (€ million) Total parties Impact % Total parties Impact % Total parties Impact % Net cash provided by operating activities 12,392 (6,356) — 13,647 (2,707) — 10,117 (2,843) — Net cash used in investing activities (11,413) (2,912) 25.51 (7,536) (3,314) 43.98 (3,768) (3,115) 82.67 Net cash used in financing activities (5,841) (817) 13.99 (2,637) 16 — (4,595) (16) 0.35 |
Other information about investm
Other information about investments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other information about investments | |
Other information about investments | 37 Other information about investments Information on Eni’s investments as of December 31, 2019 The following section provides information about Eni’s subsidiaries, joint arrangements, associates and other significant investments as of December 31, 2019. Unless otherwise indicated, share capital is represented by ordinary shares directly held by the Group, while ownership interest corresponds to voting rights. Parent company Registered Country of Share Company name office operation Currency Capital Shareholders % Ownership Eni SpA (#) Rome Italy EUR 4,005,358,876 Cassa Depositi e Prestiti SpA Ministero dell’Economia e delle Finanze 4.34 Eni SpA 1.70 Other shareholders 68.20 Subsidiaries Exploration & Production Company name Registered Country of Share % % Equity Consolidation or In Italy office operation Currency Capital Shareholders Ownership ratio valutation method(*) Eni Angola SpA San Donato Milanese (MI) Angola EUR 20,200,000 Eni SpA 100.00 100.00 F.C. Eni Mediterranea Idrocarburi SpA Gela (CL) Italy EUR 5,200,000 Eni SpA 100.00 100.00 F.C. Eni Mozambico SpA San Donato Milanese (MI) Mozambique EUR 200,000 Eni SpA 100.00 100.00 F.C. Eni Timor Leste SpA San Donato Milanese (MI) East Timor EUR 6,841,517 Eni SpA 100.00 100.00 F.C. Eni West Africa SpA San Donato Milanese (MI) Angola EUR 10,000,000 Eni SpA 100.00 100.00 F.C. EniProgetti SpA Venezia Marghera (VE) Italy EUR 2,064,000 Eni SpA 100.00 100.00 F.C. Floaters SpA San Donato Milanese (MI) Italy EUR 200,120,000 Eni SpA 100.00 100.00 F.C. Ieoc SpA San Donato Milanese (MI) Egypt EUR 7,518,000 Eni SpA 100.00 100.00 F.C. Società Petrolifera Italiana SpA San Donato Milanese (MI) Italy EUR 13,877,600 Eni SpA 99.96 99.96 F.C. Third parties 0.04 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (#) Company with shares quoted in the regulated market of Italy or of other EU countries Company name Registered Country of Share % Equity Consolidation or Outside Italy office operation Currency Capital Shareholders % Ownership ratio valutation method(*) Agip Caspian Sea BV Amsterdam (Netherlands) Kazakhstan EUR 20,005 Eni International BV 100.00 100.00 F.C. Agip Energy and Natural Resources (Nigeria) Ltd Abuja (Nigeria) Nigeria NGN 5,000,000 Eni International BV 95.00 100.00 F.C. Eni Oil Holdings BV 5.00 Agip Karachaganak BV Amsterdam (Netherlands) Kazakhstan EUR 20,005 Eni International BV 100.00 100.00 F.C. Agip Oleoducto de Crudos Pesados BV (in liquidation) Amsterdam (Netherlands) Ecuador EUR 20,000 Eni International BV 100.00 Co. Burren Energy (Bermuda) Ltd Hamilton (Bermuda) United Kingdom USD 12,002 Burren Energy Plc 100.00 100.00 F.C. Burren Energy (Egypt) Ltd London (United Kingdom) Egypt GBP 2 Burren Energy Plc 100.00 Eq. Burren Energy Congo Ltd Tortola (British Virgin Islands) Republic of the Congo USD 50,000 Burren En.(Berm)Ltd 100.00 100.00 F.C. Burren Energy India Ltd London (United Kingdom) United Kingdom GBP 2 Burren Energy Plc 100.00 100.00 F.C. Burren Energy Plc London (United Kingdom) United Kingdom GBP 28,819,023 Eni UK Holding Plc 99.99 100.00 F.C. Eni UK Ltd (..) Burren Shakti Ltd Hamilton (Bermuda) United Kingdom USD 213,138 Burren En. India Ltd 100.00 100.00 F.C. Eni Abu Dhabi BV Amsterdam (Netherlands) United Arab Emirates EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni AEP Ltd London (United Kingdom) Pakistan GBP 13,471,000 Eni UK Ltd 100.00 100.00 F.C. Eni Albania BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 Eq. Eni Algeria Exploration BV Amsterdam (Netherlands) Algeria EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Algeria Ltd Sàrl Luxembourg (Luxembourg) Algeria USD 20,000 Eni Oil Holdings BV 100.00 100.00 F.C. Eni Algeria Production BV Amsterdam (Netherlands) Algeria EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Ambalat Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni America Ltd Dover, Delaware (USA) USA USD 72,000 Eni UHL Ltd 100.00 100.00 F.C. Eni Angola Exploration BV Amsterdam (Netherlands) Angola EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Angola Production BV Amsterdam (Netherlands) Angola EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Argentina Exploración y Buenos Aires (Argentina) Argentina ARS 24,136,336 Eni International BV 95.00 100.00 F.C. Eni Oil Holdings BV 5.00 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Registered Country of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Eni Arguni I Ltd London (United Kingdom) Indonesia GBP Eni Indonesia Ltd 100.00 100.00 F.C. Eni Australia BV Amsterdam (Netherlands) Australia EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Australia Ltd London (United Kingdom) Australia GBP 20,000,000 Eni International BV 100.00 100.00 F.C. Eni Bahrain BV Amsterdam (Netherlands) Bahrain EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni BB Petroleum Inc Dover, Delaware (USA) USA USD 1,000 Eni Petroleum Co Inc 100.00 100.00 F.C. Eni BTC Ltd London (United Kingdom) United Kingdom GBP 1 Eni International BV 100.00 Eq. Eni Bukat Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni Bulungan BV (in liquidation) Amsterdam (Netherlands) Indonesia EUR 20,000 Eni International BV 100.00 Co. Eni Canada Holding Ltd Calgary (Canada) Canada USD 1,453,200,001 Eni International BV 100.00 100.00 F.C. Eni CBM Ltd London (United Kingdom) Indonesia USD 2,210,728 Eni Lasmo Plc 100.00 100.00 F.C. Eni China BV Amsterdam (Netherlands) China EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Congo SA Pointe - Noire (Republic of the Congo) Republic of the Congo USD 17,000,000 Eni E&P Holding BV 99.99 100.00 F.C. Eni Int. NA NV Sàrl (..) Eni International BV (..) Eni Côte d’Ivoire Ltd London (United Kingdom) Ivory Coast GBP 1 Eni Lasmo Plc 100.00 100.00 F.C. Eni Cyprus Ltd Nicosia (Cyprus) Cyprus EUR 2,006 Eni International BV 100.00 100.00 F.C. Eni Denmark BV Amsterdam (Netherlands) Greenland EUR 20,000 Eni International BV 100.00 Eq. Eni do Brasil Investimentos em Exploração e Produção de Petróleo Ltda Rio de Janeiro (Brazil) Brazil BRL 1,593,415,000 Eni International BV 99.99 Eq. Eni Oil Holdings BV (..) Eni East Ganal Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni East Sepinggan Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni Elgin/ Franklin Ltd London (United Kingdom) United Kingdom GBP 100 Eni UK Ltd 100.00 100.00 F.C. Eni Energy Russia BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Exploration & Production Holding BV Amsterdam (Netherlands) Netherlands EUR 29,832,777.12 Eni International BV 100.00 100.00 F.C. Eni Gabon SA Libreville (Gabon) Gabon XAF 13,132,000,000 Eni International BV 100.00 100.00 F.C. Eni Ganal Ltd London (United Kingdom) Indonesia GBP 2 Eni Indonesia Ltd 100.00 100.00 F.C. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Registered Country of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Eni Gas & Power LNG Australia BV Amsterdam (Netherlands) Australia EUR 10,000,000 Eni International BV 100.00 100.00 F.C. Eni Ghana Exploration and Production Ltd Accra (Ghana) Ghana GHS 21,412,500 Eni International BV 100.00 100.00 F.C. Eni Hewett Ltd Aberdeen (United Kingdom) United Kingdom GBP 3,036,000 Eni UK Ltd 100.00 100.00 F.C. Eni Hydrocarbons Venezuela Ltd London (United Kingdom) Venezuela GBP 8,050,500 Eni Lasmo Plc 100.00 100.00 F.C. Eni India Ltd London (United Kingdom) India GBP 44,000,000 Eni Lasmo Plc 100.00 Eq. Eni Indonesia Ltd London (United Kingdom) Indonesia GBP 100 Eni ULX Ltd 100.00 100.00 F.C. Eni Indonesia Ots 1 Ltd Grand Cayman (Cayman Islands) Indonesia USD 1.01 Eni Indonesia Ltd 100.00 100.00 F.C. Eni International NA NV Sàrl Luxembourg (Luxembourg) United Kingdom USD 25,000 Eni International BV 100.00 100.00 F.C. Eni Investments Plc London (United Kingdom) United Kingdom GBP 750,050,000 Eni SpA 99.99 100.00 F.C. Eni UK Ltd (..) Eni Iran BV Amsterdam (Netherlands) Iran EUR 20,000 Eni International BV 100.00 Eq. Eni Iraq BV Amsterdam (Netherlands) Iraq EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Ireland BV Amsterdam (Netherlands) Ireland EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Isatay BV Amsterdam (Netherlands) Kazakhstan EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni JPDA 03‑13 Ltd London (United Kingdom) Australia GBP 250,000 Eni International BV 100.00 100.00 F.C. Eni JPDA 06‑105 Pty Ltd Perth (Australia) Australia AUD 80,830,576 Eni International BV 100.00 100.00 F.C. Eni JPDA 11‑106 BV Amsterdam (Netherlands) Australia EUR 50,000 Eni International BV 100.00 100.00 F.C. Eni Kenya BV Amsterdam (Netherlands) Kenya EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Krueng Mane Ltd London (United Kingdom) Indonesia GBP 2 Eni Indonesia Ltd 100.00 100.00 F.C. Eni Lasmo Plc London (United Kingdom) United Kingdom GBP 337,638,724.25 Eni Investments Plc 99.99 100.00 F.C. Eni UK Ltd (..) Eni Lebanon BV Amsterdam (Netherlands) Lebanon EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Liberia BV Amsterdam (Netherlands) Liberia EUR 20,000 Eni International BV 100.00 Eq. Eni Liverpool Bay Operating Co Ltd London (United Kingdom) United Kingdom GBP 1 Eni UK Ltd 100.00 Eq. Eni LNS Ltd London (United Kingdom) United Kingdom GBP 80,400,000 Eni UK Ltd 100.00 100.00 F.C. Eni Marketing Inc Dover, Delaware (USA) USA USD 1,000 Eni Petroleum Co Inc 100.00 100.00 F.C. Eni Maroc BV Amsterdam (Netherlands) Morocco EUR 20,000 Eni International BV 100.00 100.00 F.C. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Registered Country of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Eni Mexico S. de RL de CV Lomas De Chapultepec, Mexico City (México) Mexico MXN 3,000 Eni International BV 99.90 100.00 F.C. Eni Oil Holdings BV 0.10 Eni Middle East Ltd London (United Kingdom) United Kingdom GBP 1 Eni ULT Ltd 100.00 100.00 F.C. Eni MOG Ltd (in liquidation) London (United Kingdom) United Kingdom GBP 220,711,147.50 Eni Lasmo Plc 99.99 100.00 F.C. Eni LNS Ltd (..) Eni Montenegro BV Amsterdam (Netherlands) Montenegro EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Mozambique Engineering Ltd London (United Kingdom) United Kingdom GBP 1 Eni Lasmo Plc 100.00 100.00 F.C. Eni Mozambique LNG Holding BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Muara Bakau BV Amsterdam (Netherlands) Indonesia EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Myanmar BV Amsterdam (Netherlands) Myanmar EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni North Africa BV Amsterdam (Netherlands) Libya EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni North Ganal Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni Oil & Gas Inc Dover, Delaware (USA) USA USD 100,800 Eni America Ltd 100.00 100.00 F.C. Eni Oil Algeria Ltd London (United Kingdom) Algeria GBP 1,000 Eni Lasmo Plc 100.00 100.00 F.C. Eni Oil Holdings BV Amsterdam (Netherlands) Netherlands EUR 450,000 Eni ULX Ltd 100.00 100.00 F.C. Eni Oman BV Amsterdam (Netherlands) Oman EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Pakistan Ltd London (United Kingdom) Pakistan GBP 90,087 Eni ULX Ltd 100.00 100.00 F.C. Eni Pakistan (M) Ltd Sàrl Luxembourg (Luxembourg) Pakistan USD 20,000 Eni Oil Holdings BV 100.00 100.00 F.C. Eni Petroleum Co Inc Dover, Delaware (USA) USA USD 156,600,000 Eni SpA 63.86 100.00 F.C. Eni International BV 36.14 Eni Petroleum US Llc Dover, Delaware (USA) USA USD 1,000 Eni BB Petroleum Inc 100.00 100.00 F.C. Eni Portugal BV Amsterdam (Netherlands) Portugal EUR 20,000 Eni International BV 100.00 Eq. Eni RAK BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Rapak Ltd London (United Kingdom) Indonesia GBP 2 Eni Indonesia Ltd 100.00 100.00 F.C. Eni RD Congo SA Kinshasa (Democratic Republic of the Congo) Democratic Republic of the Congo CDF 750,000,000 Eni International BV 99.99 Eq. Eni Oil Holdings BV (..) Eni Rovuma Basin BV Amsterdam (Netherlands) Mozambique EUR 20,000 Eni Mozambique LNG H. BV 100.00 100.00 F.C. Eni Sharjah BV Amsterdam (Netherlands) United Arab Emirates EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni South Africa BV Amsterdam (Netherlands) Republic of South Africa EUR 20,000 Eni International BV 100.00 100.00 F.C. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Registered Country of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Eni South China Sea Ltd Sàrl Luxembourg (Luxembourg) China USD 20,000 Eni International BV 100.00 Eq. Eni TNS Ltd Aberdeen (United Kingdom) United Kingdom GBP 1,000 Eni UK Ltd 100.00 100.00 F.C. Eni Tunisia BV Amsterdam (Netherlands) Tunisia EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Turkmenistan Ltd Hamilton (Bermuda) Turkmenistan USD 20,000 Burren En. (Berm)Ltd 100.00 100.00 F.C. Eni UHL Ltd London (United Kingdom) United Kingdom GBP 1 Eni ULT Ltd 100.00 100.00 F.C. Eni UK Holding Plc London (United Kingdom) United Kingdom GBP 424,050,000 Eni Lasmo Plc 99.99 100.00 F.C. Eni UK Ltd (..) Eni UK Ltd London (United Kingdom) United Kingdom GBP 250,000,000 Eni International BV 100.00 100.00 F.C. Eni UKCS Ltd London (United Kingdom) United Kingdom GBP 100 Eni UK Ltd 100.00 100.00 F.C. Eni Ukraine Holdings BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Ukraine Llc Kiev (Ukraine) Ukraine UAH 42,004,757.64 Eni Ukraine Hold.BV 99.99 Eq. Eni International BV 0.01 Eni Ukraine Shallow Waters BV Amsterdam (Netherlands) Ukraine EUR 20,000 Eni Ukraine Hold.BV 100.00 Eq. Eni ULT Ltd London (United Kingdom) United Kingdom GBP 93,215,492.25 Eni Lasmo Plc 100.00 100.00 F.C. Eni ULX Ltd London (United Kingdom) United Kingdom GBP 200,010,000 Eni ULT Ltd 100.00 100.00 F.C. Eni US Operating Co Inc Dover, Delaware (USA) USA USD 1,000 Eni Petroleum Co Inc 100.00 100.00 F.C. Eni USA Gas Marketing Llc Dover, Delaware (USA) USA USD 10,000 Eni Marketing Inc 100.00 100.00 F.C. Eni USA Inc Dover, Delaware (USA) USA USD 1,000 Eni Oil & Gas Inc 100.00 100.00 F.C. Eni Venezuela BV Amsterdam (Netherlands) Venezuela EUR 20,000 Eni Venezuela E&P Holding 100.00 100.00 F.C. Eni Venezuela E&P Holding SA Bruxelles (Belgium) Belgium USD 254,443,200 Eni International BV 99.99 100.00 F.C. Eni Oil Holdings BV (..) Eni Ventures Plc (in liquidation) London (United Kingdom) United Kingdom GBP 278,050,000 Eni International BV 99.99 Co. Eni Oil Holdings BV (..) Eni Vietnam BV Amsterdam (Netherlands) Vietnam EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni West Ganal Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni West Timor Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni Yemen Ltd London (United Kingdom) United Kingdom GBP 1,000 Burren Energy Plc 100.00 Eq. EniProgetti Egypt Ltd Cairo (Egypt) Egypt EGP 50,000 EniProgetti SpA 99.00 Eq. Eni SpA 1.00 Eurl Eni Algérie Algiers (Algeria) Algeria DZD 1,000,000 Eni Algeria Ltd Sàrl 100.00 Eq. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Country Registered of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) First Calgary Petroleums LP Wilmington (USA) Algeria USD 1 Eni Canada Hold. Ltd 99.99 100.00 F.C. FCP Partner Co ULC 0.01 First Calgary Petroleums Partner Co ULC Calgary (Canada) Canada CAD 10 Eni Canada Hold. Ltd 100.00 100.00 F.C. Ieoc Exploration BV Amsterdam (Netherlands) Egypt EUR 20,000 Eni International BV 100.00 100.00 F.C. Ieoc Production BV Amsterdam (Netherlands) Egypt EUR 20,000 Eni International BV 100.00 100.00 F.C. Lasmo Sanga Sanga Ltd Hamilton (Bermuda) Indonesia USD 12,000 Eni Lasmo Plc 100.00 100.00 F.C. Liverpool Bay Ltd London (United Kingdom) United Kingdom USD 1 Eni ULX Ltd 100.00 Eq. Mizamtec Operating Company S. de RL de CV Mexico City (Mexico) Mexico MXN 3,000 Eni US Op. Co Inc 99.90 Eq. Eni Petroleum Co Inc 0.10 Nigerian Agip CPFA Ltd Lagos (Nigeria) Nigeria NGN 1,262,500 NAOC Ltd Agip 98.02 Co. En Nat Res.Ltd 0.99 Nigerian Agip E. Ltd 0.99 Nigerian Agip Exploration Ltd Abuja (Nigeria) Nigeria NGN 5,000,000 Eni International BV 99.99 100.00 F.C. Eni Oil Holdings BV 0.01 Nigerian Agip Oil Co Ltd Abuja (Nigeria) Nigeria NGN 1,800,000 Eni International BV 99.89 100.00 F.C. Eni Oil Holdings BV 0.11 OOO ‘Eni Energhia’ Moscow (Russia) Russia RUB 2,000,000 Eni Energy Russia BV 99.90 100.00 F.C. Eni Oil Holdings BV 0.10 Zetah Congo Ltd Nassau (Bahamas) Republic of the Congo USD 300 Eni Congo SA Burren 66.67 Co. En.Congo Ltd 33.33 Zetah Kouilou Ltd Nassau (Bahamas) Republic of the Congo USD 2,000 Eni Congo SA 54.50 Co. Burren En.Congo Ltd 37.00 Third parties 8.50 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Gas & Power Country In Italy Registered of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Eni gas e luce SpA San Donato Milanese (MI) Italy EUR 750,000,000 Eni SpA 100.00 100.00 F.C. Eni Gas Transport Services Srl San Donato Milanese (MI) Italy EUR 120,000 Eni SpA 100.00 Co. Eni Trading & Shipping SpA Rome Italy EUR 60,036,650 Eni SpA 100.00 100.00 F.C. EniPower Mantova SpA San Donato Milanese (MI) Italy EUR 144,000,000 EniPower SpA 86.50 86.50 F.C. Third parties 13.50 EniPower SpA San Donato Milanese (MI) Italy EUR 944,947,849 Eni SpA 100.00 100.00 F.C. LNG Shipping SpA San Donato Milanese (MI) Italy EUR 240,900,000 Eni SpA 100.00 100.00 F.C. SEA SpA L'Aquila (AQ) Italy EUR 100,000 Eni gas e luce SpA 60.00 60.00 F.C. Third parties 40.00 Trans Tunisian Pipeline Co SpA San Donato Milanese (MI) Tunisia EUR 1,098,000 Eni SpA 100.00 100.00 F.C. Outside Italy Adriaplin Podjetje za distribucijo zemeljskega plina doo Ljubljana Ljubljana (Slovenia) Slovenia EUR 12,956,935 Eni gas e luce SpA 51.00 51.00 F.C. Third parties 49.00 Eni G&P Trading BV Amsterdam (Netherlands) Turkey EUR 70,000 Eni International BV 100.00 100.00 F.C. Eni Gas & Power France SA Levallois Perret (France) France EUR 29,937,600 Eni gas e luce SpA 99.87 99.87 F.C. Third parties 0.13 Eni Trading & Shipping Inc Dover, Delaware (USA) USA USD 36,000,000 ETS SpA 100.00 100.00 F.C. Eni Transporte y Suministro México, S. de RL de CV Mexico City (Mexico) Mexico MXN 3,000 Eni International BV 99.90 Eq. Eni Oil Holdings BV 0.10 Gas Supply Company Thessaloniki - Thessalia SA Thessaloniki (Greece) Greece EUR 13,761,788 Eni gas e luce SpA 100.00 100.00 F.C. Société de Service du Gazoduc Transtunisien SA - Sergaz SA Tunisi (Tunisia) Tunisia TND 99,000 Eni International BV 66.67 66.67 F.C. Third parties 33.33 Société pour la Construction du Gazoduc Transtunisien SA - Scogat SA Tunisi (Tunisia) Tunisia TND 200,000 Eni International BV 99.85 100.00 F.C. Eni SpA 0.05 LNG Shipping SpA 0.05 Trans Tunis.P.Co SpA 0.05 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Refining & Marketing and Chemical Refining & Marketing Country In Italy Registered of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Ecofuel SpA San Donato Milanese (MI) Italy EUR 52,000,000 Eni SpA 100.00 100.00 F.C. Eni Fuel SpA Rome Italy EUR 58,944,310 Eni SpA 100.00 100.00 F.C. Petroven Srl Genova Italy EUR 918,520 Ecofuel SpA 100.00 100.00 F.C. Raffineria di Gela SpA Gela (CL) Italy EUR 15,000,000 Eni SpA 100.00 100.00 F.C. SeaPad SpA Genova Italy EUR 12,400,000 Ecofuel SpA 80.00 Eq. Third parties 20.00 Servizi Fondo Bombole Metano SpA Rome Italy EUR 13,580,000.20 Eni SpA 100.00 Co. Outside Italy Eni Abu Dhabi Refining & Trading BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Abu Dhabi Refining & Trading Services BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni Abu Dhabi R&T BV 100.00 Eq. Eni Austria GmbH Wien (Austria) Austria EUR 78,500,000 Eni International BV 75.00 100.00 F.C. Eni Deutsch.GmbH 25.00 Eni Benelux BV Rotterdam (Netherlands) Netherlands EUR 1,934,040 Eni International BV 100.00 100.00 F.C. Eni Deutschland GmbH Munich (Germany) Germany EUR 90,000,000 Eni International BV 89.00 100.00 F.C. Eni Oil Holdings BV 11.00 Eni Ecuador SA Quito (Ecuador) Ecuador USD 103,142.08 Eni International BV 99.93 100.00 F.C. Esain SA 0.07 Eni France Sàrl Lyon (France) France EUR 56,800,000 Eni International BV 100.00 100.00 F.C. Eni Iberia SLU Alcobendas (Spain) Spain EUR 17,299,100 Eni International BV 100.00 100.00 F.C. Eni Lubricants Trading (Shanghai) Co Ltd Shanghai (China) China EUR 5,000,000 Eni International BV 100.00 100.00 F.C. Eni Marketing Austria GmbH Wien (Austria) Austria EUR 19,621,665.23 Eni Mineralölh.GmbH 99.99 100.00 F.C. Eni International BV (..) Eni Mineralölhandel GmbH Wien (Austria) Austria EUR 34,156,232.06 Eni Austria GmbH 100.00 100.00 F.C. Eni Schmiertechnik GmbH Wurzburg (Germany) Germany EUR 2,000,000 Eni Deutsch.GmbH 100.00 100.00 F.C. Eni Suisse SA Lausanne (Switzerland) Switzerland CHF 102,500,000 Eni International BV 100.00 100.00 F.C. Eni USA R&M Co Inc Wilmington (USA) USA USD 11,000,000 Eni International BV 100.00 Eq. Esacontrol SA Quito (Ecuador) Ecuador USD 60,000 Eni Ecuador SA 87.00 Eq. Third parties 13.00 Esain SA Quito (Ecuador) Ecuador USD 30,000 Eni Ecuador SA 99.99 100.00 F.C. Tecnoesa SA (..) Oléoduc du Rhône SA Valais (Switzerland) Switzerland CHF 7,000,000 Eni International BV 100.00 Eq. OOO “Eni-Nefto” Moscow (Russia) Russia RUB 1,010,000 Eni International BV 99.01 Eq. Eni Oil Holdings BV 0.99 Tecnoesa SA Quito (Ecuador) Ecuador USD 36,000 Eni Ecuador SA 99.99 Eq. Esain SA (..) (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Chemical Country Company name Registered of Share % % Equity Consolidation or In Italy office operation Currency Capital Shareholders Ownership ratio valutation method(*) Versalis SpA San Donato Milanese (MI) Italy EUR 1,364,790,000 Eni SpA 100.00 100.00 F.C. Outside Italy Dunastyr Polisztirolgyártó Zártkörûen Mûködõ Részvénytársaság Budapest (Hungary) Hungary HUF 8,092,160,000 Versalis SpA 96.34 100.00 F.C. Versalis Deutsc.GmbH 1.83 Versalis Int.SA 1.83 Versalis Americas Inc Dover, Delaware (USA) USA USD 100,000 Versalis International SA 100.00 100.00 F.C. Versalis Congo Sarlu Pointe-Noire (Republic of the Congo) Republic of the Congo XAF 1,000,000 Versalis International SA 100.00 100.00 F.C. Versalis Deutschland GmbH Eschborn (Germany) Germany EUR 100,000 Versalis SpA 100.00 100.00 F.C. Versalis France SAS Mardyck (France) France EUR 126,115,582.90 Versalis SpA 100.00 100.00 F.C. Versalis International SA Bruxelles (Belgium) Belgium EUR 15,449,173.88 Versalis SpA 59.00 100.00 F.C. Versalis Deutsc.GmbH 23.71 Dunastyr Zrt 14.43 Versalis France 2.86 Versalis Kimya Ticaret Limited Sirketi Istanbul (Turkey) Turkey TRY 20,000 Versalis Int. SA 100.00 Eq. Versalis México S. de R.L. de CV Mexico City (México) Mexico MXN 1,000 Versalis Int. SA 99.00 Eq. Versalis SpA 1.00 Versalis Pacific (India) Private Ltd Mumbai (India) India INR 238,700 Versalis Sing. P. Ltd 99.99 Eq. Third parties (..) Versalis Pacific Trading (Shanghai) Co Ltd Shanghai (China) China CNY 1,000,000 Versalis SpA 100.00 100.00 F.C. Versalis Singapore Pte Ltd Singapore (Singapore) Singapore SGD 80,000 Versalis SpA 100.00 100.00 F.C. Versalis UK Ltd London (United Kingdom) United Kingdom GBP 4,004,042 Versalis SpA 100.00 100.00 F.C. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Corporate and Other activities Corporate and financial companies Country Registered of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) In Italy Agenzia Giornalistica Italia SpA Rome Italy EUR 2,000,000 Eni SpA 100.00 100.00 F.C. D-Service Media Srl (in liquidation) Milan Italy EUR 75,000 D-Share SpA 100.00 D-Share SpA Milan Italy EUR 121,719.25 Agi SpA 55.21 Co. Third parties 44.79 Eni Corporate University SpA San Donato Milanese (MI) Italy EUR 3,360,000 Eni SpA 100.00 100.00 F.C. EniServizi SpA San Donato Milanese (MI) Italy EUR 13,427,419.08 Eni SpA 100.00 100.00 F.C. Serfactoring SpA San Donato Milanese (MI) Italy EUR 5,160,000 Eni SpA 49.00 49.00 F.C. Third parties 51.00 Servizi Aerei SpA San Donato Milanese (MI) Italy EUR 79,817,238 Eni SpA 100.00 100.00 F.C. Outside Italy Banque Eni SA Bruxelles (Belgium) Belgium EUR 50,000,000 Eni International BV 99.90 100.00 F.C. Eni Oil Holdings BV 0.10 D-Share USA Corp. New York (USA) USA USD 0 (a) D-Share SpA 100.00 Eni Finance International SA Bruxelles (Belgium) Belgium USD 1,480,365,336 Eni International BV 66.39 100.00 F.C. Eni SpA 33.61 Eni Finance USA Inc Dover, Delaware (USA) USA USD 15,000,000 Eni Petroleum Co Inc 100.00 100.00 F.C. Eni Insurance DAC Dublin (Ireland) Ireland EUR 500,000,000 Eni SpA 100.00 100.00 F.C. Eni International BV Amsterdam (Netherlands) Netherlands EUR 641,683,425 Eni SpA 100.00 100.00 F.C. Eni International Resources Ltd London (United Kingdom) United Kingdom GBP 50,000 Eni SpA 99.99 100.00 F.C. Eni UK Ltd (..) Eni Next Llc Houston (USA) USA USD 100 Eni Petroleum Co Inc 100.00 100.00 F.C. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (a) Shares without nominal value. Other activities Country Registered of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) In Italy Anic Partecipazioni SpA (in liquidation) Gela (CL) Italy EUR 23,519,847.16 Eni Rewind SpA 99.97 Eq. Third parties 0.03 Eni Energia Srl San Donato Milanese (MI) Italy EUR 10,000 Eni SpA 100.00 Co. Eni Energy Activities Srl San Donato Milanese (MI) Italy EUR 50,000 Eni SpA 100.00 Co. Eni New Energy SpA San Donato Milanese (MI) Italy EUR 9,296,000 Eni SpA 100.00 100.00 F.C. Eni Rewind SpA (former Syndial Servizi Ambientali SpA) San Donato Milanese (MI) Italy EUR 425,343,731.50 Eni SpA 99.99 100.00 F.C. Third parties (..) Industria Siciliana Acido Fosforico - ISAF - SpA (in liquidation) Gela (CL) Italy EUR 1,300,000 Eni Rewind SpA 52.00 Eq. Third parties 48.00 Ing. Luigi Conti Vecchi SpA Assemini (CA) Italy EUR 5,518,620.64 Eni Rewind SpA 100.00 100.00 F.C. Outside Italy Arm Wind Llp Nur-Sultan (Kazakhstan) Kazakhstan KZT Windirect BV 100.00 100.00 F.C. Eni Energy Solutions BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni New Energy Egypt SAE Cairo (Egypt) Egypt EGP 250,000 Eni International BV 99.98 Eq. Ieoc Exploration BV 0.01 Ieoc Production BV 0.01 Eni New Energy Pakistan (Private) Ltd Saddar Town-Karachi (Pakistan) Pakistan PKR 136,000,000 Eni International BV 99.98 100.00 F.C Eni Oil Hold. BV 0.01 Eni Pakistan Ltd (M) 0.01 Eni New Energy US Inc Dover, Delaware (USA) USA USD 100 Eni Petroleum Co Inc 100.00 Eq. Eni Rewind International BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 Eq. Oleodotto del Reno SA Coira (Switzerland) Switzerland CHF 1,550,000 Eni Rewind SpA 100.00 Eq. Windirect BV Amsterdam (Netherlands) Netherlands EUR 10,000 Eni International BV 100.00 100.00 F.C. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Joint arrangements and associates Exploration & Production In Italy Registered Country Share Consolidation or Company name office of operation Currency Capital Shareholders % Ownership % Equity ratio valutation method(*) Mozambique Rovuma Venture SpA (†) San Donato Milanese (MI) Mozambique EUR Eni SpA J.O. Third parties Outside Italy Agiba Petroleum Co (†) Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 50.00 Co. Third parties 50.00 Angola LNG Ltd Hamilton (Bermuda) Angola USD Eni Angola Prod.BV 13.60 Eq. Third parties 86.40 Ashrafi Island Petroleum Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 25.00 Co. Third parties 75.00 Barentsmorneftegaz Sàrl(†) Luxembourg (Luxembourg) Russia USD 20,000 Eni Energy Russia BV 33.33 Eq. Third parties 66.67 Cabo Delgado Gas Development Limitada(†) Maputo (Mozambique) Mozambique MZN 2,500,000 Eni Mozam.LNG H. BV 50.00 Co. Third parties 50.00 Cardón IV SA(†) Caracas (Venezuela) Venezuela VES 172.1 Eni Venezuela BV 50.00 Eq. Third parties 50.00 Compañia Agua Plana SA Caracas (Venezuela) Venezuela VES 0.001 Eni Venezuela BV 26.00 Co. Third parties 74.00 Coral FLNG SA Maputo (Mozambique) Mozambique MZN 100,000,000 Eni Mozam.LNG H. BV 25.00 Eq. Third parties 75.00 Coral South FLNG DMCC Dubai (United Arab Emirates) United Arab Emirates AED 500,000 Eni Mozam.LNG H. BV 25.00 Eq. Third parties 75.00 East Delta Gas Co (in liquidation) Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 37.50 Co. Third parties 62.50 East Kanayis Petroleum Co(†) Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 50.00 Co. Third parties 50.00 East Obaiyed Petroleum Co(†) Cairo (Egypt) Egypt EGP 20,000 Ieoc SpA 50.00 Co. Third parties 50.00 El Temsah Petroleum Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 25.00 Co. Third parties 75.00 El-Fayrouz Petroleum Co(†) (in liquidation) Cairo (Egypt) Egypt EGP 20,000 Ieoc Exploration BV 50.00 Co. Third parties 50.00 Fedynskmorneftegaz Sàrl(†) Luxembourg (Luxembourg) Russia USD 20,000 Eni Energy Russia BV 33.33 Eq. Third parties 66.67 Isatay Operating Company Llp(†) Nur-Sultan (Kazakhstan) Kazakhstan KZT 400,000 Eni Isatay BV 50.00 Co. Third parties 50.00 Karachaganak Petroleum Operating BV Amsterdam (Netherlands) Kazakhstan EUR 20,000 Agip Karachag.BV 29.25 Co. Third parties 70.75 Karachaganak Project Development Ltd (KPD) Reading, Berkshire (United Kingdom) United Kingdom GBP 100 Agip Karachag.BV 38.00 Eq. Third parties 62.00 Khaleej Petroleum Co Wll Safat (Kuwait) Kuwait KWD 250,000 Eni Middle E. Ltd 49.00 Eq. Third parties 51.00 Liberty National Development Co Llc Wilmington (USA) USA USD 0 (a) Eni Oil & Gas Inc 32.50 Eq. Third parties 67.50 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (†) Jointly controlled entity. (a) Shares without nominal value. % Registered Country of Share % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Mediterranean Gas Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 25.00 Co. Third parties 75.00 Meleiha Petroleum Company (†) Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 50.00 Co. Third parties 50.00 Mellitah Oil & Gas BV(†) Amsterdam (Netherlands) Libya EUR 20,000 Eni North Africa BV 50.00 Co. Third parties 50.00 Nile Delta Oil Co Nidoco Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 37.50 Co. Third parties 62.50 Norpipe Terminal Holdco Ltd London (United Kingdom) Norway GBP 55.69 Eni SpA 14.20 Eq. Third parties 85.80 North Bardawil Petroleum Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Exploration BV 30.00 Co. Third parties 70.00 North El Burg Petroleum Co Cairo (Egypt) Egypt EGP 20,000 Ieoc SpA 25.00 Co. Third parties 75.00 Petrobel Belayim Petroleum Co(†) Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 50.00 Co. Third parties 50.00 PetroBicentenario SA(†) Caracas (Venezuela) Venezuela VES 3,790 Eni Lasmo Plc 40.00 Eq. Third parties 60.00 PetroJunín SA(†) Caracas (Venezuela) Venezuela VES 24,021 Eni Lasmo Plc 40.00 Eq. Third parties 60.00 PetroSucre SA Caracas (Venezuela) Venezuela VES 2,203 Eni Venezuela BV 26.00 Eq. Third parties 74.00 Pharaonic Petroleum Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 25.00 Co. Third parties 75.00 Point Resources FPSO AS Sandnes (Norway) Norway NOK 150,100,000 PR FP |
Significant non-recurring event
Significant non-recurring events and operations | 12 Months Ended |
Dec. 31, 2019 | |
Significant non-recurring events and operations | |
Significant non-recurring events and operations | 38 Significant non-recurring events and operations In 2019, in 2018 and 2017, Eni did not report any non-recurring events and operations. |
Positions or transactions deriv
Positions or transactions deriving from atypical and/or unusual operations | 12 Months Ended |
Dec. 31, 2019 | |
Positions or transactions deriving from atypical and/or unusual operations | |
Positions or transactions deriving from atypical and/or unusual operations | 39 Positions or transactions deriving from atypical and/or unusual operations In 2019, 2018 and 2017 no transactions deriving from atypical and/or unusual operations were reported. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent events | |
Subsequent events | 40 Subsequent events Impact of COVID-19 and current trends in the oil market The outbreak of a contagious disease known as COVID-19 which has spread rapidly to many countries in the world at the beginning of 2020 and is currently ongoing has triggered a sharp sell-off in energy commodities markets due to a sudden drop in worldwide consumption of oil, gas and other energy products as a result of measures taken worldwide to contain the spread of the disease. In early March 2020, members of the OPEC+ failed to reach a new deal for additional oil production cuts desired by some participants to counteract the decrease in demand from COVID-19 effects. These developments triggered a collapse in crude oil prices. The price of the Brent crude benchmark has fallen by more than 50% from 65$/BBL early in January 2020 to current values; however the average Brent price for the first quarter 2020 of approximately 51$/BBL has fallen by a considerably lower amount over the corresponding period a year ago (down by approximately 20%). Also, the price of natural gas at the Italian spot market “PSV”, which is the main benchmark for sales volumes of equity gas production has fallen in this period, with the average price for the first quarter 2020 at approximately 3.7$/mmBTU, down by approximately 50% over the year-ago quarter. Future trends in crude oil and natural gas prices will greatly depend on how the current COVID-19 crisis unfolds and on how long it lasts. Under the worst of the assumptions, the spread of the disease could trigger a global recession which could materially hit demand for energy products and prices of energy commodities. This scenario could be further complicated in case the member of the OPEC+ continue to cease supporting crude oil prices. These trends could have a material and adverse effect on our results of operations, cash flow, liquidity and business prospects, including trends in Eni shares and shareholders’ returns. We retain some levers of financial flexibility in case of a significant contraction in cash flow from operations. The Group has established a liquidity reserve consisting of very liquid sovereign bonds and corporate securities which amounted to €6.8 billion at the balance sheet date, which together with cash on hands of approximately €6 billion will cushion the impact of a decline in liquidity. Furthermore, we have as of December 31, 2019, undrawn uncommitted borrowing facilities amounting to €13,299 million and undrawn long-term committed borrowing facilities of €4,667 million. Those facilities bore interest rates reflecting prevailing conditions on the marketplace. The main financial commitments of 2020 include long-term debt maturities of approximately €3.2 billion and short-term debt of €2.45 billion, while our take-or-pay obligations under long-term gas contracts and other similar obligations amount to an estimated €8 billion at our budget scenario. The effects of the recent trends in the oil market on the Group’s results of operations, liquidity and assets are currently under evaluation by management. This assessment implies the oil price scenario update and the management’s actions to counteract the changed environment, the effects of which, currently not yet determinable, will be accounted for in future reporting periods. s |
Significant accounting polici_2
Significant accounting policies, estimates and judgements (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Significant accounting policies, estimates and judgements | |
Basis of preparation | Basis of preparation The Consolidated Financial Statements of the Eni Group have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS) 1 as issued by the International Accounting Standards Board (IASB). The Consolidated Financial Statements have been prepared under the historical cost convention, taking into account, where appropriate, value adjustments, except for certain items that under IFRSs must be measured at fair value as described in the accounting policies that follow. The 2019 Consolidated Financial Statements included in the Annual Report on Form 20‑F, approved by the Eni’s Board of Directors on March 18, 2020, were audited by the external auditor PricewaterhouseCoopers SpA. The external auditor of Eni SpA, as the main external auditor, is wholly in charge of the auditing activities of the Consolidated Financial Statements; when there are other external auditors, PricewaterhouseCoopers SpA takes the responsibility of their work. The Consolidated Financial Statements are presented in euros and all values are rounded to the nearest million euros (€ million), except where otherwise indicated. 1 IFRSs include also International Accounting Standards (IAS), currently effective, as well as the interpretations developed by the IFRS Interpretations Committee, previously named International Financial Reporting Interpretations Committee (IFRIC) and initially Standing Interpretations Committee (SIC). |
Significant accounting estimates and judgements | Significant accounting estimates and judgements The preparation of the Consolidated Financial Statements requires the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses recognised in the financial statements, as well as amounts included in the notes thereto, including disclosure of contingent assets and contingent liabilities. Estimates made are based on complex judgements and past experience of other assumptions deemed reasonable in consideration of the information available at the time. The accounting policies and areas that require the most significant judgements and estimates to be used in the preparation of the Consolidated Financial Statements are in relation to the accounting for oil and natural gas activities, specifically in the determination of proved and proved developed reserves, impairment of financial and non-financial assets, leases, decommissioning and restoration liabilities, environmental liabilities, business combinations, employee benefits, revenue from contracts with customers, fair value measurements and income taxes. Although the Company uses its best estimates and judgements, actual results could differ from the estimates and assumptions used. The accounting estimates and judgements relevant for the preparation of the Consolidated Financial Statement are described below. |
Subsidiaries | Principles of consolidation Subsidiaries The Consolidated Financial Statements comprise the financial statements of the parent Company Eni SpA and those of its subsidiaries, being those entities over which the Company has control, either directly or indirectly, through exposure or rights to their variable returns and the ability to affect those returns through its power over the investees. To have power over an investee, the investor must have existing rights that give it the current ability to direct the relevant activities of the investee, i.e. the activities that significantly affect the investee’s returns. Subsidiaries are consolidated, on the basis of consistent accounting policies, from the date on which control is obtained until the date that control ceases. Assets, liabilities, income and expenses of consolidated subsidiaries are fully recognised with those of the parent in the Consolidated Financial Statements; the parent’s investment in each subsidiary is eliminated against the corresponding parent’s portion of equity of each subsidiary. Non-controlling interests are presented separately on the balance sheet within equity; the profit or loss attributable to non-controlling interests is presented in a specific line item of the profit and loss account. For entities acting as sole-operator in the management of oil and gas contracts on behalf of companies participating in a joint project, the activities are financed proportionally based on a budget approved by the participating companies upon presentation of periodical reports of proceeds and expenses. Costs and revenue and other operating data (production, reserves, etc.) of the project, as well as the related obligations arising from the project, are recognised directly in the financial statements of the companies involved based on their own share. Some subsidiaries are not consolidated because they are immaterial, either individually or in the aggregate; this exclusion has not produced material 2 effects on the Consolidated Financial Statements 3 . When the proportion of the equity held by non-controlling interests changes, any difference between the consideration paid/received and the amount by which the non-controlling interests are adjusted is attributed to Eni shareholders’ equity. Conversely, the sale of equity interests with loss of control determines the recognition in the profit and loss account of: (i) any gain or loss calculated as the difference between the consideration received and the corresponding transferred net assets; (ii) any gain or loss recognised as a result of the remeasurement of any investment retained in the former subsidiary at its fair value; and (iii) any amount related to the former subsidiary previously recognised in other comprehensive income which may be reclassified subsequently to the profit and loss account4. Any investment retained in the former subsidiary is recognised at its fair value at the date when control is lost and shall be accounted for in accordance with the applicable measurement criteria 2 According to the requirements of the Conceptual Framework for Financial Reporting, “information is material if omitting it or misstating it could influence decisions that users make on the basis of financial information about a specific reporting entity”. 3 Unconsolidated subsidiaries are accounted for as described in the accounting policy for “The equity method of accounting”. 4 Conversely, any amount related to the former subsidiary previously recognised in other comprehensive income, which may not be reclassified subsequently to the profit and loss account, are reclassified in another item of equity. |
Interests in joint arrangements | Interests in joint arrangements Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Investments in joint ventures are accounted for using the equity method as described in the accounting policy for “The equity method of accounting”. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have enforceable rights to the assets, and enforceable obligations for the liabilities, relating to the arrangement. In the Consolidated Financial Statements, Eni recognises its share of the assets/liabilities and revenue/expenses of joint operations on the basis of its rights and obligations relating to the arrangements. After the initial recognition, the assets/liabilities and revenue/expenses of the joint operations are measured in accordance with the applicable measurement criteria. Immaterial joint operations structured through a separate vehicle are accounted for using the equity method or, if this does not result in a misrepresentation of the Company’s financial position and performance, at cost net of any impairment losses. |
Investments in associates | Investments in associates An associate is an entity over which Eni has significant influence, that is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control of those policies. Investments in associates are accounted for using the equity method as described in the accounting policy for “The equity method of accounting”. Consolidated companies’ financial statements are audited by external auditors who audit also the information required for the preparation of the Consolidated Financial Statements. |
The equity method of accounting | The equity method of accounting Investments in joint ventures, associates and immaterial unconsolidated subsidiaries, are accounted for using the equity method. 5 6 Under the equity method, investments are initially recognised at cost, allocating, similarly to business combinations procedures, the purchase price of the investment to the investee’s identifiable assets/liabilities; if this allocation is provisionally recognised at initial recognition, it can be retrospectively adjusted within one year from the date of initial recognition, to reflect new information obtained about facts and circumstances that existed at the date of initial recognition. Subsequently, the carrying amount is adjusted to reflect: (i) the investor’s share of the profit or loss of the investee after the date of acquisition, adjusted to account for depreciation, amortization and any impairment losses of the equity-accounted entity’s assets based on their fair values at the date of acquisition; and (ii) the investor’s share of the investee’s other comprehensive income. Distributions received from an equity-accounted investee reduce the carrying amount of the investment. In applying the equity method, consolidation adjustments are considered (see also the accounting policy for “Subsidiaries”). Losses arising from the application of the equity method in excess of the carrying amount of the investment, recognised in the profit and loss account within “Income (Expense) from investments”, reduce the carrying amount, net of the related expected credit losses (see below), of any financing receivables towards the investee for which settlement is neither planned nor likely to occur in the foreseeable future (the so-called long-term interests), which are, in substance, an extension of the investment in the investee. The investor’s share of any losses of an equity-accounted investee that exceeds the carrying amount of the investment and any long-term interests (the so-called net investment), is recognised in a specific provision only to the extent that the investor has incurred legal or constructive obligations or made payments on behalf of the investee. Whenever there is objective evidence of impairment (e.g. relevant breaches of contracts, significant financial difficulty, probable default of the counterparty, etc.), the net investment is tested for impairment by comparing its carrying amount with the related recoverable amount, determined by adopting the criteria indicated in the accounting policy for “Impairment of non-financial assets”. When an impairment loss no longer exists or has decreased, any reversal of the impairment loss is recognised in the profit and loss account within “Income (Expense) from investments”. The impairment reversal of the net investment shall not exceed the previously recognised impairment losses. The sale of equity interests with loss of joint control or significant influence over the investee determines the recognition in the profit and loss account of: (i) any gain or loss calculated as the difference between the consideration received and the corresponding transferred share; (ii) any gain or loss recognised as a result of the remeasurement of any investment retained in the former joint venture/associate at its fair value 7 ; and (iii) any amount related to the former joint venture/associate previously recognised in other comprehensive income which may be reclassified subsequently to the profit and loss account 8 . Any investment retained in the former joint venture/associate is recognised at its fair value at the date when joint control or significant influence is lost and shall be accounted for in accordance with the applicable measurement criteria. 5 In the case of step acquisition of significant influence (joint control), the investment is recognised, at the acquisition date of significant influence (joint control), at the amount deriving from the use of the equity method assuming the adoption of this method since initial acquisition; the “step-up” of the carrying amount of interests owned before the acquisition of significant influence (joint control) is taken to equity. 6 Joint ventures, associates and immaterial unconsolidated subsidiaries are accounted for at cost less any accumulated impairment losses, if this does not result in a misrepresentation of the Company's financial position and performance. 7 If the retained investment continues to be accounted for using the equity method, no remeasurement at fair value is recognised in the profit and loss account. 8 Conversely, any amount related to the former joint venture/associate previously recognised in other comprehensive income, which may not be reclassified subsequently to the profit and loss account, are reclassified in another item of equity. |
Business combinations | Business combinations Business combinations are accounted for by applying the acquisition method. The consideration transferred in a business combination is the sum of the acquisition-date fair value of the assets transferred, the liabilities incurred and the equity interests issued by the acquirer. Acquisition-related costs are accounted for as expenses when incurred.The acquirer shall measure the identifiable assets acquired and liabilities assumed at their acquisition-date fair values 9 , unless another measurement basis is required by IFRSs. The excess of the consideration transferred over the Group’s share of the acquisition-date fair values of the identifiable assets acquired and liabilities assumed is recognised, on the balance sheet, as goodwill; conversely, a gain on a bargain purchase is recognised in the profit and loss account. Any non-controlling interests are measured as the proportionate share in the recognised amounts of the acquiree’s identifiable net assets at the acquisition date excluding the portion of goodwill attributable to them (partial goodwill method); as an alternative, non-controlling interests may be measured at fair value, which means that goodwill includes the portion attributable to them (full goodwill method) 10 . The choice of measurement basis for goodwill (partial goodwill method vs. full goodwill method) is made on a transaction-by-transaction basis. In a business combination achieved in stages, the purchase price is determined by summing the acquisition-date fair value of previously held equity interests in the acquiree and the consideration transferred for obtaining control; the previously held equity interests are remeasured at their acquisition-date fair value and the resulting gain or loss, if any, is recognised in the profit and loss account. Furthermore, on obtaining control, any amount recognised in other comprehensive income related to the previously held equity interests is reclassified to the profit and loss account, or in another item of equity when such amount may not be reclassified to the profit and loss account. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the provisional amounts recognised at the acquisition date shall be retrospectively adjusted within one year from the acquisition date, to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The acquisition of interests in a joint operation whose activity constitutes a business is accounted for applying the principles on business combinations accounting. In this regard, if the entity obtains control over a business that was a joint operation, the previously held interest in the joint operation is remeasured at the acquisition-date fair value and the resulting gain or loss is recognized in the profit and loss account. 11 9 Fair value measurement principles are described in the accounting policy for “Fair value measurements”. 10 The choice between the partial goodwill and full goodwill method is made also for business combinations resulting in the recognition of a gain on bargain purchase in the profit and loss account. 11 If the entity acquires additional interests in a joint operation that is a business, while retaining joint control, the previously held interest in the joint operation is not remeasured. |
Significant accounting estimates and judgements: investments and business combinations | Significant accounting estimates and judgements: investments and business combinations The assessment of the existence of control, joint control, significant influence over an investee, as well as for joint operations, the assessment of the existence of enforceable rights and obligations imply that the management makes complex judgements on the basis of the characteristics of the investee’s structure, arrangements between parties and other relevant facts and circumstances. Significant accounting estimates by management are required also for measuring the identifiable assets acquired and the liabilities assumed in a business combination at their acquisition-date fair values. For such measurement, to be performed also for the application of the equity method, Eni adopts the valuation techniques generally used by market participants taking into account the available information; for the most significant business combinations, Eni engages external independent evaluators. |
Intragroup transactions | Intragroup transactions All balances and transactions between consolidated companies, and not yet realised with third parties, including unrealised profits arising from such transactions have been eliminated. Unrealised profits arising from transactions between the Group and its equity-accounted entities are eliminated to the extent of the Group’s interest in the equity-accounted entity. In both cases, unrealised losses are not eliminated unless the transaction provides evidence of an impairment loss of the asset transferred. |
Foreign currency translation | Foreign currency translation The financial statements of foreign operations having a functional currency other than the euro, that represents the parent’s functional currency, are translated into euros using the spot exchange rates on the balance sheet date for assets and liabilities, historical exchange rates for equity and average exchange rates for the profit and loss account and the statement of cash flows (source: Reuters — WMR). The cumulative resulting exchange differences are presented in the separate component of Eni shareholders’ equity “Cumulative currency translation differences” 12 . Cumulative amount of exchange differences relating to a foreign operation are reclassified to the profit and loss account when the entity disposes the entire interest in that foreign operation or when the partial disposal involves the loss of control, joint control or significant influence over the foreign operation. On a partial disposal that does not involve loss of control of a subsidiary that includes a foreign operation, the proportionate share of the cumulative exchange differences is reattributed to the non-controlling interests in that foreign operation. On a partial disposal of interests in joint arrangements or in associates that does not involve loss of joint control or significant influence, the proportionate share of the cumulative exchange differences is reclassified to the profit and loss account. The repayment of share capital made by a subsidiary having a functional currency other than the euro, without a change in the ownership interest, implies that the proportionate share of the cumulative amount of exchange differences relating to the subsidiary is reclassified to the profit and loss account. The financial statements of foreign operations which are translated into euros are denominated in the foreign operations’ functional currencies which generally is the U.S. dollar. The main foreign exchange rates used to translate the financial statements into the parent’s functional currency are indicated below: Annual Exchange Annual Exchange Annual Exchange average rate at average rate at average rate at exchange rate December 31, exchange rate December 31, exchange rate December 31, (currency amount for 1 €) 2019 2019 2018 2018 2017 2017 U.S. Dollar 1.12 1.12 1.18 1.15 1.13 1.20 Pound Sterling 0.88 0.85 0.88 0.89 0.88 0.89 Australian Dollar 1.61 1.60 1.58 1.62 1.47 1.53 12 When the foreign subsidiary is partially owned, the cumulative exchange differences, that are attributable to the non-controlling interests, are allocated to and recognised as part of “Non-controlling interest”. |
Oil and natural gas exploration, appraisal, development and production activities | Oil and natural gas exploration, appraisal, development and production activities Oil and natural gas exploration, appraisal and development activities are accounted for using the principles of the successful efforts method of accounting as described below. Acquisition of exploration rights Costs incurred for the acquisition of exploration rights (or their extension) are initially capitalised within the line item “Intangible assets” as “exploration rights — unproved” pending determination of whether the exploration and appraisal activities in the reference areas are successful or not. Unproved exploration rights are not amortised, but reviewed to confirm that there is no indication that the carrying amount exceeds the recoverable amount. This review is based on the confirmation of the commitment of the Company to continue the exploration activities and on the analysis of facts and circumstances that indicate the absence of uncertainties related to the recoverability of the carrying amount. If no future activity is planned, the carrying amount of the related exploration rights is recognised in the profit and loss account as write-off. Lower value exploration rights are pooled and amortised on a straight-line basis over the estimated period of exploration. In the event of a discovery of proved reserves (i.e. upon recognition of proved reserves and internal approval for development), the carrying amount of the related unproved exploration rights is reclassified to “proved exploration rights”, within the line item “Intangible assets”. Upon reclassification, or when there is any indication of impairment, the carrying amount of exploration rights to reclassify as proved is tested for impairment considering the higher of their value in use and their fair value less costs of disposal. From the commencement of production, proved exploration rights are amortised according to the unit of production method (the so-called UOP method, described in the accounting policy for “UOP depreciation, depletion and amortisation”). Acquisition of mineral interests Costs incurred for the acquisition of mineral interests are capitalised in connection with the assets acquired (such as exploration potential, possible and probable reserves and proved reserves). When the acquisition is related to a set of exploration potential and reserves, the cost is allocated to the different assets acquired based on their expected discounted cash flows. Acquired exploration potential is measured in accordance with the criteria illustrated in the accounting policy for “Acquisition of exploration rights”. Costs associated with proved reserves are amortised according to the UOP method (see the accounting policy for “UOP depreciation, depletion and amortisation”). Expenditure associated with possible and probable reserves (unproved mineral interests) is not amortised until classified as proved reserves; in case of a negative result, it is written off. Exploration and appraisal expenditure Geological and geophysical exploration costs are recognised as an expense as incurred. Costs directly associated with an exploration well are initially recognised within tangible assets in progress, as “exploration and appraisal costs — unproved” (exploration wells in progress) until the drilling of the well is completed and can continue to be capitalised in the following 12‑month period pending the evaluation of drilling results (suspended exploration wells). If, at the end of this period, it is ascertained that the result is negative (no hydrocarbon found) or that the discovery is not sufficiently significant to justify the development, the wells are declared dry/unsuccessful and the related costs are written-off. Conversely, these costs continue to be capitalised if and until: (i) the well has found a sufficient quantity of reserves to justify its completion as a producing well, and (ii) the entity is making sufficient progress assessing the reserves and the economic and operating viability of the project; on the contrary, the capitalised costs are recognised in the profit and loss account as write-off. Analogous recognition criteria are adopted for the costs related to the appraisal activity. When proved reserves of oil and/or natural gas are determined, the relevant expenditure recognised as unproved is reclassified to proved exploration and appraisal costs within tangible assets in progress. Upon reclassification, as well as whether there is any indication of impairment, the carrying amount of the costs to reclassify as proved is tested for impairment considering the higher of their value in use and their fair value less costs of disposal. From the commencement of production, proved exploration and appraisal costs are depreciated according to the UOP method (see the accounting policy for “UOP depreciation, depletion and amortisation”). Development expenditure Development expenditure, including the costs related to unsuccessful and damaged development wells, are capitalised as “Tangible asset in progress — proved”. Development costs are incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing the oil and gas. They are amortised, from the commencement of production, generally on a UOP basis. When development projects are unfeasible/not carried on, the related costs are written off when it is decided to abandon the project. Development costs are tested for impairment in accordance with the criteria described in the accounting policy for “Property, plant and equipment”. UOP depreciation, depletion and amortisation Proved oil and gas assets are depreciated generally under the UOP method, as their useful life is closely related to the availability of proved oil and gas reserves, by applying, to the depreciable amounts at the end of each quarter a rate representing the ratio between the volumes extracted during the quarter and the reserves existing at the end of the quarter, increased by the volumes extracted during the quarter. This method is applied with reference to the smallest aggregate representing a direct correlation between expenditures to be depreciated and oil and gas reserves. Proved exploration rights and acquired proved mineral interests are amortised over proved reserves; proved exploration and appraisal costs and development expenditure are depreciated over proved developed reserves, while common facilities are depreciated over total proved reserves. Production costs Production costs are those costs incurred to operate and maintain wells and field equipment and are recognised as an expense as incurred. Production Sharing Agreements and buy-back contracts Oil and gas reserves related to Production Sharing Agreements and buy-back contracts are determined on the basis of contractual terms related to the recovery of the contractor’s costs to undertake and finance exploration, development and production activities at its own risk (Cost Oil) and the Company’s stipulated share of the production remaining after such cost recovery (Profit Oil). Revenues from the sale of the lifted production, against both Cost Oil and Profit Oil, are accounted for on an accrual basis, whilst exploration, development and production costs are accounted for according to the above-mentioned accounting policies. The Company’s share of production volumes and reserves includes the share of hydrocarbons that corresponds to the taxes to be paid, according to the contractual agreement, by the national government on behalf of the Company. As a consequence, the Company has to recognise at the same time an increase in the taxable profit, through the increase of the revenue, and a tax expense. Plugging and abandonment of wells Costs expected to be incurred with respect to the plugging and abandonment of a well, dismantlement and removal of production facilities, as well as site restoration, are capitalised, consistent with the accounting policy described under “Property, plant and equipment”, and then depreciated on a UOP basis. Significant accounting estimates and judgements: oil and natural gas activities Engineering estimates of the Company’s oil and gas reserves are inherently uncertain. Proved reserves are the estimated volumes of crude oil, natural gas and gas condensates, liquids and associated substances which geological and engineering data demonstrate that can be economically producible with reasonable certainty from known reservoirs under existing economic conditions and operating methods. Although there are authoritative guidelines regarding the engineering and geological criteria that must be met before estimated oil and gas reserves can be categorised as “proved”, the accuracy of reserve estimates depends on a number of factors, assumptions and variables, including: (i) the quality of available geological, technical and economic data and their interpretation and judgement; (ii) projections regarding future rates of production and operating costs as well as timing and amount of development expenditures; (iii) changes in the prevailing tax rules, other government regulations and contractual conditions; (iv) results of drilling, testing and the actual production performance of Eni’s reservoirs after the date of the estimates which may drive substantial upward or downward revisions; and (v) changes in oil and natural gas prices which could affect expected future cash flows and the quantities of Eni’s proved reserves since the estimates of reserves are based on prices and costs existing as of the date when these estimates are made. Lower oil prices or the projections of higher operating and development costs may impair the ability of the Company to economically produce reserves leading to downward reserve revisions. Many of the factors, assumptions and variables involved in estimating proved reserves are subject to change over time and therefore affect the estimates of oil and natural gas reserves. The determination of whether potentially economic oil and natural gas reserves have been discovered by an exploration well is made within a year after well completion. The evaluation process of a discovery, which requires performing additional appraisal activities on the potential oil and natural gas field and establishing the optimum development plans, can take longer, in most cases, depending on the complexity of the project and on the size of capital expenditures required. During this period, the costs related to these exploration wells remain suspended on the balance sheet. In any case, all such capitalised costs are reviewed, at least, on an annual basis to confirm the continued intent to develop, or otherwise to extract value from the discovery. Field reserves will be categorised as proved only when all the criteria for attribution of proved status have been met. Initially, all booked reserves are classified as proved undeveloped. Subsequently, volumes are reclassified from proved undeveloped to proved developed as a consequence of development activity. Generally, reserves are booked as proved developed when the first oil or gas is produced. Major development projects typically take one to four years from the time of initial booking to the start of production. Estimated proved reserves are used in determining depreciation, amortisation and depletion charges and impairment charges. Assuming all other variables are held constant, an increase in estimated proved developed reserves for each field decreases depreciation, amortisation and depletion charge under the UOP method. Conversely, a decrease in estimated proved developed reserves increases depreciation, amortisation and depletion charge. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment, including investment properties, are recognised using the cost model and stated at their purchase price or construction cost including any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. For assets that necessarily take a substantial period of time to get ready for their intended use, the purchase price or construction cost comprises the borrowing costs incurred in the period to get the asset ready for use that would have been avoided if the expenditure had not been made. In the case of a present obligation for dismantling and removal of assets and restoration of sites, the initial carrying amount of an item of property, plant and equipment includes the estimated (discounted) costs to be incurred when the removal event occurs; a corresponding amount is recognised as part of a specific provision (see the accounting policy for “Decommissioning and restoration liabilities”. Property, plant and equipment are not revalued for financial reporting purposes. Expenditures on upgrading, revamping and reconversion are recognised as items of property, plant and equipment when it is probable that they will increase the expected future economic benefits of the asset. Assets acquired for safety or environmental reasons, although not directly increasing the future economic benefits of any particular existing item of property, plant and equipment, qualify for recognition as assets when they are necessary for running the business. Depreciation of tangible assets begins when they are available for use, i.e. when they are in the location and condition necessary for it to be capable of operating as planned. Property, plant and equipment are depreciated on a systematic basis over their useful life. The useful life is the period over which an asset is expected to be available for use by the Company. When tangible assets are composed of more than one significant part with different useful lives, each part is depreciated separately. The depreciable amount is the asset’s carrying amount less its residual value at the end of its useful life, if it is significant and can be reasonably determined. Land is not depreciated, even when acquired together with a building. Tangible assets held for sale are not depreciated (see the accounting policy for “Assets held for sale and discontinued operations”). Changes in the asset’s useful life, in its residual value or in the pattern of consumption of the future economic benefits embodied in the asset, are accounted for prospectively. Assets to be handed over for no consideration are depreciated over the shorter term between the duration of the concession or the asset’s useful life. Replacement costs of identifiable parts in complex assets are capitalised and depreciated over their useful life; the residual carrying amount of the part that has been substituted is charged to the profit and loss account. Non-removable leasehold improvements are depreciated over the earlier of the useful life of the improvements and the lease term. Expenditures for ordinary maintenance and repairs are recognised as an expense as incurred. The carrying amount of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected from its use or disposal; the arising gain or loss is recognised in the profit and loss account. |
Leases | Leases 13 14 A contract is, or contains, a lease, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration 15 ; such right exists whether, throughout the period of use, the customer has both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset. At the commencement date of the lease (i.e. the date on which the underlying asset is available for use), a lessee recognises on the balance sheet an asset representing its right to use the underlying leased asset (hereinafter also referred as right-of-use asset) and a liability representing its obligation to make lease payments during the lease term (hereinafter also referred as lease liability). 16 The lease term is the non-cancellable period of a contract, together with, if reasonably certain, periods covered by extension options or by the non-exercise of termination options. In particular, the lease liability is initially recognised at the present value of the following lease payments 17 that are not paid at the commencement date: (i) fixed payments (including in-substance fixed payments), less any lease incentives receivable; (ii) variable lease payments that depend on an index or a rate 18 ; (iii) amounts expected to be payable by the lessee under residual value guarantees; (iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and (v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease payments are discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee’s incremental borrowing rate. The latter is determined considering the term of the lease, the frequency and currency of the contractual lease payments, as well as the features of the lessee’s economic environment (reflected in the country risk premium assigned to each country where Eni operates). After the initial recognition, the lease liability is measured on an amortised cost basis and is remeasured, normally, as an adjustment to the carrying amount of the related right-of-use asset, to reflect changes to the lease payments due, essentially, to: (i) modifications in the lease contract not accounted as a separate lease; (ii) changes in indexes or rates (used to determine the variable lease payments); or (iii) changes in the assessment of contractual options (e.g. options to purchase the underlying asset, extension or termination options). 13 The accounting policies related to leases have been defined on the basis of IFRS 16 “Leases” effective from January 1, 2019. As allowed by the accounting standard, the new requirements have been applied without restating the comparative years. The previous accounting policies about leases required essentially that: (i) assets held under finance lease, or under arrangements that did not take the legal form of a finance lease but substantially transferred all the risks and rewards incidental to ownership of the leased asset, were recognised, at the commencement of the lease, at their fair value, net of grants attributable to the lessee or, if lower, at the present value of the minimum lease payments, within property, plant and equipment as a contra account to a financing payable to the lessor; and (ii) lease payments under an operating lease were recognised as an expense over the lease term. 14 As expressly provided for in IFRS 16, this accounting policy does not apply to leases to explore for and extract resources such as those for oil and gas rights, leases of land and any rights of way related to oil and gas activities. 15 The assessment of whether the contract is, or contains, a lease is performed at the inception date, that is the earlier of the date of a lease agreement and the date of commitment by the parties to the principal terms and conditions of the lease. 16 Eni applies the recognition exemptions allowed for short-term leases (for certain classes of underlying assets) and low-value leases, by recognising the lease payments associated with those leases as an expense on a straight-line basis over the lease term. 17 Eni, in accordance with the practical expedient allowed by the accounting standard, does not separate non-lease components from lease components except for main contracts related to upstream activities (drilling rigs), which provide for single payments relating to both lease and non-lease components. 18 Conversely, the other kinds of variable lease payments (e.g. payments that depend on the use of an underlying leased asset) are not included in the carrying amount of the lease liability, but are recognised in the profit and loss account as operating expenses over the lease term. The right-of-use asset is initially measured at cost, which comprises: (i) the amount of the initial measurement of the lease liability; (ii) any initial direct costs incurred by the lessee 19 ; (iii) any lease payments made at or before the commencement date, less any lease incentives received; and (iv) an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. After the initial recognition, the right-of-use asset is adjusted for any accumulated depreciation 20 , any accumulated impairment losses (see the accounting policy for “Impairment of non-financial assets”) and any remeasurement of the lease liability. In the oil and gas activities, the operator of an unincorporated joint operation which enters into a lease contract as the sole signatory recognises on the balance sheet: (i) the entire lease liability, if based on the contractual provisions and any other relevant facts and circumstances, it has primary responsibility for the liability towards the third-party supplier; and (ii) the entire right-of-use asset, unless, on the basis of the terms and conditions of the contract, there is a sublease with the followers. The followers’ share of the right-of-use asset, recognised by the operator, will be recovered according to the joint operation’s contractual arrangements by billing the project costs attributable to the followers and collecting the related cash calls. Costs recovered from the followers are recognised as “Other income and revenues” in the profit and loss account and as net cash provided by operating activities in the statement of cash flows. Differently, if a lease contract is signed by all the partners, Eni recognises its share of the right-of-use asset and lease liability on the balance sheet based on its working interest. If Eni does not have primary responsibility for the lease liability, it does not recognise any right-of-use asset and lease liability related to the lease contract. When lease contracts are entered into by companies other than subsidiaries that act as operators on behalf of the other participating companies (the so-called operating companies), consistent with the provision to recover from the followers the costs related to the oil and gas activities, the participating companies recognise their share of the right-of-use assets and the lease liabilities based on their working interest, defined according to the expected use, to the extent that it is reliably determinable, of the underlying assets. Significant accounting estimates and judgements: lease transactions With reference to lease contracts, management made significant estimates and judgements related to: (i) determining the lease term, making assumptions about the exercise of extension and/or termination options; (ii) determining the lessee’s incremental borrowing rate; (iii) identifying and, where appropriate, separating non-lease components from lease components, where an observable stand-alone price is not readily available, taking into account also the analysis performed with external experts; (iv) recognising lease contracts, for which the underlying assets are used in oil and gas activities (mainly drilling rigs and FPSOs), entered into as operator within an unincorporated joint operation, considering if the operator has primary responsibility for the liability towards the third-party supplier and the relationships with the followers; (v) identifying the variable lease payments and the related characteristics in order to include them in the measurement of the lease liability. 19 Initial direct costs are incremental costs of obtaining a lease that would not have been incurred if the lease had not been obtained. 20 Depreciation charges are recognised on a systematic basis from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. Nevertheless, if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, or if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated from the commencement date to the end of the useful life of the underlying asset. |
Intangible assets | Intangible assets Intangible assets are identifiable non-monetary assets without physical substance, controlled by the Company and able to produce future economic benefits, and goodwill. An asset is classified as intangible when management is able to distinguish it clearly from goodwill. This condition is normally met when: (i) the intangible asset arises from contractual or other legal rights, or (ii) the asset is separable, i.e. can be sold, transferred, licensed, rented or exchanged, either individually or together with other assets. An entity controls an intangible asset if it has the power to obtain the future economic benefits flowing from the underlying asset and to restrict the access of others to those benefits. Intangible assets are initially recognised at cost as determined by the criteria used for tangible assets and they are not revalued for financial reporting purposes. Intangible assets with finite useful lives are amortised on a systematic basis over their useful life; the amount to be amortised and the recoverability of the carrying amount are determined in accordance with the criteria described in the accounting policy for “Property, plant and equipment”. Goodwill and intangible assets with indefinite useful lives are not amortised. For the recoverability of the carrying amounts of the goodwill and other intangible assets see the accounting policy “Impairment of non-financial assets”. Costs of obtaining a contract with a customer are recognised on the balance sheet if the Company expects to recover those costs. The intangible asset arising from those costs is amortised on a systematic basis, that is consistent with the transfer to the customer of the goods or services to which the asset relates, and is tested for impairment 21 . Costs of technological development activities are capitalised when: (i) the cost attributable to the development activity can be measured reliably; (ii) there is the intention and the availability of financial and technical resources to make the asset available for use or sale; and (iii) it can be demonstrated that the asset is able to generate probable future economic benefits. 21 The accounting policies adopted until 2017 (before applying IFRS 15) required the capitalisation of directly attributable customer acquisition costs when all the following conditions were met: (i) the capitalised costs can be measured reliably; (ii) there is a contract binding the customer for a specified period of time; and (iii) it is probable that the costs will be recovered through the revenue from the sales, or, where the customer withdraws from the contract in advance, through the collection of a penalty. |
Impairment of non-financial assets | Impairment of non-financial assets Non-financial assets (tangible assets, intangible assets and right-of-use assets) are tested for impairment whenever events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable. The recoverability assessment is performed for each cash-generating unit (hereinafter also CGU) represented by the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or group of assets. CGUs are identified considering, inter alia, how management monitors the entity’s operations (such as by business lines) or how management makes decisions about continuing or disposing of the entity’s assets and operations. Cash-generating units may include corporate assets which do not generate cash inflows independently of other assets or group of assets, allocable on a reasonable and consistent basis. Corporate assets not attributable to a single cash-generating unit are allocated to a group of cash-generating units. Goodwill is tested for impairment at least annually, and whenever there is any indication of impairment, at the lowest level within the entity at which it is monitored for internal management purposes. Right-of-use assets, which generally do not generate cash inflows independently of other assets or groups of assets, are allocated to the CGU to which they belong; the right-of-use assets which cannot be fully attributed to a CGU are considered as corporate assets. The recoverability of a CGU is assessed by comparing its carrying amount with the recoverable amount, which is the higher of the CGU’s fair value less costs of disposal and its value in use. Value in use is the present value of the future cash flows expected to be derived from continuing use of the CGU and, if significant and reliably measurable, the cash flows expected to be obtained from its disposal at the end of its useful life, after deducting the costs of disposal. The expected cash flows are determined on the basis of reasonable and supportable assumptions that represent management’s best estimate of the range of economic conditions that will exist over the remaining useful life of the cash-generating unit, giving greater weight to external evidence. The value in use of CGUs which include material right-of-use assets is calculated, normally, by ignoring lease payments included in the measurement of the lease liabilities. With reference to commodity prices, management uses the price scenario adopted for economic and financial projections and for the evaluation of investments over their entire life. In particular, for the cash flows associated with oil, natural gas and petroleum products prices (and prices derived from them), the price scenario is approved by the Board of Directors and is based on management’s planning assumptions, in the short and medium term, takes into account the projections of market analysts and, if there is a sufficient liquidity and reliability level, on the forward prices prevailing in the marketplace. For impairment test purposes, cash outflows expected to be incurred to guarantee compliance with laws and regulations regarding CO 2 emissions (e.g. Emission Trading Scheme) or on a voluntary basis (e.g. cash outflows related to forestry certificates acquired or produced consistent with the Company’s decarbonization strategy – hereinafter also forestry) are taken into account. In particular, in estimating value in use, the cash outflows for forestry projects 22 are included, consistent with the medium term target of the decarbonization strategy, within the expected cash outflows of the segment whose emissions are offset. Currently, considering that the forestry projects can be developed in countries where Eni does not carry out operating activities and considering the difficulty to allocate such cash outflows, on a reasonable and consistent basis, to the CGUs of the segment, the related discounted cash outflows are treated as a reduction of the headroom of that segment. For the determination of value in use, the estimated future cash flows are discounted using a rate that reflects a current market assessment of the time value of money and of the risks specific to the asset that are not reflected in the estimated future cash flows. In particular, the discount rate used is the Weighted Average Cost of Capital (WACC) adjusted for the specific country risk of the CGU. These adjustments are measured considering information from external parties. WACC differs considering the risk associated with each operating segment/business where the asset operates. In particular, for the assets belonging to the Gas & Power segment and the Chemical business, taking into account their different risk compared to Eni as a whole, specific WACC rates have been defined on the basis of a sample of comparable companies, adjusted to take into account the specific country-risk premium. For the other segments/businesses, a single WACC is used considering that the risk is the same to that of Eni as a whole. Value in use is calculated net of the tax effect as this method results in values similar to those resulting from discounting pre-tax cash flows at a pre-tax discount rate derived, through an iteration process, from a post-tax valuation. When the carrying amount of the CGU, including goodwill allocated thereto, determined taking into account any impairment loss of the non-current assets belonging to the CGU, exceeds its recoverable amount, the excess is recognised as an impairment loss. The impairment loss is allocated first to reduce the carrying amount of goodwill; any remaining excess is allocated to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the CGU, up to the recoverable amount of assets with finite useful lives. When an impairment loss no longer exists or has decreased, a reversal of the impairment loss is recognised in the profit and loss account. The impairment reversal shall not exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. An impairment loss recognised for goodwill is not reversed in a subsequent period. 23 22 For the recognition criteria of forestry certificates see the accounting policy for “Costs”. 23 Impairment losses recognised for goodwill in an interim period are not reversed also when, considering conditions existing in a subsequent interim period, they would have been recognised in a smaller amount or would not have been recognised. Significant accounting estimates and judgements: impairment of non-financial assets The recoverability of non-financial assets is assessesed whenever events or changes in circumstances indicate that carrying amounts of the assets are not recoverable. Such impairment indicators include changes in the Group’s business plans, changes in commodity prices leading to unprofitable performance, a reduced capacity utilisation of plants and, for oil and gas properties, significant downward revisions of estimated proved reserve quantities or significant increase of the estimated development and production costs. Determination as to whether and how much an asset is impaired involves management estimates on highly uncertain and complex matters such as future commodity prices, future discount rates, future development expenditure and production costs, the effects of inflation and technology improvements on operating expenses, production profiles and the outlook for global or regional market supply-and-demand conditions also with reference to the decarbonization process and the effects of changes in regulatory requirements. Similar remarks are valid for assessing the physical recoverability of assets recognised on the balance sheet (deferred costs — see also the accounting policy for “Inventories”) related to natural gas volumes not withdrawn under long-term supply contracts with take-or-pay clauses. The expected future cash flows used for impairment analyses are based on judgemental assessments of future production volumes, prices and costs, considering available information at the date of review and are discounted by using a rate which considers the risks specific to the asset. For oil and natural gas properties, the expected future cash flows are estimated principally based on developed and undeveloped proved reserves including, among other elements, production taxes and the costs to be incurred for the reserves yet to be developed. The estimate of the future amount of production is based on assumptions related to future commodity prices, lifting and development costs, field decline rates, market demand and other factors. The cash flows associated to oil and gas commodities are estimated on the basis of forward market information, if there is a sufficient liquidity and reliability level, on the consensus of independent specialised analysts and on management’s forecasts about the evolution of the supply and demand fundamentals. |
Grants related to assets | Grants related to assets Government grants related to assets are recognised by deducting them in calculating the carrying amount of the related assets when there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received. |
Inventories | Inventories Inventories, including compulsory stock, are measured at the lower of purchase or production cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale, or, with reference to inventories of crude oil and petroleum products already included in binding sale contracts, the contractual selling price. Inventories which are principally acquired with the purpose of selling in the near future and generating a profit from fluctuations in price are measured at fair value less costs to sell. Materials and other supplies held for use in production are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. The cost of inventories of hydrocarbons (crude oil, condensates and natural gas) and petroleum products is determined by applying the weighted average cost method on a three-month basis, or on a different time period (e.g. monthly), when it is justified by the use and the turnover of inventories of crude oil and petroleum products; the cost of inventories of the Chemical business is determined by applying the weighted average cost on an annual basis. When take-or-pay clauses are included in long-term gas purchase contracts, pre-paid gas volumes that are not withdrawn to fulfill minimum annual take obligations are measured using the pricing formulas contractually defined. They are recognised under “Other assets” as “Deferred costs” as a contra to “Other payables” or, after settlement, to “Cash and cash equivalents”. The allocated deferred costs are charged to the profit and loss account: (i) when natural gas is actually withdrawn — the related cost is included in the determination of the weighted average cost of inventories; and (ii) for the portion which is not recoverable, when it is not possible to withdraw the previously pre-paid gas, within the contractually defined deadlines. Furthermore, the allocated deferred costs are tested for economic recoverability by comparing the related carrying amount and their net realisable value, determined adopting the same criteria described for inventories. |
Financial instruments | Financial instruments 24 Financial assets Financial assets are classified, on the basis of both contractual cash flow characteristics and the entity’s business model for managing them, in the following categories: (i) financial assets measured at amortised cost; (ii) financial assets measured at fair value through other comprehensive income (hereinafter also OCI); (iii) financial assets measured at fair value through profit or loss. At initial recognition, a financial asset is measured at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable; at initial recognition, trade receivables that do not have a significant financing component are measured at their transaction price. After initial recognition, financial assets whose contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding are measured at amortised cost if they are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows (the so-called hold to collect business model). For financial assets measured at amortised cost, interest income determined using the effective interest rate, foreign exchange differences and any impairment losses 25 (see the accounting policy for “Impairment of financial assets”) are recognised in the profit and loss account. Conversely, financial assets that are debt instruments are measured at fair value through OCI (hereinafter also FVTOCI) if they are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets (the so-called hold to collect and sell business model). In these cases: (i) interest income determined using the effective interest rate, foreign exchange differences and any impairment losses (see the accounting policy for “Impairment of financial assets”) are recognised in the profit and loss account; (ii) changes in fair value of the instruments are recognised in equity, within other comprehensive income. The accumulated changes in fair value, recognised in the equity reserve related to other comprehensive income, is reclassified to the profit and loss account when the financial asset is derecognised. Currently the Group does not have any financial assets measured at fair value through OCI. A financial asset represented by a debt instrument that is neither measured at amortised cost nor at FVTOCI, is measured at fair value through profit or loss (hereinafter FVTPL); financial assets held for trading fall into this category. Interest income on assets held for trading contributes to the fair value measurement of the instrument and is recognised in “Finance income (expense)”, within “Net finance income (expense) from financial assets held for trading”. When the purchase or sale of a financial asset is under a contract whose terms require delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned, the transaction is accounted for on the settlement date. Impairment of financial assets The expected credit loss model is adopted for the impairment of financial assets that are debt instruments, but are not measured at fair value through profit or loss. In particular, the expected credit losses are generally measured by multiplying: (i) the exposure to the counterparty’s credit risk net of any collateral held and other credit enhancements (Exposure At Default, EAD); (ii) the probability that the default of the counterparty occurs (Probability of Default, PD); and (iii) the percentage estimate of the exposure that will not be recovered in case of default (Loss Given Default, LGD), considering the past experiences and the range of recovery tools that can be activated (e.g. extrajudicial and/or legal proceedings, etc.). 24 The accounting policies related to financial instruments were defined on the basis of IFRS 9 “Financial Instruments” effective from 2018; as required by the accounting standard, the new requirements have been applied starting from January 1, 2018 without restating the comparative information. With reference to the financial instruments held by the Company, the previous accounting policies (applied until2017) required essentially: (i) the classification of financial assets on the basis of the categories under IAS 39; (ii) recognition and measurement of impairment losses if there was objective evidence that an impairment loss had been incurred (the so-called incurred loss model); and (iii) more stringent hedge accounting requirements (mainly referred to the assessment of hedge effectiveness). 25 Receivables and other financial assets measured at amortised cost are presented on the balance sheet net of their loss allowance With reference to trade and other receivables, Probabilities of Default of counterparties are determined by adopting the internal credit ratings already used for credit worthiness and are periodically reviewed using, inter alia, back-testing analyses; for government entities (e.g. National Oil Companies), the Probability of Default, represented essentially by the probability of a delayed payment, is determined by using, as input data, the country risk premium adopted to determine WACC for the impairment review of non-financial assets. For customers without internal credit ratings, the expected credit losses are measured by using a provision matrix, defined by grouping, where appropriate, receivables into adequate clusters to which apply expected loss rates defined on the basis of their historical credit loss experiences, adjusted, where appropriate, to take into account forward-looking information on credit risk of the counterparty or clusters of counterparties. 26 Considering the characteristics of the reference markets, financial assets with more than 180 days past due or, in any case, with counterparties undergoing litigation, restructuring or renegotiation, are considered to be in default. Counterparties are considered undergoing litigation when judicial/legal proceedings aimed to recover a receivable have been activated or are going to be activated. Impairment losses of trade and other receivables are recognised in the profit and loss account, net of any impairment reversal, within the line item of the profit and loss account “Net (impairment losses) reversals of trade and other receivables”. The financing receivables held for operating purposes, granted to associates and joint ventures, for which settlement is neither planned nor likely to occur in the foreseeable future and which in substance form part of the entity’s net investment in these investees, are tested for impairment, first, on the basis of the expected credit loss model and, then, together with the carrying amount of the investment in the associate/joint venture, in accordance with the criteria indicated in the accounting policy for “The equity method of accounting”. In applying the expected credit loss model, any adjustments to the carrying amount of long-term interest that arise from applying the accounting policy for “The equity method of accounting” are not taken into account. Significant accounting estimates and judgements: impairment of financial assets Measuring impairment losses of financial assets requires management evaluation of complex and highly uncertain elements such as, for example, Probabilities of Default of counterparties, the existence of any collateral or other credit enhancements, the expected exposure that will not be recovered in case of default, as well as the definition of customers’ clusters to be adopted. Investments in equity instruments Investments in equity instruments that are not held for trading are measured at fair value through other comprehensive income, without subsequent transfer of fair value changes to profit or loss on derecognition of these investments; conversely, dividends from these investments are recognised in the profit and loss account, within the line item “Income (Expense) from investments”, unless they clearly represent a recovery of part of the cost of the investment. In limited circumstances, an investment in equity instruments can be measured at cost if it is an appropriate estimate of fair value. Financial liabilities At initial recognition, financial liabilities, other than derivative financial instruments, are measured at their fair value, minus transaction costs that are directly attributable, and are subsequently measured at amortised cost. 26 For credit exposures arising from intragroup transactions, the recovery rate is normally assumed equal to 100% taking into account, inter alia, the Group central treasury function which supports both financial and capital needs of subsidiaries. |
Derivative financial instruments and hedge accounting | Derivative financial instruments and hedge accounting Derivative financial instruments, including embedded derivatives (see below) that are separated from the host contract, are assets and liabilities measured at their fair value. With reference to the defined risk management objectives and strategy, the qualifying criteria for hedge accounting requires: (i) the existence of an economic relationship between the hedged item and the hedging instrument in order to offset the related value changes and the effects of counterparty credit risk do not dominate the economic relationship between the hedged item and the hedging instrument; and (ii) the definition of the relationship between the quantity of the hedged item and the quantity of the hedging instrument (the so-called hedge ratio) consistent with the entity’s risk management objectives, under a defined risk management strategy; the hedge ratio is adjusted, where appropriate, after taking into account any adequate rebalancing. A hedging relationship is discontinued prospectively, in its entirety or a part of it, when it no longer meets the risk management objectives on the basis of which it qualified for hedge accounting, it ceases to meet the other qualifying criteria or after rebalancing it. When derivatives hedge the risk of changes in the fair value of the hedged items (fair value hedge, e.g. hedging of the variability in the fair value of fixed interest rate assets/liabilities), the derivatives are measured at fair value through profit and loss account. Consistently, the carrying amount of the hedged item is adjusted to reflect, in the profit and loss account, the changes in fair value of the hedged item attributable to the hedged risk; this applies even if the hedged item should be otherwise measured. When derivatives hedge the exposure to variability in cash flows of the hedged items (cash flow hedge, e.g. hedging the variability in the cash flows of assets/liabilities as a result of the fluctuations of exchange rate), the effective changes in the fair value of the derivatives are initially recognised in the equity reserve related to other comprehensive income and then reclassified to the profit and loss account in the same period during which the hedged transaction affects the profit and loss account. If a hedged forecast transaction subsequently results in the recognition of a non-financial asset or a non-financial liability, the accumulated changes in fair value of hedging derivatives, recognised in equity, are included directly in the carrying amount of the hedged non-financial asset/liability (commonly referred to as a “basis adjustment”). The changes in the fair value of derivatives that are not designated as hedging instruments, including any ineffective portion of changes in fair value of hedging derivatives, are recognised in the profit and loss account. In particular, the changes in the fair value of non-hedging derivatives on interest rates and exchange rates are recognised in the profit and loss account line item “Finance income (expense)”; conversely, the changes in the fair value of non-hedging derivatives on commodities are recognised in the profit and loss account line item “Other operating (expense) income”. Derivatives embedded in financial assets are not accounted for separately; in such circumstances, the entire hybrid instrument is classified depending on the contractual cash flow characteristics of the financial instrument and the business model for managing it (see the accounting policy for “Financial assets”). Derivatives embedded in financial liabilities and/or non-financial assets are separated if: (i) the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host contract; (ii) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and (iii) the entire hybrid contract is not measured at FVTPL. Eni assesses the existence of embedded derivatives to be separated when it becomes party to the contract and, afterwards, when a change in the terms of the contract that modifies its cash flows occurs. Contracts to buy or sell commodities entered into and continued to be held for the purpose of their receipt or delivery in accordance with the Group’s expected purchase, sale or usage requirements are recognised on an accrual basis (the so-called normal sale and normal purchase exemption or own use exemption). |
Offsetting of financial assets and liabilities | Offsetting of financial assets and liabilities Financial assets and liabilities are set off on the balance sheet if the Group currently has a legally enforceable right to set off and intends to settle on a net basis (or to realise the asset and settle the liability simultaneously). |
Derecognition of financial assets and liabilities | Derecognition of financial assets and liabilities Transferred financial assets are derecognised when the contractual rights to receive the cash flows from the financial assets expire or are transferred to another party. Financial liabilities are derecognised when they are extinguished, or when the obligation specified in the contract is discharged, cancelled or expired. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash on hand, demand deposits, as well as financial assets originally due, generally, within 90 days, readily convertible to known amount of cash and subject to an insignificant risk of changes in value. |
Provisions, contingent liabilities and contingent assets | Provisions, contingent liabilities and contingent assets A provision is a liability of uncertain timing or amount on the balance sheet date. Provisions are recognised when: (i) there is a present obligation, legal or constructive, as a result of a past event; (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and (iii) the amount of the obligation can be reliably estimated. The amount recognised as a provision is the best estimate of the expenditure required to settle the present obligation or to transfer it to third parties at the balance sheet date. The amount recognised for onerous contracts is the lower of the cost necessary to fulfill the obligations, net of expected economic benefits deriving from the contracts, and any compensation or penalties arising from failure to fulfill these obligations. Where the effect of the time value is material, and the payment date of the obligations can be reasonably estimated, provisions to be accrued are the present value of the expenditures expected to be required to settle the obligation at a discount rate that reflects the Company’s average borrowing rate taking into account the risks associated with the obligation. The increase in the provision due to the passage of time is recognised as “Finance income (expense)”. A provision for restructuring costs is recognised only when the Company has a detailed formal plan for the restructuring and has raised a valid expectation in the affected parties that it will carry out the restructuring. Provisions are periodically reviewed and adjusted to reflect changes in the estimates of costs, timing and discount rates. Changes in provisions are recognised in the same profit and loss account line item where the original provision was charged. Contingent liabilities are: (i) possible obligations arising from past events, whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company; or (ii) present obligations arising from past events, whose amount cannot be reliably measured or whose settlement will probably not result in an outflow of resources embodying economic benefits. Contingent liabilities are not recognised in the financial statements, but are disclosed. Contingent assets, that are possible assets arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company, are not recognised unless the realisation of economic benefits is virtually certain. Contingent assets are disclosed when an inflow of economic benefits is probable. Contingent assets are assessed periodically to ensure that developments are appropriately reflected in the financial statements; if it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognised in the financial statements of the period in which the change occurs. Decommissioning and restoration liabilities Liabilities for decommissioning and restoration costs are recognized, together with a corresponding amount as part of the related property, plant and equipment, when the Group has a legal or constructive obligation and when a reliable estimate can be made. 27 27 These liabilities relate essentially to the Exploration & Production segment’s assets. The decommissioning and restoration liabilities associated with the Refining & Marketing and Chemical and Gas & Power segments’ assets are generally not recognised, as the obligations cannot be reliably estimated, given their indeterminate settlement dates. In this regard, Eni performs periodic reviews of Refining & Marketing and Chemical and Gas & Power segments’ tangible assets for any changes in facts and circumstances that might require recognition of a decommissioning and restoration liability. Considering the long time span between the recognition of the obligation and its settlement, the amount recognised is the present value of the future expenditures expected to be required to settle the obligation. The increase in the provision due to the unwinding of the discount is recognised as “Finance income (expense)”. Such liabilities are reviewed regularly to take into account the changes in the expected costs to be incurred, contractual obligations, regulatory requirements and practices in force in the countries where the tangible assets are located. The effects of any changes in the estimate of the liability are recognised generally as an adjustment to the carrying amount of the related property, plant and equipment; however, if the resulting decrease in the liability exceeds the carrying amount of the related asset, the excess is recognised in the profit and loss account. Significant accounting estimates and judgements: decommissioning and restoration liabilities, environmental liabilities and other provisions The Group holds provisions for dismantling and removing items of property, plant and equipment, and restoring land or seabed at the end of the oil and gas production activity. Estimating obligations to dismantle, remove and restore items of property, plant and equipment is complex. It requires management to make estimates and judgements with respect to removal obligations that will come to term many years into the future and contracts and regulations are often unclear as to what constitutes removal. In addition, the ultimate financial impact of environmental laws and regulations is not always clearly known as asset removal technologies and costs constantly evolve in the countries where Eni operates, as do political, environmental, safety and public expectations. The discount rate used to determine the provision and the timing of future cash outflows, as well as any related update, are based on complex managerial judgements. As other oil and gas companies, Eni is subject to numerous EU, national, regional and local environmental laws and regulations concerning its oil and gas operations, production and other activities. They include legislations that implement international conventions or protocols. Environmental liabilities are recognised when it becomes probable that an outflow of resources will be required to settle the obligation and such obligation can be reliably estimated. 28 Management, considering the actions already taken, insurance policies obtained to cover environmental risks and provisions already recognised, does not expect any material adverse effect on Eni’s consolidated results of operations and financial position as a result of such laws and regulations. However, there can be no assurance that there will not be a material adverse impact on Eni’s consolidated results of operations and financial position due to: (i) the possibility of an unknown contamination; (ii) the results of the ongoing surveys and other possible effects of statements required by applicable laws; (iii) the possible effects of future environmental legislations and rules; (iv) the effects of possible technological changes relating to future remediation; and (v) the possibility of litigation and the difficulty of determining Eni’s liability, if any, against other potentially responsible parties with respect to such litigations and the possible reimbursements. In addition to environmental and decommissioning and restoration liabilities, Eni recognises provisions primarily related to legal and trade proceedings. These provisions are estimated on the basis of complex managerial judgements related to the amounts to be recognised and the timing of future cash outflows. After the initial recognition, provisions are periodically reviewed and adjusted to reflect the current best estimate. 28 With reference to the environmental liabilities assumed, the expected operating costs to be incurred for managing groundwater treatment plants are not included in the estimates of environmental liabilities because it is not possible to reliably define a time horizon within which the operations of the plant will be terminated. In this regard, Eni performs periodic reviews for any changes in facts and circumstances, including changes in regulatory framework and technology, that might require the recognition of the environmental liability . |
Employee benefits | Employee benefits Employee benefits are considerations given by the Group in exchange for service rendered by employees or for the termination of employment. Post-employment benefit plans, including informal arrangements, are classified as either defined contribution plans or defined benefit plans depending on the economic substance of the plan as derived from its principal terms and conditions. Under defined contribution plans, the Company’s obligation, which consists in making payments to the State or to a trust or a fund, is determined on the basis of contributions due. The liabilities related to defined benefit plans, net of any plan assets, are determined on the basis of actuarial assumptions and charged on an accrual basis during the employment period required to obtain the benefits. Net interest includes the return on plan assets and the interest cost to be recognised in the profit and loss account. Net interest is measured by applying to the liability, net of any plan assets, the discount rate used to calculate the present value of the liability; net interest of defined benefit plans is recognised in “Finance income (expense)”. Remeasurements of the net defined benefit liability, comprising actuarial gains and losses, resulting from changes in the actuarial assumptions used or from changes arising from experience adjustments, and the return on plan assets excluding amounts included in net interest, are recognised within the statement of comprehensive income. Remeasurements of the net defined benefit liability, recognised within other comprehensive income, are not reclassified subsequently to the profit and loss account. Obligations for long-term benefits are determined by adopting actuarial assumptions. The effects of remeasurements are taken to profit and loss account in their entirety. |
Share-based payments | Share-based payments The line item “Payroll and related costs” includes the cost of the share-based incentive plan, consistent with its actual remunerative nature. 29 The cost of the share-based incentive plan is measured by reference to the fair value of the equity instruments granted and the estimate of the number of shares that eventually vest; the cost is recognised on an accrual basis pro rata temporis over the vesting period, that is the period between the grant date and the settlement date. The fair value of the shares underlying the incentive plan is measured at the grant date, taking into account the estimate of achievement of market conditions (e.g. Total Shareholder Return), and is not adjusted in subsequent periods; when the achievement is linked also to non-market conditions, the number of shares expected to vest is adjusted during the vesting period to reflect the updated estimate of these conditions. If, at the end of the vesting period, the incentive plan does not vest because of failure to satisfy the performance conditions, the portion of cost related to market conditions is not reversed to the profit and loss account. 29 The current share-based incentive plan, to be settled by treasury shares, was approved by the shareholders’ meeting held on April 13, 2017. Significant accounting estimates and judgements: employee benefits and share-based payments Defined benefit plans are evaluated with reference to uncertain events and based upon actuarial assumptions including, among others, discount rates, expected rates of salary increases, mortality rates, estimated retirement dates and medical cost trends. The significant assumptions used to account for defined benefit plans are determined as follows: (i) discount and inflation rates are based on the market yields on high quality corporate bonds (or, in the absence of a deep market of these bonds, on the market yields on government bonds) and on the expected inflation rates in the reference currency area; (ii) the future salary levels of the individual employees are determined including an estimate of future changes attributed to general price levels (consistent with inflation rate assumptions), productivity, seniority and promotion; (iii) healthcare cost trend assumptions reflect an estimate of the actual future changes in the cost of the healthcare related benefits provided to the plan participants and are based on past and current healthcare cost trends, including healthcare inflation, changes in healthcare utilisation, changes in health status of the participants and the contributions paid to health funds; and (iv) demographic assumptions such as mortality, disability and turnover reflect the best estimate of these future events for individual employees involved. Differences in the amount of the net defined benefit liability (asset), deriving from the remeasurements, comprising, among others, changes in the current actuarial assumptions, differences in the previous actuarial assumptions and what has actually occurred and differences in the return on plan assets, excluding amounts included in net interest, usually occur. Similar to the approach followed for the fair value measurement of financial instruments, the fair value of the shares underlying the incentive plans is measured by using complex valuation techniques and identifying, through structured judgements, the assumptions to be adopted. |
Treasury shares | Treasury shares Treasury shares, including shares held to meet the future requirements of the share-based incentive plans, are recognised as deductions from equity at cost. Any gain or loss resulting from subsequent sales is recognised in equity. |
Revenue from contracts with customers | Revenue from contracts with customers Revenue from contracts with customers is recognised on the basis of the following five steps: (i) identifying the contract with the customer; (ii) identifying the performance obligations, that are promises in a contract to transfer goods and/or services to a customer; (iii) determining the transaction price; (iv) allocating the transaction price to each performance obligation on the basis of the relative stand-alone selling prices of each good or service; and (v) recognising revenue when (or as) a performance obligation is satisfied, that is when a promised good or service is transferred to a customer. A promised good or service is transferred when (or as) the customer obtains control of it. Control can be transferred over time or at a point in time. With reference to the most important products sold by Eni, revenue is generally recognised for: · crude oil, upon shipment; · natural gas and electricity, upon delivery to the customer; · petroleum products sold to retail distribution networks, upon delivery to the service stations, whereas all other sales of petroleum products are recognised upon shipment; and · chemical products and other products, upon shipment. Revenue from crude oil and natural gas production from properties in which Eni has an interest together with other producers is recognised on the basis of the quantities actually lifted and sold (sales method); costs are recognised on the basis of the quantities actually sold. 30 Revenue is measured at the fair value of the consideration to which the Company expects to be entitled in exchange for transferring promised goods and/or services to a customer, excluding amounts collected on behalf of third parties. In determining the transaction price, the promised amount of consideration is adjusted for the effects of the time value of money if the timing of payments agreed to by the parties to the contract provides the customer or the entity with a significant benefit of financing the transfer of goods or services to the customer. The promised amount of consideration is not adjusted for the effect of the significant financing component if, at contract inception, it is expected that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less. If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods and/or services to a customer; in particular, the amount of consideration can vary because of discounts, refunds, incentives, price concessions, performance bonuses, penalties or if the price is contingent on the occurrence or non-occurrence of future events. If, in a contract, the Company grants a customer the option to acquire additional goods or services for free or at a discount (e.g. sales incentives, customer award points, etc.), this option gives rise to a separate performance obligation in the contract only if the option provides a material right to the customer that it would not receive without entering into that contract. When goods or services are exchanged for goods or services which are of a similar nature and value, the exchange is not regarded as a transaction which generates revenue. 30 In accordance with the accounting policy adopted until 2017 (entitlement method, before applying IFRS 15), revenue from crude oil and natural gas production from properties in which Eni has an interest together with other producers were recognised on the basis of Eni’s net working interest in those properties. On the balance sheet, lifting imbalances were recognised respectively as payables and receivables and measured at current prices at the balance sheet date. Significant accounting estimates and judgements: revenue from contracts with customers Revenue from sales of electricity and gas to retail customers includes amount accrued for electricity and gas supplied between the date of the last invoiced meter reading (actual or estimated) of volumes consumed and the end of the year. These estimates consider mainly information provided by the grid managers about the volumes allocated among the customers of the secondary distribution network, about the actual and estimated volumes consumed by customers. Therefore, revenue is accrued as a result of a complex estimate based on the volumes distributed and allocated, communicated by third parties, likely to be adjusted, according to applicable regulations, within the fifth year following the one in which they are accrued. Considering the contractual obligations on the supply delivery points, revenue from sales of electricity and gas to retail customers includes costs for transportation and dispatching and in these cases the gross amount of consideration to which the Company is entitled is recognised. |
Costs | Costs Costs are recognised when the related goods and services are sold or consumed during the year, when they are allocated on a systematic basis or when their future economic benefits cannot be identified. Costs associated with emission quotas, incurred to meet the compliance requirements (e.g. Emission Trading Scheme) determined on the basis of market prices, are recognised in relation to the amounts of the carbon dioxide emissions that exceed free allowances. Costs related to the purchase of the emission rights that exceed the amount necessary to meet regulatory obligations are recognised as intangible assets. Revenue related to emission quotas is recognised when they are sold. Monetary receivables granted to replace the free award emission rights are recognised as a contra to the line item “Other income and revenues”. The costs incurred on a voluntary basis for the acquisition or production of forestry certificates, also taking into account the absence of an active market, are recognised in the profit and loss account when incurred. The costs for the acquisition of new knowledge or discoveries, the study of products or alternative processes, new techniques or models, the planning and construction of prototypes or, in any case, costs incurred for other scientific research activities or technological development, which cannot be capitalised (see also the accounting policy for “Intangible assets”), are included in the profit and loss account when they are incurred. |
Exchange differences | Exchange differences Revenues and costs associated with transactions in foreign currencies are translated into the functional currency by applying the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the spot exchange rate on the balance sheet date and any resulting exchange differences are included in the profit and loss account within “Finance income (expense)” or, if designated as hedging instruments for the foreign currency risk, in the same line item in which the economic effects of the hedged item are recognised. Non-monetary assets and liabilities denominated in foreign currencies, measured at cost, are not retranslated subsequent to initial recognition. Non-monetary items measured at fair value, recoverable amount or net realisable value are retranslated using the exchange rate at the date when the value is determined. |
Dividends | Dividends Dividends are recognised when the right to receive payment of the dividend is established. Dividends and interim dividends to owners are shown as changes in equity when the dividends are declared by, respectively, the shareholders’ meeting and the Board of Directors. |
Income taxes | Income taxes Current income taxes are determined on the basis of estimated taxable profit. Current income tax assets and liabilities are measured at the amount expected to be paid to (recovered from) the taxation authorities, using tax rates and the tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and liabilities are recognised for temporary differences arising between the carrying amounts of the assets and liabilities and their tax bases, based on tax rates and tax laws that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets are recognised when their recoverability is considered probable, i.e. when it is probable that sufficient taxable profit will be available in the same year as the reversal of the deductible temporary difference. Similarly, deferred tax assets for the carry-forward of unused tax credits and unused tax losses are recognised to the extent that their recoverability is probable. The carrying amount of the deferred tax assets is reviewed, at least, on an annual basis. If there is uncertainty over income tax treatments, if the company concludes it is probable that the taxation authority will accept an uncertain tax treatment, it determines the (current and/or deferred) income taxes to be recognised in the financial statements consistent with the tax treatment used or planned to be used in its income tax filings. Conversely, if the company concludes it is not probable that the taxation authority will accept an uncertain tax treatment, the company reflects the effect of uncertainty in determining the (current and/or deferred) income taxes to be recognised in the financial statements. Relating to the taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint arrangements, the related deferred tax liabilities are not recognised if the investor is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are presented within non-current assets and liabilities and are offset at a single entity level if related to off-settable taxes. The balance of the offset, if positive, is recognised in the line item “Deferred tax assets” and, if negative, in the line item “Deferred tax liabilities”. When the results of transactions are recognised directly in shareholders’ equity, the related current and deferred taxes are also charged to the shareholders’ equity. Significant accounting estimates and judgements: income taxes The computation of income taxes involves the interpretation of applicable tax laws and regulations in many jurisdictions throughout the world. Although Eni aims to maintain a relationship with the taxation authorities characterised by transparency, dialogue and cooperation (e.g. by not using aggressive tax planning and by using, if available, procedures intended to eliminate or reduce tax litigations), there can be no assurance that there will not be a tax litigation with the taxation authorities where the legislation could be open to more than one interpretation. The resolution of tax disputes, through negotiations with relevant taxation authorities or through litigation, could take several years to complete. The estimate of liabilities related to uncertain tax treatments requires complex judgements by management. After the initial recognition, these liabilities are periodically reviewed for any changes in facts and circumstances. Moreover, management makes complex judgements regarding the assessment of the recoverability of deferred tax assets, related both to deductible temporary differences and unused tax losses, which requires estimates and evaluations about the amount and the timing of future taxable profits. |
Assets held for sale and discontinued operations | Assets held for sale and discontinued operations Non-current assets and current and non-current assets included within disposal groups, are classified as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through their continuing use. This condition is regarded as met only when the sale is highly probable and the asset or the disposal group is available for immediate sale in its present condition. When there is a sale plan involving loss of control of a subsidiary, all the assets and liabilities of that subsidiary are classified as held for sale, regardless of whether a non-controlling interest in its former subsidiary will be retained after the sale. Non-current assets held for sale, current and non-current assets included within disposal groups that have been classified as held for sale and the liabilities directly associated with them are recognised on the balance sheet separately from other assets and liabilities. Immediately before the initial classification of a non-current asset and/or a disposal group as held for sale, the non-current asset and/or the assets and liabilities in the disposal group are measured in accordance with applicable IFRSs. Subsequently, non-current assets held for sale are not depreciated or amortised and they are measured at the lower of the fair value less costs to sell and their carrying amount. If an equity-accounted investment, or a portion of that investment meets the criteria to be classified as held for sale, it is no longer accounted for using the equity method and it is measured at the lower of its carrying amount at the date the equity method is discontinued, and its fair value less costs to sell. Any retained portion of the equity-accounted investment that has not been classified as held for sale is accounted for using the equity method until disposal of the portion that is classified as held for sale takes place. After the disposal, any retained interest in the investee is measured in accordance with the measurement criteria indicated in the accounting policy for “Investments in equity instruments”, unless the retained interest continues to be an equity-accounted investment. Any difference between the carrying amount of the non-current assets and the fair value less costs to sell is taken to the profit and loss account as an impairment loss; any subsequent reversal is recognised up to the cumulative impairment losses, including those recognised prior to qualification of the asset as held for sale. Non-current assets classified as held for sale and disposal groups are considered a discontinued operation if they, alternatively: (i) represent a separate major line of business or geographical area of operations; (ii) are part of a disposal program of a separate major line of business or geographical area of operations; or (iii) are a subsidiary acquired exclusively with a view to resale. The results of discontinued operations, as well as any gain or loss recognised on the disposal, are indicated in a separate line item of the profit and loss account, net of the related tax effects; the economic figures of discontinued operations are indicated also for prior periods presented in the financial statements. If events or circumstances occur that no longer allow to classify a non-current asset or a disposal group as held for sale, the non-current asset or the disposal group is reclassified into the original line items of the balance sheet and measured at the lower of: (i) its carrying amount at the date of classification as held for sale adjusted for any depreciation, amortisation impairment losses and reversals that would have been recognised had the asset or disposal group not been classified as held for sale, and (ii) its recoverable amount at the date of the subsequent decision not to sell. If the interruption of a plan of sale concerns a subsidiary, joint operation, joint venture, associate, or a portion of an interest in a joint venture or an associate, financial statements for the period since classification as held for sale are amended. |
Fair value measurements | Fair value measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (not in a forced liquidation or a distress sale) at the measurement date (exit price). Fair value measurement is based on the market conditions existing at the measurement date and on the assumptions of market participants (market-based measurement). A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market to which the entity has access, independently from the entity’s intention to sell the asset or transfer the liability to be measured. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. Highest and best use is determined from the perspective of market participants, even if the entity intends a different use; an entity’s current use of a non-financial asset is presumed to be its highest and best use, unless market or other factors suggest that a different use by market participants would maximise the value of the asset. The fair value of a liability, both financial and non-financial, or of the Company’s own equity instrument, in the absence of a quoted price, is measured from the perspective of a market participant that holds the identical item as an asset at the measurement date. The fair value of financial instruments takes into account the counterparty’s credit risk for a financial asset (Credit Valuation Adjustment, CVA) and the Company’s own credit risk for a financial liability (Debit Valuation Adjustment, DVA). In the absence of available market quotation, fair value is measured by using valuation techniques that are appropriate in the circumstances, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Significant accounting estimates and judgements: fair value Fair value measurement, although based on the best available information and on the use of appropriate valuation techniques, is inherently uncertain, requires the use of professional judgement and could result in expected values other than the actual ones |
Significant accounting polici_3
Significant accounting policies, estimates and judgements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Significant accounting policies, estimates and judgements | |
Schedule of foreign exchange rates used to translate the financial statements into Parent's functional currency | The main foreign exchange rates used to translate the financial statements into the parent’s functional currency are indicated below: Annual Exchange Annual Exchange Annual Exchange average rate at average rate at average rate at exchange rate December 31, exchange rate December 31, exchange rate December 31, (currency amount for 1 €) 2019 2019 2018 2018 2017 2017 U.S. Dollar 1.12 1.12 1.18 1.15 1.13 1.20 Pound Sterling 0.88 0.85 0.88 0.89 0.88 0.89 Australian Dollar 1.61 1.60 1.58 1.62 1.47 1.53 |
Changes in accounting policies
Changes in accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Changes in accounting policies | |
Schedule of quantitative effects and reclassifications deriving from initial application of IFRS 16 | The breakdown of the abovementioned quantitative effects and reclassifications deriving from the initial application, as at January 1, 2019, of IFRS 16, is as follows: (€ million) December 31, Adoption of Reclassifications Total effect of the As restated Selected line items only 2018 IFRS 16 IFRS 16 first application January 1, 2019 Current assets 39,450 (12) (12) 39,438 of which: Trade and other receivables 14,101 (12) (12) 14,089 Non-current assets 78,628 5,656 (13) 5,643 84,271 of which: Property, plant and equipment 60,302 (46) (46) 60,256 of which: Right-of-use assets 5,656 33 5,689 5,689 Assets held for sale 295 13 13 308 Current liabilities 28,382 665 (15) 650 29,032 of which: Current portion of long-term debt 3,601 (16) (16) 3,585 of which: Current portion of long-term lease liabilities 665 129 794 794 of which: Trade and other payables 16,747 (128) (128) 16,619 Non-current liabilities 38,859 4,991 (10) 4,981 43,840 of which: Long-term debt 20,082 (36) (36) 20,046 of which: Long-term lease liabilities 4,991 26 5,017 5,017 Liabilities directly associated with assets held for sale 59 13 13 72 |
Explanation of difference between operating lease commitments disclosed applying IAS 17 and lease liabilities recognised at date of initial application of IFRS 16 | (€ billion) Future minimum lease payments under non-cancellable operating leases at December 31, 2018 4.0 – Recognition of the shares of leases related to followers 2.0 – Effect of discounting (1.5) – Extension options 1.2 – Other changes 0.1 Lease liability at January 1, 2019 5.8 |
Financial assets held for tra_2
Financial assets held for trading (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial assets | |
Schedule of financial assets held for trading by issuing entity and credit rating | The breakdown by issuing entity and credit rating is presented below: Nominal value Fair Value (€ million) (€ million) Rating - Moody’s Rating - S&P Quoted bonds issued by sovereign states Fixed rate bonds Italy 734 743 Baa3 BBB Chile 177 181 A1 A+ Other (*) 216 224 from Aaa to Baa1 from AAA to BBB+ 1,127 1,148 Floating rate bonds Italy 126 126 Baa3 BBB Germany 106 106 Aaa AAA Other (*) 81 82 from Aaa to Baa3 from AAA to BBB 313 314 Total quoted bonds issued by sovereign states 1,440 1,462 Other Bonds Fixed rate bonds Quoted bonds issued by industrial companies 1,183 1,212 from Aa2 to Baa3 from AA to BBB- Quoted bonds issued by financial and insurance companies 862 879 from Aa3 to Baa3 from AA- to BBB- Other bonds 105 106 from Aaa to Baa2 from AAA to BBB 2,150 2,197 Floating rate bonds Quoted bonds issued by industrial companies 1,530 1,535 from Aa1 to Baa3 from AA+ to BBB- Quoted bonds issued by financial and insurance companies 1,116 1,122 from Aa1 to Baa3 from AA+ to BBB- Other bonds 444 444 from Aaa to Baa2 from AAA to BBB 3,090 3,101 Total other bonds 5,240 5,298 Total other financial assets held for trading 6,680 6,760 (*) |
Financial assets held for trading | |
Financial assets | |
Disclosure of financial assets held for trading | (€ million) December 31, 2019 December 31, 2018 Bonds issued by sovereign states 1,462 1,083 Other 5,298 5,469 6,760 6,552 |
Schedule of financial assets held for trading including securities subject to lending in multiple currencies | The breakdown by currency is provided below: (€ million) December 31, 2019 December 31, 2018 Euro 4,272 4,573 U.S. dollars 2,279 1,614 Other currencies 209 365 6,760 6,552 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables | |
Schedule of analysis of trade and other receivables | (€ million) December 31, 2019 December 31, 2018 Trade receivables 8,519 9,520 Receivables from divestments 30 122 Receivables from joint ventures in exploration and production activities 2,637 3,024 Other receivables 1,687 1,435 12,873 14,101 |
Schedule of credit risk exposure and expected losses relating to trade and other receivables based on internal ratings | Credit risk exposure and expected losses relating to trade and other receivables has been prepared on the basis of internal ratings as follows: Eni gas Performing receivables Defaulted e luce (€ million) Low risk Medium Risk High Risk receivables customers Total December 31, 2019 Business customers 1,922 2,882 840 1,396 7,040 National Oil Companies and public administrations 1,201 472 244 2,710 4,627 Other counterparties 1,646 103 381 217 2,105 4,452 Gross amount 4,769 3,457 1,465 4,323 2,105 16,119 Allowance for doubtful accounts (13) (4) (16) (2,547) (666) (3,246) Net amount 4,756 3,453 1,449 1,776 1,439 12,873 Expected loss (% net of counterpart risk mitigation factors) 0.3 0.1 1.1 58.9 31.6 20.1 December 31, 2018 Business customers 2,454 3,585 1,152 1,350 8,541 National Oil Companies and public administrations 1,292 157 672 2,217 4,338 Other counterparties 1,494 77 156 271 2,374 4,372 Gross amount 5,240 3,819 1,980 3,838 2,374 17,251 Allowance for doubtful accounts (9) (3) (44) (2,237) (857) (3,150) Net amount 5,231 3,816 1,936 1,601 1,517 14,101 Expected loss (% net of counterpart risk mitigation factors) 0.2 0.1 2.6 62.5 36.1 18.3 |
Schedule of provision matrix | The exposure to credit risk and expected losses relating to retail customers of the Gas & Power segment was assessed on the basis of a provision matrix as follows: Ageing Not-past from 0 from 3 from 6 over (€ million) due to 3 months to 6 months to 12 months 12 months Total December 31, 2019 Customers - Eni gas e luce: - Retail 991 105 60 86 376 1,618 - Middle 93 29 4 14 263 403 - Other 76 3 1 2 2 84 Gross amount 1,160 137 65 102 641 2,105 Allowance for doubtful accounts (16) (27) (26) (49) (548) (666) Net amount 1,144 110 39 53 93 1,439 Expected loss (%) 1.4 19.7 40.0 48.0 85.5 31.6 December 31, 2018 Customers - Eni gas e luce: - Retail 575 49 34 64 554 1,276 - Middle 449 43 13 29 349 883 - Other 207 2 1 2 3 215 Gross amount 1,231 94 48 95 906 2,374 Allowance for doubtful accounts (20) (18) (18) (56) (745) (857) Net amount 1,211 76 30 39 161 1,517 Expected loss (%) 1.6 19.1 37.5 58.9 82.2 36.1 |
Schedule of trade and other receivables net of valuation allowance for doubtful accounts | (€ million) 2019 2018 Carrying amount - beginning of the year 3,150 2,639 Changes in accounting policies (IFRS 9) 427 Carrying amount - restated 3,150 3,066 Additions on trade and other performing receivables 95 126 Additions on trade and other defaulted receivables 525 372 Deductions on trade and other performing receivables (119) (189) Deductions on trade and other defaulted receivables (484) (532) Other changes 79 307 Carrying amount - end of the year 3,246 3,150 |
Schedule of net (impairment losses) reversals of trade and other receivables | Net (impairment losses) reversals of trade and other receivables are disclosed as follows: (€ million) 2019 2018 Net (impairment losses) reversals of trade and other receivables New or increased provisions (620) (498) Credit losses (45) (37) Reversals 233 120 (432) (415) |
Non-current and current inven_2
Non-current and current inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Non-current and current inventories | |
Schedule of non-current and current inventories | December 31, December 31, (€ million) 2019 2018 Raw and auxiliary materials and consumables 950 889 Consumables for infrastructure and facility maintenance of perforation activities 1,477 1,451 Finished products and goods 2,284 2,274 Work in progress 8 Certificates and emission rights 15 37 4,734 4,651 |
Income tax receivables and pa_2
Income tax receivables and payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income tax receivables and payables | |
Schedule of income tax receivables and payables | December 31, 2019 December 31, 2018 Receivables Payables Receivables Payables (€ million) Current Non-Current Current Non-Current Current Non-Current Current Non-Current Income taxes 191 168 440 287 |
Other assets and liabilities (T
Other assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other assets and liabilities | |
Schedule of other assets and liabilities | December 31, 2019 December 31, 2018 Assets Liabilities Assets Liabilities (€ million) Current Non-current Current Non-current Current Non-current Current Non-current Fair value of derivative financial instruments 2,573 54 2,704 50 1,594 68 1,445 40 Contract liabilities — — 1,669 456 — — 1,108 518 Other Taxes 766 223 1,411 63 561 254 1,432 34 Other 633 594 1,362 1,042 664 302 1,427 883 3,972 871 7,146 1,611 2,819 624 5,412 1,475 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment | |
Schedule of property, plant and equipment | Other tangible E&P wells, E&P exploration E&P tangible assets in Land and plant and Other plant assets and assets in progress and (€ million) buildings machinery and machinery appraisal progress advances Total 2019 Net carrying amount - beginning of the year 1,274 42,856 3,901 1,267 9,195 1,809 60,302 Additions 12 144 223 508 6,170 992 8,049 Depreciation capitalized — — — 14 202 — 216 Depreciation (*) (60) (6,435) (537) — — — (7,032) Reversals 44 65 69 — 65 139 382 Impairment (47) (659) (500) — (669) (537) (2,412) Write-off — — (5) (216) (49) — (270) Disposals (1) (3) (1) (22) (80) (6) (113) Currency translation differences 2 815 21 24 181 1 1,044 Initial recognition and changes in estimates — 2,028 — 25 21 — 2,074 Transfers 42 7,568 597 (42) (7,526) (639) — Other changes (48) 113 (136) 5 (98) 116 (48) Net carrying amount - end of the year 1,218 46,492 3,632 1,563 7,412 1,875 62,192 Gross carrying amount - end of the year 4,067 144,789 28,191 1,563 11,406 2,799 192,815 Provisions for depreciation and impairments 2,849 98,297 24,559 — 3,994 924 130,623 2018 Net carrying amount - beginning of the year 1,313 45,782 3,877 1,371 9,469 1,346 63,158 Additions 18 432 173 330 6,947 878 8,778 Depreciation (*) (65) (6,012) (529) — — — (6,606) Reversal 41 299 86 — — — 426 Impairment (61) (477) (73) — (548) (117) (1,276) Write-off — (12) (1) (66) (4) (1) (84) Disposals (2) (400) (9) (32) (198) 2 (639) Currency translation differences 2 1,623 36 53 385 (1) 2,098 Changes in the scope of consolidation 1 (4,388) 32 (58) (474) 10 (4,877) Transfers 81 6,795 461 (294) (6,501) (542) Other changes (54) (786) (152) (37) 119 234 (676) Net carrying amount - end of the year 1,274 42,856 3,901 1,267 9,195 1,809 60,302 Gross carrying amount - end of the year 4,060 135,467 27,516 1,267 12,559 2,415 183,284 Provisions for depreciation and impairments 2,786 92,611 23,615 — 3,364 606 122,982 |
Schedule of depreciation rates | The main depreciation rates used were substantially unchanged from the previous year and ranged as follows: (%) Buildings 2 – 10 Mineral exploration wells and plants UOP Refining and chemical plants 3 – 17 Gas pipelines and compression stations 4 – 12 Power plants 4 – 5 Other plant and machinery 6 – 12 Industrial and commercial equipment 5 – 25 Other assets 10 – 20 |
Schedule of stratification of the suspended wells pending final determination of proved reserves aging | (€ million) 2019 2018 2017 Costs for exploratory wells suspended - beginning of the year 1,101 1,263 1,684 Increases for which is ongoing the determination of proved reserves 368 235 451 Amounts previously capitalized and expensed in the year (183) (61) (217) Reclassification to successful exploratory wells following the estimation of proved reserves (46) (297) (278) Disposals (15) (6) (199) Changes in the scope of consolidation — (58) — Reclassification to assets held for sale — (24) — Currency translation differences 21 49 (178) Costs for exploratory wells suspended - end of the year 1,246 1,101 1,263 The following information relates to the stratification of the suspended wells pending final determination (ageing): 2019 2018 2017 (number of (number of (number of wells in Eni’s wells in Eni’s wells in Eni’s (€ million) interest) (€ million) interest) (€ million) interest) Costs capitalized and suspended for exploratory well activity - within 1 year 185 7.7 111 7.0 222 8.0 - between 1 and 3 years 171 6.4 87 2.9 241 3.9 - beyond 3 years 890 26.4 903 24.2 800 21.4 1,246 40.5 1,101 34.1 1,263 33.3 Costs capitalized for suspended wells - fields including wells drilled over the last 12 months 185 7.7 111 7.0 148 5.9 - fields for which the delineation campaign is in progress 556 11.3 217 4.7 261 4.7 - fields including commercial discoveries that proceeds to sanctioning 505 21.5 773 22.4 854 22.7 1,246 40.5 1,101 34.1 1,263 33.3 |
Schedule of unproved mineral interests | Unproved mineral interests include the purchase price allocated to unproved reserves following business combinations or acquisition of individual properties. Unproved mineral interests were as follows: United Arab (€ million) Congo Nigeria Turkmenistan USA Algeria Egypt Emirates Total 2019 Book amount at the beginning of the year 769 921 77 103 77 29 502 2,478 Additions 97 135 1 23 256 Net (impairments) reversals (533) 65 (27) (495) Reclassification to proved mineral interest (4) (14) (99) (12) (129) Currency translation differences 17 18 1 3 2 1 10 52 Book amount at the end of the year 253 939 139 162 115 19 535 2,162 2018 Book amount at the beginning of the year 1,162 825 192 99 105 7 2,390 Additions 26 56 23 487 592 Net (impairments) reversals (429) (76) (505) Reclassification to proved mineral interest (32) (44) (32) (2) (110) Other changes and currency translation differences 42 40 5 4 4 1 15 111 Book amount at the end of the year 769 921 77 103 77 29 502 2,478 |
Right-of-use assets and lease_2
Right-of-use assets and lease liabilities (Table) | 12 Months Ended |
Dec. 31, 2019 | |
Right-of-use assets and lease liabilities | |
Summary of information about right-of-use assets | Floating Naval facilities production and related logistic Motorway concessions Oil and gas storage and bases for oil and service distribution € million) offloading vessels (FPSO) Drilling rig and gas transportation stations facilities Office buildings Vehicles Other Total First adoption IFRS 16 3,294 346 569 462 7 720 43 215 5,656 Reclassifications — — — 30 — — — 16 46 Reclassifications to assets held for sale — — — — — — — (13) (13) Net carrying amount at January 1, 2019 3,294 346 569 492 7 720 43 218 5,689 Additions 32 192 219 54 1 108 22 56 684 Depreciation (a) (240) (224) (272) (61) (1) (115) (23) (63) (999) Impairment losses — — — (13) — — — (28) (41) Currency translation differences 67 6 4 2 — 3 — 3 85 Other changes — (7) (23) (14) (1) (9) (10) (5) (69) Net carrying amount at December 31, 2019 3,153 313 497 460 6 707 32 181 5,349 Gross carrying amount 3,393 528 757 532 7 806 54 274 6,351 Provisions for depreciation and impairment 240 215 260 72 1 99 22 93 1,002 (a) Before capitalization of depreciation for tangible and intangible assets |
Summary of information about liabilities for leased assets | Liabilities for leased assets were as follows: Current portion of long-term Long-term (€ million) lease liabilities lease liabilities Total First adoption IFRS 16 665 4,991 5,656 Reclassifications 132 36 168 Reclassifications to liabilities directly associated with assets held for sale (3) (10) (13) Carrying amount at January 1, 2019 794 5,017 5,811 Additions — 668 668 Decreases (875) (2) (877) Currency translation differences 10 77 87 Other changes 960 (1,001) (41) Carrying amount at December 31, 2019 889 4,759 5,648 |
Summary of amounts recognized in the profit and loss account for leases | The amounts recognised in the profit and loss account consist of the following: 2019 (€ million) Other income and revenues Income from remeasurement of lease liabilitiy 6 6 Purchases, services and other Short-term leases 115 Low-value leases 39 Variable lease payments not included in the measurement of lease liabilities 16 Capitalised direct cost associated with self-constructed assets - tangible assets (2) 168 Depreciation and impairments Depreciation of RoU leased assets 999 Capitalised direct cost associated with self-constructed assets - tangible assets (210) Impairment losses of RoU leased assets 41 830 Finance income (expense) from leases Interests on lease liabilities (378) Capitalised finance expense of ROU leased assets - tangible assets 17 Net currency translation differences on lease liabilities (6) (367) |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets | |
Schedule of intangible assets | Industrial patents and Other Intangible assets Exploration intellectual property intangible with finite useful (€ million) rights rights assets lives Goodwill Total 2019 Net carrying amount - beginning of the year 1,081 221 584 1,886 1,284 3,170 Additions 78 23 210 311 311 Amortization (81) (93) (117) (291) (291) Impairments (19) — (72) (91) (26) (117) Write-off (28) (1) (1) (30) (30) Currency translation differences 18 — 1 19 3 22 Other changes (18) 45 (37) (10) 4 (6) Net carrying amount at the end of the year 1,031 195 568 1,794 1,265 3,059 Gross carrying amount at the end of the year 1,748 1,597 4,373 7,718 — — Provisions for amortization and impairment 717 1,402 3,805 5,924 — — 2018 Net carrying amount - beginning of the year 995 240 486 1,721 1,204 2,925 Changes in accounting policies (IFRS 15) 87 87 87 Net carrying amount restated - beginning of the year 995 240 573 1,808 1,204 3,012 Additions 133 28 180 341 341 Amortization (71) (87) (226) (384) (384) Impairments (16) (16) (16) Write-off (15) (1) (16) (16) Currency translation differences 39 39 8 47 Change in the scope of consolidation 74 74 46 120 Other changes 40 40 26 66 Net carrying amount at the end of the year 1,081 221 584 1,886 1,284 3,170 Gross carrying amount at the end of the year 1,686 1,534 4,188 7,408 Provisions for amortization and impairment 605 1,313 3,604 5,522 |
Schedule of amortization rates used | The main amortization rates used were substantially unchanged from the previous year and ranged as follows: (%) Exploration rights UOP – 33 Transport rights of natural gas 3 Other concessions, licenses, trademarks and similar items 3 – 33 Service concession arrangements 20 – 33 Capitalized costs for customer acquisition 25 – 33 Other intangible assets 4 – 20 |
Schedule of goodwill | (€ million) December 31, 2019 December 31, 2018 Gas & Power 981 Exploration & Production 190 187 Refining & Marketing and Chemicals 93 119 Other activities 1 1 1,265 1,284 |
Gas & Power | |
Intangible assets | |
Schedule of goodwill | The amount of goodwill outstanding at the reporting date mainly related to the Gas & Power segment. A breakdown is disclosed below: (€ million) December 31, 2019 December 31, 2018 Domestic gas market 839 835 Foreign gas market 142 142 981 977 |
Exploration rights | |
Intangible assets | |
Schedule of intangible assets | (€ million) December 31, 2019 December 31, 2018 Proved licence and leasehold property acquisition costs 291 357 Unproved licence and leasehold property acquisition costs 709 684 Other mineral interests 31 40 1,031 1,081 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments | |
Schedule of equity accounted investments | Equity-accounted investments 2019 2018 Investments in Investments in unconsolidated entities Joint unconsolidated entities Joint (€ million) controlled by Eni ventures Associates Total controlled by Eni ventures Associates Total Carrying amount - beginning of the year 95 5,497 1,452 7,044 116 2,332 1,063 3,511 Changes in accounting policies (IFRS 9 and 15) — — — — (34) (3) (37) Changes in accounting policies (IAS 28) — 22 — 22 Carrying amount restated - beginning of the year 95 5,519 1,452 7,066 116 2,298 1,060 3,474 Additions and subscriptions 6 76 2,910 2,992 28 92 120 Divestments and reimbursements (5) — (17) (22) (33) (3) (115) (151) Share of profit of equity-accounted investments 6 80 75 161 8 16 385 409 Share of loss of equity-accounted investments (10) (157) (17) (184) (5) (415) (10) (430) Deduction for dividends (4) (1,073) (61) (1,138) (6) (19) (25) (50) Change in the scope of consolidation 1 — — 1 3,448 3,448 Currency translation differences 2 67 17 86 2 25 54 81 Other changes (5) 80 (2) 73 13 119 11 143 Carrying amount - end of the year 86 4,592 4,357 9,035 95 5,497 1,452 7,044 |
Schedule of net carrying amount of equity-accounted investments | Net carrying amount related to the following companies: December 31, 2019 December 31, 2018 Net carrying % of the Net carrying % of the (€ million) amount investment amount investment Investments in unconsolidated entities controlled by Eni Eni BTC Ltd 30 100.00 31 100.00 Other (*) 56 64 86 95 Joint ventures Vår Energi AS 2,518 69.60 3,498 69.60 Saipem SpA 1,250 30.99 1,228 30.99 Unión Fenosa Gas SA 326 50.00 335 50.00 Cardón IV SA 148 50.00 98 50.00 Gas Distribution Company of Thessaloniki - Thessaly SA 139 49.00 137 49.00 Lotte Versalis Elastomers Co Ltd 74 50.00 75 50.00 PetroJunín SA 53 40.00 47 40.00 AET - Raffineriebeteiligungsgesellschaft mbH 35 33.33 32 33.33 Other (*) 49 47 4,592 5,497 Associates Abu Dhabi Oil Refining Co (Takreer) 2,829 20.00 Angola LNG Ltd 1,159 13.60 1,106 13.60 Coral FLNG SA 102 25.00 102 25.00 Novamont SpA 71 25.00 67 25.00 United Gas Derivatives Co 69 33.33 62 33.33 Commonwealth Fusion Systems Llc (a) 37 42 Other (*) 90 73 4,357 1,452 9,035 7,044 (a) The ownership cannot be determined. |
Schedule of market value of investments listed in regulated stock markets | As of December 31, 2019, the market value of the investments listed in regulated stock markets was as follows: Saipem SpA Number of shares held 308,767,968 % of the investment 30.99 Share price (€) 4.356 Market value (€ million) 1,345 Book value (€ million) 1,250 |
Schedule of additional information about other investments | (€ million) 2019 2018 Carrying amount – beginning of the year 919 219 Changes in accounting policies (IFRS 9) — 681 Carrying amount restated – beginning of the year 919 900 Additions and subscriptions 11 5 Change in the fair value (3) 15 Divestments and reimbursements (12) (22) Currency translation differences 15 31 Other changes (1) (10) Carrying amount – end of the year 929 919 |
Other financial assets (Tables)
Other financial assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other financial assets | |
Schedule of other financial assets | December 31, 2019 December 31, 2018 (€ million) Current Non-current Current Non-current Long-term financing receivables held for operating purposes 60 1,119 61 1,189 Short-term financing receivables held for operating purposes 37 51 97 1,119 112 1,189 Financing receivables held for non-operating purposes 287 188 384 1,119 300 1,189 Securities held for operating purposes 55 64 384 1,174 300 1,253 |
Schedule of financial receivables net of allowance for doubtful accounts | (€ million) 2019 2018 Carrying amount at the beginning of the year 430 730 Additions 11 279 Deductions (88) (596) Currency translation differences 7 17 Other changes 19 Carrying amount at the end of the year 379 430 |
Schedule of securities per issuing entity | Amortized cost Nominal value Fair Value Nominal rate Rating - (€ million) (€ million) (€ million) of return (%) Maturity date Moody’s Rating - S&P Sovereign states Fixed rate bonds Italy 24 24 25 from 0.20 to 4.75 from 2020 to 2025 Baa3 BBB Others (*) 23 23 23 from 0.05 to 4.20 from 2020 to 2024 from Aa3 to Baa1 from AA to A- Floating rate bonds Italy 5 5 5 from 2020 to 2022 Baa3 BBB Others 3 3 3 Baa3 BBB Total sovereign states 55 55 56 (*) |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other payables | |
Schedule of effects of application of IFRS 16 on trade and other payables | The following are the effects of the application of IFRS 16: Down payments and advances from joint ventures in Total trade Trade exploration and Other and other (€ million) payables production activities payables payables Carrying amount at December 31, 2018 11,645 207 4,895 16,747 Changes in accounting policies (IFRS 16) (128) (128) Carrying amount at January 1, 2019 11,517 207 4,895 16,619 |
Schedule of trade and other payables | The breakdown of trade and other payables is the following: December 31, December 31, (€ million) 2019 2018 Trade payables 10,480 11,645 Down payments and advances from joint ventures in exploration & production activities 401 207 Payables for purchase of non-current assets 2,276 2,530 Payables due to joint ventures in exploration & production activities 1,236 1,151 Other payables 1,152 1,214 15,545 16,747 |
Finance debts (Tables)
Finance debts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statements | |
Schedule of finance debts | December 31, 2019 December 31, 2018 Current Current portion of portion of Short-term long-term Long-term Short-term long-term Long-term (€ million) debt debt debt Total debt debt debt Total Banks 187 504 2,341 3,032 383 768 2,710 3,861 Ordinary bonds 2,642 16,137 18,779 2,781 16,923 19,704 Convertible bonds 393 393 390 390 Commercial papers 1,778 1,778 915 915 Other financial institutions 487 10 39 536 884 52 59 995 2,452 3,156 18,910 24,518 2,182 3,601 20,082 25,865 |
Schedule of maturity analysis of long-term debt | The following table reflects long-term debt as of December 31, 2019 by maturity: Long-term debt (€ million) 2021 2022 2023 2024 After Total Banks 750 146 838 134 473 2,341 Ordinary bonds 930 698 1,879 1,641 10,989 16,137 Convertible bonds 393 393 Other financial institutions 11 13 14 1 39 1,691 1,250 2,731 1,776 11,462 18,910 |
Schedule of fair value of long-term debt | Fair value of long-term debt, including the current portion of long-term debt is described below: (€ million) December 31, 2019 December 31, 2018 Ordinary bonds 19,173 20,257 Convertible bonds 402 399 Banks 2,904 3,445 Other financial institutions 49 111 22,528 24,212 |
Schedule of changes in liabilities arising from financing activities | Long-term and current Long-term debt and current Short-term portion of long-term lease (€ million) portion of long-term debt debt liabilietis Total Carrying amount at December 31, 2018 23,683 2,182 25,865 First adoption of IFRS 16 5,656 Reclassifications 168 168 Reclassification to liabilities directly associated with assets held for sale (13) (13) Carrying amount at January 1, 2019 23,683 2,182 5,811 31,676 Cash flows (1,701) (877) (2,417) Currency translation differences 157 93 Changes in the scope of consolidation Other non-monetary changes (73) 621 Carrying amount at December 31, 2019 22,066 2,452 5,648 30,166 |
Currency | |
Statements | |
Schedule of finance debts | The following table provides a breakdown by currency of finance debt and the related weighted average interest rates: December 31, 2019 December 31, 2018 Long term Long term debt and debt and current current Short term portion of long Short term portion of long debt Average rate term debt Average rate debt Average rate term debt Average rate (€ million) (%) (€ million) (%) (€ million) (%) (€ million) (%) Euro 464 0.2 16,526 2.1 680 1.9 18,635 2.3 U.S. dollar 1,981 2.3 5,392 4.6 1,007 2.5 4,530 4.3 Other currencies 7 (0.7) 148 4.3 495 1.0 518 4.2 2,452 22,066 2,182 23,683 |
Ordinary Bonds | |
Statements | |
Schedule of finance debts | The following table provides a breakdown of ordinary bonds by issuing entity, maturity date, interest rate and currency as of December 31, 2019: Discount on bond issue and accrued Maturity Rate % (€ million) Amount expense Total Currency from to from to Issuing entity Euro Medium Term Notes Eni SpA 1,200 16 1,216 EUR Eni SpA 1,000 38 1,038 EUR Eni SpA 1,000 28 1,028 EUR Eni SpA 1,000 20 1,020 EUR Eni SpA 1,000 10 1,010 EUR Eni SpA 1,000 8 1,008 EUR Eni SpA 900 (4) 896 EUR Eni SpA 800 2 802 EUR Eni SpA 800 (1) 799 EUR Eni SpA 750 9 759 EUR Eni SpA 750 5 755 EUR Eni SpA 750 (4) 746 EUR Eni SpA 700 2 702 EUR Eni SpA 650 3 653 EUR Eni SpA 600 (4) 596 EUR Eni Finance International SA 1,558 (3) 1,555 USD variable Eni Finance International SA 295 4 299 EUR 3.875 Eni Finance International SA 118 123 GBP Eni Finance International SA 25 25 YEN 14,896 134 15,030 Other bonds Eni SpA 890 4 894 USD Eni SpA 890 2 892 USD Eni SpA 890 (1) 889 USD Eni SpA 401 4 405 USD Eni SpA 312 1 313 USD Eni USA Inc 356 356 USD 3,739 10 3,749 18,635 144 18,779 |
Convertible Bonds | |
Statements | |
Schedule of finance debts | The following table provides a breakdown of convertible bonds issued by Eni SpA as of December 31, 2019: Discount on bond issue and accrued (€ million) Amount expense Total Currency Maturity Rate % Eni SpA 400 (7) 393 EUR |
Information on net borrowings (
Information on net borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Information on net borrowings | |
Schedule of net borrowings | Management believes that net borrowings is a useful measure of Eni’s financial condition as it provides insight about the soundness of Eni’s capital structure and the ways by which Eni’s operating assets are financed. December 31, 2019 December 31, 2018 (€ million) Current Non-current Total Current Non-current Total A. Cash and cash equivalents 5,994 5,994 10,836 10,836 B. Held-for-trading financial assets 6,760 6,760 6,552 6,552 C Liquidity (A+B) 12,754 12,754 17,388 17,388 D. Financing receivables 287 287 188 188 E. Short-term debt towards banks 187 187 383 383 F. Long-term debt towards banks 504 2,341 2,845 768 2,710 3,478 G. Bonds 2,642 16,530 19,172 2,781 17,313 20,094 H. Short-term debt towards related parties 46 46 661 661 I. Other short-term liabilities 2,219 2,219 1,138 1,138 J. Other long-term liabilities 10 39 49 52 59 111 K. Total borrowings before lease liabilities (E+F+G+H+I+J) 5,608 18,910 24,518 5,783 20,082 25,865 L. Net borrowings before lease liabilities (K-C-D) (7,433) 18,910 11,477 (11,793) 20,082 8,289 M. Lease liabilities 884 4,751 5,635 N. Lease liabilities towards related parties 5 8 13 O. Total borrowings including lease liabilities (K+M+N) 6,497 23,669 30,166 5,783 20,082 25,865 P. Net borrowings including lease liabilities (O-C-D) (6,544) 23,669 17,125 (11,793) 20,082 8,289 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Provisions | |
Schedule of provisions for contingencies | Loss adjustments Provisions Provisions and for site for actuarial Provisions restoration, taxes provisions Provisions for Provisions Provisions abandonment Provisions other than for Eni’s for OIL for for and social Environmental for income insurance losses on insurance redundancy disposal and (€ million) projects provisions litigations taxes companies investments cover incentives restructuring Other Total Carrying amount at December 31, 2018 6,777 2,595 824 180 327 204 130 108 66 415 11,626 New or increased provisions 354 165 38 173 65 2 2 411 1,210 Initial recognition and changes in estimates 2,074 2,074 Accretion discount 247 7 (2) 3 255 Reversal of utilized provisions (313) (299) (43) (24) (175) (11) (12) (51) (928) Reversal of unutilized provisions (7) (25) (105) (19) (29) (10) (7) (202) Currency translation differences 112 13 8 2 4 139 Other changes 46 (30) (2) (3) 8 (83) 2 (6) (68) Carrying amount at December 31, 2019 8,936 2,602 850 199 333 188 113 70 46 769 14,106 P |
Provisions for employee benef_2
Provisions for employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Provisions for employee benefits | |
Schedule of provision for employee benefits | (€ million) December 31, 2019 December 31, 2018 Italian defined benefit plans 269 275 Foreign defined benefit plans 412 385 FISDE, foreign medical plans and other 177 148 Defined benefit plans 858 808 Other benefit plans 278 309 Provision for employee benefits 1,136 1,117 |
Schedule of present value of employee benefits, estimated by applying actuarial techniques | Present value of employee benefits, estimated by applying actuarial techniques, consisted of the following: 2019 2018 FISDE, FISDE, foreign foreign Italian Foreign medical Italian Foreign medical defined defined plans Defined Other defined defined plans Defined Other benefit benefit and benefit benefit benefit benefit and benefit benefit (€ million) plans plans other plans plans Total plans plans other plans plans Total Present value of benefit liabilities at beginning of year 275 925 148 1,348 309 1,657 284 997 135 1,416 194 1,610 Current cost 19 2 21 55 76 27 2 29 42 71 Interest cost 4 37 3 44 1 45 4 31 2 37 1 38 Remeasurements: 5 41 24 70 1 71 1 (25) 13 (11) 30 19 - actuarial (gains) losses due to changes in financial assumptions 7 50 3 60 1 61 (31) (30) 29 (1) - experience (gains) losses (2) (9) 21 10 10 1 6 12 19 20 Past service cost and (gains) losses settlements 1 8 9 (2) 7 2 1 3 115 118 Plan contributions: 1 1 1 1 1 1 - employee contributions 1 1 1 1 1 1 Benefits paid (15) (28) (9) (52) (88) (140) (15) (35) (9) (59) (74) (133) Reclassification to liabilities directly associated with asset held for sale (8) (8) (8) Changes in the scope of consolidation (90) (90) (2) (92) Currency translation differences and other changes 48 1 49 2 51 25 4 30 3 33 Present value of benefit liabilities at end of year (a) 269 1,044 177 1,490 278 1,768 275 925 148 1,348 309 1,657 Plan assets at beginning of year 545 545 545 588 588 588 Interest income 20 20 20 17 17 17 Return on plan assets 23 23 23 (21) (21) (21) Plan contributions: 14 14 14 25 25 25 - employee contributions 1 1 1 1 1 1 - employer contributions 13 13 13 24 24 24 Benefits paid (19) (19) (19) (26) (26) (26) Changes in the scope of consolidation (64) (64) (64) Currency translation differences and other changes 49 49 49 26 26 26 Plan assets at end of year (b) 632 632 632 545 545 545 Asset ceiling at beginning of year 5 5 5 Change in asset ceiling (5) (5) (5) 5 5 5 Asset ceiling at end of year (c) 5 5 5 Net liability recognized at end of year (a-b+c) 269 412 177 858 278 1,136 275 385 148 808 309 1,117 |
Schedule of costs charged to profit and loss account and other comprehensive income | Costs charged to the profit and loss account consisted of the following: FISDE, Italian Foreign foreign defined defined medical Defined Other benefit benefit plans and benefit benefit (€ million) plans plans other plans plans Total 2019 Current cost 19 2 21 55 76 Past service cost and (gains) losses on settlements 1 8 9 (2) 7 Interest cost (income), net: - interest cost on liabilities 4 37 3 44 1 45 - interest income on plan assets (20) (20) (20) Total interest cost (income), net 4 17 3 24 1 25 - of which recognized in “Payroll and related cost” 1 1 - of which recognized in “Financial income (expense)” 4 17 3 24 24 Remeasurements for long-term plans 1 1 Total 4 37 13 54 55 109 - of which recognized in “Payroll and related cost” 20 10 30 55 85 - of which recognized in “Financial income (expense)” 4 17 3 24 24 2018 Current cost 27 2 29 42 71 Past service cost and (gains) losses on settlements 2 1 3 115 118 Interest cost (income), net: - interest cost on liabilities 4 31 2 37 1 38 - interest income on plan assets (17) (17) (17) Total interest cost (income), net 4 14 2 20 1 21 - of which recognized in “Payroll and related cost” 1 1 - of which recognized in “Financial income (expense)” 4 14 2 20 20 Remeasurements for long-term plans 30 30 Total 4 43 5 52 188 240 - of which recognized in “Payroll and related cost” 29 3 32 188 220 - of which recognized in “Financial income (expense)” 4 14 2 20 20 Costs of defined benefit plans recognized in other comprehensive income consisted of the following: 2019 2018 FISDE, FISDE, Italian foreign Italian Foreign foreign defined Foreign medical defined defined medical benefit defined plans and benefit benefit plans and (€ million) plans benefit plans other Total plans plans other Total Remeasurements Actuarial (gains)/losses due to changes in financial assumptions 7 50 3 60 (31) 1 (30) Experience (gains) losses (2) (9) 21 10 1 6 12 19 Return on plan assets (23) (23) 21 21 Change in asset ceiling (5) (5) 5 5 5 13 24 42 1 1 13 15 |
Schedule of plan assets | Plan assets consisted of the following: Assets Cash and held by cash Equity Debt Real Investment insurance (€ million) equivalents securities securities estate Derivatives funds company Other Total December 31, 2019 Plan assets with a quoted market price 32 39 388 7 2 79 17 65 629 Plan assets without a quoted market price 3 3 32 39 388 7 2 79 20 65 632 December 31, 2018 Plan assets with a quoted market price 115 37 238 6 2 56 18 70 542 Plan assets without a quoted market price 3 3 115 37 238 6 2 56 21 70 545 |
Schedule of actuarial assumptions used in measurement of defined benefit liabilities and estimated cost | FISDE, foreign Other Italian defined Foreign defined medical plans benefit benefit plans benefit plans and other plans 2019 Discount rate (%) 0.7 0.0 - 13.7 0.7 0.0 - 0.7 Rate of compensation increase (%) 1.7 1.3 - 12.5 Rate of price inflation (%) 0.7 0.8 - 11.3 0.7 Life expectations on retirement at age 65 (years) 13 - 25 24 2018 Discount rate (%) 1.5 0.8 ‑ 18.0 1.5 0.2 ‑ 1.5 Rate of compensation increase (%) 2.5 1.5 ‑ 16.5 Rate of price inflation (%) 1.5 0.8 ‑ 16.0 1.5 Life expectations on retirement at age 65 (years) 13 ‑ 25 24.0 |
Schedule of analysis by geographical area related to the main actuarial assumptions used in the valuation of the principal foreign defined benefit plans | The following is an analysis by geographical area related to the main actuarial assumptions used in the valuation of the principal foreign defined benefit plans: Foreign Euro Rest Other defined area of Europe Africa areas benefit plans 2019 Discount rate (%) 0.8 - 1.0 0.0 - 2.0 2.6 - 13.7 7.3- 11.3 0.0 - 13.7 Rate of compensation increase (%) 1.3 - 3.0 2.5 - 3.6 2.0 - 12.5 10.0 - 11.3 1.3 - 12.5 Rate of price inflation (%) 1.3 - 2.0 0.8 - 3.1 2.6 - 11.3 3.3 - 5.0 0.8 - 11.3 Life expectations on retirement at age 65 (years) 21 - 22 24 - 25 13 - 17 13 - 25 2018 Discount rate (%) 1.5 - 1.9 0.8 ‑ 2.9 3.7 ‑ 18.0 8.0 ‑ 13.3 0.8 ‑ 18.0 Rate of compensation increase (%) 1.5 ‑ 3.0 2.5 ‑ 3.8 5.0 ‑ 16.5 10.0 ‑ 13.3 1.5 ‑ 16.5 Rate of price inflation (%) 1.5 ‑ 2.0 0.8 ‑ 3.3 3.7 ‑ 16.0 3.5 ‑ 5.0 0.8 ‑ 16.0 Life expectations on retirement at age 65 (years) 21 ‑ 22 23 ‑ 25 13 ‑ 17 13 ‑ 25 |
Schedule of effect of possible changes in actuarial assumptions | Rate of Rate Rate of Healthcare increases to of price increases in cost pensions in Discount rate inflation pensionable salaries trend rate payment (€ million) 0.5% Increase 0.5% Decrease 0.5% Increase 0.5% Increase 0.5% Increase 0.5% Increase December 31, 2019 Italian defined benefit plans (12) Foreign defined benefit plans (67) FISDE, foreign medical plans and other (9) Other benefit plans (4) December 31, 2018 Italian defined benefit plans (12) 13 8 Foreign defined benefit plans (58) 65 23 15 18 FISDE, foreign medical plans and other (7) 8 6 Other benefit plans (5) 3 1 |
Schedule of analysis by maturity date of the liabilities for employee benefit plans and their relative weighted average duration | The following is an analysis by maturity date of the liabilities for employee benefit plans and their relative weighted average duration: Foreign FISDE, foreign Italian defined defined benefit medical plans Other benefit (€ million) benefit plans plans and other plans December 31, 2019 2020 2021 2022 2023 2024 2025 and thereafter Weighted average duration (years) 3.0 December 31, 2018 2019 15 54 9 81 2020 16 56 7 72 2021 18 63 6 67 2022 14 64 6 20 2023 11 74 6 17 2024 and thereafter 201 74 114 57 Weighted average duration (years) 10.1 17.4 12.8 2.6 |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred tax assets and liabilities | |
Schedule of deferred tax assets and liabilities | (€ million) December 31, 2019 December 31, 2018 Deferred tax liabilities before offsetting 9,583 7,956 Deferred tax assets available for offset (4,663) (3,684) Deferred tax liabilities 4,920 4,272 Deferred tax assets before offsetting (net of accumulated write-down provisions) 9,023 7,615 Deferred tax liabilities available for offset (4,663) (3,684) Deferred tax assets 4,360 3,931 |
Schedule of significant temporary differences to net deferred tax liabilities | The most significant temporary differences giving rise to net deferred tax liabilities are disclosed below: Carrying Carrying amount at amount at December 31, December 31, (€ million) 2019 2018 Deferred tax liabilities Accelerated tax depreciation 6,796 6,612 Leasing 1,375 Difference between the fair value and the carrying amount of assets acquired 617 849 Site restoration and abandonment (tangible assets) 126 85 Application of the weighted average cost method in evaluation of inventories 97 44 Other 572 366 9,583 7,956 Deferred tax assets, gross Carry-forward tax losses (6,065) (5,528) Site restoration and abandonment (provisions for contingencies) (2,242) (1,986) Timing differences on depreciation and amortization (2,022) (2,104) Accruals for impairment losses and provisions for contingencies (1,513) (1,460) Leasing (1,385) Impairment losses (946) (792) Over/Under lifting (525) (604) Employee benefits (209) (212) Unrealized intercompany profits (120) (124) Other (740) (546) (15,767) (13,356) Accumulated write-downs of deferred tax assets 6,744 5,741 Deferred tax assets, net (9,023) (7,615) |
Schedule of changes in deferred tax liabilities and assets | The following table summarizes the changes in deferred tax liabilities and assets: Accumulated Deferred tax Deferred tax Deferred tax write-downs of assets, net of (€ million) liabilities, gross assets, gross deferred tax assets impairments 2019 Carrying amount at December 31, 2018 7,956 (13,356) 5,741 (7,615) Changes in accounting policies (IFRS 16) 1,470 (1,470) (1,470) Carrying amount at January 1, 2019 9,426 (14,826) 5,741 (9,085) Additions 1,265 (2,091) 1,161 (930) Deductions (1,205) 1,407 (174) 1,233 Currency translation differences 194 (182) 34 (148) Other changes (97) (75) (18) (93) Carrying amount at at December 31, 2019 9,583 (15,767) 6,744 (9,023) 2018 Carrying amount at December 31, 2017 10,169 (13,609) 5,262 (8,347) Changes in accounting policies (IFRS 15) 37 (237) (237) Carrying amount at January 1, 2018 10,206 (13,846) 5,262 (8,584) Additions 1,147 (1,478) 253 (1,225) Deductions (802) 1,523 (43) 1,480 Currency translation differences 283 (278) 71 (207) Change in the scope of consolidation (2,778) 813 813 Other changes (100) (90) 198 108 Carrying amount at at December 31, 2018 7,956 (13,356) 5,741 (7,615) |
Derivative financial instrume_2
Derivative financial instruments and hedge accounting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative financial instruments and hedge accounting | |
Schedule of derivative financial instruments | December 31, 2019 December 31, 2018 Fair value Fair value Level of Fair Fair value Fair value Level of Fair (€ million) asset liability value asset liability value Non-hedging derivatives Derivatives on exchange rate - Currency swap 2 99 46 2 - Interest currency swap 2 14 71 2 - Outright 2 3 5 2 116 122 Derivatives on interest rate - Interest rate swap 2 18 6 2 18 6 Derivatives on commodities - Future 192 1 1,060 1,107 1 - Over the counter 89 2 306 284 2 - Other 12 2 1 5 2 293 1,367 1,396 437 1,501 1,524 Trading derivatives Derivatives on commodities - Over the counter 2,387 1,953 2 992 1,031 2 - Future 348 1 367 263 1 - Options 21 2 80 71 2 2,756 2,288 1,439 1,365 Cash flow hedge derivatives Derivatives on commodities - Over the counter 1 2 311 196 2 - Future 34 1 - Options 2 26 15 1 35 337 Option embedded in convertible bonds 11 2 21 21 2 Gross amount 3,239 3,366 3,298 3,121 Offsetting (612) (612) (1,636) (1,636) Net amount 2,627 2,754 1,662 1,485 Of which: - current 2,573 2,704 1,594 1,445 - non-current 54 68 40 |
Schedule of hedging derivative instruments | Hedging derivative instruments are disclosed below: December 31, 2019 December 31, 2018 Nominal Change in fair Nominal Change in fair amount of the Change in fair value amount of the Change in fair value hedging value (ineffective hedging value (ineffective (€ million) instrument (effective hedge) hedge) instrument (effective hedge) hedge) Cash flow hedge derivatives Derivatives on commodity - Over the counter 2,179 (1,357) (2) 3,528 404 2 - Future 1,245 (61) 71 (6) (2) 3,424 (1,418) (2) 3,599 398 |
Schedule of breakdown of underlying asset or liability under cash flow hedge | The breakdown of the underlying asset or liability by type of risk hedged under cash flow hedge is provided below: December 31, 2019 December 31, 2018 Change of the underlying Change of the underlying asset used for the asset used for the calculation of Reclassification calculation of Reclassification (€ million) hedging ineffectiveness CFH reserve adjustments hedging ineffectiveness CFH reserve adjustments Cash flow hedge derivatives Commodity price risk - Planned sales 1,444 (656) (739) (389) (13) 642 1,444 (656) (739) (389) (13) 642 |
Schedule of effects recognized in other operating profit (loss) | Other operating profit (loss) related to derivative financial instruments on commodity was as follows: (€ million) 2019 2018 2017 Net income (loss) on cash flow hedging derivatives (2) 12 Net income (loss) on other derivatives 289 129 (44) 287 129 (32) |
Schedule of effects recognized in finance income (loss) | Finance income (loss) on derivative financial instruments consisted of the following: (€ million) 2019 2018 2017 Derivatives on exchange rate (329) 809 Derivatives on interest rate (23) 22 28 (14) (307) 837 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Shareholders' equity | |
Disclosure of detailed information about share capital and reserves | (€ million) December 31, 2019 December 31, 2018 Share capital 4,005 4,005 Retained earnings 37,436 36,702 Cumulative currency translation differences 7,209 6,605 Legal reserve 959 959 Reserve for treasury shares 981 581 Reserve related to the fair value of cash flow hedging derivatives net of the tax effect (465) (9) Reserve related to the defined benefit plans net of tax effect (173) (130) Other comprehensive income on equity-accounted investments 60 66 Other comprehensive income on other investments 12 15 Other reserves 190 190 Treasury shares (981) (581) Interim dividend (1,542) (1,513) Net profit (loss) for the year 148 4,126 47,839 51,016 |
Schedule of other comprehensive income reserves | Other Comprehensive Income reserves Other Cash flow hedge derivatives Defined benefit plans * comprehensive Deferred Deferred income on Investments Gross tax Net Gross tax Net equity-accounted valued at (€ million) reserve liabilities reserve reserve liabilities reserve investments fair value Reserve as of December 31, 2018 (13) 4 (9) (143) 13 (130) 66 15 Changes of the year (1,418) (1,007) (49) (44) (6) (3) Foreign currency translation differences (3) (3) Change in scope of consolidation 5 (1) 4 Reversal to inventories adjustments (10) Reclassification adjustments (214) Reserve as of December 31, 2019 (656) 191 (465) (190) 17 (173) 60 12 Reserve as of December 31, 2017 240 (57) 183 (133) 19 (114) 90 Changes of the year 399 (116) 283 (15) (2) (17) (24) 15 Foreign currency translation differences 1 (1) Change in scope of consolidation 4 (3) 1 Reversal to inventories adjustments (10) 3 (7) Reclassification adjustments (642) 174 (468) Reserve as of December 31, 2018 (13) 4 (9) (143) 13 (130) 66 15 |
Schedule of reconciliation of net profit and shareholders' equity of the parent company | Reconciliation of net profit and shareholders’ equity of the parent company Eni SpA to consolidated net profit and shareholders’ equity Shareholders’ equity Net profit December 31, December 31, (€ million) 2019 2018 2019 2018 As recorded in Eni SpA’s Financial Statements 2,978 3,173 41,636 42,615 Excess of net equity stated in the separate accounts of consolidated subsidiaries over the corresponding carrying amounts of the parent company (2,800) (134) 5,211 7,183 Consolidation adjustments: - difference between purchase cost and underlying carrying amounts of net equity (6) 202 153 - adjustments to comply with Group accounting policies (348) 862 1,424 2,000 - elimination of unrealized intercompany profits (74) 177 (593) (519) - deferred taxation 405 59 20 (359) 155 4,137 47,900 51,073 Non-controlling interest (7) (11) (61) (57) As recorded in Consolidated Financial Statements 148 4,126 47,839 51,016 |
Other information (Tables)
Other information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other information | |
Schedule of other information | (€ million) 2019 2018 2017 Investment in consolidated subsidiaries and businesses Current assets 1 44 Non-current assets 12 198 Net borrowings 11 Current and non-current liabilities (6) (47) Net effect of investments 7 206 Fair value of investments held before the acquisition of control (50) Non-controlling interests (2) Gain on a bargain purchase (8) Purchase price 5 148 less: Cash and cash equivalents (29) Consolidated subsidiaries and businesses net of cash and cash equivalent acquired 5 119 Disposal of consolidated subsidiaries and businesses Current assets 77 328 166 Non-current assets 188 5,079 814 Net borrowings 11 785 (252) Current and non-current liabilities (57) (3,470) (205) Net effect of disposals 219 2,722 523 Reclassification of foreign currency translation differences among other items of comprehensive income (24) 113 Fair value of share capital held after the sale of control (3,498) Fair value valuation for business combination 889 Gain (loss) on disposal 16 13 2,148 Selling price 211 239 2,671 less: Cash and cash equivalents (24) (286) (9) Consolidated subsidiaries and businesses net of cash and cash equivalent disposed of 187 (47) 2,662 |
Guarantees, commitments and r_2
Guarantees, commitments and risks (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees, commitments and risks | |
Schedule of guarantees | (€ million) December 31, 2019 December 31, 2018 Consolidated subsidiaries 4,323 5,082 Unconsolidated subsidiaries 197 196 Joint ventures and associates 4,075 4,056 Others 267 163 8,862 9,497 |
Schedule of commitments and risks | (€ million) December 31, 2019 December 31, 2018 Commitments 74,338 54,611 Risks 676 673 75,014 55,284 |
Schedule of expected payments for finance debts and lease liabilities | The tables below summarize the Group main contractual obligations for finance debt and lease liability repayments, including expected payments for interest charges and derivatives. Maturity year 2025 and (€ million) 2020 2021 2022 2023 2024 thereafter Total December 31, 2019 Non-current financial liabilities (including the current portion) 2,908 1,704 1,259 2,743 1,785 11,521 21,920 Current financial liabilities 2,452 2,452 Lease liabilities 884 632 487 434 424 2,761 5,622 Fair value of derivative instruments 2,704 2 14 34 2,754 8,948 2,338 1,760 3,177 2,209 14,316 32,748 Interest on finance debt 594 452 353 342 269 1,667 3,677 Interest on lease liabilities 341 302 263 233 206 1,015 2,360 935 754 616 575 475 2,682 6,037 Financial guarantees 926 926 Maturity year 2024 and (€ million) 2019 2020 2021 2022 2023 thereafter Total December 31, 2018 Non-current financial liabilities (including the current portion) 3,301 2,958 1,541 1,253 2,714 11,723 23,490 Current financial liabilities 2,182 2,182 Fair value of derivative instruments 1,445 13 1 21 5 1,485 6,928 2,971 1,542 1,274 2,714 11,728 27,157 Interest on finance debt 655 545 436 330 320 1,677 3,963 Financial guarantees 668 668 |
Schedule of trade and other payables by maturity | Maturity year 2025 and (€ million) 2020 2021 – 2024 thereafter Total December 31, 2019 Trade payables 10,480 10,480 Other payables and advances 5,065 54 100 5,219 15,545 54 100 15,699 Maturity year 2024 and (€ million) 2019 2020 – 2023 thereafter Total December 31, 2018 Trade payables 11,645 11,645 Other payables and advances 5,102 59 96 5,257 16,747 59 96 16,902 |
Schedule of principal contractual obligations | Maturity year 2025 and (€ million) 2020 2021 2022 2023 2024 thereafter Total Decommissioning liabilities (a) 331 325 163 179 424 12,052 13,474 Environmental liabilities 403 368 319 238 198 1,065 2,591 Purchase obligations (b) 9,938 9,912 9,467 9,530 9,722 77,914 126,483 - Gas . take-or-pay contracts 7,117 9,140 8,912 9,100 9,410 77,239 120,918 . ship-or-pay contracts 1,070 532 454 412 296 646 3,410 - Other purchase obligations 1,751 240 101 18 16 29 2,155 Other obligations 7 1 106 114 - Memorandum of intent - Val d’Agri 7 1 106 114 Total 10,679 10,606 9,949 9,947 10,344 91,137 142,662 (a) Represents the estimated future costs for the decommissioning of oil and natural gas production facilities at the end of the producing lives of fields, well-plugging, abandonment and site restoration. (b) Represents any agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms. |
Schedule of committed projects | The amounts shown in the table below include committed expenditures to execute certain environmental projects. Maturity year 2024 and (€ million) 2020 2021 2022 2023 thereafter Total Committed projects 5,570 4,054 2,611 1,544 2,669 16,448 |
Schedule of carrying amount of financial instruments and relevant economic and equity effect | The carrying amount of financial instruments and the relevant economic and equity effect consisted of the following: 2019 2018 Finance income (expense) Finance income (expense) recognized in recognized in Profit Other Profit Other Carrying and loss comprehensive Carrying and loss comprehensive (€ million) amount account income amount account income Financial instruments at fair value with effects recognized in profit and loss account Financial assets held for trading (a) 6,760 127 6,552 32 Non-hedging and trading derivatives (b) (125) 273 177 (178) Other investments valued at fair value (c) 929 247 (3) 919 231 15 Receivables and payables and other assets/liabilities valued at amortized cost Trade receivables and other (d) 12,926 (409) 14,145 (343) Financing receivables (e) 1,503 110 1,489 (139) Securities (a) 55 64 Trade payables and other (a) 15,699 33 16,902 (28) Financing payables (f) 24,518 (802) 25,865 (615) Net assets (liabilities) for hedging derivatives (g) (2) (739) (679) 642 (243) (a) Income or expense were recognized in the profit and loss account within "Finance income (expense)". (b) In the profit and loss account, economic effects were recognized as income within "Other operating income (loss)" for €287 million (income for €129 million in 2018) and as loss within "Finance income (expense)" for €14 million (loss for €307 million in 2018). (c) Income or expense were recognized in the profit and loss account within "Income (expense) from investments - Dividends". (d) Income or expense were recognized in the profit and loss account as net impairment losses within "Net (impairment losses) reversal of trade and other receivables" for €432 million (net impairment losses for €415 million in 2018) and as income within "Finance income (expense)" for €23 million (income for €69 million in 2018), including interest income calculated on the basis of the effective interest rate of €26 million (interest income for €38 million in 2018). (e) In the profit and loss account, income or expense were recognized as income within "Finance income (expense)", including interest income calculated on the basis of the effective interest rate of €99 million (income for €129 million in 2018) and net revaluations for €4 million (net impairment losses for €275 million in 2018). (f) In the profit and loss account, income or expense were recognized as expense within "Finance income (expense)", including interest expense calculated on the basis of the effective interest rate of €647 million (interest expense for €605 million in 2018). (g) In the profit and loss account, income or expense were recognized within "Sales from operations" and "Purchase, services and other". |
Schedule of disclosures about offsetting of financial instruments | Gross amount of financial Gross amount assets and Net amount of of financial liabilities financial assets and subject to assets and (€ million) liabilities offsetting liabilities December 31, 2019 Financial assets Trade and other receivables 13,773 900 12,873 Other current assets 4,584 612 3,972 Financial liabilities Trade and other liabilities 16,445 900 15,545 Other current liabilities 7,758 612 7,146 December 31, 2018 Financial assets Trade and other receivables 15,634 1,533 14,101 Other current assets 4,455 1,636 2,819 Financial liabilities Trade and other liabilities 18,280 1,533 16,747 Other current liabilities 7,048 1,636 5,412 |
Interest rate risk and currency risk | |
Guarantees, commitments and risks | |
Schedule of market risk | The following tables show amounts in terms of VaR, recorded in 2019 (compared with 2018) relating to interest rate and exchange rate risks in the first section and commodity risk. Regarding the management of strategic liquidity, the sensitivity to changes of interest rate is expressed by values of “Dollar value per Basis Point” (DVBP). (Value at risk - parametric method variance/covariance; holding period: 20 days; confidence level: 99%) 2019 2018 (€ million) High Low Average At year end High Low Average At year end Interest rate (a) 5.19 2.44 3.80 3.00 3.65 1.80 2.73 2.99 Exchange rate (a) 0.41 0.07 0.17 0.15 0.57 0.09 0.28 0.25 (a) Value at risk deriving from interest and exchange rates exposures include the following finance departments: Eni Corporate Finance Department, Eni Finance International SA, Banque Eni SA and Eni Finance USA Inc. |
Commodity price risk | |
Guarantees, commitments and risks | |
Schedule of market risk | (a) (Value at risk — Historic simulation method; holding period: 1 day; confidence level: 95%) 2019 2018 (€ million) High Low Average At year end High Low Average At year end Commercial exposures–Management Portfolio (a) 23.03 7.74 11.22 9.11 18.60 6.79 11.04 7.50 Trading (b) 1.60 0.25 0.51 0.31 2.28 0.26 0.73 0.27 (a) Refers to the LNG Marketing & Power business line (risk exposure from Refining & Marketing business line and Gas & Power Division), Eni Trading & Shipping commercial portfolio, operating branches outside Italy pertaining to the Divisions and from October 2016 the Gas e Luce business line. For the Gas & Power business lines, following the approval of the Eni’s Board of Directors on December 12, 2013, VaR is calculated on the so-called Statutory view, with a time horizon that coincides with the year considering all the volumes delivered in the year and the relevant financial hedging derivatives. Consequently, during the year the VaR pertaining to GLP and EGL presents a decreasing trend following the progressive reaching of the maturity of the positions within the annual horizon. (b) Cross-commodity proprietary trading, both for commodity contracts and financial derivatives, refers to Eni Trading & Shipping SpA (London-Bruxelles-Singapore) and Eni Trading & Shipping Inc (Houston). |
Strategic liquidity risk | |
Guarantees, commitments and risks | |
Schedule of market risk | (a) (Sensitivity — Dollar value of 1 basis point — DVBP) 2019 2018 (€ million) High Low Average At year end High Low Average At year end Strategic liquidity (a) 0.37 0.31 0.35 0.33 0.35 0.25 0.29 0.25 (a) Management of strategic liquidity portfolio in € currency starting from July 2013. (Sensitivity — Dollar value of 1 basis point — DVBP) 2019 2018 ($ million) High Low Average At year end High Low Average At year end Strategic liquidity (b) 0.05 0.02 0.04 0.05 0.04 0.01 0.02 0.02 (b) Management of strategic liquidity portfolio in $ currency starting from August 2017. |
Revenues and other income (Tabl
Revenues and other income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenues and other income | |
Schedule of information about sales from operations | Sales from operations Refining & Exploration & Marketing and Corporate and (€ million) Production Gas & Power Chemical Other activities Total 2019 Sales from operations 10,499 38,160 21,017 205 69,881 Products sales and service revenues Sales of crude oil 3,505 17,334 27 20,866 Sales of oil products 1,189 3,000 16,615 20,804 Sales of natural gas and LNG 5,454 12,468 17,922 Sales of petrochemical products 316 3,772 22 4,110 Sales of other products 68 2,502 16 7 2,593 Services 283 2,540 587 176 3,586 Total 10,499 38,160 21,017 205 69,881 Transfer of goods/services Goods/Services transferred in a specific moment 9,946 38,047 20,768 87 68,848 Goods/Services transferred over a period of time 553 113 249 118 1,033 2018 Sales from operations Products sales and service revenues Sales of crude oil 3,982 18,471 22,453 Sales of oil products 1,133 4,053 17,213 22,399 Sales of natural gas and LNG 4,554 15,088 19,642 Sales of petrochemical products 762 4,777 35 5,574 Sales of other products 27 2,363 20 11 2,421 Services 247 2,372 584 130 3,333 Total 9,943 43,109 22,594 176 75,822 Transfer of goods/services Goods/Services transferred in a specific moment 9,676 42,979 22,535 106 75,296 Goods/Services transferred over a period of time 267 130 59 70 526 2017 Sales from operations Products sales and service revenues Sales of crude oil 2,431 17,693 20,141 Sales of oil products 1,030 3,930 14,615 19,575 Sales of natural gas and LNG 3,470 11,643 15,113 Sales of petrochemical products 147 4,591 32 4,770 Sales of other products 14 2,021 21 12 2,068 Services 186 4,412 527 127 5,252 Total 7,131 39,846 19,771 171 66,919 |
Schedule of revenue associated with liabilities and performance obligations | (€ million) 2019 2018 Revenues associated with contract liabilities at the beginning of the period 747 342 Revenues associated with performance obligations totally or partially satisfied in previous years 10 11 |
Schedule of information about other income and revenues | Other income and revenues (€ million) 2019 2018 2017 Gains from sale of assets and businesses 152 454 3,288 Other proceeds 1,008 662 770 1,160 1,116 4,058 |
Costs (Tables)
Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Costs | |
Schedule of information about purchase, services and other charges | (€ million) 2019 2018 2017 Production costs - raw, ancillary and consumable materials and goods 36,272 41,125 35,907 Production costs - services 11,589 10,625 12,228 Lease expense and other 1,478 1,820 1,684 Net provisions for contingencies 858 1,120 886 Charges for price variation on overliftling and underlifting operations 145 Other expenses 879 1,130 931 51,076 55,820 51,781 less: - capitalized direct costs associated with self-constructed assets - tangible assets (197) (192) (224) - capitalized direct costs associated with self-constructed assets - intangible assets (5) (6) (9) 50,874 55,622 51,548 |
Schedule of information about payroll and related costs | Payroll and related costs (€ million) 2019 2018 2017 Wages and salaries 2,417 2,409 2,447 Social security contributions 449 448 441 Cost related to employee benefit plans 85 220 113 Other costs 213 170 162 3,164 3,247 3,163 less: - capitalized direct costs associated with self-constructed assets - tangible assets (152) (142) (202) - capitalized direct costs associated with self-constructed assets - intangible assets (16) (12) (10) 2,996 3,093 2,951 |
Schedule of information about average number of employees | The Group average number and breakdown of employees by category is reported below: 2019 2018 2017 (number) Subsidiaries Joint operations Subsidiaries Joint operations Subsidiaries Joint operations Senior managers 1,014 16 999 17 995 17 Junior managers 9,267 77 9,095 84 9,089 98 Employees 15,945 361 16,220 361 16,721 371 Workers 4,910 287 5,259 283 5,659 285 31,136 741 31,573 745 32,464 771 |
Schedule of information about compensation of key management personnel | (€ million) 2019 2018 2017 Wages and salaries 28 27 25 Post-employment benefits 2 2 2 Other long-term benefits 12 10 9 Indemnities upon termination of employment 12 7 54 39 43 |
Finance income (expense) (Table
Finance income (expense) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Finance income (expense) | |
Schedule of finance income (expense) | (€ million) 2019 2018 2017 Finance income (expense) Finance income 3,087 3,967 3,924 Finance expense (4,079) (4,663) (5,886) Net finance income (expense) from financial assets held for trading 127 32 (111) Income (expense) from derivative financial instruments (14) (307) 837 (879) (971) (1,236) |
Schedule of analysis of finance income (expense) | The analysis of finance income (expense) was as follows: (€ million) 2019 2018 2017 Finance income (expense) related to net borrowings Interest and other finance expense on ordinary bonds (618) (565) (638) Net finance income (expense) on financial assets held for trading 127 32 (111) Interest and other expense due to banks and other financial institutions (122) (120) (113) Interest on lease liabilities (378) Interest from banks 21 18 12 Interest and other income on financial receivables and securities held for non-operating purposes 8 8 16 (962) (627) (834) Exchange differences 250 341 (905) Income (expense) from derivative financial instruments (14) (307) 837 Other finance income (expense) Interest and other income on financing receivables and securities held for operating purposes 112 132 128 Capitalized finance expense 93 52 73 Finance expense due to the passage of time (accretion discount) (a) (255) (249) (264) Other finance income (expense) (103) (313) (271) (153) (378) (334) (879) (971) (1,236) (a) The item related to the increase in provisions for contingencies that are shown at present value in non-current liabilities. |
Income (expense) from investm_2
Income (expense) from investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income (expense) from investments | |
Schedule of other gain (loss) from investments | Other gain (loss) from investments (€ million) 2019 2018 2017 Dividends 247 231 205 Net gain (loss) on disposals 19 22 163 Other net income (expense) 15 910 (33) 281 1,163 335 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income taxes | |
Schedule of information about income taxes | (€ million) 2019 2018 2017 Current taxes: - Italian subsidiaries 347 301 712 - subsidiaries of the Exploration & Production segment - outside Italy 4,729 4,906 3,167 - other subsidiaries - outside Italy 152 163 142 5,228 5,370 4,021 Net deferred taxes: - Italian subsidiaries 599 130 (464) - subsidiaries of the Exploration & Production segment - outside Italy (172) 497 (162) - other subsidiaries - outside Italy (64) (27) 72 363 600 (554) 5,591 5,970 3,467 |
Schedule of detailed information about the reconciliation between the statutory tax charge and the effective tax charge | (€ million) 2019 2018 2017 Profit (loss) before taxation 5,746 10,107 6,844 Tax rate (IRES) (%) 24.0 24.0 24.0 Statutory corporation tax charge (credit) on profit or loss 1,379 2,426 1,643 Increase (decrease) resulting from: - higher tax charges related to subsidiaries outside Italy 2,934 3,096 1,882 - impact pursuant to the write-down of deferred tax assets and recalculation of tax rates 938 261 (96) - tax effects related to previous years 147 (24) (1) - impact pursuant to foreign tax effects of italian entities 105 46 54 - effect due to the tax regime provided for intercompany dividends 65 47 1 - Italian regional income tax (IRAP) 25 50 77 - impact pursuant to redetermination of the Italian Windfall Corporate tax as per Law 7/2009 61 - effect due to non-taxable gains/losses on sales of investments (1) (177) - other adjustments (2) 69 23 4,212 3,544 1,824 Effective tax charge 5,591 5,970 3,467 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share | |
Schedule of information about reconciliation of the weighted average number of shares | Reconciliation of the weighted average number of shares used for the calculation for both basic and diluted earnings per share was as follows: 2019 2018 2017 Weighted average number of shares used for basic earnings per share 3,592,249,603 3,601,140,133 3,601,140,133 Potential shares to be issued for ILT incentive plan 2,251,406 2,782,584 1,691,413 Weighted average number of shares used for diluted earnings per share 3,594,501,009 3,603,922,717 3,602,831,546 Eni’s net profit (€ million) 148 4,126 3,374 Basic earnings per share (€ per share) 0.04 1.15 0.94 Diluted earnings per share (€ per share) 0.04 1.15 0.94 |
Exploration for evaluation of_2
Exploration for evaluation of oil&gas resources (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Exploration for evaluation of oil&gas resources | |
Schedule of information about exploration for evaluation of oil&gas resources | (€ million) 2019 2018 2017 Revenues related to exploration activity and evaluation 34 17 9 Exploration activity and evaluation costs - write-off of exploration and evaluation costs 214 93 252 - costs of geological and geophysical studies 275 287 273 Exploration expense for the year 489 380 525 Intangible assets: proved and unproved exploration licence and leasehold property acquisition costs 1,031 1,081 995 Tangible assets: capitalized exploration and evaluation costs 1,563 1,267 1,371 Total tangible and intangible assets 2,594 2,348 2,366 Provision for decommissioning related to exploration activity and evaluation 109 77 81 Exploration expenditure (net cash used in investing activivties) 586 463 442 Geological and geophysical costs (cash flow from operating activities) 275 287 273 Total exploration effort 861 750 715 |
Segment information and infor_2
Segment information and information by geographical area (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment information and information by geographical area | |
Schedule of information by segment | Information by segment is as follows: Refining & Corporate Adjustments Exploration & Gas & Marketing and Other of intragroup (€ million) Production Power and Chemical activities profits Tota l 2019 Sales from operations including intersegment sales 50,015 23,334 1,681 Less: intersegment sales (11,855) (2,317) (1,476) Sales from operations 38,160 21,017 205 69,881 Operating profit 699 (854) (710) (120) 6,432 Net provisions for contingencies 232 273 307 (51) 858 Depreciation and amortization (447) (485) (146) 32 (8,106) Impairments of tangible and intangible assets and right-of-use assets (83) (1,127) (13) (2,570) Reversals of tangible and intangible assets 46 205 1 382 Write-off of tangible and intangible assets (1) (6) (1) (300) Share of profit (loss) of equity-accounted investments (11) (63) (21) (88) Identifiable assets (a) 9,176 12,336 1,860 (492) 91,795 Unallocated assets (b) 31,645 Equity-accounted investments 487 3,107 1,333 9,035 Identifiable liabilities (c) 7,852 4,599 3,927 (141) 36,401 Unallocated liabilities (d) 39,139 Capital expenditure in tangible and intangible assets and prepaid right-of-use assets 230 933 231 (14) 8,376 2018 Sales from operations including intersegment sales 25,744 55,690 25,216 1,589 Less: intersegment sales (15,801) (12,581) (2,622) (1,413) Sales from operations 9,943 43,109 22,594 176 75,822 Operating profit 10,214 629 (380) (691) 211 9,983 Net provisions for contingencies 235 53 274 579 (21) 1,120 Depreciation and amortization (6,152) (408) (399) (59) 30 (6,988) Impairments of tangible and intangible assets (1,025) (56) (193) (18) (1,292) Reversals of tangible and intangible assets 299 127 426 Write-off of tangible and intangible assets (97) (1) (2) (100) Share of profit (loss) of equity-accounted investments 158 9 (67) (168) (68) Identifiable assets (a) 63,051 9,989 11,692 1,171 (420) 85,483 Unallocated assets (b) 32,890 Equity-accounted investments 4,972 494 275 1,303 7,044 Identifiable liabilities (c) 18,110 8,314 4,319 4,072 (275) 34,540 Unallocated liabilities (d) 32,760 Capital expenditure in tangible and intangible assets 7,901 215 877 143 (17) 9,119 2017 Sales from operations including intersegment sales 19,525 50,623 22,107 1,462 Less: intersegment sales (12,394) (10,777) (2,336) (1,291) Sales from operations 7,131 39,846 19,771 171 66,919 Operating profit 7,651 75 981 (668) (27) 8,012 Net provisions for contingencies 479 (20) 182 245 886 Depreciation and amortization (6,747) (345) (360) (60) 29 (7,483) Impairments of tangible and intangible assets (650) (56) (131) (25) (862) Reversals of tangible and intangible assets 808 202 77 1,087 Write-off of tangible and intangible assets (260) (2) (1) (263) Share of profit (loss) of equity-accounted investments (99) (10) (57) (101) (267) Identifiable assets (a) 66,661 11,058 11,599 1,108 (610) 89,816 Unallocated assets (b) 25,112 Equity-accounted investments 1,234 509 321 1,447 3,511 Identifiable liabilities (c) 17,273 8,851 4,005 4,053 (306) 33,876 Unallocated liabilities (d) 32,973 Capital expenditure in tangible and intangible assets 7,739 142 729 87 (16) 8,681 (a) Include assets directly associated with the generation of operating profit. (b) Include assets not directly associated with the generation of operating profit. (c) Include liabilities directly associated with the generation of operating profit. (d) Include liabilities not directly associated with the generation of operating profit. I |
Schedule of information by geographical area | Identifiable assets and investments by geographical area of origin Other European Rest of Other (€ million) Italy Union Europe Americas Asia Africa areas Total 2019 Identifiable assets (a) 19,346 7,237 1,151 5,230 17,898 40,021 912 91,795 Capital expenditure in tangible and intangible assets and prepaid right-of-use assets 1,402 306 9 1,017 1,685 3,902 55 8,376 2018 Identifiable assets (a) 18,646 7,086 1,031 4,546 16,910 36,155 1,109 85,483 Capital expenditure in tangible and intangible assets 1,424 267 538 534 1,782 4,533 41 9,119 2017 Identifiable assets (a) 18,449 7,706 6,160 4,406 16,527 35,385 1,183 89,816 Capital expenditure in tangible and intangible assets 1,090 316 387 278 898 5,699 13 8,681 (a) Include assets directly associated with the generation of operating profit. |
Schedule of sales from operations by geography | Sales from operations by geographical area of destination (€ million) 2019 2018 2017 Italy 23,312 25,279 21,925 Other European Union 18,567 20,408 19,791 Rest of Europe 6,931 7,052 5,911 Americas 3,842 5,051 5,154 Asia 8,102 9,585 7,523 Africa 8,998 8,246 6,428 Other areas 129 201 187 69,881 75,822 66,919 |
Transactions with related par_2
Transactions with related parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Transactions with related parties | |
Schedule of transactions and balances with related parties | Transactions and balances with related parties December 31, 2019 2019 Receivables Payables (€ million) and other and other Other operating Name assets liabilities Guarantees Revenues Costs (expense) income Joint ventures and associates Agiba Petroleum Co 3 71 229 Angola LNG Supply Services Llc 181 Coral FLNG SA 15 1,168 71 Gas Distribution Company of Thessaloniki - Thessaly SA 13 53 Saipem Group 75 227 510 27 503 Karachaganak Petroleum Operating BV 33 198 1 1,134 Mellitah Oil & Gas BV 57 171 3 365 Petrobel Belayim Petroleum Co 50 1,130 7 1,590 Unión Fenosa Gas SA 8 1 57 1 6 63 Vår Energi AS 32 143 482 63 1,481 (64) Other (*) 106 29 1 112 87 379 1,983 2,399 285 5,448 (1) Unconsolidated entities controlled by Eni Eni BTC Ltd 180 Industria Siciliana Acido Fosforico - ISAF SpA (in liquidation) 101 1 3 14 Other 5 25 14 6 18 106 26 197 20 18 485 2,009 2,596 305 5,466 (1) Entities controlled by the Government Enel Group 185 284 105 602 (8) Italgas Group 3 154 1 677 Snam Group 278 229 71 1,208 Terna Group 40 45 171 223 17 GSE - Gestore Servizi Energetici 26 24 549 468 11 Other 10 19 12 35 542 755 909 3,213 20 Other related parties 2 3 5 37 Groupement Sonatrach - Agip «GSA» and Organe Conjoint des Opérations «OC SH/FCP» 75 74 33 457 1,104 2,841 2,596 1,252 9,173 19 (*) December 31, 2018 2018 Receivables Payables (€ million) and other and other Other operating Name assets liabilities Guarantees Revenues Costs (expense) income Joint ventures and associates Agiba Petroleum Co 1 96 156 Angola LNG Supply Services Llc 177 Coral FLNG SA 14 1,147 62 Gas Distribution Company of Thessaloniki - Thessaly SA 1 18 51 Saipem Group 75 171 793 30 420 Karachaganak Petroleum Operating BV 27 134 1 998 Mellitah Oil & Gas BV 1 268 1 502 Petrobel Belayim Petroleum Co 56 2,029 7 2,282 Unión Fenosa Gas SA 4 7 57 123 37 Vår Energi AS 13 100 218 Other (*) 44 25 111 104 (26) 236 2,848 2,392 335 4,513 11 Unconsolidated entities controlled by Eni Eni BTC Ltd 177 Industria Siciliana Acido Fosforico - ISAF SpA (in liquidation) 87 1 5 11 Other 6 23 14 7 13 93 24 196 18 13 329 2,872 2,588 353 4,526 11 Entities controlled by the Government Enel Group 134 151 118 514 227 Italgas Group 5 146 23 667 Snam Group 237 289 109 1,184 (1) Terna Group 26 47 150 231 8 GSE - Gestore Servizi Energetici 67 85 555 588 74 Other 25 18 45 34 494 736 1,000 3,218 308 Other related parties 1 2 4 32 Groupement Sonatrach - Agip «GSA» and Organe Conjoint des Opérations 40 140 34 229 864 3,750 2,588 1,391 8,005 319 Each individual amount included herein was lower than €50 million. December 31, 2017 2017 Receivables Payables (€ million) and other and other Other operating Name assets liabilities Guarantees Revenues Costs (expense) income Joint ventures and associates Agiba Petroleum Co 1 83 142 Coral FLNG SA 20 4 1,094 28 Karachaganak Petroleum Operating BV 36 121 951 Mellitah Oil & Gas BV 5 220 2 495 Petrobel Belayim Petroleum Co 86 1,205 8 3,168 Saipem Group 63 76 7,270 44 450 Unión Fenosa Gas SA 57 202 3 28 Other (*) 84 22 128 140 295 1,731 8,421 412 5,349 28 Unconsolidated entities controlled by Eni Eni BTC Ltd 169 Industria Siciliana Acido Fosforico - ISAF SpA (in liquidation) 77 1 5 7 Other 20 23 7 7 14 97 24 181 14 14 392 1,755 8,602 426 5,363 28 Entities controlled by the Government Enel Group 123 187 164 622 285 GSE - Gestore Servizi Energetici 69 219 702 506 2 Italgas Group 14 180 1 18 681 Snam Group 187 351 85 1,221 Terna Group 35 31 154 212 15 Other (*) 50 21 16 38 1 478 989 1 1,139 3,280 303 Other related parties 1 2 1 25 Groupement Sonatrach - Agip «GSA» and Organe Conjoint des Opérations 39 145 42 530 910 2,891 8,603 1,608 9,198 331 (*) Each individual amount included herein was lower than €50 million. |
Schedule of financing transactions and balances with related parties | Financing transactions and balances with related parties (€ million) December 31, 2019 2019 Name Receivables Payables Guarantees Gains Charges Joint ventures and associates Angola LNG Ltd 249 Cardón IV SA 563 5 77 Coral FLNG SA 253 2 Coral South FLNG DMCC 1,425 Société Centrale Electrique du Congo SA 85 20 Other 18 14 2 18 14 919 19 1,676 95 36 Unconsolidated entities controlled by Eni 48 28 1 48 28 1 Entities controlled by the Government Other 4 12 4 12 971 59 1,676 96 36 (€ million) December 31, 2018 2018 Name Receivables Payables Guarantees Gains Charges Joint ventures and associates Angola LNG Ltd 245 Cardón IV SA 705 36 95 Coral FLNG SA 108 Coral South FLNG DMCC 1,397 Shatskmorneftegaz Sàrl 7 267 Société Centrale Electrique du Congo SA 64 30 5 Vår Energi AS 494 Other 38 4 22 13 9 915 564 1,664 115 281 Unconsolidated entities controlled by Eni 49 25 Entities controlled by the Government Enel Group 64 Other 8 2 72 2 964 661 1,664 115 283 December 31, 2017 2017 (€ million) Name Receivables Payables Guarantees Gains Charges Joint ventures and associates Angola LNG Ltd 233 Coral South FLNG D MCC 1,334 Cardón IV SA 955 86 Shatskmorneftegaz Sarl 101 6 Société Centrale Electrique du Congo SA 66 43 Saipem Group 3 56 13 Coral FLNG SA 56 71 Other 48 49 2 14 1 1,226 95 1,625 190 1 Unconsolidated entities controlled by Eni Servizi Fondo Bombole Metano SpA 60 9 1 Other (*) 1 52 61 61 1 Entities controlled by the Government Other 8 3 8 3 1,287 164 1,625 191 4 Each individual amount included herein was lower than €50 million. |
Schedule of impact of transactions and positions with related parties on balance sheet | The impact of transactions and positions with related parties on the balance sheet accounts consisted of the following: December 31, 2019 December 31, 2018 Related Related (€ million) Total parties Impact % Total parties Impact % Other current financial assets 384 60 15.63 300 49 16.33 Trade and other receivables 12,873 704 5.47 14,101 633 4.49 Other current assets 3,972 219 5.51 2,819 71 2.52 Other non-current financial assets 1,174 911 77.60 1,253 915 73.02 Other non-current assets 871 181 20.78 624 160 25.64 Short-term debt 2,452 46 1.88 2,182 661 30.29 Current portion of long-term lease liabilities 889 5 0.56 Trade and other payables 15,545 2,663 17.13 16,747 3,664 21.88 Other current liabilities 7,146 155 2.17 5,412 63 1.16 Long-term lease liabilities 4,759 8 0.17 Other non-current liabilities 1,611 23 1.43 1,475 23 1.56 |
Schedule of impact of transactions with related parties on the profit and loss accounts | The impact of transactions with related parties on the profit and loss accounts consisted of the following: 2019 2018 2017 Related Related Related (€ million) Total parties Impact % Total parties Impact % Total parties Impact % Sales from operations 69,881 1,248 1.79 75,822 1,383 1.82 66,919 1,567 2.34 Other income and revenues 1,160 4 0.34 1,116 8 0.72 4,058 41 1.01 Purchases, services and other (50,874) (9,173) 18.03 (55,622) (8,009) 14.40 (51,548) (9,164) 17.78 Net (impairment losses) reversals of trade and other receivables (432) 28 — (415) 26 — (913) Payroll and related costs (2,996) (28) 0.93 (3,093) (22) 0.71 (2,951) (34) 1.15 Other operating income (expense) 287 19 6.62 129 319 — (32) 331 — Finance income 3,087 96 3.11 3,967 115 2.90 3,924 191 4.87 Finance expense (4,079) (36) 0.88 (4,663) (283) 6.07 (5,886) (4) 0.07 |
Schedule of main cash flows with related parties | Main cash flows with related parties are provided below: (€ million) 2019 2018 2017 Revenues and other income 1,252 1,391 1,608 Costs and other expenses (6,869) (5,210) (5,360) Other operating income (expense) 19 319 331 Net change in trade and other receivables and payables (839) 683 391 Net interests 81 110 187 Net cash provided from operating activities (6,356) (2,707) (2,843) Capital expenditure in tangible and intangible assets (2,332) (2,768) (3,838) Net change in accounts payable and receivable in relation to investments (339) 20 425 Change in financial receivables (241) (566) 298 Net cash used in investing activities (2,912) (3,314) (3,115) Change in financial and lease liabilities (817) 16 (16) Net cash used in financing activities (817) 16 (16) Total financial flows to related parties (10,085) (6,005) (5,974) |
Schedule of impact of cash flows with related parties | The impact of cash flows with related parties consisted of the following: 2019 2018 2017 Related Related Related (€ million) Total parties Impact % Total parties Impact % Total parties Impact % Net cash provided by operating activities 12,392 (6,356) — 13,647 (2,707) — 10,117 (2,843) — Net cash used in investing activities (11,413) (2,912) 25.51 (7,536) (3,314) 43.98 (3,768) (3,115) 82.67 Net cash used in financing activities (5,841) (817) 13.99 (2,637) 16 — (4,595) (16) 0.35 |
Other information about inves_2
Other information about investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about investments | |
Schedule of detailed information about parent company | Registered Country of Share Company name office operation Currency Capital Shareholders % Ownership Eni SpA (#) Rome Italy EUR 4,005,358,876 Cassa Depositi e Prestiti SpA Ministero dell’Economia e delle Finanze 4.34 Eni SpA 1.70 Other shareholders 68.20 |
Schedule of detailed information about principal joint ventures, joint operations and associates | Country of % ownership Eni's % of the Company name Registered office operation Business segment interest investment Joint venture Vår Energi AS Forus (Norway) Norway Exploration & Production 69.60 69.60 Saipem SpA San Donato Milanese (MI) (Italy) Italy Other Activities 30.54 30.99 Unión Fenosa Gas SA Madrid (Spain) Spain Gas & Power 50.00 50.00 Cardón IV SA Caracas (Venezuela) Venezuela Exploration & Production 50.00 50.00 Gas Distribution Company of Thessaloniki - Thessaly SA Ampelokipi- Menemeni (Greece) Greece Gas & Power 49.00 49.00 Joint Operation Mozambique Rovuma Venture SpA San Donato Milanese (MI) (Italy) Mozambique Exploration & Production 35.71 35.71 Raffineria di Milazzo ScpA Milazzo (ME) (Italy) Italy Refining & Marketing 50.00 50.00 GreenStream BV Amsterdam (Netherlands) Libya Gas & Power 50.00 50.00 Blue Stream Pipeline Co BV Amsterdam (Netherlands) Russia Gas & Power 74.62 74.62 Associates Abu Dhabi Oil Refining Co (Takreer) Abu Dhabi (United Arab Emirates) United Arab Emirates Refining & Marketing 20.00 20.00 Angola LNG Ltd Hamilton (Bermuda) Angola Exploration & Production 13.60 13.60 Coral FLNG SA Maputo (Mozambique) Mozambique Exploration & Production 25.00 25.00 |
Schedule of joint ventures | Main line items of profit and loss and balance sheet related to the principal joint ventures, represented by the amounts included in the reports accounted under IFRS of each company, are provided in the table below: 2019 Gas Distribution Company of Other Vår Energi Saipem Unión Fenosa Cardón IV Thessaloniki -Thessaly joint (€ million) AS SpA Gas SA SA SA ventures Current assets 1,385 7,012 585 208 31 551 - of which cash and cash equivalent 182 2,272 41 6 12 40 Non-current assets 18,427 5,997 827 2,383 322 1,085 Total assets 19,812 13,009 1,412 2,591 353 1,636 Current liabilities 2,374 5,204 225 255 24 819 - current financial liabilities 33 557 49 9 165 Non-current liabilities 13,820 3,680 563 2,040 46 354 - non-current financial liabilities 3,929 3,147 493 1,140 33 274 Total liabilities 16,194 8,884 788 2,295 70 1,173 Net equity 3,618 4,125 624 296 283 463 Eni’s % of the investment 69.60 30.99 50.00 50.00 49.00 Book value of the investment 2,518 1,250 326 148 139 199 Revenues and other income 2,552 9,118 1,255 598 58 270 Operating expense (1,015) (7,972) (1,221) (456) (16) (277) Depreciation, amortization and impairments (1,208) (690) (53) (86) (14) (47) Operating profit 329 456 (19) 56 28 (54) Finance income (expense) (1) (210) (37) (133) (1) (14) Income (expense) from investments (18) 6 Profit before income taxes 328 228 (50) (77) 27 (68) Income taxes (258) (130) 8 (103) (7) (12) Net profit 70 98 (42) (180) 20 (80) Other comprehensive income 40 66 11 5 Total other comprehensive income 110 164 (31) (175) 20 (80) Net profit attributable to Eni 49 4 (14) (90) 10 (40) Dividends received from the joint venture 1,057 10 6 2018 Gas Distribution Company of Lotte Versalis Other Vår Energi Saipem Unión Fenosa Thessaloniki -Thessaly Cardón IV Elastomers Co PetroJunín joint (€ million) AS SpA Gas SA SA SA Ltd SA ventures Current assets 1,366 6,211 664 32 191 56 368 130 - of which cash and cash equivalent 883 1,674 107 13 40 8 38 Non-current assets 11,407 5,466 832 302 2,433 502 253 334 Total assets 12,773 11,677 1,496 334 2,624 558 621 464 Current liabilities 608 4,430 260 52 232 111 470 307 - current financial liabilities 305 22 78 165 Non-current liabilities 7,139 3,211 581 2 2,196 297 34 126 - non-current financial liabilities 366 2,646 510 1,410 289 14 Total liabilities 7,747 7,641 841 54 2,428 408 504 433 Net equity 5,026 4,036 655 280 196 150 117 31 Eni’s % of the investment 69.60 30.99 50.00 49.00 50.00 50.00 40.00 Book value of the investment 3,498 1,228 335 137 98 75 47 (2) Revenues and other income 8,530 1,521 53 610 22 112 731 Operating expense (7,682) (1,461) (16) (372) (58) (100) (697) Depreciation, amortization and impairments (811) (70) (12) (137) (30) (394) (62) Operating profit 37 (10) 25 101 (66) (382) (28) Finance income (expense) (165) (31) (208) (12) 31 (5) Income (expense) from investments (88) 9 Profit before income taxes (216) (32) 25 (107) (78) (351) (33) Income taxes (194) (1) (8) (35) (19) (10) Net profit (410) (33) 17 (142) (78) (370) (43) Other comprehensive income (46) 15 6 11 (4) Total other comprehensive income (456) (18) 17 (136) (78) (359) (47) Net profit attributable to Eni (146) (23) 8 (71) (39) (148) (21) Dividends received from the joint venture 8 11 |
Schedule of interests in associates | Main line items of profit and loss and balance sheet related to the principal associates represented by the amounts included in the reports accounted under IFRS of each company are provided in the table below: 2019 Abu Dhabi Oil Coral Refining Co Angola LNG FLNG Other (€ million) (TAKREER) Ltd SA associates Current assets 4,659 890 241 838 - of which cash and cash equivalent 42 653 240 91 Non-current assets 18,868 9,952 4,119 3,259 Total assets 23,527 10,842 4,360 4,097 Current liabilities 8,470 185 230 585 - current financial liabilities 3,694 63 Non-current liabilities 912 2,135 3,722 2,677 - non-current financial liabilities 479 1,943 3,722 2,515 Total liabilities 9,382 2,320 3,952 3,262 Net equity 14,145 8,522 408 835 Eni’s % of the investment 20.00 13.60 25.00 Book value of the investment 2,829 1,159 102 264 Revenues and other income 399 1,552 818 Operating expense (357) (549) (763) Depreciation, amortization and impairments (335) (509) (28) Operating profit (293) 494 27 Finance income (expense) (46) (151) (12) (2) Income (expense) from investments 282 35 Profit before income taxes (57) 343 (12) 60 Income taxes 11 5 (10) Net profit (46) 343 (7) 50 Other comprehensive income (59) 162 8 5 Total other comprehensive income (105) 505 1 55 Net profit attributable to Eni (9) 47 (2) 22 Dividends received from the associate 46 15 2018 Angola LNG Coral FLNG Other (€ million) Ltd SA associates Current assets 1,027 109 926 - of which cash and cash equivalent 698 109 178 Non-current assets 9,079 2,434 2,296 Total assets 10,106 2,543 3,222 Current liabilities 472 117 785 - current financial liabilities 134 Non-current liabilities 1,500 2,018 1,755 - non-current financial liabilities 1,328 2,016 1,473 Total liabilities 1,972 2,135 2,540 Net equity 8,134 408 682 Eni’s % of the investment 13.60 25.00 Book value of the investment 1,106 102 241 Revenues and other income 1,919 1,053 Operating expense (872) (1) (887) Depreciation, amortization and impairments 1,647 (58) Operating profit 2,694 (1) 108 Finance income (expense) (97) (11) (1) Income (expense) from investments 16 Profit before income taxes 2,597 (12) 123 Income taxes (26) Net profit 2,597 (12) 97 Other comprehensive income 337 16 17 Total other comprehensive income 2,934 4 114 Net profit attributable to Eni 353 (3) 25 Dividends received from the associate 25 |
Exploration & Production | |
Disclosure of detailed information about investments | |
Schedule of subsidiaries | Company name Registered Country of Share % % Equity Consolidation or In Italy office operation Currency Capital Shareholders Ownership ratio valutation method(*) Eni Angola SpA San Donato Milanese (MI) Angola EUR 20,200,000 Eni SpA 100.00 100.00 F.C. Eni Mediterranea Idrocarburi SpA Gela (CL) Italy EUR 5,200,000 Eni SpA 100.00 100.00 F.C. Eni Mozambico SpA San Donato Milanese (MI) Mozambique EUR 200,000 Eni SpA 100.00 100.00 F.C. Eni Timor Leste SpA San Donato Milanese (MI) East Timor EUR 6,841,517 Eni SpA 100.00 100.00 F.C. Eni West Africa SpA San Donato Milanese (MI) Angola EUR 10,000,000 Eni SpA 100.00 100.00 F.C. EniProgetti SpA Venezia Marghera (VE) Italy EUR 2,064,000 Eni SpA 100.00 100.00 F.C. Floaters SpA San Donato Milanese (MI) Italy EUR 200,120,000 Eni SpA 100.00 100.00 F.C. Ieoc SpA San Donato Milanese (MI) Egypt EUR 7,518,000 Eni SpA 100.00 100.00 F.C. Società Petrolifera Italiana SpA San Donato Milanese (MI) Italy EUR 13,877,600 Eni SpA 99.96 99.96 F.C. Third parties 0.04 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (#) Company with shares quoted in the regulated market of Italy or of other EU countries Company name Registered Country of Share % Equity Consolidation or Outside Italy office operation Currency Capital Shareholders % Ownership ratio valutation method(*) Agip Caspian Sea BV Amsterdam (Netherlands) Kazakhstan EUR 20,005 Eni International BV 100.00 100.00 F.C. Agip Energy and Natural Resources (Nigeria) Ltd Abuja (Nigeria) Nigeria NGN 5,000,000 Eni International BV 95.00 100.00 F.C. Eni Oil Holdings BV 5.00 Agip Karachaganak BV Amsterdam (Netherlands) Kazakhstan EUR 20,005 Eni International BV 100.00 100.00 F.C. Agip Oleoducto de Crudos Pesados BV (in liquidation) Amsterdam (Netherlands) Ecuador EUR 20,000 Eni International BV 100.00 Co. Burren Energy (Bermuda) Ltd Hamilton (Bermuda) United Kingdom USD 12,002 Burren Energy Plc 100.00 100.00 F.C. Burren Energy (Egypt) Ltd London (United Kingdom) Egypt GBP 2 Burren Energy Plc 100.00 Eq. Burren Energy Congo Ltd Tortola (British Virgin Islands) Republic of the Congo USD 50,000 Burren En.(Berm)Ltd 100.00 100.00 F.C. Burren Energy India Ltd London (United Kingdom) United Kingdom GBP 2 Burren Energy Plc 100.00 100.00 F.C. Burren Energy Plc London (United Kingdom) United Kingdom GBP 28,819,023 Eni UK Holding Plc 99.99 100.00 F.C. Eni UK Ltd (..) Burren Shakti Ltd Hamilton (Bermuda) United Kingdom USD 213,138 Burren En. India Ltd 100.00 100.00 F.C. Eni Abu Dhabi BV Amsterdam (Netherlands) United Arab Emirates EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni AEP Ltd London (United Kingdom) Pakistan GBP 13,471,000 Eni UK Ltd 100.00 100.00 F.C. Eni Albania BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 Eq. Eni Algeria Exploration BV Amsterdam (Netherlands) Algeria EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Algeria Ltd Sàrl Luxembourg (Luxembourg) Algeria USD 20,000 Eni Oil Holdings BV 100.00 100.00 F.C. Eni Algeria Production BV Amsterdam (Netherlands) Algeria EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Ambalat Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni America Ltd Dover, Delaware (USA) USA USD 72,000 Eni UHL Ltd 100.00 100.00 F.C. Eni Angola Exploration BV Amsterdam (Netherlands) Angola EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Angola Production BV Amsterdam (Netherlands) Angola EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Argentina Exploración y Buenos Aires (Argentina) Argentina ARS 24,136,336 Eni International BV 95.00 100.00 F.C. Eni Oil Holdings BV 5.00 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Registered Country of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Eni Arguni I Ltd London (United Kingdom) Indonesia GBP Eni Indonesia Ltd 100.00 100.00 F.C. Eni Australia BV Amsterdam (Netherlands) Australia EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Australia Ltd London (United Kingdom) Australia GBP 20,000,000 Eni International BV 100.00 100.00 F.C. Eni Bahrain BV Amsterdam (Netherlands) Bahrain EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni BB Petroleum Inc Dover, Delaware (USA) USA USD 1,000 Eni Petroleum Co Inc 100.00 100.00 F.C. Eni BTC Ltd London (United Kingdom) United Kingdom GBP 1 Eni International BV 100.00 Eq. Eni Bukat Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni Bulungan BV (in liquidation) Amsterdam (Netherlands) Indonesia EUR 20,000 Eni International BV 100.00 Co. Eni Canada Holding Ltd Calgary (Canada) Canada USD 1,453,200,001 Eni International BV 100.00 100.00 F.C. Eni CBM Ltd London (United Kingdom) Indonesia USD 2,210,728 Eni Lasmo Plc 100.00 100.00 F.C. Eni China BV Amsterdam (Netherlands) China EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Congo SA Pointe - Noire (Republic of the Congo) Republic of the Congo USD 17,000,000 Eni E&P Holding BV 99.99 100.00 F.C. Eni Int. NA NV Sàrl (..) Eni International BV (..) Eni Côte d’Ivoire Ltd London (United Kingdom) Ivory Coast GBP 1 Eni Lasmo Plc 100.00 100.00 F.C. Eni Cyprus Ltd Nicosia (Cyprus) Cyprus EUR 2,006 Eni International BV 100.00 100.00 F.C. Eni Denmark BV Amsterdam (Netherlands) Greenland EUR 20,000 Eni International BV 100.00 Eq. Eni do Brasil Investimentos em Exploração e Produção de Petróleo Ltda Rio de Janeiro (Brazil) Brazil BRL 1,593,415,000 Eni International BV 99.99 Eq. Eni Oil Holdings BV (..) Eni East Ganal Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni East Sepinggan Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni Elgin/ Franklin Ltd London (United Kingdom) United Kingdom GBP 100 Eni UK Ltd 100.00 100.00 F.C. Eni Energy Russia BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Exploration & Production Holding BV Amsterdam (Netherlands) Netherlands EUR 29,832,777.12 Eni International BV 100.00 100.00 F.C. Eni Gabon SA Libreville (Gabon) Gabon XAF 13,132,000,000 Eni International BV 100.00 100.00 F.C. Eni Ganal Ltd London (United Kingdom) Indonesia GBP 2 Eni Indonesia Ltd 100.00 100.00 F.C. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Registered Country of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Eni Gas & Power LNG Australia BV Amsterdam (Netherlands) Australia EUR 10,000,000 Eni International BV 100.00 100.00 F.C. Eni Ghana Exploration and Production Ltd Accra (Ghana) Ghana GHS 21,412,500 Eni International BV 100.00 100.00 F.C. Eni Hewett Ltd Aberdeen (United Kingdom) United Kingdom GBP 3,036,000 Eni UK Ltd 100.00 100.00 F.C. Eni Hydrocarbons Venezuela Ltd London (United Kingdom) Venezuela GBP 8,050,500 Eni Lasmo Plc 100.00 100.00 F.C. Eni India Ltd London (United Kingdom) India GBP 44,000,000 Eni Lasmo Plc 100.00 Eq. Eni Indonesia Ltd London (United Kingdom) Indonesia GBP 100 Eni ULX Ltd 100.00 100.00 F.C. Eni Indonesia Ots 1 Ltd Grand Cayman (Cayman Islands) Indonesia USD 1.01 Eni Indonesia Ltd 100.00 100.00 F.C. Eni International NA NV Sàrl Luxembourg (Luxembourg) United Kingdom USD 25,000 Eni International BV 100.00 100.00 F.C. Eni Investments Plc London (United Kingdom) United Kingdom GBP 750,050,000 Eni SpA 99.99 100.00 F.C. Eni UK Ltd (..) Eni Iran BV Amsterdam (Netherlands) Iran EUR 20,000 Eni International BV 100.00 Eq. Eni Iraq BV Amsterdam (Netherlands) Iraq EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Ireland BV Amsterdam (Netherlands) Ireland EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Isatay BV Amsterdam (Netherlands) Kazakhstan EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni JPDA 03‑13 Ltd London (United Kingdom) Australia GBP 250,000 Eni International BV 100.00 100.00 F.C. Eni JPDA 06‑105 Pty Ltd Perth (Australia) Australia AUD 80,830,576 Eni International BV 100.00 100.00 F.C. Eni JPDA 11‑106 BV Amsterdam (Netherlands) Australia EUR 50,000 Eni International BV 100.00 100.00 F.C. Eni Kenya BV Amsterdam (Netherlands) Kenya EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Krueng Mane Ltd London (United Kingdom) Indonesia GBP 2 Eni Indonesia Ltd 100.00 100.00 F.C. Eni Lasmo Plc London (United Kingdom) United Kingdom GBP 337,638,724.25 Eni Investments Plc 99.99 100.00 F.C. Eni UK Ltd (..) Eni Lebanon BV Amsterdam (Netherlands) Lebanon EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Liberia BV Amsterdam (Netherlands) Liberia EUR 20,000 Eni International BV 100.00 Eq. Eni Liverpool Bay Operating Co Ltd London (United Kingdom) United Kingdom GBP 1 Eni UK Ltd 100.00 Eq. Eni LNS Ltd London (United Kingdom) United Kingdom GBP 80,400,000 Eni UK Ltd 100.00 100.00 F.C. Eni Marketing Inc Dover, Delaware (USA) USA USD 1,000 Eni Petroleum Co Inc 100.00 100.00 F.C. Eni Maroc BV Amsterdam (Netherlands) Morocco EUR 20,000 Eni International BV 100.00 100.00 F.C. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Registered Country of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Eni Mexico S. de RL de CV Lomas De Chapultepec, Mexico City (México) Mexico MXN 3,000 Eni International BV 99.90 100.00 F.C. Eni Oil Holdings BV 0.10 Eni Middle East Ltd London (United Kingdom) United Kingdom GBP 1 Eni ULT Ltd 100.00 100.00 F.C. Eni MOG Ltd (in liquidation) London (United Kingdom) United Kingdom GBP 220,711,147.50 Eni Lasmo Plc 99.99 100.00 F.C. Eni LNS Ltd (..) Eni Montenegro BV Amsterdam (Netherlands) Montenegro EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Mozambique Engineering Ltd London (United Kingdom) United Kingdom GBP 1 Eni Lasmo Plc 100.00 100.00 F.C. Eni Mozambique LNG Holding BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Muara Bakau BV Amsterdam (Netherlands) Indonesia EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Myanmar BV Amsterdam (Netherlands) Myanmar EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni North Africa BV Amsterdam (Netherlands) Libya EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni North Ganal Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni Oil & Gas Inc Dover, Delaware (USA) USA USD 100,800 Eni America Ltd 100.00 100.00 F.C. Eni Oil Algeria Ltd London (United Kingdom) Algeria GBP 1,000 Eni Lasmo Plc 100.00 100.00 F.C. Eni Oil Holdings BV Amsterdam (Netherlands) Netherlands EUR 450,000 Eni ULX Ltd 100.00 100.00 F.C. Eni Oman BV Amsterdam (Netherlands) Oman EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Pakistan Ltd London (United Kingdom) Pakistan GBP 90,087 Eni ULX Ltd 100.00 100.00 F.C. Eni Pakistan (M) Ltd Sàrl Luxembourg (Luxembourg) Pakistan USD 20,000 Eni Oil Holdings BV 100.00 100.00 F.C. Eni Petroleum Co Inc Dover, Delaware (USA) USA USD 156,600,000 Eni SpA 63.86 100.00 F.C. Eni International BV 36.14 Eni Petroleum US Llc Dover, Delaware (USA) USA USD 1,000 Eni BB Petroleum Inc 100.00 100.00 F.C. Eni Portugal BV Amsterdam (Netherlands) Portugal EUR 20,000 Eni International BV 100.00 Eq. Eni RAK BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Rapak Ltd London (United Kingdom) Indonesia GBP 2 Eni Indonesia Ltd 100.00 100.00 F.C. Eni RD Congo SA Kinshasa (Democratic Republic of the Congo) Democratic Republic of the Congo CDF 750,000,000 Eni International BV 99.99 Eq. Eni Oil Holdings BV (..) Eni Rovuma Basin BV Amsterdam (Netherlands) Mozambique EUR 20,000 Eni Mozambique LNG H. BV 100.00 100.00 F.C. Eni Sharjah BV Amsterdam (Netherlands) United Arab Emirates EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni South Africa BV Amsterdam (Netherlands) Republic of South Africa EUR 20,000 Eni International BV 100.00 100.00 F.C. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Registered Country of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Eni South China Sea Ltd Sàrl Luxembourg (Luxembourg) China USD 20,000 Eni International BV 100.00 Eq. Eni TNS Ltd Aberdeen (United Kingdom) United Kingdom GBP 1,000 Eni UK Ltd 100.00 100.00 F.C. Eni Tunisia BV Amsterdam (Netherlands) Tunisia EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Turkmenistan Ltd Hamilton (Bermuda) Turkmenistan USD 20,000 Burren En. (Berm)Ltd 100.00 100.00 F.C. Eni UHL Ltd London (United Kingdom) United Kingdom GBP 1 Eni ULT Ltd 100.00 100.00 F.C. Eni UK Holding Plc London (United Kingdom) United Kingdom GBP 424,050,000 Eni Lasmo Plc 99.99 100.00 F.C. Eni UK Ltd (..) Eni UK Ltd London (United Kingdom) United Kingdom GBP 250,000,000 Eni International BV 100.00 100.00 F.C. Eni UKCS Ltd London (United Kingdom) United Kingdom GBP 100 Eni UK Ltd 100.00 100.00 F.C. Eni Ukraine Holdings BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Ukraine Llc Kiev (Ukraine) Ukraine UAH 42,004,757.64 Eni Ukraine Hold.BV 99.99 Eq. Eni International BV 0.01 Eni Ukraine Shallow Waters BV Amsterdam (Netherlands) Ukraine EUR 20,000 Eni Ukraine Hold.BV 100.00 Eq. Eni ULT Ltd London (United Kingdom) United Kingdom GBP 93,215,492.25 Eni Lasmo Plc 100.00 100.00 F.C. Eni ULX Ltd London (United Kingdom) United Kingdom GBP 200,010,000 Eni ULT Ltd 100.00 100.00 F.C. Eni US Operating Co Inc Dover, Delaware (USA) USA USD 1,000 Eni Petroleum Co Inc 100.00 100.00 F.C. Eni USA Gas Marketing Llc Dover, Delaware (USA) USA USD 10,000 Eni Marketing Inc 100.00 100.00 F.C. Eni USA Inc Dover, Delaware (USA) USA USD 1,000 Eni Oil & Gas Inc 100.00 100.00 F.C. Eni Venezuela BV Amsterdam (Netherlands) Venezuela EUR 20,000 Eni Venezuela E&P Holding 100.00 100.00 F.C. Eni Venezuela E&P Holding SA Bruxelles (Belgium) Belgium USD 254,443,200 Eni International BV 99.99 100.00 F.C. Eni Oil Holdings BV (..) Eni Ventures Plc (in liquidation) London (United Kingdom) United Kingdom GBP 278,050,000 Eni International BV 99.99 Co. Eni Oil Holdings BV (..) Eni Vietnam BV Amsterdam (Netherlands) Vietnam EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni West Ganal Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni West Timor Ltd London (United Kingdom) Indonesia GBP 1 Eni Indonesia Ltd 100.00 100.00 F.C. Eni Yemen Ltd London (United Kingdom) United Kingdom GBP 1,000 Burren Energy Plc 100.00 Eq. EniProgetti Egypt Ltd Cairo (Egypt) Egypt EGP 50,000 EniProgetti SpA 99.00 Eq. Eni SpA 1.00 Eurl Eni Algérie Algiers (Algeria) Algeria DZD 1,000,000 Eni Algeria Ltd Sàrl 100.00 Eq. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Country Registered of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) First Calgary Petroleums LP Wilmington (USA) Algeria USD 1 Eni Canada Hold. Ltd 99.99 100.00 F.C. FCP Partner Co ULC 0.01 First Calgary Petroleums Partner Co ULC Calgary (Canada) Canada CAD 10 Eni Canada Hold. Ltd 100.00 100.00 F.C. Ieoc Exploration BV Amsterdam (Netherlands) Egypt EUR 20,000 Eni International BV 100.00 100.00 F.C. Ieoc Production BV Amsterdam (Netherlands) Egypt EUR 20,000 Eni International BV 100.00 100.00 F.C. Lasmo Sanga Sanga Ltd Hamilton (Bermuda) Indonesia USD 12,000 Eni Lasmo Plc 100.00 100.00 F.C. Liverpool Bay Ltd London (United Kingdom) United Kingdom USD 1 Eni ULX Ltd 100.00 Eq. Mizamtec Operating Company S. de RL de CV Mexico City (Mexico) Mexico MXN 3,000 Eni US Op. Co Inc 99.90 Eq. Eni Petroleum Co Inc 0.10 Nigerian Agip CPFA Ltd Lagos (Nigeria) Nigeria NGN 1,262,500 NAOC Ltd Agip 98.02 Co. En Nat Res.Ltd 0.99 Nigerian Agip E. Ltd 0.99 Nigerian Agip Exploration Ltd Abuja (Nigeria) Nigeria NGN 5,000,000 Eni International BV 99.99 100.00 F.C. Eni Oil Holdings BV 0.01 Nigerian Agip Oil Co Ltd Abuja (Nigeria) Nigeria NGN 1,800,000 Eni International BV 99.89 100.00 F.C. Eni Oil Holdings BV 0.11 OOO ‘Eni Energhia’ Moscow (Russia) Russia RUB 2,000,000 Eni Energy Russia BV 99.90 100.00 F.C. Eni Oil Holdings BV 0.10 Zetah Congo Ltd Nassau (Bahamas) Republic of the Congo USD 300 Eni Congo SA Burren 66.67 Co. En.Congo Ltd 33.33 Zetah Kouilou Ltd Nassau (Bahamas) Republic of the Congo USD 2,000 Eni Congo SA 54.50 Co. Burren En.Congo Ltd 37.00 Third parties 8.50 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value |
Schedule of interests in joint arrangements and associates | In Italy Registered Country Share Consolidation or Company name office of operation Currency Capital Shareholders % Ownership % Equity ratio valutation method(*) Mozambique Rovuma Venture SpA (†) San Donato Milanese (MI) Mozambique EUR Eni SpA J.O. Third parties Outside Italy Agiba Petroleum Co (†) Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 50.00 Co. Third parties 50.00 Angola LNG Ltd Hamilton (Bermuda) Angola USD Eni Angola Prod.BV 13.60 Eq. Third parties 86.40 Ashrafi Island Petroleum Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 25.00 Co. Third parties 75.00 Barentsmorneftegaz Sàrl(†) Luxembourg (Luxembourg) Russia USD 20,000 Eni Energy Russia BV 33.33 Eq. Third parties 66.67 Cabo Delgado Gas Development Limitada(†) Maputo (Mozambique) Mozambique MZN 2,500,000 Eni Mozam.LNG H. BV 50.00 Co. Third parties 50.00 Cardón IV SA(†) Caracas (Venezuela) Venezuela VES 172.1 Eni Venezuela BV 50.00 Eq. Third parties 50.00 Compañia Agua Plana SA Caracas (Venezuela) Venezuela VES 0.001 Eni Venezuela BV 26.00 Co. Third parties 74.00 Coral FLNG SA Maputo (Mozambique) Mozambique MZN 100,000,000 Eni Mozam.LNG H. BV 25.00 Eq. Third parties 75.00 Coral South FLNG DMCC Dubai (United Arab Emirates) United Arab Emirates AED 500,000 Eni Mozam.LNG H. BV 25.00 Eq. Third parties 75.00 East Delta Gas Co (in liquidation) Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 37.50 Co. Third parties 62.50 East Kanayis Petroleum Co(†) Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 50.00 Co. Third parties 50.00 East Obaiyed Petroleum Co(†) Cairo (Egypt) Egypt EGP 20,000 Ieoc SpA 50.00 Co. Third parties 50.00 El Temsah Petroleum Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 25.00 Co. Third parties 75.00 El-Fayrouz Petroleum Co(†) (in liquidation) Cairo (Egypt) Egypt EGP 20,000 Ieoc Exploration BV 50.00 Co. Third parties 50.00 Fedynskmorneftegaz Sàrl(†) Luxembourg (Luxembourg) Russia USD 20,000 Eni Energy Russia BV 33.33 Eq. Third parties 66.67 Isatay Operating Company Llp(†) Nur-Sultan (Kazakhstan) Kazakhstan KZT 400,000 Eni Isatay BV 50.00 Co. Third parties 50.00 Karachaganak Petroleum Operating BV Amsterdam (Netherlands) Kazakhstan EUR 20,000 Agip Karachag.BV 29.25 Co. Third parties 70.75 Karachaganak Project Development Ltd (KPD) Reading, Berkshire (United Kingdom) United Kingdom GBP 100 Agip Karachag.BV 38.00 Eq. Third parties 62.00 Khaleej Petroleum Co Wll Safat (Kuwait) Kuwait KWD 250,000 Eni Middle E. Ltd 49.00 Eq. Third parties 51.00 Liberty National Development Co Llc Wilmington (USA) USA USD 0 (a) Eni Oil & Gas Inc 32.50 Eq. Third parties 67.50 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (†) Jointly controlled entity. (a) Shares without nominal value. % Registered Country of Share % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Mediterranean Gas Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 25.00 Co. Third parties 75.00 Meleiha Petroleum Company (†) Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 50.00 Co. Third parties 50.00 Mellitah Oil & Gas BV(†) Amsterdam (Netherlands) Libya EUR 20,000 Eni North Africa BV 50.00 Co. Third parties 50.00 Nile Delta Oil Co Nidoco Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 37.50 Co. Third parties 62.50 Norpipe Terminal Holdco Ltd London (United Kingdom) Norway GBP 55.69 Eni SpA 14.20 Eq. Third parties 85.80 North Bardawil Petroleum Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Exploration BV 30.00 Co. Third parties 70.00 North El Burg Petroleum Co Cairo (Egypt) Egypt EGP 20,000 Ieoc SpA 25.00 Co. Third parties 75.00 Petrobel Belayim Petroleum Co(†) Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 50.00 Co. Third parties 50.00 PetroBicentenario SA(†) Caracas (Venezuela) Venezuela VES 3,790 Eni Lasmo Plc 40.00 Eq. Third parties 60.00 PetroJunín SA(†) Caracas (Venezuela) Venezuela VES 24,021 Eni Lasmo Plc 40.00 Eq. Third parties 60.00 PetroSucre SA Caracas (Venezuela) Venezuela VES 2,203 Eni Venezuela BV 26.00 Eq. Third parties 74.00 Pharaonic Petroleum Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 25.00 Co. Third parties 75.00 Point Resources FPSO AS Sandnes (Norway) Norway NOK 150,100,000 PR FPSO Holding AS 100.00 Point Resources FPSO Holding AS Sandnes (Norway) Norway NOK 60,000 Vår Energi AS 100.00 Port Said Petroleum Co (†) Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 50.00 Co. Third parties 50.00 PR Jotun DA Sandnes (Norway) Norway NOK 0 (a) PR FPSO AS 95.00 PR FPSO Holding AS 5.00 Raml Petroleum Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 22.50 Co. Third parties 77.50 Ras Qattara Petroleum Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 37.50 Co. Third parties 62.50 Rovuma Basin LNG Land Limitada(†) Maputo (Mozambique) Mozambique MZN 140,000 Mozamb. Rov. V. SpA 33.33 Co. Third parties 66.67 Rovuma LNG Investments (DIFC) Ltd Maputo (Mozambique) Mozambique USD 50,000 Eni Moz. LNG H. BV 25.00 Eq. Third parties 75.00 Rovuma LNG SA Maputo (Mozambique) Mozambique MZN 100,000,000 Eni Moz. LNG H. BV 25.00 Eq. Third parties 75.00 Shorouk Petroleum Company Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 25.00 Co. Third parties 75.00 Société Centrale Electrique du Congo SA Pointe-Noire (Republic of the Congo) Republic of the Congo XAF 44,732,000,000 Eni Congo SA 20.00 Eq. Third parties 80.00 Société Italo Tunisienne d’Exploitation Pétrolière SA(†) Tunisi (Tunisia) Tunisia TND 5,000,000 Eni Tunisia BV 50.00 Eq. Third parties 50.00 Sodeps - Société de Developpement et d’Exploitation du Permis du Sud SA(†) Tunisi (Tunisia) Tunisia TND 100,000 Eni Tunisia BV 50.00 Co. Third parties 50.00 Tecninco Engineering Contractors Llp(†) Aksai (Kazakhstan) Kazakhstan KZT 29,478,455 EniProgetti SpA 49.00 Eq. Third parties 51.00 Thekah Petroleum Co (in liquidation) Cairo (Egypt) Egypt EGP 20,000 Ieoc Exploration BV 25.00 Co. Third parties 75.00 United Gas Derivatives Co New Cairo (Egypt) Egypt USD 153,000,000 Eni International BV 33.33 Eq. Third parties 66.67 Vår Energi AS(†) Forus (Norway) Norway NOK 399,425,000 Eni International BV 69.60 Eq. Third parties 30.40 Vår Energi Marine AS Sandnes (Norway) Norway NOK 61,000,000 Vår Energi AS 100.00 VIC CBM Ltd(†) London (United Kingdom) Indonesia USD 52,315,912 Eni Lasmo Plc 50.00 Eq. Third parties 50.00 Virginia Indonesia Co CBM Ltd(†) London (United Kingdom) Indonesia USD 25,631,640 Eni Lasmo Plc 50.00 Eq. Third parties 50.00 West Ashrafi Petroleum Co(†) (in liquidation) Cairo (Egypt) Egypt EGP 20,000 Ieoc Exploration BV 50.00 Co. Third parties 50.00 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (†) Jointly controlled entity. (a) Shares without nominal value. |
Schedule of detailed information about other significant investments | Registered Country of Consolidation or Company name office operation Currency Share Capital Shareholders % Ownership valutation method(*) In Italy Consorzio Universitario in Ingegneria per la Qualità e l’Innovazione Pisa Italy EUR 135,000 Eni SpA 20.00 F.V. Third parties 80.00 Outside Italy Administradora del Golfo de Paria Caracas (Venezuela) Venezuela VES 0.001 Eni Venezuela BV 19.50 F.V. Third parties 80.50 Brass LNG Ltd Lagos (Nigeria) Nigeria USD 1,000,000 Eni Int. NA NV Sàrl 20.48 F.V. Third parties 79.52 Darwin LNG Pty Ltd West Perth (Australia) Australia AUD 367,278,503.01 Eni G&P LNG Aus. BV 10.99 F.V. Third parties 89.01 New Liberty Residential Co Llc West Trenton (USA) USA USD 0 (a) Eni Oil & Gas Inc 17.50 F.V. Third parties 82.50 Nigeria LNG Ltd Port Harcourt (Nigeria) Nigeria USD 1,138,207,000 Eni Int. NA NV Sàrl 10.40 F.V. Third parties 89.60 North Caspian Operating Co NV Amsterdam (Netherlands) Kazakhstan EUR 128,520 Agip Caspian Sea BV 16.81 F.V. Third parties 83.19 OPCO - Sociedade Operacional Luanda (Angola) Angola AOA 7,400,000 Eni Angola Prod.BV 13.60 F.V. Third parties 86.40 Petrolera Güiria SA Caracas (Venezuela) Venezuela VES 10 Eni Venezuela BV 19.50 F.V. Third parties 80.50 SOMG - Sociedade de Operações e Luanda (Angola) Angola AOA 7,400,000 Eni Angola Prod.BV 13.60 F.V. Third parties 86.40 Torsina Oil Co Cairo (Egypt) Egypt EGP 20,000 Ieoc Production BV 12.50 F.V. Third parties 87.50 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (a) Shares without nominal value. |
Gas & Power | |
Disclosure of detailed information about investments | |
Schedule of subsidiaries | Country In Italy Registered of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Eni gas e luce SpA San Donato Milanese (MI) Italy EUR 750,000,000 Eni SpA 100.00 100.00 F.C. Eni Gas Transport Services Srl San Donato Milanese (MI) Italy EUR 120,000 Eni SpA 100.00 Co. Eni Trading & Shipping SpA Rome Italy EUR 60,036,650 Eni SpA 100.00 100.00 F.C. EniPower Mantova SpA San Donato Milanese (MI) Italy EUR 144,000,000 EniPower SpA 86.50 86.50 F.C. Third parties 13.50 EniPower SpA San Donato Milanese (MI) Italy EUR 944,947,849 Eni SpA 100.00 100.00 F.C. LNG Shipping SpA San Donato Milanese (MI) Italy EUR 240,900,000 Eni SpA 100.00 100.00 F.C. SEA SpA L'Aquila (AQ) Italy EUR 100,000 Eni gas e luce SpA 60.00 60.00 F.C. Third parties 40.00 Trans Tunisian Pipeline Co SpA San Donato Milanese (MI) Tunisia EUR 1,098,000 Eni SpA 100.00 100.00 F.C. Outside Italy Adriaplin Podjetje za distribucijo zemeljskega plina doo Ljubljana Ljubljana (Slovenia) Slovenia EUR 12,956,935 Eni gas e luce SpA 51.00 51.00 F.C. Third parties 49.00 Eni G&P Trading BV Amsterdam (Netherlands) Turkey EUR 70,000 Eni International BV 100.00 100.00 F.C. Eni Gas & Power France SA Levallois Perret (France) France EUR 29,937,600 Eni gas e luce SpA 99.87 99.87 F.C. Third parties 0.13 Eni Trading & Shipping Inc Dover, Delaware (USA) USA USD 36,000,000 ETS SpA 100.00 100.00 F.C. Eni Transporte y Suministro México, S. de RL de CV Mexico City (Mexico) Mexico MXN 3,000 Eni International BV 99.90 Eq. Eni Oil Holdings BV 0.10 Gas Supply Company Thessaloniki - Thessalia SA Thessaloniki (Greece) Greece EUR 13,761,788 Eni gas e luce SpA 100.00 100.00 F.C. Société de Service du Gazoduc Transtunisien SA - Sergaz SA Tunisi (Tunisia) Tunisia TND 99,000 Eni International BV 66.67 66.67 F.C. Third parties 33.33 Société pour la Construction du Gazoduc Transtunisien SA - Scogat SA Tunisi (Tunisia) Tunisia TND 200,000 Eni International BV 99.85 100.00 F.C. Eni SpA 0.05 LNG Shipping SpA 0.05 Trans Tunis.P.Co SpA 0.05 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value |
Schedule of interests in joint arrangements and associates | Country Company name Registered of Share % % Equity Consolidation or In Italy office operation Currency Capital Shareholders Ownership ratio valutation method(*) Mariconsult SpA(†) Milan Italy EUR 120,000 Eni SpA Eq. Third parties Società EniPower Ferrara Srl(†) San Donato Milanese (MI) Italy EUR 140,000,000 EniPower SpA 51.00 J.O. Third parties Transmed SpA(†) Milan Italy EUR 240,000 Eni SpA Eq. Third parties Outside Italy Angola LNG Supply Services Llc Wilmington (USA) USA USD 19,278,782 Eni USA Gas M. Llc Eq. Third parties Blue Stream Pipeline Co BV(†) Amsterdam (Netherlands) Russia USD 22,000 Eni International BV 74.62 (a) J.O. Third parties Gas Distribution Company of Thessaloniki - Thessaly SA(†) Ampelokipi- Menemeni (Greece) Greece EUR 247,127,605 Eni gas e luce SpA Eq. Third parties GreenStream BV(†) Amsterdam (Netherlands) Libya EUR 200,000,000 Eni North Africa BV 50.00 J.O. Third parties Premium Multiservices SA Tunisi (Tunisia) Tunisia TND 200,000 Sergaz SA Eq. Third parties SAMCO Sagl Lugano (Switzerland) Switzerland CHF 20,000 Eni International BV Eq. Transmed.Pip.Co Ltd Third parties Transmediterranean Pipeline Co Ltd(†) St. Helier (Jersey) Jersey USD 10,310,000 Eni SpA 50.00 J.O. Third parties Unión Fenosa Gas SA(†) Madrid (Spain) Spain EUR 32,772,000 Eni SpA Eq. Third parties (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (†) Jointly controlled entity. (a) Equity ratio equal to the Eni's working interest. |
Schedule of detailed information about other significant investments | Country Registered of % Consolidation or Company name office operation Currency Share Capital Shareholders Ownership valutation method(*) Outside Italy Norsea Gas GmbH Emden (Germany) Germany EUR Eni International BV F.V. Third parties (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value |
Refining & Marketing and Chemical | |
Disclosure of detailed information about investments | |
Schedule of subsidiaries | Country In Italy Registered of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) Ecofuel SpA San Donato Milanese (MI) Italy EUR 52,000,000 Eni SpA 100.00 100.00 F.C. Eni Fuel SpA Rome Italy EUR 58,944,310 Eni SpA 100.00 100.00 F.C. Petroven Srl Genova Italy EUR 918,520 Ecofuel SpA 100.00 100.00 F.C. Raffineria di Gela SpA Gela (CL) Italy EUR 15,000,000 Eni SpA 100.00 100.00 F.C. SeaPad SpA Genova Italy EUR 12,400,000 Ecofuel SpA 80.00 Eq. Third parties 20.00 Servizi Fondo Bombole Metano SpA Rome Italy EUR 13,580,000.20 Eni SpA 100.00 Co. Outside Italy Eni Abu Dhabi Refining & Trading BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni Abu Dhabi Refining & Trading Services BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni Abu Dhabi R&T BV 100.00 Eq. Eni Austria GmbH Wien (Austria) Austria EUR 78,500,000 Eni International BV 75.00 100.00 F.C. Eni Deutsch.GmbH 25.00 Eni Benelux BV Rotterdam (Netherlands) Netherlands EUR 1,934,040 Eni International BV 100.00 100.00 F.C. Eni Deutschland GmbH Munich (Germany) Germany EUR 90,000,000 Eni International BV 89.00 100.00 F.C. Eni Oil Holdings BV 11.00 Eni Ecuador SA Quito (Ecuador) Ecuador USD 103,142.08 Eni International BV 99.93 100.00 F.C. Esain SA 0.07 Eni France Sàrl Lyon (France) France EUR 56,800,000 Eni International BV 100.00 100.00 F.C. Eni Iberia SLU Alcobendas (Spain) Spain EUR 17,299,100 Eni International BV 100.00 100.00 F.C. Eni Lubricants Trading (Shanghai) Co Ltd Shanghai (China) China EUR 5,000,000 Eni International BV 100.00 100.00 F.C. Eni Marketing Austria GmbH Wien (Austria) Austria EUR 19,621,665.23 Eni Mineralölh.GmbH 99.99 100.00 F.C. Eni International BV (..) Eni Mineralölhandel GmbH Wien (Austria) Austria EUR 34,156,232.06 Eni Austria GmbH 100.00 100.00 F.C. Eni Schmiertechnik GmbH Wurzburg (Germany) Germany EUR 2,000,000 Eni Deutsch.GmbH 100.00 100.00 F.C. Eni Suisse SA Lausanne (Switzerland) Switzerland CHF 102,500,000 Eni International BV 100.00 100.00 F.C. Eni USA R&M Co Inc Wilmington (USA) USA USD 11,000,000 Eni International BV 100.00 Eq. Esacontrol SA Quito (Ecuador) Ecuador USD 60,000 Eni Ecuador SA 87.00 Eq. Third parties 13.00 Esain SA Quito (Ecuador) Ecuador USD 30,000 Eni Ecuador SA 99.99 100.00 F.C. Tecnoesa SA (..) Oléoduc du Rhône SA Valais (Switzerland) Switzerland CHF 7,000,000 Eni International BV 100.00 Eq. OOO “Eni-Nefto” Moscow (Russia) Russia RUB 1,010,000 Eni International BV 99.01 Eq. Eni Oil Holdings BV 0.99 Tecnoesa SA Quito (Ecuador) Ecuador USD 36,000 Eni Ecuador SA 99.99 Eq. Esain SA (..) (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value Chemical Country Company name Registered of Share % % Equity Consolidation or In Italy office operation Currency Capital Shareholders Ownership ratio valutation method(*) Versalis SpA San Donato Milanese (MI) Italy EUR 1,364,790,000 Eni SpA 100.00 100.00 F.C. Outside Italy Dunastyr Polisztirolgyártó Zártkörûen Mûködõ Részvénytársaság Budapest (Hungary) Hungary HUF 8,092,160,000 Versalis SpA 96.34 100.00 F.C. Versalis Deutsc.GmbH 1.83 Versalis Int.SA 1.83 Versalis Americas Inc Dover, Delaware (USA) USA USD 100,000 Versalis International SA 100.00 100.00 F.C. Versalis Congo Sarlu Pointe-Noire (Republic of the Congo) Republic of the Congo XAF 1,000,000 Versalis International SA 100.00 100.00 F.C. Versalis Deutschland GmbH Eschborn (Germany) Germany EUR 100,000 Versalis SpA 100.00 100.00 F.C. Versalis France SAS Mardyck (France) France EUR 126,115,582.90 Versalis SpA 100.00 100.00 F.C. Versalis International SA Bruxelles (Belgium) Belgium EUR 15,449,173.88 Versalis SpA 59.00 100.00 F.C. Versalis Deutsc.GmbH 23.71 Dunastyr Zrt 14.43 Versalis France 2.86 Versalis Kimya Ticaret Limited Sirketi Istanbul (Turkey) Turkey TRY 20,000 Versalis Int. SA 100.00 Eq. Versalis México S. de R.L. de CV Mexico City (México) Mexico MXN 1,000 Versalis Int. SA 99.00 Eq. Versalis SpA 1.00 Versalis Pacific (India) Private Ltd Mumbai (India) India INR 238,700 Versalis Sing. P. Ltd 99.99 Eq. Third parties (..) Versalis Pacific Trading (Shanghai) Co Ltd Shanghai (China) China CNY 1,000,000 Versalis SpA 100.00 100.00 F.C. Versalis Singapore Pte Ltd Singapore (Singapore) Singapore SGD 80,000 Versalis SpA 100.00 100.00 F.C. Versalis UK Ltd London (United Kingdom) United Kingdom GBP 4,004,042 Versalis SpA 100.00 100.00 F.C. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value |
Schedule of interests in joint arrangements and associates | Country Company name of Share % % Equity Consolidation or In Italy Registered office operation Currency Capital Shareholders Ownership ratio valutation method(*) Arezzo Gas SpA (†) Arezzo Italy EUR 394,000 Eni Fuel SpA 50.00 Eq. Third parties 50.00 CePIM Centro Padano Interscambio Merci SpA Fontevivo (PR) Italy EUR 6,642,928.32 Ecofuel SpA 44.78 Eq. Third parties 55.22 Consorzio Operatori GPL di Napoli Napoli Italy EUR 102,000 Eni Fuel SpA 25.00 Co. Third parties 75.00 Costiero Gas Livorno SpA(†) Livorno Italy EUR 26,000,000 Eni Fuel SpA 65.00 65.00 J.O. Third parties 35.00 Disma SpA Segrate (MI) Italy EUR 2,600,000 Eni Fuel SpA 25.00 Eq. Third parties 75.00 Livorno LNG Terminal SpA Livorno Italy EUR 200,000 Costiero Gas Liv. SpA 50.00 Eq. Third parties 50.00 Porto Petroli di Genova SpA Genova Italy EUR 2,068,000 Ecofuel SpA 40.50 Eq. Third parties 59.50 Raffineria di Milazzo ScpA(†) Milazzo (ME) Italy EUR 171,143,000 Eni SpA 50.00 50.00 J.O. Third parties 50.00 Seram SpA Fiumicino (RM) Italy EUR 852,000 Eni SpA 25.00 Co. Third parties 75.00 Sigea Sistema Integrato Genova Arquata SpA Genova Italy EUR 3,326,900 Ecofuel SpA 35.00 Eq. Third parties 65.00 Società Oleodotti Meridionali - SOM SpA(†) San Donato Milanese (MI) Italy EUR 3,085,000 Eni SpA 70.00 70.00 J.O. Third parties 30.00 Termica Milazzo Srl(†) Milazzo (ME) Italy EUR 100,000 Raff. Milazzo ScpA 100.00 50.00 J.O. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (†) Jointly controlled entity. Country Consolidation Registered of Share % or valutation Company name office operation Currency Capital Shareholders % Ownership Equity ratio method(*) Abu Dhabi Oil Refining Company (TAKREER) Abu Dhabi (United Arab Emirates) United Arab Emirates AED 500,000,000 Eni Abu Dhabi R&T BV 20.00 Eq. Third parties 80.00 ADNOC Global Trading Ltd Abu Dhabi (United Arab Emirates) United Arab Emirates USD 1,000 Eni Abu Dhabi R&T Bv 20.00 Eq. Third parties 80.00 AET - Raffineriebeteiligungs gesellschaft mbH(†) Schwedt (Germany) Germany EUR 27,000 Eni Deutsch.GmbH 33.33 Eq. Third parties 66.67 Bayernoil Raffineriegesellschaft mbH(†) Vohburg (Germany) Germany EUR 10,226,000 Eni Deutsch.GmbH 20.00 20.00 J.O. Third parties 80.00 City Carburoil SA(†) Rivera (Switzerland) Switzerland CHF 6,000,000 Eni Suisse SA 49.91 Eq. Third parties 50.09 Egyptian International Gas Technology Co Cairo (Egypt) Egypt EGP 100,000,000 Eni International BV 40.00 Co. Third parties 60.00 ENEOS Italsing Pte Ltd Singapore (Singapore) Singapore SGD 12,000,000 Eni International BV 22.50 Eq. Third parties 77.50 Fuelling Aviation Services GIE Tremblay en France (France) France EUR 1 Eni France Sàrl 25.00 Co. Third parties 75.00 Mediterranée Bitumes SA Tunisi (Tunisia) Tunisia TND 1,000,000 Eni International BV 34.00 Eq. Third parties 66.00 Routex BV Amsterdam (Netherlands) Netherlands EUR 67,500 Eni International BV 20.00 Eq. Third parties 80.00 Saraco SA Meyrin (Switzerland) Switzerland CHF 420,000 Eni Suisse SA 20.00 Co. Third parties 80.00 Supermetanol CA(†) Jose Puerto La Cruz (Venezuela) Venezuela VES 120.867 Ecofuel SpA 34.51 (a) 50.00 J.O. Supermetanol CA 30.07 Third parties 35.42 TBG Tanklager Betriebsgesellschaft GmbH(†) Salzburg (Austria) Austria EUR 43,603.70 Eni Market.A.GmbH 50.00 Eq. Third parties 50.00 Weat Electronic Datenservice GmbH Düsseldorf (Germany) Germany EUR 409,034 Eni Deutsch.GmbH 20.00 Eq. Third parties 80.00 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (†) Jointly controlled entity. (a) Controlling interest: Ecofuel SpA 50.00 Third parties 50.00 Chemical Country % Registered of Equity Consolidation or Company name office operation Currency Share Capital Shareholders % Ownership ratio valutation method(*) In Italy Brindisi Servizi Generali Scarl Brindisi Italy EUR 1,549,060 Versalis SpA 49.00 Eq. Eni Rewind SpA 20.20 EniPower SpA 8.90 Third parties 21.90 IFM Ferrara ScpA Ferrara Italy EUR 5,270,466 Versalis SpA 19.74 Eq. Eni Rewind SpA 11.58 S.E.F. Srl 10.70 Third parties 57.98 Matrìca SpA(†) Porto Torres (SS) Italy EUR 37,500,000 Versalis SpA 50.00 Eq. Third parties 50.00 Novamont SpA Novara Italy EUR 13,333,500 Versalis SpA 25.00 Eq. Third parties 75.00 Priolo Servizi ScpA Melilli (SR) Italy EUR 28,100,000 Versalis SpA 33.11 Eq. Eni Rewind SpA 4.61 Third parties 62.28 Ravenna Servizi Industriali ScpA Ravenna Italy EUR 5,597,400 Versalis SpA 42.13 Eq. EniPower SpA 30.37 Ecofuel SpA 1.85 Third parties 25.65 Servizi Porto Marghera Scarl Porto Marghera (VE) Italy EUR 8,695,718 Versalis SpA 48.44 Eq. Eni Rewind SpA 38.39 Third parties 13.17 Outside Italy Lotte Versalis Elastomers Co Ltd(†) Yeosu (South Korea) South Korea KRW 401,800,000,000 Versalis SpA 50.00 Eq. Third parties 50.00 Versalis Zeal Ltd(†) Takoradi (Ghana) Ghana GHS 5,650,000 Versalis Intern. SA 80.00 Eq. Third parties 20.00 VPM Oilfield Specialty Chemicals Llc (†) Abu Dhabi (United Arab Emirates) United Arab Emirates AED 1,000,000 Versalis SpA 49.00 Eq. Third parties 51.00 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (†) Jointly controlled entity. |
Schedule of detailed information about other significant investments | Country Registered of % Consolidation or Company name office operation Currency Share Capital Shareholders Ownership valutation method(*) In Italy Società Italiana Oleodotti di Gaeta SpA (a) Rome Italy ITL 360,000,000 Eni SpA F.V. Third parties Company name Share % Consolidation or Outside Italy Registered office Country of operation Currency Capital Shareholders Ownership valutation method(*) BFS Berlin Fuelling Services GbR Hamburg (Germany) Germany EUR 89,199 Eni Deutsch.GmbH 12.50 F.V. Third parties 87.50 Compania de Economia Mixta ‘Austrogas’ Cuenca (Ecuador) Ecuador USD 5,665,329 Eni Ecuador SA 13.38 F.V. Third parties 86.62 Dépôt Pétrolier de Fos SA Fos-Sur-Mer (France) France EUR 3,954,196.40 Eni France Sàrl 16.81 F.V. Third parties 83.19 Dépôt Pétrolier de la Côte d’Azur SAS Nanterre (France) France EUR 207,500 Eni France Sàrl 18.00 F.V. Third parties 82.00 Joint Inspection Group Ltd London (United Kingdom) United Kingdom GBP 0 (b) Eni SpA 12.50 F.V. Third parties 87.50 S.I.P.G. Société Immobiliere Pétroliere de Gestion Snc Tremblay-En-France (France) France EUR 40,000 Eni France Sàrl 12.50 F.V. Third parties 87.50 Sistema Integrado de Gestion de Aceites Usados Madrid (Spain) Spain EUR 175,713 Eni Iberia SLU 15.44 F.V. Third parties 84.56 Tanklager - Gesellschaft Tegel (TGT) GbR Hamburg (Germany) Germany EUR 4,953 Eni Deutsch.GmbH 12.50 F.V. Third parties 87.50 TAR - Tankanlage Ruemlang AG Ruemlang (Switzerland) Switzerland CHF 3,259,500 Eni Suisse SA 16.27 F.V. Third parties 83.73 Tema Lube Oil Co Ltd Accra (Ghana) Ghana GHS 258,309 Eni International BV 12.00 F.V. Third parties 88.00 (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (a) Company under extraordinary administration procedure pursuant to law no. 95 of april 3, 1979. The liquidation was concluded on april 28, 2015. The cancellation has been filed and is pending the authorization by the Ministry of Economic Development. (b) Shares without nominal value. |
Corporate and Other activities | |
Disclosure of detailed information about investments | |
Schedule of subsidiaries | Country Registered of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) In Italy Agenzia Giornalistica Italia SpA Rome Italy EUR 2,000,000 Eni SpA 100.00 100.00 F.C. D-Service Media Srl (in liquidation) Milan Italy EUR 75,000 D-Share SpA 100.00 D-Share SpA Milan Italy EUR 121,719.25 Agi SpA 55.21 Co. Third parties 44.79 Eni Corporate University SpA San Donato Milanese (MI) Italy EUR 3,360,000 Eni SpA 100.00 100.00 F.C. EniServizi SpA San Donato Milanese (MI) Italy EUR 13,427,419.08 Eni SpA 100.00 100.00 F.C. Serfactoring SpA San Donato Milanese (MI) Italy EUR 5,160,000 Eni SpA 49.00 49.00 F.C. Third parties 51.00 Servizi Aerei SpA San Donato Milanese (MI) Italy EUR 79,817,238 Eni SpA 100.00 100.00 F.C. Outside Italy Banque Eni SA Bruxelles (Belgium) Belgium EUR 50,000,000 Eni International BV 99.90 100.00 F.C. Eni Oil Holdings BV 0.10 D-Share USA Corp. New York (USA) USA USD 0 (a) D-Share SpA 100.00 Eni Finance International SA Bruxelles (Belgium) Belgium USD 1,480,365,336 Eni International BV 66.39 100.00 F.C. Eni SpA 33.61 Eni Finance USA Inc Dover, Delaware (USA) USA USD 15,000,000 Eni Petroleum Co Inc 100.00 100.00 F.C. Eni Insurance DAC Dublin (Ireland) Ireland EUR 500,000,000 Eni SpA 100.00 100.00 F.C. Eni International BV Amsterdam (Netherlands) Netherlands EUR 641,683,425 Eni SpA 100.00 100.00 F.C. Eni International Resources Ltd London (United Kingdom) United Kingdom GBP 50,000 Eni SpA 99.99 100.00 F.C. Eni UK Ltd (..) Eni Next Llc Houston (USA) USA USD 100 Eni Petroleum Co Inc 100.00 100.00 F.C. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (a) Shares without nominal value. Other activities Country Registered of Share % % Equity Consolidation or Company name office operation Currency Capital Shareholders Ownership ratio valutation method(*) In Italy Anic Partecipazioni SpA (in liquidation) Gela (CL) Italy EUR 23,519,847.16 Eni Rewind SpA 99.97 Eq. Third parties 0.03 Eni Energia Srl San Donato Milanese (MI) Italy EUR 10,000 Eni SpA 100.00 Co. Eni Energy Activities Srl San Donato Milanese (MI) Italy EUR 50,000 Eni SpA 100.00 Co. Eni New Energy SpA San Donato Milanese (MI) Italy EUR 9,296,000 Eni SpA 100.00 100.00 F.C. Eni Rewind SpA (former Syndial Servizi Ambientali SpA) San Donato Milanese (MI) Italy EUR 425,343,731.50 Eni SpA 99.99 100.00 F.C. Third parties (..) Industria Siciliana Acido Fosforico - ISAF - SpA (in liquidation) Gela (CL) Italy EUR 1,300,000 Eni Rewind SpA 52.00 Eq. Third parties 48.00 Ing. Luigi Conti Vecchi SpA Assemini (CA) Italy EUR 5,518,620.64 Eni Rewind SpA 100.00 100.00 F.C. Outside Italy Arm Wind Llp Nur-Sultan (Kazakhstan) Kazakhstan KZT Windirect BV 100.00 100.00 F.C. Eni Energy Solutions BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 100.00 F.C. Eni New Energy Egypt SAE Cairo (Egypt) Egypt EGP 250,000 Eni International BV 99.98 Eq. Ieoc Exploration BV 0.01 Ieoc Production BV 0.01 Eni New Energy Pakistan (Private) Ltd Saddar Town-Karachi (Pakistan) Pakistan PKR 136,000,000 Eni International BV 99.98 100.00 F.C Eni Oil Hold. BV 0.01 Eni Pakistan Ltd (M) 0.01 Eni New Energy US Inc Dover, Delaware (USA) USA USD 100 Eni Petroleum Co Inc 100.00 Eq. Eni Rewind International BV Amsterdam (Netherlands) Netherlands EUR 20,000 Eni International BV 100.00 Eq. Oleodotto del Reno SA Coira (Switzerland) Switzerland CHF 1,550,000 Eni Rewind SpA 100.00 Eq. Windirect BV Amsterdam (Netherlands) Netherlands EUR 10,000 Eni International BV 100.00 100.00 F.C. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value |
Schedule of interests in joint arrangements and associates | % Registered Country of Equity Consolidation or Company name office operation Currency Share Capital Shareholders % Ownership ratio valutation method(*) Outside Italy Commonwealth Fusion Systems Llc (a) Wilmington (USA) USA USD 115,000,519 Eni Next Llc Eq. Third parties Form Energy Inc (b) Sommerville (USA) USA USD Eni Next Llc Eq. Third parties Other activities In Italy Ottana Sviluppo ScpA (in bankruptcy) Nuoro Italy EUR 516,000 Eni Rewind SpA Eq. Third parties Progetto Nuraghe Scarl Porto Torres (SS) Italy EUR 10,000 Eni Rewind SpA Eq. Third parties Saipem SpA (#) (†) San Donato Milanese (MI) Italy EUR 2,191,384,693 Eni SpA (c) Eq. Saipem SpA Third parties 68.00 Outside Italy Ayla Energy Ltd (†) London (United Kingdom) United Kingdom USD 1,000 Eni En. Solutions BV 50.00 Eq. Third parties 50.00 Grid Edge (Private) Ltd (†) Saddar Town - Karachi (Pakistan) Pakistan PKR 1,200,000 Eni International BV 40.00 Eq. Third parties 60.00 Société Energies Renouvelables Eni-ETAP SA (†) Tunisi (Tunisia) Tunisia TND 1,000,000 Eni International BV 50.00 Eq. Third parties 50.00 Solenova Ltd (†) London (United Kingdom) United Kingdom USD 20,000 Eni En. Solutions BV 50.00 Third parties 50.00 Eq. (*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value (#) Company with shares quoted in the regulated market of Italy or of other EU countries (†) Jointly controlled entity. (a) The ownership cannot be determined. The capital subscribed by ENI Next Llc amounts to $50 million. (b) The ownership cannot be determined. The capital subscribed by ENI Next Llc amounts to $15 million. (c) Controlling interest: Eni SpA 30.99 Third parties 69.01 |
Significant accounting polici_4
Significant accounting policies, estimates and judgements - Currency (Details) | 12 Months Ended | ||||||||||||||
Dec. 31, 2019€ / $ | Dec. 31, 2019€ / $€ / £ | Dec. 31, 2019€ / $€ / $ | Dec. 31, 2018€ / $ | Dec. 31, 2018€ / $€ / £ | Dec. 31, 2018€ / $€ / $ | Dec. 31, 2017€ / $ | Dec. 31, 2017€ / $€ / £ | Dec. 31, 2017€ / $€ / $ | Dec. 31, 2019€ / £ | Dec. 31, 2019€ / $ | Dec. 31, 2018€ / £ | Dec. 31, 2018€ / $ | Dec. 31, 2017€ / £ | Dec. 31, 2017€ / $ | |
Significant accounting policies, estimates and judgements | |||||||||||||||
Annual average exchange rate | 1.12 | 0.88 | 1.61 | 1.18 | 0.88 | 1.58 | 1.13 | 0.88 | 1.47 | ||||||
Exchange rate | 1.12 | 1.12 | 1.12 | 1.15 | 1.15 | 1.15 | 1.20 | 1.20 | 1.20 | 0.85 | 1.60 | 0.89 | 1.62 | 0.89 | 1.53 |
Significant accounting polici_5
Significant accounting policies, estimates and judgements - Additional information (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Significant accounting policies, estimates and judgements | |
Period of capitalisation of costs directly associated with exploration well after drilling is completed | 12 months |
Number of days past due for financial asset to be considered in default | 180 days |
Recovery rate for exposures arising from intragroup transactions | 100.00% |
Minimum | |
Significant accounting policies, estimates and judgements | |
Term of development projects | 1 year |
Maximum | |
Significant accounting policies, estimates and judgements | |
Term of development projects | 4 years |
Changes in accounting policie_2
Changes in accounting policies - Quantitative effects (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement | |||
Current assets | € 34,909 | € 39,450 | |
- of which: Trade and other receivables | 12,873 | 14,101 | |
Non-current assets | 88,513 | 78,628 | |
- of which: Property, plant and equipment | 62,192 | 60,302 | € 63,158 |
- of which: Right-of-use assets | 5,349 | ||
Assets held for sale | 18 | 295 | |
Current liabilities | 29,644 | 28,382 | |
- of which: Current portion of long-term debt | 3,156 | 3,601 | |
- of which: Current portion of long-term lease liabilities | 889 | ||
- of which: Trade and other payables | 15,545 | 16,747 | |
Non-current liabilities | 45,896 | 38,859 | |
- of which: Long-term debt | 18,910 | 20,082 | |
- of which: Long-term lease liabilities | € 4,759 | ||
Liabilities directly associated with assets held for sale | 59 | ||
Increase (decrease) due to application of IFRS 16 | |||
Statement | |||
Current assets | (12) | ||
- of which: Trade and other receivables | (12) | ||
Non-current assets | 5,643 | ||
- of which: Property, plant and equipment | (46) | ||
- of which: Right-of-use assets | 5,689 | ||
Assets held for sale | 13 | ||
Current liabilities | 650 | ||
- of which: Current portion of long-term debt | (16) | ||
- of which: Current portion of long-term lease liabilities | 794 | ||
- of which: Trade and other payables | (128) | ||
Non-current liabilities | 4,981 | ||
- of which: Long-term debt | (36) | ||
- of which: Long-term lease liabilities | 5,017 | ||
Liabilities directly associated with assets held for sale | 13 | ||
Adoption of IFRS 16 | |||
Statement | |||
Non-current assets | 5,656 | ||
- of which: Right-of-use assets | 5,656 | ||
Current liabilities | 665 | ||
- of which: Current portion of long-term lease liabilities | 665 | ||
Non-current liabilities | 4,991 | ||
- of which: Long-term lease liabilities | 4,991 | ||
Reclassifications IFRS 16 | |||
Statement | |||
Current assets | (12) | ||
- of which: Trade and other receivables | (12) | ||
Non-current assets | (13) | ||
- of which: Property, plant and equipment | (46) | ||
- of which: Right-of-use assets | 33 | ||
Assets held for sale | 13 | ||
Current liabilities | (15) | ||
- of which: Current portion of long-term debt | (16) | ||
- of which: Current portion of long-term lease liabilities | 129 | ||
- of which: Trade and other payables | (128) | ||
Non-current liabilities | (10) | ||
- of which: Long-term debt | (36) | ||
- of which: Long-term lease liabilities | 26 | ||
Liabilities directly associated with assets held for sale | 13 | ||
After initial application | |||
Statement | |||
Current assets | 39,438 | 35,634 | |
- of which: Trade and other receivables | 14,089 | 14,156 | |
Non-current assets | 84,271 | 79,140 | |
- of which: Property, plant and equipment | 60,256 | 63,158 | |
- of which: Right-of-use assets | 5,689 | ||
Assets held for sale | 308 | 323 | |
Current liabilities | 29,032 | 24,622 | |
- of which: Current portion of long-term debt | 3,585 | 2,286 | |
- of which: Current portion of long-term lease liabilities | 794 | ||
- of which: Trade and other payables | 16,619 | 15,305 | |
Non-current liabilities | 43,840 | 42,064 | |
- of which: Long-term debt | 20,046 | 20,179 | |
- of which: Long-term lease liabilities | 5,017 | ||
Liabilities directly associated with assets held for sale | € 72 | € 87 |
Changes in accounting policie_3
Changes in accounting policies - Leases Reconciliation (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Initially applied IFRSs | ||
Future minimum lease payments under non-cancellable operating leases at December 31, 2018 | € 4,000 | |
Lease liability | € 5,648 | |
Increase (decrease) due to application of IFRS 16 | ||
Initially applied IFRSs | ||
- Recognition of the shares of leases related to followers | 2,000 | |
- Effect of discounting | (1,500) | |
- Extension options | 1,200 | |
- Other changes | 100 | |
Lease liability | 5,800 | |
After initial application | ||
Initially applied IFRSs | ||
Lease liability | € 5,811 |
Changes in accounting policie_4
Changes in accounting policies - Additional information (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Initially applied IFRSs | ||
Right-of-use assets | € 5,349 | |
Lease liabilities | € 5,648 | |
Weighted average discount rate used to measure the lease liabilities as at January 1, 2019 | 6.80% | |
Increase (decrease) due to application of IFRS 16 | ||
Initially applied IFRSs | ||
Right-of-use assets | € 5,689 | |
Lease liabilities | 5,800 | |
Adoption of IFRS 16 | ||
Initially applied IFRSs | ||
Right-of-use assets | 5,656 | |
Adoption of IFRS 16 | Followers | ||
Initially applied IFRSs | ||
Lease liabilities | 2,000 | |
Adoption of IFRS 16 | ENI SpA | ||
Initially applied IFRSs | ||
Lease liabilities | € 3,700 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and cash equivalents | ||
Cash and cash equivalents | € 5,994 | € 10,836 |
Financial assets classified as cash and cash equivalents | 3,984 | € 8,732 |
Restricted cash | 198 | |
Euro | ||
Cash and cash equivalents | ||
Short-term deposits, classified as cash equivalents | € 3,086 | |
Average maturity period | 9 days | |
Effective interest rate | (0.22%) | |
USD | ||
Cash and cash equivalents | ||
Short-term deposits, classified as cash equivalents | € 864 | |
Average maturity period | 8 days | |
Effective interest rate | 1.95% |
Financial assets held for tra_3
Financial assets held for trading (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets held for trading | ||
Financial assets held for trading | € 6,760 | € 6,552 |
Quoted bonds issued by sovereign state | ||
Financial assets held for trading | ||
Financial assets held for trading | 1,462 | 1,083 |
Other | ||
Financial assets held for trading | ||
Financial assets held for trading | € 5,298 | € 5,469 |
Financial assets held for tra_4
Financial assets held for trading - Breakdown by currency (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets held for trading | ||
Financial assets held for trading | € 6,760 | € 6,552 |
Euro | ||
Financial assets held for trading | ||
Financial assets held for trading | 4,272 | 4,573 |
USD | ||
Financial assets held for trading | ||
Financial assets held for trading | 2,279 | 1,614 |
Other | ||
Financial assets held for trading | ||
Financial assets held for trading | € 209 | € 365 |
Financial assets held for tra_5
Financial assets held for trading - Breakdown by issuing entity and credit rating (Details) - Financial assets held for trading € in Millions | 12 Months Ended | |
Dec. 31, 2019EUR (€) | ||
Financial assets held for trading | ||
Nominal value | € 6,680 | |
Fair value | 6,760 | |
Quoted bonds issued by sovereign state | ||
Financial assets held for trading | ||
Nominal value | 1,440 | |
Fair value | 1,462 | |
Quoted bonds issued by sovereign states, Fixed rate bonds | ||
Financial assets held for trading | ||
Nominal value | 1,127 | |
Fair value | 1,148 | |
Quoted bonds issued by sovereign states, Fixed rate bonds | Italy | ||
Financial assets held for trading | ||
Nominal value | 734 | |
Fair value | € 743 | |
Rating - Moody's | Baa3 | |
Rating - S&P | BBB | |
Quoted bonds issued by sovereign states, Fixed rate bonds | Chile | ||
Financial assets held for trading | ||
Nominal value | € 177 | |
Fair value | € 181 | |
Rating - Moody's | A1 | |
Rating - S&P | A+ | |
Quoted bonds issued by sovereign states, Fixed rate bonds | Other countries | ||
Financial assets held for trading | ||
Nominal value | € 216 | [1] |
Fair value | € 224 | [1] |
Rating - Moody's | from Aaa to Baa1 | [1] |
Rating - S&P | from AAA to BBB+ | [1] |
Quoted bonds issued by sovereign states, Floating rate bonds | ||
Financial assets held for trading | ||
Nominal value | € 313 | |
Fair value | 314 | |
Quoted bonds issued by sovereign states, Floating rate bonds | Italy | ||
Financial assets held for trading | ||
Nominal value | 126 | |
Fair value | € 126 | |
Rating - Moody's | Baa3 | |
Rating - S&P | BBB | |
Quoted bonds issued by sovereign states, Floating rate bonds | Germany | ||
Financial assets held for trading | ||
Nominal value | € 106 | |
Fair value | € 106 | |
Rating - Moody's | Aaa | |
Rating - S&P | AAA | |
Quoted bonds issued by sovereign states, Floating rate bonds | Other countries | ||
Financial assets held for trading | ||
Nominal value | € 81 | [1] |
Fair value | € 82 | [1] |
Rating - Moody's | from Aaa to Baa3 | [1] |
Rating - S&P | from AAA to BBB | [1] |
Other Bonds | ||
Financial assets held for trading | ||
Nominal value | € 5,240 | |
Fair value | 5,298 | |
Other Bonds Fixed rate bonds | ||
Financial assets held for trading | ||
Nominal value | 2,150 | |
Fair value | 2,197 | |
Other Bonds Fixed rate bonds | Quoted bonds issued by industrial companies | ||
Financial assets held for trading | ||
Nominal value | 1,183 | |
Fair value | € 1,212 | |
Rating - Moody's | from Aa2 to Baa3 | |
Rating - S&P | from AA to BBB- | |
Other Bonds Fixed rate bonds | Quoted bonds issued by financial and insurance companies | ||
Financial assets held for trading | ||
Nominal value | € 862 | |
Fair value | € 879 | |
Rating - Moody's | from Aa3 to Baa3 | |
Rating - S&P | from AA- to BBB- | |
Other Bonds Fixed rate bonds | Other bond | ||
Financial assets held for trading | ||
Nominal value | € 105 | |
Fair value | € 106 | |
Rating - Moody's | from Aaa to Baa2 | |
Rating - S&P | from AAA to BBB | |
Other Bonds Floating rate bonds | ||
Financial assets held for trading | ||
Nominal value | € 3,090 | |
Fair value | 3,101 | |
Other Bonds Floating rate bonds | Quoted bonds issued by industrial companies | ||
Financial assets held for trading | ||
Nominal value | 1,530 | |
Fair value | € 1,535 | |
Rating - Moody's | from Aa1 to Baa3 | |
Rating - S&P | from AA+ to BBB- | |
Other Bonds Floating rate bonds | Quoted bonds issued by financial and insurance companies | ||
Financial assets held for trading | ||
Nominal value | € 1,116 | |
Fair value | € 1,122 | |
Rating - Moody's | from Aa1 to Baa3 | |
Rating - S&P | from AA+ to BBB- | |
Other Bonds Floating rate bonds | Other bond | ||
Financial assets held for trading | ||
Nominal value | € 444 | |
Fair value | € 444 | |
Rating - Moody's | from Aaa to Baa2 | |
Rating - S&P | from AAA to BBB | |
[1] | Amounts included herein are lower than €50 million. |
Financial assets held for tra_6
Financial assets held for trading - Additional information (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets held for trading | ||
Financial assets held for trading | € 6,760 | € 6,552 |
Financial assets held for trading | ||
Financial assets held for trading | ||
Fair value | 6,760 | |
Financial assets held for trading | Maximum | ||
Financial assets held for trading | ||
Value limit for inclusion in other category | 50 | |
Financial assets held for trading | Level 1 | ||
Financial assets held for trading | ||
Fair value | 6,219 | |
Financial assets held for trading | Level 2 | ||
Financial assets held for trading | ||
Fair value | 541 | |
Securities lending | ||
Financial assets held for trading | ||
Financial assets held for trading | € 1,347 | € 1,301 |
Trade and other receivables - A
Trade and other receivables - Analysis (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables | ||
Trade receivables | € 8,519 | € 9,520 |
Receivables from divestments | 30 | 122 |
Receivables from joint ventures in exploration and production activities | 2,637 | 3,024 |
Other receivables | 1,687 | 1,435 |
Total trade and other current receivables | € 12,873 | € 14,101 |
Trade and other receivables - R
Trade and other receivables - Risk exposure and expected losses (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables | ||
Trade and other current receivables | € 12,873 | € 14,101 |
Expected loss (% net of counterpart risk mitigation factors) | 20.10% | 18.30% |
Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | € 16,119 | € 17,251 |
Accumulated impairment | ||
Trade and other receivables | ||
Trade and other current receivables | (3,246) | (3,150) |
Performing receivables | Low risk | ||
Trade and other receivables | ||
Trade and other current receivables | € 4,756 | € 5,231 |
Expected loss (% net of counterpart risk mitigation factors) | 0.30% | 0.20% |
Performing receivables | Low risk | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | € 4,769 | € 5,240 |
Performing receivables | Low risk | Accumulated impairment | ||
Trade and other receivables | ||
Trade and other current receivables | (13) | (9) |
Performing receivables | Medium Risk | ||
Trade and other receivables | ||
Trade and other current receivables | € 3,453 | € 3,816 |
Expected loss (% net of counterpart risk mitigation factors) | 0.10% | 0.10% |
Performing receivables | Medium Risk | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | € 3,457 | € 3,819 |
Performing receivables | Medium Risk | Accumulated impairment | ||
Trade and other receivables | ||
Trade and other current receivables | (4) | (3) |
Performing receivables | High Risk | ||
Trade and other receivables | ||
Trade and other current receivables | € 1,449 | € 1,936 |
Expected loss (% net of counterpart risk mitigation factors) | 1.10% | 2.60% |
Performing receivables | High Risk | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | € 1,465 | € 1,980 |
Performing receivables | High Risk | Accumulated impairment | ||
Trade and other receivables | ||
Trade and other current receivables | (16) | (44) |
Defaulted receivables | ||
Trade and other receivables | ||
Trade and other current receivables | € 1,776 | € 1,601 |
Expected loss (% net of counterpart risk mitigation factors) | 58.90% | 62.50% |
Defaulted receivables | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | € 4,323 | € 3,838 |
Defaulted receivables | Accumulated impairment | ||
Trade and other receivables | ||
Trade and other current receivables | (2,547) | (2,237) |
Eni gas e luce customers | ||
Trade and other receivables | ||
Trade and other current receivables | € 1,439 | € 1,517 |
Expected loss (% net of counterpart risk mitigation factors) | 31.60% | 36.10% |
Eni gas e luce customers | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | € 2,105 | € 2,374 |
Eni gas e luce customers | Accumulated impairment | ||
Trade and other receivables | ||
Trade and other current receivables | (666) | (857) |
Business customers | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 7,040 | 8,541 |
Business customers | Performing receivables | Low risk | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 1,922 | 2,454 |
Business customers | Performing receivables | Medium Risk | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 2,882 | 3,585 |
Business customers | Performing receivables | High Risk | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 840 | 1,152 |
Business customers | Defaulted receivables | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 1,396 | 1,350 |
National oil companies and public administrations | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 4,627 | 4,338 |
National oil companies and public administrations | Performing receivables | Low risk | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 1,201 | 1,292 |
National oil companies and public administrations | Performing receivables | Medium Risk | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 472 | 157 |
National oil companies and public administrations | Performing receivables | High Risk | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 244 | 672 |
National oil companies and public administrations | Defaulted receivables | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 2,710 | 2,217 |
Other counterparties | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 4,452 | 4,372 |
Other counterparties | Performing receivables | Low risk | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 1,646 | 1,494 |
Other counterparties | Performing receivables | Medium Risk | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 103 | 77 |
Other counterparties | Performing receivables | High Risk | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 381 | 156 |
Other counterparties | Defaulted receivables | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | 217 | 271 |
Other counterparties | Eni gas e luce customers | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other current receivables | € 2,105 | € 2,374 |
Trade and other receivables - P
Trade and other receivables - Provision matrix (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables | ||
Trade and other receivables | € 12,873 | € 14,101 |
Expected loss | 20.10% | 18.30% |
Gross carrying amount | ||
Trade and other receivables | ||
Trade and other receivables | € 16,119 | € 17,251 |
Accumulated impairment | ||
Trade and other receivables | ||
Trade and other receivables | (3,246) | (3,150) |
Eni gas e luce customers | ||
Trade and other receivables | ||
Trade and other receivables | € 1,439 | € 1,517 |
Expected loss | 31.60% | 36.10% |
Eni gas e luce customers | Not-past due | ||
Trade and other receivables | ||
Trade and other receivables | € 1,144 | € 1,211 |
Expected loss | 1.40% | 1.60% |
Eni gas e luce customers | from 0 to 3 months | ||
Trade and other receivables | ||
Trade and other receivables | € 110 | € 76 |
Expected loss | 19.70% | 19.10% |
Eni gas e luce customers | from 3 to 6 months | ||
Trade and other receivables | ||
Trade and other receivables | € 39 | € 30 |
Expected loss | 40.00% | 37.50% |
Eni gas e luce customers | from 6 to 12 months | ||
Trade and other receivables | ||
Trade and other receivables | € 53 | € 39 |
Expected loss | 48.00% | 58.90% |
Eni gas e luce customers | over 12 months | ||
Trade and other receivables | ||
Trade and other receivables | € 93 | € 161 |
Expected loss | 85.50% | 82.20% |
Eni gas e luce customers | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other receivables | € 2,105 | € 2,374 |
Eni gas e luce customers | Gross carrying amount | Not-past due | ||
Trade and other receivables | ||
Trade and other receivables | 1,160 | 1,231 |
Eni gas e luce customers | Gross carrying amount | from 0 to 3 months | ||
Trade and other receivables | ||
Trade and other receivables | 137 | 94 |
Eni gas e luce customers | Gross carrying amount | from 3 to 6 months | ||
Trade and other receivables | ||
Trade and other receivables | 65 | 48 |
Eni gas e luce customers | Gross carrying amount | from 6 to 12 months | ||
Trade and other receivables | ||
Trade and other receivables | 102 | 95 |
Eni gas e luce customers | Gross carrying amount | over 12 months | ||
Trade and other receivables | ||
Trade and other receivables | 641 | 906 |
Eni gas e luce customers | Accumulated impairment | ||
Trade and other receivables | ||
Trade and other receivables | (666) | (857) |
Eni gas e luce customers | Accumulated impairment | Not-past due | ||
Trade and other receivables | ||
Trade and other receivables | (16) | (20) |
Eni gas e luce customers | Accumulated impairment | from 0 to 3 months | ||
Trade and other receivables | ||
Trade and other receivables | (27) | (18) |
Eni gas e luce customers | Accumulated impairment | from 3 to 6 months | ||
Trade and other receivables | ||
Trade and other receivables | (26) | (18) |
Eni gas e luce customers | Accumulated impairment | from 6 to 12 months | ||
Trade and other receivables | ||
Trade and other receivables | (49) | (56) |
Eni gas e luce customers | Accumulated impairment | over 12 months | ||
Trade and other receivables | ||
Trade and other receivables | (548) | (745) |
Eni gas e luce customers | Retail customer | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other receivables | 1,618 | 1,276 |
Eni gas e luce customers | Retail customer | Gross carrying amount | Not-past due | ||
Trade and other receivables | ||
Trade and other receivables | 991 | 575 |
Eni gas e luce customers | Retail customer | Gross carrying amount | from 0 to 3 months | ||
Trade and other receivables | ||
Trade and other receivables | 105 | 49 |
Eni gas e luce customers | Retail customer | Gross carrying amount | from 3 to 6 months | ||
Trade and other receivables | ||
Trade and other receivables | 60 | 34 |
Eni gas e luce customers | Retail customer | Gross carrying amount | from 6 to 12 months | ||
Trade and other receivables | ||
Trade and other receivables | 86 | 64 |
Eni gas e luce customers | Retail customer | Gross carrying amount | over 12 months | ||
Trade and other receivables | ||
Trade and other receivables | 376 | 554 |
Eni gas e luce customers | Middle customer | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other receivables | 403 | 883 |
Eni gas e luce customers | Middle customer | Gross carrying amount | Not-past due | ||
Trade and other receivables | ||
Trade and other receivables | 93 | 449 |
Eni gas e luce customers | Middle customer | Gross carrying amount | from 0 to 3 months | ||
Trade and other receivables | ||
Trade and other receivables | 29 | 43 |
Eni gas e luce customers | Middle customer | Gross carrying amount | from 3 to 6 months | ||
Trade and other receivables | ||
Trade and other receivables | 4 | 13 |
Eni gas e luce customers | Middle customer | Gross carrying amount | from 6 to 12 months | ||
Trade and other receivables | ||
Trade and other receivables | 14 | 29 |
Eni gas e luce customers | Middle customer | Gross carrying amount | over 12 months | ||
Trade and other receivables | ||
Trade and other receivables | 263 | 349 |
Eni gas e luce customers | Other customers | Gross carrying amount | ||
Trade and other receivables | ||
Trade and other receivables | 84 | 215 |
Eni gas e luce customers | Other customers | Gross carrying amount | Not-past due | ||
Trade and other receivables | ||
Trade and other receivables | 76 | 207 |
Eni gas e luce customers | Other customers | Gross carrying amount | from 0 to 3 months | ||
Trade and other receivables | ||
Trade and other receivables | 3 | 2 |
Eni gas e luce customers | Other customers | Gross carrying amount | from 3 to 6 months | ||
Trade and other receivables | ||
Trade and other receivables | 1 | 1 |
Eni gas e luce customers | Other customers | Gross carrying amount | from 6 to 12 months | ||
Trade and other receivables | ||
Trade and other receivables | 2 | 2 |
Eni gas e luce customers | Other customers | Gross carrying amount | over 12 months | ||
Trade and other receivables | ||
Trade and other receivables | € 2 | € 3 |
Trade and other receivables - V
Trade and other receivables - Valuation allowance for doubtful accounts (Details) - Trade and other receivables - Accumulated impairment - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Trade and other receivables | ||
Financial assets at beginning of period | € 3,150 | € 2,639 |
Deductions | (603) | (721) |
Other changes | 79 | 307 |
Financial assets at end of period | 3,246 | 3,150 |
Increase (decrease) due to application of IFRS 9 | ||
Trade and other receivables | ||
Financial assets at beginning of period | 427 | |
In accordance with IFRS 9 | ||
Trade and other receivables | ||
Financial assets at beginning of period | 3,066 | |
Performing receivables | ||
Trade and other receivables | ||
Additions | 95 | 126 |
Deductions | (119) | (189) |
Defaulted receivables | ||
Trade and other receivables | ||
Additions | 525 | 372 |
Deductions | € (484) | € (532) |
Trade and other receivables - N
Trade and other receivables - Net (impairment losses) reversals (Details) - Trade and other receivables - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net (impairment losses) reversals of trade and other receivables | ||
New or increased provisions | € (620) | € (498) |
Credit losses | (45) | (37) |
Reversals | 233 | 120 |
Impairment loss on financial assets | € (432) | € (415) |
Trade and other receivables -_2
Trade and other receivables - Additional information (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2019EUR (€)shareholder | Dec. 31, 2018EUR (€) | Dec. 31, 2017 | |
Trade and other receivables | |||
Decrease in trade receivables | € 1,001 | ||
Receivables sold without recourse | 1,782 | € 1,769 | |
Decrease in receivables from divestments | 92 | ||
Receivables from joint ventures in exploration and production activities | 2,637 | 3,024 | |
Other receivables | 1,687 | 1,435 | |
Trade and other current receivables | 12,873 | 14,101 | |
Counterparty risk mitigation | € 2,914 | 3,072 | |
Maximum | |||
Trade and other receivables | |||
Receivables, payment terms | 180 days | ||
Accumulated impairment | |||
Trade and other receivables | |||
Trade and other current receivables | € (3,246) | (3,150) | |
Defaulted receivables | |||
Trade and other receivables | |||
Trade and other current receivables | 1,776 | 1,601 | |
Defaulted receivables | Accumulated impairment | |||
Trade and other receivables | |||
Trade and other current receivables | (2,547) | (2,237) | |
Euro | |||
Trade and other receivables | |||
Trade and other current receivables | 6,303 | ||
USD | |||
Trade and other receivables | |||
Trade and other current receivables | 5,480 | ||
Nigeria | |||
Trade and other receivables | |||
Receivables from joint ventures in exploration and production activities | 1,052 | 977 | |
Nigerian National Oil Company | Nigeria | |||
Trade and other receivables | |||
Receivables from joint ventures in exploration and production activities | € 764 | 681 | |
Overdue percentage on receivables due from operations | 70.00% | ||
Percentage of recovery of overdue receivables through implementation of plan | 45.00% | ||
Nigerian National Oil Company | Nigeria | Minimum | |||
Trade and other receivables | |||
Reimbursement of overdue amount, period | 3 years | ||
Nigerian National Oil Company | Nigeria | Maximum | |||
Trade and other receivables | |||
Reimbursement of overdue amount, period | 5 years | ||
Local oil company | |||
Trade and other receivables | |||
Receivables from joint ventures in exploration and production activities | € 113 | ||
PDVSA | Venezuela | |||
Trade and other receivables | |||
Other receivables | € 373 | € 300 | |
Number of shareholders who purchased the receivables | shareholder | 2 | ||
Zohr project | |||
Trade and other receivables | |||
Proportion of ownership interest sold | 10.00% | 40.00% | |
Zohr project | BP | |||
Trade and other receivables | |||
Proportion of ownership interest sold | 10.00% | ||
Amount collected on sale of interests | € 123 | ||
Trade and other receivables | Accumulated impairment | |||
Trade and other receivables | |||
Utilizations | (603) | € (721) | |
Trade and other receivables | Performing receivables | Accumulated impairment | |||
Trade and other receivables | |||
Additions | 95 | 126 | |
Utilizations | (119) | (189) | |
Trade and other receivables | Defaulted receivables | Accumulated impairment | |||
Trade and other receivables | |||
Additions | 525 | 372 | |
Utilizations | (484) | (532) | |
Gas & Power | |||
Trade and other receivables | |||
Decrease in trade receivables | 874 | ||
Receivables sold without recourse | 1,369 | ||
Gas & Power | Trade and other receivables | Accumulated impairment | |||
Trade and other receivables | |||
Utilizations | (385) | (613) | |
Gas & Power | Trade and other receivables | Accumulated impairment | Retail customer | |||
Trade and other receivables | |||
Utilizations | (344) | (579) | |
Gas & Power | Trade and other receivables | Performing receivables | Accumulated impairment | |||
Trade and other receivables | |||
Additions | 67 | 108 | |
Refining & Marketing and Chemical | |||
Trade and other receivables | |||
Receivables sold without recourse | 413 | ||
Exploration & Production | Trade and other receivables | Accumulated impairment | |||
Trade and other receivables | |||
Utilizations | (177) | (66) | |
Exploration & Production | Trade and other receivables | Performing receivables | Accumulated impairment | |||
Trade and other receivables | |||
Additions | 23 | 16 | |
Exploration & Production | Trade and other receivables | Defaulted receivables | Accumulated impairment | |||
Trade and other receivables | |||
Additions | € 339 | € 291 |
Non-current and current inven_3
Non-current and current inventories (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current and current inventories | ||
Raw and auxiliary materials and consumables | € 950 | € 889 |
Consumables for infrastructure and facility maintenance of perforation activities | 1,477 | 1,451 |
Finished products and goods | 2,284 | 2,274 |
Work in progress | 8 | |
Certificates and emission rights | 15 | 37 |
Inventories | € 4,734 | € 4,651 |
Non-current and current inven_4
Non-current and current inventories - Additional information (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current and current inventories | ||
Materials and supplies | € 1,477 | € 1,451 |
Finished products and goods | 2,284 | 2,274 |
Inventories pledged as security for liabilities | 95 | 95 |
Inventories | 4,734 | 4,651 |
Inventories held for compliance purposes | 1,371 | 1,217 |
Accumulated impairment | ||
Non-current and current inventories | ||
Inventories | (377) | (578) |
Gas and petroleum products | ||
Non-current and current inventories | ||
Finished products and goods | 1,467 | 1,543 |
Chemical products | ||
Non-current and current inventories | ||
Finished products and goods | 547 | 547 |
Oil and petroleum | Italy | ||
Non-current and current inventories | ||
Inventories held for compliance purposes | 1,353 | 1,200 |
Exploration & Production | ||
Non-current and current inventories | ||
Materials and supplies | € 1,359 | € 1,334 |
Income tax receivables and pa_3
Income tax receivables and payables (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income tax receivables and payables | ||
Income tax receivables, Current | € 192 | € 191 |
Income taxes receivables, Non current | 173 | 168 |
Income tax payables, Current | 456 | 440 |
Income tax payables, Non current | € 454 | € 287 |
Income tax receivables and pa_4
Income tax receivables and payables - Additional informations (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income tax receivables and payables | ||
Pending litigation with tax authorities | € 362 | € 255 |
Other assets and liabilities (D
Other assets and liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other assets and liabilities | ||
Fair value of derivative financial instruments, current assets | € 2,573 | € 1,594 |
Other taxes, current assets | 766 | 561 |
Other assets, current | 633 | 664 |
Other current assets, total | 3,972 | 2,819 |
Fair value of derivative financial instruments, non-current assets | 54 | 68 |
Other taxes, non-current assets | 223 | 254 |
Other assets, non-current | 594 | 302 |
Other non-current assets, total | 871 | 624 |
Fair value of derivatives financial instruments, current liabilities | 2,704 | 1,445 |
Contract liabilities, current | 1,669 | 1,108 |
Other taxes, current liabilities | 1,411 | 1,432 |
Other liabilities, current | 1,362 | 1,427 |
Other current liabilities, total | 7,146 | 5,412 |
Fair value of derivatives financial instruments, non-current liabilities | 50 | 40 |
Contract liabilities, non-current | 456 | 518 |
Other taxes, non-current liabilities | 63 | 34 |
Other liabilities, non-current | 1,042 | 883 |
Other non-current liabilities, total | € 1,611 | € 1,475 |
Other assets and liabilities -
Other assets and liabilities - Additional information (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement | ||
Value added tax receivables | € 742 | € 608 |
Current value added tax receivables | 557 | 383 |
Gas volume prepayments | 174 | 26 |
Non-current receivables for investing activities | 11 | 9 |
Excise duties and consumer taxes | 628 | 636 |
Current value added tax payables | 311 | 359 |
Gas and electricity | ||
Statement | ||
Cautionary deposits | 231 | 233 |
Engie SA | ||
Statement | ||
Current advances received | 64 | 66 |
Non-current advances received | 455 | 518 |
Egyptian state-owned partners | ||
Statement | ||
Current advances received | 1,228 | 716 |
Exploration & Production | ||
Statement | ||
Overlifting imbalances | € 917 | € 1,004 |
Property, plant and equipment_2
Property, plant and equipment (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | € 60,302 | € 63,158 |
Additions | 8,049 | 8,778 |
Depreciation capitalized | 216 | |
Depreciation | (7,032) | (6,606) |
Reversals | 382 | 426 |
Impairments | (2,412) | (1,276) |
Write-off | (270) | (84) |
Disposals | (113) | (639) |
Currency translation differences | 1,044 | 2,098 |
Initial recognition and changes in estimates | 2,074 | |
Changes in the scope of consolidation | (4,877) | |
Other changes | (48) | (676) |
Property, plant and equipment - end of the year | 62,192 | 60,302 |
Land and buildings | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 1,274 | 1,313 |
Additions | 12 | 18 |
Depreciation | (60) | (65) |
Reversals | 44 | 41 |
Impairments | (47) | (61) |
Disposals | (1) | (2) |
Currency translation differences | 2 | 2 |
Changes in the scope of consolidation | 1 | |
Transfers | 42 | 81 |
Other changes | (48) | (54) |
Property, plant and equipment - end of the year | 1,218 | 1,274 |
E&P wells, plant and machinery | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 42,856 | 45,782 |
Additions | 144 | 432 |
Depreciation | (6,435) | (6,012) |
Reversals | 65 | 299 |
Impairments | (659) | (477) |
Write-off | (12) | |
Disposals | (3) | (400) |
Currency translation differences | 815 | 1,623 |
Initial recognition and changes in estimates | 2,028 | |
Changes in the scope of consolidation | (4,388) | |
Transfers | 7,568 | 6,795 |
Other changes | 113 | (786) |
Property, plant and equipment - end of the year | 46,492 | 42,856 |
Other plant and machinery | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 3,901 | 3,877 |
Additions | 223 | 173 |
Depreciation | (537) | (529) |
Reversals | 69 | 86 |
Impairments | (500) | (73) |
Write-off | (5) | (1) |
Disposals | (1) | (9) |
Currency translation differences | 21 | 36 |
Changes in the scope of consolidation | 32 | |
Transfers | 597 | 461 |
Other changes | (136) | (152) |
Property, plant and equipment - end of the year | 3,632 | 3,901 |
E&P exploration assets and appraisal | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 1,267 | 1,371 |
Additions | 508 | 330 |
Depreciation capitalized | 14 | |
Write-off | (216) | (66) |
Disposals | (22) | (32) |
Currency translation differences | 24 | 53 |
Initial recognition and changes in estimates | 25 | |
Changes in the scope of consolidation | (58) | |
Transfers | (42) | (294) |
Other changes | 5 | (37) |
Property, plant and equipment - end of the year | 1,563 | 1,267 |
E&P tangible assets in progress | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 9,195 | 9,469 |
Additions | 6,170 | 6,947 |
Depreciation capitalized | 202 | |
Reversals | 65 | |
Impairments | (669) | (548) |
Write-off | (49) | (4) |
Disposals | (80) | (198) |
Currency translation differences | 181 | 385 |
Initial recognition and changes in estimates | 21 | |
Changes in the scope of consolidation | (474) | |
Transfers | (7,526) | (6,501) |
Other changes | (98) | 119 |
Property, plant and equipment - end of the year | 7,412 | 9,195 |
Other tangible assets in progress and advances | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 1,809 | 1,346 |
Additions | 992 | 878 |
Reversals | 139 | |
Impairments | (537) | (117) |
Write-off | (1) | |
Disposals | (6) | 2 |
Currency translation differences | 1 | (1) |
Changes in the scope of consolidation | 10 | |
Transfers | (639) | (542) |
Other changes | 116 | 234 |
Property, plant and equipment - end of the year | 1,875 | 1,809 |
Gross carrying amount | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 183,284 | |
Property, plant and equipment - end of the year | 192,815 | 183,284 |
Gross carrying amount | Land and buildings | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 4,060 | |
Property, plant and equipment - end of the year | 4,067 | 4,060 |
Gross carrying amount | E&P wells, plant and machinery | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 135,467 | |
Property, plant and equipment - end of the year | 144,789 | 135,467 |
Gross carrying amount | Other plant and machinery | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 27,516 | |
Property, plant and equipment - end of the year | 28,191 | 27,516 |
Gross carrying amount | E&P exploration assets and appraisal | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 1,267 | |
Property, plant and equipment - end of the year | 1,563 | 1,267 |
Gross carrying amount | E&P tangible assets in progress | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 12,559 | |
Property, plant and equipment - end of the year | 11,406 | 12,559 |
Gross carrying amount | Other tangible assets in progress and advances | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 2,415 | |
Property, plant and equipment - end of the year | 2,799 | 2,415 |
Accumulated depreciation, amortisation and impairment | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | (122,982) | |
Property, plant and equipment - end of the year | (130,623) | (122,982) |
Accumulated depreciation, amortisation and impairment | Land and buildings | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | (2,786) | |
Property, plant and equipment - end of the year | (2,849) | (2,786) |
Accumulated depreciation, amortisation and impairment | E&P wells, plant and machinery | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | (92,611) | |
Property, plant and equipment - end of the year | (98,297) | (92,611) |
Accumulated depreciation, amortisation and impairment | Other plant and machinery | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | (23,615) | |
Property, plant and equipment - end of the year | (24,559) | (23,615) |
Accumulated depreciation, amortisation and impairment | E&P tangible assets in progress | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | (3,364) | |
Property, plant and equipment - end of the year | (3,994) | (3,364) |
Accumulated depreciation, amortisation and impairment | Other tangible assets in progress and advances | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | (606) | |
Property, plant and equipment - end of the year | € (924) | € (606) |
Property, plant and equipment -
Property, plant and equipment - Depreciation rates (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings | Minimum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 2.00% |
Buildings | Maximum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 10.00% |
Mineral exploration wells and plants | |
Property, plant and equipment | |
Description of useful life, property, plant and equipment | UOP |
Refining and chemical plants | Minimum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 3.00% |
Refining and chemical plants | Maximum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 17.00% |
Gas pipelines and compression stations | Minimum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 4.00% |
Gas pipelines and compression stations | Maximum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 12.00% |
Power plants | Minimum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 4.00% |
Power plants | Maximum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 5.00% |
Other plant and machinery | Minimum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 6.00% |
Other plant and machinery | Maximum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 12.00% |
Industrial and commercial equipment | Minimum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 5.00% |
Industrial and commercial equipment | Maximum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 25.00% |
Other assets | Minimum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 10.00% |
Other assets | Maximum | |
Property, plant and equipment | |
Depreciation rate, property, plant and equipment | 20.00% |
Property, plant and equipment_3
Property, plant and equipment - Changes related to suspended wells (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, plant and equipment | |||
Property, plant and equipment - beginning of the year | € 60,302 | € 63,158 | |
Disposals | (113) | (639) | |
Changes in the scope of consolidation | (4,877) | ||
Currency translation differences | 1,044 | 2,098 | |
Property, plant and equipment - end of the year | 62,192 | 60,302 | € 63,158 |
Suspended exploration wells pending final determination | |||
Property, plant and equipment | |||
Property, plant and equipment - beginning of the year | 1,101 | 1,263 | 1,684 |
Increases for which is ongoing the determination of proved reserves | 368 | 235 | 451 |
Amounts previously capitalized and expensed in the year | (183) | (61) | (217) |
Reclassification to successful exploratory wells following the estimation of proved reserves | (46) | (297) | (278) |
Disposals | (15) | (6) | (199) |
Changes in the scope of consolidation | (58) | ||
Reclassification to assets held for sale | (24) | ||
Currency translation differences | 21 | 49 | (178) |
Property, plant and equipment - end of the year | € 1,246 | € 1,101 | € 1,263 |
Property, plant and equipment_4
Property, plant and equipment - Stratification of suspended wells (Details) € in Millions | Dec. 31, 2019EUR (€)item | Dec. 31, 2018EUR (€)item | Dec. 31, 2017EUR (€)item | Dec. 31, 2016EUR (€) |
Property, plant and equipment | ||||
Property, plant and equipment | € 62,192 | € 60,302 | € 63,158 | |
Suspended exploration wells pending final determination | ||||
Property, plant and equipment | ||||
Property, plant and equipment | € 1,246 | € 1,101 | € 1,263 | € 1,684 |
Costs capitalized and suspended for exploratory well activity, number of wells in Eni's interest | item | 40.5 | 34.1 | 33.3 | |
Suspended exploration wells pending final determination | fields including wells drilled over the last 12 months | ||||
Property, plant and equipment | ||||
Property, plant and equipment | € 185 | € 111 | € 148 | |
Costs capitalized and suspended for exploratory well activity, number of wells in Eni's interest | item | 7.7 | 7 | 5.9 | |
Suspended exploration wells pending final determination | fields for which the delineation campaign is in progress | ||||
Property, plant and equipment | ||||
Property, plant and equipment | € 556 | € 217 | € 261 | |
Costs capitalized and suspended for exploratory well activity, number of wells in Eni's interest | item | 11.3 | 4.7 | 4.7 | |
Suspended exploration wells pending final determination | fields including commercial discoveries that proceeds to sanctioning | ||||
Property, plant and equipment | ||||
Property, plant and equipment | € 505 | € 773 | € 854 | |
Costs capitalized and suspended for exploratory well activity, number of wells in Eni's interest | item | 21.5 | 22.4 | 22.7 | |
Suspended exploration wells pending final determination | within 1 year | ||||
Property, plant and equipment | ||||
Property, plant and equipment | € 185 | € 111 | € 222 | |
Costs capitalized and suspended for exploratory well activity, number of wells in Eni's interest | item | 7.7 | 7 | 8 | |
Suspended exploration wells pending final determination | between 1 and 3 years | ||||
Property, plant and equipment | ||||
Property, plant and equipment | € 171 | € 87 | € 241 | |
Costs capitalized and suspended for exploratory well activity, number of wells in Eni's interest | item | 6.4 | 2.9 | 3.9 | |
Suspended exploration wells pending final determination | beyond 3 years | ||||
Property, plant and equipment | ||||
Property, plant and equipment | € 890 | € 903 | € 800 | |
Costs capitalized and suspended for exploratory well activity, number of wells in Eni's interest | item | 26.4 | 24.2 | 21.4 |
Property, plant and equipment_5
Property, plant and equipment - Unproved mineral interests (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | € 60,302 | € 63,158 |
Additions | 8,049 | 8,778 |
Currency translation differences | 1,044 | 2,098 |
Property, plant and equipment - end of the year | 62,192 | 60,302 |
Unproved mineral interest | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 2,478 | 2,390 |
Additions | 256 | 592 |
Net (impairments) reversals | (495) | (505) |
Reclassification to proved mineral interest | (129) | (110) |
Currency translation differences | 52 | |
Other changes and currency translation differences | 111 | |
Property, plant and equipment - end of the year | 2,162 | 2,478 |
Unproved mineral interest | Congo | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 769 | 1,162 |
Additions | 26 | |
Net (impairments) reversals | (533) | (429) |
Reclassification to proved mineral interest | (32) | |
Currency translation differences | 17 | |
Other changes and currency translation differences | 42 | |
Property, plant and equipment - end of the year | 253 | 769 |
Unproved mineral interest | Nigeria | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 921 | 825 |
Additions | 56 | |
Currency translation differences | 18 | |
Other changes and currency translation differences | 40 | |
Property, plant and equipment - end of the year | 939 | 921 |
Unproved mineral interest | Turkmenistan | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 77 | 192 |
Net (impairments) reversals | 65 | (76) |
Reclassification to proved mineral interest | (4) | (44) |
Currency translation differences | 1 | |
Other changes and currency translation differences | 5 | |
Property, plant and equipment - end of the year | 139 | 77 |
Unproved mineral interest | USA | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 103 | 99 |
Additions | 97 | |
Net (impairments) reversals | (27) | |
Reclassification to proved mineral interest | (14) | |
Currency translation differences | 3 | |
Other changes and currency translation differences | 4 | |
Property, plant and equipment - end of the year | 162 | 103 |
Unproved mineral interest | Algeria | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 77 | 105 |
Additions | 135 | |
Reclassification to proved mineral interest | (99) | (32) |
Currency translation differences | 2 | |
Other changes and currency translation differences | 4 | |
Property, plant and equipment - end of the year | 115 | 77 |
Unproved mineral interest | Egypt | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 29 | 7 |
Additions | 1 | 23 |
Reclassification to proved mineral interest | (12) | (2) |
Currency translation differences | 1 | |
Other changes and currency translation differences | 1 | |
Property, plant and equipment - end of the year | 19 | 29 |
Unproved mineral interest | United Arab Emirates | ||
Property, plant and equipment | ||
Property, plant and equipment - beginning of the year | 502 | |
Additions | 23 | 487 |
Currency translation differences | 10 | |
Other changes and currency translation differences | 15 | |
Property, plant and equipment - end of the year | € 535 | € 502 |
Property, plant and equipment_6
Property, plant and equipment - Additional information (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, plant and equipment | ||||
Borrowing costs capitalised | € 93 | € 52 | € 73 | |
Capital expenditure | 8,049 | 8,778 | ||
Currency translation differences | 1,044 | 2,098 | ||
Write-off | 270 | 84 | ||
Property, plant and equipment | 62,192 | 60,302 | 63,158 | |
Property, plant and equipment subject to leases | 241 | |||
Property, plant and equipment, pledged as security | 24 | 24 | ||
Government grants | € 112 | € 125 | ||
Minimum | ||||
Property, plant and equipment | ||||
Interest rate used for capitalizing finance expense | 2.60% | 2.30% | ||
Maximum | ||||
Property, plant and equipment | ||||
Interest rate used for capitalizing finance expense | 2.80% | 2.40% | ||
Accumulated impairment | ||||
Property, plant and equipment | ||||
Property, plant and equipment | € (18,226) | € (16,471) | ||
USD | ||||
Property, plant and equipment | ||||
Currency translation differences | 976 | |||
Nigeria | Oil Prospecting License 245 | ||||
Property, plant and equipment | ||||
Property, plant and equipment | 1,184 | |||
Unproved mineral interest | ||||
Property, plant and equipment | ||||
Capital expenditure | 256 | 592 | ||
Currency translation differences | 52 | |||
Property, plant and equipment | 2,162 | 2,478 | 2,390 | |
Unproved mineral interest | Nigeria | Oil Prospecting License 245 | ||||
Property, plant and equipment | ||||
Property, plant and equipment | € 874 | |||
Unproved mineral interest | Nigeria | Oil Prospecting License 245 | Shell | ||||
Property, plant and equipment | ||||
Proportion of ownership interest in joint operation | 50.00% | |||
Unproved mineral interest | Nigeria | Oil Prospecting License 245 | Nigeria Government | ||||
Property, plant and equipment | ||||
Proportion of ownership interest in joint operation | 50.00% | |||
E&P wells, plant and machinery | ||||
Property, plant and equipment | ||||
Capital expenditure | € 144 | 432 | ||
Currency translation differences | 815 | 1,623 | ||
Write-off | 12 | |||
Property, plant and equipment | 46,492 | 42,856 | 45,782 | |
E&P wells, plant and machinery | Egypt, Mexico, Libya, Ghana and Angola | ||||
Property, plant and equipment | ||||
Transfers | 4,560 | |||
E&P exploration assets and appraisal | ||||
Property, plant and equipment | ||||
Capital expenditure | 508 | 330 | ||
Currency translation differences | 24 | 53 | ||
Transfers | (46) | |||
Write-off | 216 | 66 | ||
Property, plant and equipment | 1,563 | 1,267 | 1,371 | |
E&P exploration assets and appraisal | Australia, Kazakhstan, Pakistan, China and United Kingdom | ||||
Property, plant and equipment | ||||
Write-off | 183 | |||
Suspended exploration wells pending final determination | ||||
Property, plant and equipment | ||||
Currency translation differences | 21 | 49 | (178) | |
Property, plant and equipment | 1,246 | 1,101 | € 1,263 | € 1,684 |
Exploration wells in progress | ||||
Property, plant and equipment | ||||
Property, plant and equipment | 317 | |||
Exploration & Production | ||||
Property, plant and equipment | ||||
Borrowing costs capitalised | 71 | 37 | ||
Capital expenditure | 6,889 | € 7,757 | ||
Exploration & Production | Proved and unproved mineral interest | USA | ||||
Property, plant and equipment | ||||
Capital expenditure | € 400 |
Right-of-use assets and lease_3
Right-of-use assets and lease liabilities (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Right-of-use assets | |
Additions | € 684 |
Depreciation | (999) |
Impairment losses | (41) |
Currency translation differences | 85 |
Other changes | (69) |
Net carrying amount at end of period | 5,349 |
Lessee's exposure arising from extension options and termination options | 297 |
Lessee's exposure arising from service stations for sale of oil products | 155 |
Lessee's exposure arising from other extension options related to concessions of a land | 60 |
Exploration & Production | |
Right-of-use assets | |
Net carrying amount at end of period | € 3,895 |
Exploration & Production | Ghana and Angola | Minimum | |
Right-of-use assets | |
Lease, term of contract | 10 years |
Exploration & Production | Ghana and Angola | Maximum | |
Right-of-use assets | |
Lease, term of contract | 18 years |
Refining & Marketing and Chemical | |
Right-of-use assets | |
Net carrying amount at end of period | € 512 |
Gas & Power | |
Right-of-use assets | |
Net carrying amount at end of period | 365 |
Corporate and Other activities | |
Right-of-use assets | |
Net carrying amount at end of period | 577 |
Upstream business | |
Right-of-use assets | |
Lessee's exposure arising from other extension options related to ancillary assets | 84 |
Increase (decrease) due to application of IFRS 16 | |
Right-of-use assets | |
First adoption IFRS 16 at beginning of period | 5,656 |
Reclassifications at beginning of period | 46 |
Reclassifications to assets held for sale at beginning of period | (13) |
Net carrying amount at beginning of period | 5,689 |
After initial application | |
Right-of-use assets | |
Net carrying amount at beginning of period | 5,689 |
Floating production storage and offloading vessels (FPSO) | |
Right-of-use assets | |
Additions | 32 |
Depreciation | (240) |
Currency translation differences | 67 |
Net carrying amount at end of period | 3,153 |
Lease commitment, nominal value | 2,100 |
Floating production storage and offloading vessels (FPSO) | Increase (decrease) due to application of IFRS 16 | |
Right-of-use assets | |
First adoption IFRS 16 at beginning of period | 3,294 |
Floating production storage and offloading vessels (FPSO) | After initial application | |
Right-of-use assets | |
Net carrying amount at beginning of period | 3,294 |
Drilling rig | |
Right-of-use assets | |
Additions | 192 |
Depreciation | (224) |
Currency translation differences | 6 |
Other changes | (7) |
Net carrying amount at end of period | 313 |
Drilling rig | Increase (decrease) due to application of IFRS 16 | |
Right-of-use assets | |
First adoption IFRS 16 at beginning of period | 346 |
Drilling rig | After initial application | |
Right-of-use assets | |
Net carrying amount at beginning of period | 346 |
Naval facilities and related logistic bases for oil and gas transportation | |
Right-of-use assets | |
Additions | 219 |
Depreciation | (272) |
Currency translation differences | 4 |
Other changes | (23) |
Net carrying amount at end of period | 497 |
Naval facilities and related logistic bases for oil and gas transportation | Increase (decrease) due to application of IFRS 16 | |
Right-of-use assets | |
First adoption IFRS 16 at beginning of period | 569 |
Naval facilities and related logistic bases for oil and gas transportation | After initial application | |
Right-of-use assets | |
Net carrying amount at beginning of period | 569 |
Motorway concessions and service stations | |
Right-of-use assets | |
Additions | 54 |
Depreciation | (61) |
Impairment losses | (13) |
Currency translation differences | 2 |
Other changes | (14) |
Net carrying amount at end of period | 460 |
Motorway concessions and service stations | Increase (decrease) due to application of IFRS 16 | |
Right-of-use assets | |
First adoption IFRS 16 at beginning of period | 462 |
Reclassifications at beginning of period | 30 |
Motorway concessions and service stations | After initial application | |
Right-of-use assets | |
Net carrying amount at beginning of period | 492 |
Oil and gas distribution facilities | |
Right-of-use assets | |
Additions | 1 |
Depreciation | (1) |
Other changes | (1) |
Net carrying amount at end of period | 6 |
Oil and gas distribution facilities | Increase (decrease) due to application of IFRS 16 | |
Right-of-use assets | |
First adoption IFRS 16 at beginning of period | 7 |
Oil and gas distribution facilities | After initial application | |
Right-of-use assets | |
Net carrying amount at beginning of period | 7 |
Buildings | |
Right-of-use assets | |
Additions | 108 |
Depreciation | (115) |
Currency translation differences | 3 |
Other changes | (9) |
Net carrying amount at end of period | 707 |
Lease commitment, nominal value | € 438 |
Lease commitment, term of contract | 20 years |
Lease commitment, extension option | 6 years |
Buildings | Increase (decrease) due to application of IFRS 16 | |
Right-of-use assets | |
First adoption IFRS 16 at beginning of period | € 720 |
Buildings | After initial application | |
Right-of-use assets | |
Net carrying amount at beginning of period | 720 |
Vehicles | |
Right-of-use assets | |
Additions | 22 |
Depreciation | (23) |
Other changes | (10) |
Net carrying amount at end of period | 32 |
Vehicles | Increase (decrease) due to application of IFRS 16 | |
Right-of-use assets | |
First adoption IFRS 16 at beginning of period | 43 |
Vehicles | After initial application | |
Right-of-use assets | |
Net carrying amount at beginning of period | 43 |
Other | |
Right-of-use assets | |
Additions | 56 |
Depreciation | (63) |
Impairment losses | (28) |
Currency translation differences | 3 |
Other changes | (5) |
Net carrying amount at end of period | 181 |
Other | Increase (decrease) due to application of IFRS 16 | |
Right-of-use assets | |
First adoption IFRS 16 at beginning of period | 215 |
Reclassifications at beginning of period | 16 |
Reclassifications to assets held for sale at beginning of period | (13) |
Other | After initial application | |
Right-of-use assets | |
Net carrying amount at beginning of period | 218 |
Gross carrying amount | |
Right-of-use assets | |
Net carrying amount at end of period | 6,351 |
Gross carrying amount | Floating production storage and offloading vessels (FPSO) | |
Right-of-use assets | |
Net carrying amount at end of period | 3,393 |
Gross carrying amount | Drilling rig | |
Right-of-use assets | |
Net carrying amount at end of period | 528 |
Gross carrying amount | Naval facilities and related logistic bases for oil and gas transportation | |
Right-of-use assets | |
Net carrying amount at end of period | 757 |
Gross carrying amount | Motorway concessions and service stations | |
Right-of-use assets | |
Net carrying amount at end of period | 532 |
Gross carrying amount | Oil and gas distribution facilities | |
Right-of-use assets | |
Net carrying amount at end of period | 7 |
Gross carrying amount | Buildings | |
Right-of-use assets | |
Net carrying amount at end of period | 806 |
Gross carrying amount | Vehicles | |
Right-of-use assets | |
Net carrying amount at end of period | 54 |
Gross carrying amount | Other | |
Right-of-use assets | |
Net carrying amount at end of period | 274 |
Accumulated depreciation, amortisation and impairment | |
Right-of-use assets | |
Net carrying amount at end of period | (1,002) |
Accumulated depreciation, amortisation and impairment | Floating production storage and offloading vessels (FPSO) | |
Right-of-use assets | |
Net carrying amount at end of period | (240) |
Accumulated depreciation, amortisation and impairment | Drilling rig | |
Right-of-use assets | |
Net carrying amount at end of period | (215) |
Accumulated depreciation, amortisation and impairment | Naval facilities and related logistic bases for oil and gas transportation | |
Right-of-use assets | |
Net carrying amount at end of period | (260) |
Accumulated depreciation, amortisation and impairment | Motorway concessions and service stations | |
Right-of-use assets | |
Net carrying amount at end of period | (72) |
Accumulated depreciation, amortisation and impairment | Oil and gas distribution facilities | |
Right-of-use assets | |
Net carrying amount at end of period | (1) |
Accumulated depreciation, amortisation and impairment | Buildings | |
Right-of-use assets | |
Net carrying amount at end of period | (99) |
Accumulated depreciation, amortisation and impairment | Vehicles | |
Right-of-use assets | |
Net carrying amount at end of period | (22) |
Accumulated depreciation, amortisation and impairment | Other | |
Right-of-use assets | |
Net carrying amount at end of period | € (93) |
Right-of-use assets and lease_4
Right-of-use assets and lease liabilities - Liabilities for leased assets - (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Lease liabilities | |
Additions | € 668 |
Decreases | (877) |
Currency translation differences | 87 |
Other changes | (41) |
Carrying amount at end of period | 5,648 |
Cash payments for the principal portion of the lease liabilities | 877 |
Cash payments for the interest portion of lease liabilities | 347 |
Prepayment RoU for leased assets | 16 |
Current portion of long-term lease liabilities | |
Lease liabilities | |
Decreases | (875) |
Currency translation differences | 10 |
Other changes | 960 |
Carrying amount at end of period | 889 |
Long-term lease liabilities | |
Lease liabilities | |
Additions | 668 |
Decreases | (2) |
Currency translation differences | 77 |
Other changes | (1,001) |
Carrying amount at end of period | 4,759 |
Joint operations | |
Lease liabilities | |
Carrying amount at end of period | 1,976 |
Increase (decrease) due to application of IFRS 16 | |
Lease liabilities | |
First adoption IFRS 16 at beginning of period | 5,656 |
Reclassifications at beginning of period | 168 |
Reclassifications to liabilities directly associated with assets held for sale at beginning of period | (13) |
Carrying amount at beginning of period | 5,800 |
Increase (decrease) due to application of IFRS 16 | Current portion of long-term lease liabilities | |
Lease liabilities | |
First adoption IFRS 16 at beginning of period | 665 |
Reclassifications at beginning of period | 132 |
Reclassifications to liabilities directly associated with assets held for sale at beginning of period | (3) |
Increase (decrease) due to application of IFRS 16 | Long-term lease liabilities | |
Lease liabilities | |
First adoption IFRS 16 at beginning of period | 4,991 |
Reclassifications at beginning of period | 36 |
Reclassifications to liabilities directly associated with assets held for sale at beginning of period | (10) |
After initial application | |
Lease liabilities | |
Carrying amount at beginning of period | 5,811 |
After initial application | Current portion of long-term lease liabilities | |
Lease liabilities | |
Carrying amount at beginning of period | 794 |
After initial application | Long-term lease liabilities | |
Lease liabilities | |
Carrying amount at beginning of period | € 5,017 |
Right-of-use assets and lease_5
Right-of-use assets and lease liabilities - Amounts recognized in the profit and loss account (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Other income and revenues | |
Income from remeasurement of lease liability | € 6 |
Other income and revenues | 6 |
Purchases, services and other | |
Short-term leases | 115 |
Low-value leases | 39 |
Variable lease payments not included in the measurement of lease liabilities | 16 |
Capitalised direct cost associated with self-constructed assets - tangible assets | (2) |
Purchases, services and other | 168 |
Depreciation and impairments | |
Depreciation of RoU leased assets | 999 |
Capitalised direct cost associated with self-constructed assets - tangible assets | (210) |
Impairment losses of RoU leased assets | 41 |
Depreciation and impairments | 830 |
Finance income (expense) from leases | |
Interests on lease liabilities | (378) |
Capitalised finance expense of ROU leased assets - tangible assets | 17 |
Net currency translation differences on lease liabilities | (6) |
Finance income (expense) from leases | € (367) |
Intangible assets (Details)
Intangible assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible assets | ||
Net carrying amount - beginning of the year | € 3,170 | € 2,925 |
Additions | 311 | 341 |
Amortization | (291) | (384) |
Impairments | (117) | (16) |
Write-off | (30) | (16) |
Currency translation differences | 22 | 47 |
Change in the scope of consolidation | 120 | |
Other changes | (6) | 66 |
Net carrying amount at the end of the year | 3,059 | 3,170 |
Changes in accounting policies (IFRS 15) | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 87 | |
After initial application | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 3,012 | |
Intangible assets with finite useful lives | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 1,886 | 1,721 |
Additions | 311 | 341 |
Amortization | (291) | (384) |
Impairments | (91) | (16) |
Write-off | (30) | (16) |
Currency translation differences | 19 | 39 |
Change in the scope of consolidation | 74 | |
Other changes | (10) | 40 |
Net carrying amount at the end of the year | 1,794 | 1,886 |
Intangible assets with finite useful lives | Changes in accounting policies (IFRS 15) | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 87 | |
Intangible assets with finite useful lives | After initial application | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 1,808 | |
Exploration rights | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 1,081 | 995 |
Additions | 78 | 133 |
Amortization | (81) | (71) |
Impairments | (19) | |
Write-off | (28) | (15) |
Currency translation differences | 18 | 39 |
Other changes | (18) | |
Net carrying amount at the end of the year | 1,031 | 1,081 |
Exploration rights | After initial application | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 995 | |
Industrial patents and intellectual property rights | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 221 | 240 |
Additions | 23 | 28 |
Amortization | (93) | (87) |
Write-off | (1) | |
Other changes | 45 | 40 |
Net carrying amount at the end of the year | 195 | 221 |
Industrial patents and intellectual property rights | After initial application | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 240 | |
Other intangible assets | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 584 | 486 |
Additions | 210 | 180 |
Amortization | (117) | (226) |
Impairments | (72) | (16) |
Write-off | (1) | (1) |
Currency translation differences | 1 | |
Change in the scope of consolidation | 74 | |
Other changes | (37) | |
Net carrying amount at the end of the year | 568 | 584 |
Other intangible assets | Changes in accounting policies (IFRS 15) | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 87 | |
Other intangible assets | After initial application | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 573 | |
Goodwill | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 1,284 | 1,204 |
Impairments | (26) | |
Currency translation differences | 3 | 8 |
Change in the scope of consolidation | 46 | |
Other changes | 4 | 26 |
Net carrying amount at the end of the year | 1,265 | 1,284 |
Goodwill | After initial application | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 1,204 | |
Gross carrying amount | Intangible assets with finite useful lives | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 7,408 | |
Net carrying amount at the end of the year | 7,718 | 7,408 |
Gross carrying amount | Exploration rights | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 1,686 | |
Net carrying amount at the end of the year | 1,748 | 1,686 |
Gross carrying amount | Industrial patents and intellectual property rights | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 1,534 | |
Net carrying amount at the end of the year | 1,597 | 1,534 |
Gross carrying amount | Other intangible assets | ||
Intangible assets | ||
Net carrying amount - beginning of the year | 4,188 | |
Net carrying amount at the end of the year | 4,373 | 4,188 |
Accumulated depreciation, amortisation and impairment | Intangible assets with finite useful lives | ||
Intangible assets | ||
Net carrying amount - beginning of the year | (5,522) | |
Net carrying amount at the end of the year | (5,924) | (5,522) |
Accumulated depreciation, amortisation and impairment | Exploration rights | ||
Intangible assets | ||
Net carrying amount - beginning of the year | (605) | |
Net carrying amount at the end of the year | (717) | (605) |
Accumulated depreciation, amortisation and impairment | Industrial patents and intellectual property rights | ||
Intangible assets | ||
Net carrying amount - beginning of the year | (1,313) | |
Net carrying amount at the end of the year | (1,402) | (1,313) |
Accumulated depreciation, amortisation and impairment | Other intangible assets | ||
Intangible assets | ||
Net carrying amount - beginning of the year | (3,604) | |
Net carrying amount at the end of the year | € (3,805) | € (3,604) |
Intangible assets - Breakdown o
Intangible assets - Breakdown of exploration rights by type (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Intangible assets | |||
Intangible assets | € 3,059 | € 3,170 | € 2,925 |
Exploration rights | |||
Intangible assets | |||
Intangible assets | 1,031 | 1,081 | € 995 |
Proved licence and leasehold property acquisition costs | |||
Intangible assets | |||
Intangible assets | 291 | 357 | |
Unproved licence and leasehold property acquisition costs | |||
Intangible assets | |||
Intangible assets | 709 | 684 | |
Other mineral interests | |||
Intangible assets | |||
Intangible assets | € 31 | € 40 |
Intangible assets - Main amorti
Intangible assets - Main amortization rates (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Exploration rights | Minimum | |
Intangible assets | |
Description of useful life, intangible assets other than goodwill | UOP |
Exploration rights | Maximum | |
Intangible assets | |
Amortisation rate, intangible assets other than goodwill | 33.00% |
Transport rights of natural gas | |
Intangible assets | |
Amortisation rate, intangible assets other than goodwill | 3.00% |
Other concessions, licenses, trademarks and similar items | Minimum | |
Intangible assets | |
Amortisation rate, intangible assets other than goodwill | 3.00% |
Other concessions, licenses, trademarks and similar items | Maximum | |
Intangible assets | |
Amortisation rate, intangible assets other than goodwill | 33.00% |
Service concession arrangements | Minimum | |
Intangible assets | |
Amortisation rate, intangible assets other than goodwill | 20.00% |
Service concession arrangements | Maximum | |
Intangible assets | |
Amortisation rate, intangible assets other than goodwill | 33.00% |
Capitalized costs for customer acquisition | Minimum | |
Intangible assets | |
Amortisation rate, intangible assets other than goodwill | 25.00% |
Capitalized costs for customer acquisition | Maximum | |
Intangible assets | |
Amortisation rate, intangible assets other than goodwill | 33.00% |
Other intangible assets | Minimum | |
Intangible assets | |
Amortisation rate, intangible assets other than goodwill | 4.00% |
Other intangible assets | Maximum | |
Intangible assets | |
Amortisation rate, intangible assets other than goodwill | 20.00% |
Intangible assets - Goodwill by
Intangible assets - Goodwill by operating segment (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible assets | ||
Goodwill | € 1,265 | € 1,284 |
Gas & Power | ||
Intangible assets | ||
Goodwill | 981 | 977 |
Exploration & Production | ||
Intangible assets | ||
Goodwill | 190 | 187 |
Refining & Marketing and Chemical | ||
Intangible assets | ||
Goodwill | 93 | 119 |
Other activities | ||
Intangible assets | ||
Goodwill | € 1 | € 1 |
Intangible assets - Goodwill re
Intangible assets - Goodwill related to Gas & Power segment (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible assets | ||
Goodwill | € 1,265 | € 1,284 |
Gas & Power | ||
Intangible assets | ||
Goodwill | 981 | 977 |
Gas & Power | CGU Domestic Gas Market | ||
Intangible assets | ||
Goodwill | 839 | 835 |
Gas & Power | CGU Foreign Gas Market | ||
Intangible assets | ||
Goodwill | € 142 | € 142 |
Intangible assets - Additional
Intangible assets - Additional information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2003 | |
Intangible assets | |||
Goodwill | € 1,265 | € 1,284 | |
Period over which management has projected cash flows | 4 years | ||
France | |||
Intangible assets | |||
Discount rate applied to cash flow projections | 5.90% | ||
Greece | |||
Intangible assets | |||
Discount rate applied to cash flow projections | 6.20% | ||
Gas Distribution Company of Thessaloniki Thessaly SA | |||
Intangible assets | |||
Percentage of voting equity interests acquired | 51.00% | ||
CGU Domestic Gas Market | |||
Intangible assets | |||
Goodwill recognised as of acquisition date | € 706 | ||
Period over which management has projected cash flows | 4 years | ||
Growth rate used to extrapolate cash flow projections | 0.00% | ||
Amount by which unit's recoverable amount exceeds its carrying amount | € 1,701 | ||
CGU Domestic Gas Market | Italy | |||
Intangible assets | |||
Discount rate applied to cash flow projections | 5.30% | ||
CGU Foreign Gas Market | Gas Distribution Company of Thessaloniki Thessaly SA | |||
Intangible assets | |||
Goodwill | € 45 | ||
Percentage of voting equity interests acquired | 51.00% | ||
Percentage of voting equity interests before acquisition | 49.00% | ||
CGU Foreign Gas Market | Eni Gas and Power France SA | |||
Intangible assets | |||
Goodwill | € 95 | ||
Gross carrying amount | |||
Intangible assets | |||
Goodwill | 2,454 | ||
Capitalized costs for customer acquisition | |||
Intangible assets | |||
Intangible assets other than goodwill | 226 | € 166 | |
Concessions, licenses, trademarks and similar items | |||
Intangible assets | |||
Intangible assets other than goodwill | 102 | 151 | |
Transport rights of natural gas | |||
Intangible assets | |||
Intangible assets other than goodwill | 30 | 27 | |
Intangible assets in progress | |||
Intangible assets | |||
Intangible assets other than goodwill | € 78 | € 78 |
Impairment review of tangible_2
Impairment review of tangible and intangible assets and right-of-use assets - Additional Information (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2019EUR (€)$ / MMBTU$ / bbl | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Impairment review of tangible and intangible assets and right-of-use assets | |||
Period over which management has projected cash flows | 4 years | ||
Long-term Brent price | $ / bbl | 70 | ||
Weighted-average cost of capital | 7.40% | 7.30% | |
Impairment loss | € 726 | ||
Italian spot gas benchmark reference price | $ / MMBTU | 7.8 | ||
Reversal of impairment loss | € 158 | ||
Flat long-term Brent price | $ / bbl | 50 | ||
Flat Italian gas price | $ / MMBTU | 5 | ||
Exploration & Production | |||
Impairment review of tangible and intangible assets and right-of-use assets | |||
Impairment loss | € 1,217 | ||
Reduction in headroom observed | 2.00% | ||
Exploration & Production | Assets for which impairment or reversal was higher than EUR 100 million | |||
Impairment review of tangible and intangible assets and right-of-use assets | |||
Amount of impairment loss based on which weighted average cost of capital is disclosed | € 100 | ||
Weighted-average cost of capital | 6.40% | ||
Pre-tax weighted-average cost of capital | 6.90% | ||
Exploration & Production | Congo | |||
Impairment review of tangible and intangible assets and right-of-use assets | |||
Weighted-average cost of capital | 7.60% | ||
Exploration & Production | Italy | |||
Impairment review of tangible and intangible assets and right-of-use assets | |||
Weighted-average cost of capital | 6.40% | ||
Exploration & Production | USA | |||
Impairment review of tangible and intangible assets and right-of-use assets | |||
Weighted-average cost of capital | 6.50% | ||
Refining & Marketing | |||
Impairment review of tangible and intangible assets and right-of-use assets | |||
Impairment loss | € 819 | ||
Refining & Marketing | Assets for which impairment or reversal was higher than EUR 100 million | |||
Impairment review of tangible and intangible assets and right-of-use assets | |||
Amount of impairment loss based on which weighted average cost of capital is disclosed | € 100 | ||
Weighted-average cost of capital | 6.60% | ||
Pre-tax weighted-average cost of capital | 7.10% | ||
Refining & Marketing | Sannazzaro refinery | |||
Impairment review of tangible and intangible assets and right-of-use assets | |||
Impairment loss | € 684 | ||
Chemicals | |||
Impairment review of tangible and intangible assets and right-of-use assets | |||
Impairment loss | 103 | ||
Gas & Power | |||
Impairment review of tangible and intangible assets and right-of-use assets | |||
Impairment loss | € 37 | ||
Gas & Power | Forecast | |||
Impairment review of tangible and intangible assets and right-of-use assets | |||
Estimated production within 2035 (as a percent of reserves) | 85.00% | ||
Proven reserves, risk (as a percent) | 70.00% | ||
Probable/possible reserves, risk (as a percent) | 30.00% | ||
Overall net present value realized within 2035 (as a percent) | 94.00% | ||
CGU Gas Market | |||
Impairment review of tangible and intangible assets and right-of-use assets | |||
Growth rate used to extrapolate cash flow projections | 0.00% |
Investments (Details)
Investments (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investments | ||
Book amount - beginning of the year | € 7,044 | € 3,511 |
Additions and subscriptions | 2,992 | 120 |
Divestments and reimbursements | (22) | (151) |
Share of profit of equity-accounted investments | 161 | 409 |
Share of loss of equity-accounted investments | (184) | (430) |
Deduction for dividends | (1,138) | (50) |
Change in the scope of consolidation | 1 | 3,448 |
Currency translation differences | 86 | 81 |
Other changes | 73 | 143 |
Book amount - end of the year | 9,035 | 7,044 |
Investments in unconsolidated entities controlled by Eni | ||
Investments | ||
Book amount - beginning of the year | 95 | 116 |
Additions and subscriptions | 6 | |
Divestments and reimbursements | (5) | (33) |
Share of profit of equity-accounted investments | 6 | 8 |
Share of loss of equity-accounted investments | (10) | (5) |
Deduction for dividends | (4) | (6) |
Change in the scope of consolidation | 1 | |
Currency translation differences | 2 | 2 |
Other changes | (5) | 13 |
Book amount - end of the year | 86 | 95 |
Joint ventures | ||
Investments | ||
Book amount - beginning of the year | 5,497 | 2,332 |
Additions and subscriptions | 76 | 28 |
Divestments and reimbursements | (3) | |
Share of profit of equity-accounted investments | 80 | 16 |
Share of loss of equity-accounted investments | (157) | (415) |
Deduction for dividends | (1,073) | (19) |
Change in the scope of consolidation | 3,448 | |
Currency translation differences | 67 | 25 |
Other changes | 80 | 119 |
Book amount - end of the year | 4,592 | 5,497 |
Associates | ||
Investments | ||
Book amount - beginning of the year | 1,452 | 1,063 |
Additions and subscriptions | 2,910 | 92 |
Divestments and reimbursements | (17) | (115) |
Share of profit of equity-accounted investments | 75 | 385 |
Share of loss of equity-accounted investments | (17) | (10) |
Deduction for dividends | (61) | (25) |
Currency translation differences | 17 | 54 |
Other changes | (2) | 11 |
Book amount - end of the year | 4,357 | 1,452 |
Changes in accounting policies (IFRS 9 and 15) | ||
Investments | ||
Book amount - beginning of the year | (37) | |
Changes in accounting policies (IFRS 9 and 15) | Joint ventures | ||
Investments | ||
Book amount - beginning of the year | (34) | |
Changes in accounting policies (IFRS 9 and 15) | Associates | ||
Investments | ||
Book amount - beginning of the year | (3) | |
Changes in accounting policies (IAS 28) | ||
Investments | ||
Book amount - beginning of the year | 22 | |
Book amount - end of the year | 22 | |
Changes in accounting policies (IAS 28) | Joint ventures | ||
Investments | ||
Book amount - beginning of the year | 22 | |
Book amount - end of the year | 22 | |
After initial application | ||
Investments | ||
Book amount - beginning of the year | 7,066 | 3,474 |
Book amount - end of the year | 7,066 | |
After initial application | Investments in unconsolidated entities controlled by Eni | ||
Investments | ||
Book amount - beginning of the year | 95 | 116 |
Book amount - end of the year | 95 | |
After initial application | Joint ventures | ||
Investments | ||
Book amount - beginning of the year | 5,519 | 2,298 |
Book amount - end of the year | 5,519 | |
After initial application | Associates | ||
Investments | ||
Book amount - beginning of the year | € 1,452 | 1,060 |
Book amount - end of the year | € 1,452 |
Investments - Net carrying amou
Investments - Net carrying amount (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments | |||
Net carrying amount | € 9,035 | € 7,044 | € 3,511 |
Individual amount limit to be included in other equity-accounted investments | 25 | ||
Associates | |||
Investments | |||
Net carrying amount | 4,357 | 1,452 | |
Associates | Abu Dhabi Oil Refining Co | |||
Investments | |||
Net carrying amount | € 2,829 | ||
% of the investment | 20.00% | ||
Associates | Angola LNG Ltd | |||
Investments | |||
Net carrying amount | € 1,159 | € 1,106 | |
% of the investment | 13.60% | 13.60% | |
Associates | Coral FLNG SA | |||
Investments | |||
Net carrying amount | € 102 | € 102 | |
% of the investment | 25.00% | 25.00% | |
Associates | Novamont SpA | |||
Investments | |||
Net carrying amount | € 71 | € 67 | |
% of the investment | 25.00% | 25.00% | |
Associates | United Gas Derivatives Co | |||
Investments | |||
Net carrying amount | € 69 | € 62 | |
% of the investment | 33.33% | 33.33% | |
Associates | Commonwealth Fusion Systems Llc | |||
Investments | |||
Net carrying amount | € 37 | € 42 | |
Associates | Other investments | |||
Investments | |||
Net carrying amount | 90 | 73 | |
Joint ventures | |||
Investments | |||
Net carrying amount | 4,592 | 5,497 | |
Joint ventures | Var Energi AS | |||
Investments | |||
Net carrying amount | € 2,518 | € 3,498 | |
% of the investment | 69.60% | 69.60% | |
Joint ventures | Saipem SpA | |||
Investments | |||
Net carrying amount | € 1,250 | € 1,228 | |
% of the investment | 30.99% | 30.99% | |
Joint ventures | Union Fenosa Gas SA | |||
Investments | |||
Net carrying amount | € 326 | € 335 | |
% of the investment | 50.00% | 50.00% | |
Joint ventures | Cardon IV SA | |||
Investments | |||
Net carrying amount | € 148 | € 98 | |
% of the investment | 50.00% | 50.00% | |
Joint ventures | Gas Distribution Company of Thessaloniki Thessaly SA | |||
Investments | |||
Net carrying amount | € 139 | € 137 | |
% of the investment | 49.00% | 49.00% | |
Joint ventures | Lotte Versalis Elastomers Co Ltd | |||
Investments | |||
Net carrying amount | € 74 | € 75 | |
% of the investment | 50.00% | 50.00% | |
Joint ventures | Petro Junin SA | |||
Investments | |||
Net carrying amount | € 53 | € 47 | |
% of the investment | 40.00% | 40.00% | |
Joint ventures | AET Raffineriebeteiligungs gesellschaft mbH | |||
Investments | |||
Net carrying amount | € 35 | € 32 | |
% of the investment | 33.33% | 33.33% | |
Joint ventures | Other investments | |||
Investments | |||
Net carrying amount | € 49 | € 47 | |
Investments in unconsolidated entities controlled by Eni | |||
Investments | |||
Net carrying amount | 86 | 95 | |
Investments in unconsolidated entities controlled by Eni | Eni BTC Ltd | |||
Investments | |||
Net carrying amount | € 30 | € 31 | |
% of the investment | 100.00% | 100.00% | |
Investments in unconsolidated entities controlled by Eni | Other investments | |||
Investments | |||
Net carrying amount | € 56 | € 64 |
Investments - Market value of i
Investments - Market value of investments listed in regulated stock markets (Details) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments | |||
Net carrying amount | € 9,035 | € 7,044 | € 3,511 |
Joint ventures | |||
Investments | |||
Net carrying amount | € 4,592 | € 5,497 | |
Joint ventures | Saipem SpA | |||
Investments | |||
Number of shares held | 308,767,968 | ||
% of the investment | 30.99% | 30.99% | |
Share price | € 4.356 | ||
Market value | € 1,345 | ||
Net carrying amount | € 1,250 | € 1,228 |
Investments - Other investments
Investments - Other investments (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investments | ||
Carrying amount at the beginning of the year | € 919 | € 219 |
Additions and subscriptions | 11 | 5 |
Change in the fair value | (3) | 15 |
Divestments and reimbursements | (12) | (22) |
Currency translation differences | 15 | 31 |
Other changes | (1) | (10) |
Carrying amount at the end of the year | € 929 | 919 |
Increase (decrease) due to application of IFRS 9 | ||
Investments | ||
Carrying amount at the beginning of the year | 681 | |
After initial application | ||
Investments | ||
Carrying amount at the beginning of the year | € 900 |
Investments - Additional inform
Investments - Additional information (Details) bbl in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2019EUR (€)itembbl | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Investments | |||
Additions and subscriptions | € 2,992 | € 120 | |
Share of profit of equity-accounted investments | 161 | 409 | |
Share of loss of equity-accounted investments | 184 | 430 | |
Deduction for dividends | 1,138 | 50 | |
Difference amount between purchase price of interest acquired and book value of corresponding fraction of net equity | € 72 | ||
Percentage of reasonable changes in cost of capital | 1.00% | ||
Other investments | € 929 | 919 | € 219 |
Nigeria LNG Ltd | |||
Investments | |||
Other investments | 657 | 651 | |
Saudi European Petrochemical Co | |||
Investments | |||
Other investments | 146 | € 144 | |
Lotte Versalis Elastomers Co Ltd | |||
Investments | |||
Additions and subscriptions | € 39 | ||
Associates | Abu Dhabi Oil Refining Co | |||
Investments | |||
Proportion of ownership interest acquired | 20.00% | ||
Additions and subscriptions | € 2,896 | ||
Number of refineries operated | item | 3 | ||
Refining capacity per day | bbl | 900 | ||
Incremental global refining capacity (as a percent) | 35.00% | ||
Associates | Angola LNG Ltd | |||
Investments | |||
Share of profit of equity-accounted investments | € 47 | ||
Associates | Novamont SpA | |||
Investments | |||
Difference amount between purchase price of interest acquired and book value of corresponding fraction of net equity | 43 | ||
Joint ventures | Var Energi AS | |||
Investments | |||
Share of profit of equity-accounted investments | 49 | ||
Deduction for dividends | 1,057 | ||
Increase (decrease) in book value of investments accounted using equity method | (980) | ||
Joint ventures | Saipem SpA | |||
Investments | |||
Share of profit of equity-accounted investments | 4 | ||
Joint ventures | Cardon IV SA | |||
Investments | |||
Share of loss of equity-accounted investments | € 90 | ||
Proportion of ownership interest in joint venture | 50.00% | ||
Joint ventures | Union Fenosa Gas SA | |||
Investments | |||
Difference amount between purchase price of interest acquired and book value of corresponding fraction of net equity | € 29 |
Other financial assets (Details
Other financial assets (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other financial assets | ||
Other current financial assets | € 384 | € 300 |
Other non-current financial assets | 1,174 | 1,253 |
Financing receivables held for operating and non operating purpose | ||
Other financial assets | ||
Other current financial assets | 384 | 300 |
Other non-current financial assets | 1,119 | 1,189 |
Financing receivables held for operating purposes | ||
Other financial assets | ||
Other current financial assets | 97 | 112 |
Other non-current financial assets | 1,119 | 1,189 |
Long-term financing receivables held for operating purposes | ||
Other financial assets | ||
Other current financial assets | 60 | 61 |
Other non-current financial assets | 1,119 | 1,189 |
Short-term financing receivables held for operating purposes | ||
Other financial assets | ||
Other current financial assets | 37 | 51 |
Financing receivables held for non operating purpose | ||
Other financial assets | ||
Other current financial assets | 287 | 188 |
Securities held for operating purposes | ||
Other financial assets | ||
Other non-current financial assets | € 55 | € 64 |
Other financial assets - Financ
Other financial assets - Financing receivables net of allowance for doubtful accounts (Details) - Accumulated impairment - Financing receivables held for operating and non operating purpose - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other financial assets | ||
Financial assets at beginning of period | € 430 | € 730 |
Additions | 11 | 279 |
Deductions | (88) | (596) |
Currency translation differences | 7 | 17 |
Other changes | 19 | |
Financial assets at end of period | € 379 | € 430 |
Other financial assets - Securi
Other financial assets - Securities per issuing entity (Details) - Amortized cost € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Quoted bonds issued by sovereign states, Fixed rate bonds | Italy | |
Other financial assets | |
Amortized cost | € 24 |
Nominal value | 24 |
Fair value | € 25 |
Maturity date | from 2020 to 2025 |
Rating - Moody's | Baa3 |
Rating - S&P | BBB |
Quoted bonds issued by sovereign states, Fixed rate bonds | Italy | Minimum | |
Other financial assets | |
Nominal rate of return (%) | 0.20% |
Quoted bonds issued by sovereign states, Fixed rate bonds | Italy | Maximum | |
Other financial assets | |
Nominal rate of return (%) | 4.75% |
Quoted bonds issued by sovereign states, Fixed rate bonds | Foreign (outside Italy) | |
Other financial assets | |
Amortized cost | € 23 |
Nominal value | 23 |
Fair value | € 23 |
Maturity date | from 2020 to 2024 |
Rating - Moody's | from Aa3 to Baa1 |
Rating - S&P | from AA to A- |
Quoted bonds issued by sovereign states, Fixed rate bonds | Foreign (outside Italy) | Minimum | |
Other financial assets | |
Nominal rate of return (%) | 0.05% |
Quoted bonds issued by sovereign states, Fixed rate bonds | Foreign (outside Italy) | Maximum | |
Other financial assets | |
Nominal rate of return (%) | 4.20% |
Quoted bonds issued by sovereign states, Floating rate bonds | Italy | |
Other financial assets | |
Amortized cost | € 5 |
Nominal value | 5 |
Fair value | € 5 |
Maturity date | from 2020 to 2022 |
Rating - Moody's | Baa3 |
Rating - S&P | BBB |
Quoted bonds issued by sovereign states, Floating rate bonds | Foreign (outside Italy) | |
Other financial assets | |
Amortized cost | € 3 |
Nominal value | 3 |
Fair value | € 3 |
Maturity date | 2022 |
Rating - Moody's | Baa3 |
Rating - S&P | BBB |
Quoted bonds issued by sovereign state | |
Other financial assets | |
Amortized cost | € 55 |
Nominal value | 55 |
Fair value | 56 |
Maximum value of sovereign states bonds included in other category | € 10 |
Other financial assets - Additi
Other financial assets - Additional information (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cardon IV SA | ||
Other financial assets | ||
Proportion of ownership interest in joint venture | 50.00% | |
Financing receivables held for operating purposes | Euro | ||
Other financial assets | ||
Other financial assets | € 370 | |
Financing receivables held for operating purposes | USD | ||
Other financial assets | ||
Other financial assets | 1,112 | |
Financing receivables held for operating purposes | beyond 5 years | ||
Other financial assets | ||
Other financial assets | 1,018 | € 1,088 |
Financing receivables held for operating purposes | Cardon IV SA | ||
Other financial assets | ||
Other financial assets | 563 | € 705 |
Financing receivables held for operating purposes | Exploration & Production | ||
Other financial assets | ||
Other financial assets | 1,041 | |
Financing receivables held for operating purposes | Gas & Power | ||
Other financial assets | ||
Other financial assets | 49 | |
Non-current financing receivables held for operating purposes | ||
Other financial assets | ||
Fair value | € 1,119 | |
Non-current financing receivables held for operating purposes | Maximum | ||
Other financial assets | ||
Discount rate applied to cash flow projections | 2.00% | 2.90% |
Non-current financing receivables held for operating purposes | Minimum | ||
Other financial assets | ||
Discount rate applied to cash flow projections | (0.30%) | (0.20%) |
Securities held for operating purposes | ||
Other financial assets | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | € 20 | € 20 |
Securities held for operating purposes | Maximum | ||
Other financial assets | ||
Maturity of securities held for operating purposes | 5 years |
Trade and other payables (Detai
Trade and other payables (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other payables | |||
Trade payables | € 10,480 | € 11,645 | |
Down payments and advances from joint ventures in exploration and production activities | 401 | 207 | |
Other payables | 4,895 | ||
Total trade and other payables | € 15,545 | 16,747 | |
Increase (decrease) due to application of IFRS 16 | |||
Trade and other payables | |||
Trade payables | (128) | ||
Total trade and other payables | (128) | ||
After initial application | |||
Trade and other payables | |||
Trade payables | 11,517 | ||
Down payments and advances from joint ventures in exploration and production activities | 207 | ||
Other payables | 4,895 | ||
Total trade and other payables | € 16,619 | € 15,305 |
Trade and other payables - Brea
Trade and other payables - Break-down (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other payables | ||
Trade payables | € 10,480 | € 11,645 |
Down payments and advances from joint ventures in exploration and production activities | 401 | 207 |
Payables for purchase of non-current assets | 2,276 | 2,530 |
Payables due to joint ventures in exploration & production activities | 1,236 | 1,151 |
Other payables | 1,152 | 1,214 |
Trade and other current payables | € 15,545 | € 16,747 |
Trade and other payables - Addi
Trade and other payables - Additional information (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other payables | ||
Trade and other payables | € 15,545 | € 16,747 |
Euro | ||
Trade and other payables | ||
Trade and other payables | 5,866 | |
USD | ||
Trade and other payables | ||
Trade and other payables | € 8,371 |
Finance debts - Short and long
Finance debts - Short and long term debt (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Borrowings | ||
Short-term debt | € 2,452 | € 2,182 |
Current portion of long-term debt | 3,156 | 3,601 |
Long-term debt | 18,910 | 20,082 |
Total borrowings | 24,518 | 25,865 |
Banks | ||
Borrowings | ||
Short-term debt | 187 | 383 |
Current portion of long-term debt | 504 | 768 |
Long-term debt | 2,341 | 2,710 |
Total borrowings | 3,032 | 3,861 |
Ordinary Bonds | ||
Borrowings | ||
Current portion of long-term debt | 2,642 | 2,781 |
Long-term debt | 16,137 | 16,923 |
Total borrowings | 18,779 | 19,704 |
Convertible Bonds | ||
Borrowings | ||
Long-term debt | 393 | 390 |
Total borrowings | 393 | 390 |
Commercial papers | ||
Borrowings | ||
Short-term debt | 1,778 | 915 |
Total borrowings | 1,778 | 915 |
Other financial institutions | ||
Borrowings | ||
Short-term debt | 487 | 884 |
Current portion of long-term debt | 10 | 52 |
Long-term debt | 39 | 59 |
Total borrowings | € 536 | € 995 |
Finance debts - Long-term debt
Finance debts - Long-term debt (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Borrowings | ||
Long-term debt | € 18,910 | € 20,082 |
Later than one year and not later than two years | ||
Borrowings | ||
Long-term debt | 1,691 | |
Later than two years and not later than three years | ||
Borrowings | ||
Long-term debt | 1,250 | |
Later than three years and not later than four years | ||
Borrowings | ||
Long-term debt | 2,731 | |
Later than four years and not later than five years | ||
Borrowings | ||
Long-term debt | 1,776 | |
beyond 5 years | ||
Borrowings | ||
Long-term debt | 11,462 | |
Banks | ||
Borrowings | ||
Long-term debt | 2,341 | 2,710 |
Banks | Later than one year and not later than two years | ||
Borrowings | ||
Long-term debt | 750 | |
Banks | Later than two years and not later than three years | ||
Borrowings | ||
Long-term debt | 146 | |
Banks | Later than three years and not later than four years | ||
Borrowings | ||
Long-term debt | 838 | |
Banks | Later than four years and not later than five years | ||
Borrowings | ||
Long-term debt | 134 | |
Banks | beyond 5 years | ||
Borrowings | ||
Long-term debt | 473 | |
Ordinary Bonds | ||
Borrowings | ||
Long-term debt | 16,137 | 16,923 |
Ordinary Bonds | Later than one year and not later than two years | ||
Borrowings | ||
Long-term debt | 930 | |
Ordinary Bonds | Later than two years and not later than three years | ||
Borrowings | ||
Long-term debt | 698 | |
Ordinary Bonds | Later than three years and not later than four years | ||
Borrowings | ||
Long-term debt | 1,879 | |
Ordinary Bonds | Later than four years and not later than five years | ||
Borrowings | ||
Long-term debt | 1,641 | |
Ordinary Bonds | beyond 5 years | ||
Borrowings | ||
Long-term debt | 10,989 | |
Convertible Bonds | ||
Borrowings | ||
Long-term debt | 393 | 390 |
Convertible Bonds | Later than two years and not later than three years | ||
Borrowings | ||
Long-term debt | 393 | |
Other financial institutions | ||
Borrowings | ||
Long-term debt | 39 | € 59 |
Other financial institutions | Later than one year and not later than two years | ||
Borrowings | ||
Long-term debt | 11 | |
Other financial institutions | Later than two years and not later than three years | ||
Borrowings | ||
Long-term debt | 13 | |
Other financial institutions | Later than three years and not later than four years | ||
Borrowings | ||
Long-term debt | 14 | |
Other financial institutions | Later than four years and not later than five years | ||
Borrowings | ||
Long-term debt | € 1 |
Finance debts - Ordinary bonds
Finance debts - Ordinary bonds (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Borrowings | ||
Borrowings | € 24,518 | € 25,865 |
Ordinary Bonds | ||
Borrowings | ||
Nominal value | 18,635 | |
Discount on bond issue and accrued expenses | 144 | |
Borrowings | 18,779 | € 19,704 |
Euro Medium Term Notes | ||
Borrowings | ||
Nominal value | 14,896 | |
Discount on bond issue and accrued expenses | 134 | |
Borrowings | 15,030 | |
Other Bonds | ||
Borrowings | ||
Nominal value | 3,739 | |
Discount on bond issue and accrued expenses | 10 | |
Borrowings | 3,749 | |
ENI SpA | Euro Medium Term Notes Two | ||
Borrowings | ||
Nominal value | 1,200 | |
Discount on bond issue and accrued expenses | 16 | |
Borrowings | € 1,216 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Two | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2025 | |
Borrowings, interest rate | 3.75% | |
ENI SpA | Euro Medium Term Notes Three | ||
Borrowings | ||
Nominal value | € 1,000 | |
Discount on bond issue and accrued expenses | 38 | |
Borrowings | € 1,038 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Three | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2020 | |
Borrowings, interest rate | 4.25% | |
ENI SpA | Euro Medium Term Notes Four | ||
Borrowings | ||
Nominal value | € 1,000 | |
Discount on bond issue and accrued expenses | 28 | |
Borrowings | € 1,028 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Four | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2029 | |
Borrowings, interest rate | 3.625% | |
ENI SpA | Euro Medium Term Notes Five | ||
Borrowings | ||
Nominal value | € 1,000 | |
Discount on bond issue and accrued expenses | 20 | |
Borrowings | € 1,020 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Five | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2020 | |
Borrowings, interest rate | 4.00% | |
ENI SpA | Euro Medium Term Notes Six | ||
Borrowings | ||
Nominal value | € 1,000 | |
Discount on bond issue and accrued expenses | 10 | |
Borrowings | € 1,010 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Six | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2023 | |
Borrowings, interest rate | 3.25% | |
ENI SpA | Euro Medium Term Notes Seven | ||
Borrowings | ||
Nominal value | € 1,000 | |
Discount on bond issue and accrued expenses | 8 | |
Borrowings | € 1,008 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Seven | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2026 | |
Borrowings, interest rate | 1.50% | |
ENI SpA | Euro Medium Term Notes Eight | ||
Borrowings | ||
Nominal value | € 900 | |
Discount on bond issue and accrued expenses | (4) | |
Borrowings | € 896 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Eight | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2024 | |
Borrowings, interest rate | 0.625% | |
ENI SpA | Euro Medium Term Notes Nine | ||
Borrowings | ||
Nominal value | € 800 | |
Discount on bond issue and accrued expenses | 2 | |
Borrowings | € 802 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Nine | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2021 | |
Borrowings, interest rate | 2.625% | |
ENI SpA | Euro Medium Term Notes Ten | ||
Borrowings | ||
Nominal value | € 800 | |
Discount on bond issue and accrued expenses | (1) | |
Borrowings | € 799 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Ten | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2028 | |
Borrowings, interest rate | 1.625% | |
ENI SpA | Euro Medium Term Notes Eleven | ||
Borrowings | ||
Nominal value | € 750 | |
Discount on bond issue and accrued expenses | 9 | |
Borrowings | € 759 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Eleven | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2024 | |
Borrowings, interest rate | 1.75% | |
ENI SpA | Euro Medium Term Notes Twelve | ||
Borrowings | ||
Nominal value | € 750 | |
Discount on bond issue and accrued expenses | 5 | |
Borrowings | € 755 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Twelve | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2027 | |
Borrowings, interest rate | 1.50% | |
ENI SpA | Euro Medium Term Notes Thirteen | ||
Borrowings | ||
Nominal value | € 750 | |
Discount on bond issue and accrued expenses | (4) | |
Borrowings | € 746 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Thirteen | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2034 | |
Borrowings, interest rate | 1.00% | |
ENI SpA | Euro Medium Term Notes Fourteen | ||
Borrowings | ||
Nominal value | € 700 | |
Discount on bond issue and accrued expenses | 2 | |
Borrowings | € 702 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Fourteen | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2022 | |
Borrowings, interest rate | 0.75% | |
ENI SpA | Euro Medium Term Notes Fifteen | ||
Borrowings | ||
Nominal value | € 650 | |
Discount on bond issue and accrued expenses | 3 | |
Borrowings | € 653 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Fifteen | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2025 | |
Borrowings, interest rate | 1.00% | |
ENI SpA | Euro Medium Term Notes Sixteen | ||
Borrowings | ||
Nominal value | € 600 | |
Discount on bond issue and accrued expenses | (4) | |
Borrowings | € 596 | |
Borrowings, original currency | EUR | |
ENI SpA | Euro Medium Term Notes Sixteen | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2028 | |
Borrowings, interest rate | 1.125% | |
ENI SpA | Other bonds One | ||
Borrowings | ||
Nominal value | € 890 | |
Discount on bond issue and accrued expenses | 4 | |
Borrowings | € 894 | |
Borrowings, original currency | USD | |
ENI SpA | Other bonds One | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2023 | |
Borrowings, interest rate | 4.00% | |
ENI SpA | Other bonds Two | ||
Borrowings | ||
Nominal value | € 890 | |
Discount on bond issue and accrued expenses | 2 | |
Borrowings | € 892 | |
Borrowings, original currency | USD | |
ENI SpA | Other bonds Two | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2028 | |
Borrowings, interest rate | 4.75% | |
ENI SpA | Other bonds Three | ||
Borrowings | ||
Nominal value | € 890 | |
Discount on bond issue and accrued expenses | (1) | |
Borrowings | € 889 | |
Borrowings, original currency | USD | |
ENI SpA | Other bonds Three | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2029 | |
Borrowings, interest rate | 4.25% | |
ENI SpA | Other bonds Four | ||
Borrowings | ||
Nominal value | € 401 | |
Discount on bond issue and accrued expenses | 4 | |
Borrowings | € 405 | |
Borrowings, original currency | USD | |
ENI SpA | Other bonds Four | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2020 | |
Borrowings, interest rate | 4.15% | |
ENI SpA | Other bonds Five | ||
Borrowings | ||
Nominal value | € 312 | |
Discount on bond issue and accrued expenses | 1 | |
Borrowings | € 313 | |
Borrowings, original currency | USD | |
ENI SpA | Other bonds Five | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2040 | |
Borrowings, interest rate | 5.70% | |
Eni Finance International SA | Euro Medium Term Notes Seventeen | ||
Borrowings | ||
Nominal value | € 1,558 | |
Discount on bond issue and accrued expenses | (3) | |
Borrowings | € 1,555 | |
Borrowings, original currency | USD | |
Eni Finance International SA | Euro Medium Term Notes Seventeen | Minimum | ||
Borrowings | ||
Borrowings, maturity | 2026 | |
Eni Finance International SA | Euro Medium Term Notes Seventeen | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2027 | |
Eni Finance International SA | Euro Medium Term Notes Eighteen | ||
Borrowings | ||
Nominal value | € 295 | |
Discount on bond issue and accrued expenses | 4 | |
Borrowings | € 299 | |
Borrowings, original currency | EUR | |
Eni Finance International SA | Euro Medium Term Notes Eighteen | Minimum | ||
Borrowings | ||
Borrowings, maturity | 2028 | |
Borrowings, interest rate | 3.875% | |
Eni Finance International SA | Euro Medium Term Notes Eighteen | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2043 | |
Borrowings, interest rate | 5.441% | |
Eni Finance International SA | Euro Medium Term Notes Nineteen | ||
Borrowings | ||
Nominal value | € 118 | |
Discount on bond issue and accrued expenses | 5 | |
Borrowings | € 123 | |
Borrowings, original currency | GBP | |
Eni Finance International SA | Euro Medium Term Notes Nineteen | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2021 | |
Borrowings, interest rate | 4.75% | |
Eni Finance International SA | Euro Medium Term Notes Twenty | ||
Borrowings | ||
Nominal value | € 25 | |
Borrowings | € 25 | |
Borrowings, original currency | YEN | |
Eni Finance International SA | Euro Medium Term Notes Twenty | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2021 | |
Borrowings, interest rate | 1.955% | |
Eni USA Inc | Other bonds Six | ||
Borrowings | ||
Nominal value | € 356 | |
Borrowings | € 356 | |
Borrowings, original currency | USD | |
Eni USA Inc | Other bonds Six | Maximum | ||
Borrowings | ||
Borrowings, maturity | 2027 | |
Borrowings, interest rate | 7.30% |
Finance debts - Convertible bon
Finance debts - Convertible bonds (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Borrowings | ||
Borrowings | € 24,518 | € 25,865 |
Convertible Bonds | ||
Borrowings | ||
Borrowings | 393 | € 390 |
ENI SpA | Convertible Bonds | ||
Borrowings | ||
Nominal value | 400 | |
Discount on bond issue and accrued expenses | (7) | |
Borrowings | € 393 | |
Borrowings, original currency | EUR | |
Borrowings, maturity | 2022 | |
Borrowings, interest rate | 0.00% |
Finance debts - Currency of lon
Finance debts - Currency of long-term debt (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Borrowings | ||
Borrowings | € 24,518 | € 25,865 |
Short term debt | ||
Borrowings | ||
Borrowings | 2,452 | 2,182 |
Short term debt | Euro | ||
Borrowings | ||
Borrowings | € 464 | € 680 |
Short term debt | Euro | Weighted average | ||
Borrowings | ||
Borrowings, interest rate | 0.20% | 1.90% |
Short term debt | USD | ||
Borrowings | ||
Borrowings | € 1,981 | € 1,007 |
Short term debt | USD | Weighted average | ||
Borrowings | ||
Borrowings, interest rate | 2.30% | 2.50% |
Short term debt | Other | ||
Borrowings | ||
Borrowings | € 7 | € 495 |
Short term debt | Other | Weighted average | ||
Borrowings | ||
Borrowings, interest rate | (0.70%) | 1.00% |
Long-term debt and current portion of long-term debt | ||
Borrowings | ||
Borrowings | € 22,066 | € 23,683 |
Long-term debt and current portion of long-term debt | Euro | ||
Borrowings | ||
Borrowings | € 16,526 | € 18,635 |
Long-term debt and current portion of long-term debt | Euro | Weighted average | ||
Borrowings | ||
Borrowings, interest rate | 2.10% | 2.30% |
Long-term debt and current portion of long-term debt | USD | ||
Borrowings | ||
Borrowings | € 5,392 | € 4,530 |
Long-term debt and current portion of long-term debt | USD | Weighted average | ||
Borrowings | ||
Borrowings, interest rate | 4.60% | 4.30% |
Long-term debt and current portion of long-term debt | Other | ||
Borrowings | ||
Borrowings | € 148 | € 518 |
Long-term debt and current portion of long-term debt | Other | Weighted average | ||
Borrowings | ||
Borrowings, interest rate | 4.30% | 4.20% |
Finance debts - Fair value of l
Finance debts - Fair value of long-term debt (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term debt and current portion of long-term debt | ||
Borrowings | ||
Financial liabilities, at fair value | € 22,528 | € 24,212 |
Long-term and current portion of long-term ordinary bonds | ||
Borrowings | ||
Financial liabilities, at fair value | 19,173 | 20,257 |
Long-term and current portion of long-term convertible bonds | ||
Borrowings | ||
Financial liabilities, at fair value | 402 | 399 |
Long-term and current portion of long-term bank debt | ||
Borrowings | ||
Financial liabilities, at fair value | 2,904 | 3,445 |
Long-term and current portion of long-term debt with other financial institutions | ||
Borrowings | ||
Financial liabilities, at fair value | € 49 | € 111 |
Finance debts - Changes in liab
Finance debts - Changes in liabilities arising from financing activities (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Borrowings | |
Carrying amount at beginning | € 25,865 |
Cash flows | (2,417) |
Currency translation differences | 342 |
Changes in the scope of consolidation | 5 |
Other non-monetary changes | 560 |
Carrying amount at end | 30,166 |
Long-term debt and current portion of long-term debt | |
Borrowings | |
Carrying amount at beginning | 23,683 |
Cash flows | (1,701) |
Currency translation differences | 157 |
Other non-monetary changes | (73) |
Carrying amount at end | 22,066 |
Short term debt | |
Borrowings | |
Carrying amount at beginning | 2,182 |
Cash flows | 161 |
Currency translation differences | 92 |
Changes in the scope of consolidation | 5 |
Other non-monetary changes | 12 |
Carrying amount at end | 2,452 |
Long-term and current portion of long-term lease liabilities | |
Borrowings | |
Cash flows | (877) |
Currency translation differences | 93 |
Other non-monetary changes | 621 |
Carrying amount at end | 5,648 |
Increase (decrease) due to application of IFRS 16 | |
Borrowings | |
First adoption of IFRS 16 | 5,656 |
Reclassifications at beginning of period | 168 |
Reclassification to liabilities directly associated with assets held for sale at beginning of period | (13) |
Increase (decrease) due to application of IFRS 16 | Long-term and current portion of long-term lease liabilities | |
Borrowings | |
First adoption of IFRS 16 | 5,656 |
Reclassifications at beginning of period | 168 |
Reclassification to liabilities directly associated with assets held for sale at beginning of period | (13) |
After initial application | |
Borrowings | |
Carrying amount at beginning | 31,676 |
After initial application | Long-term debt and current portion of long-term debt | |
Borrowings | |
Carrying amount at beginning | 23,683 |
After initial application | Short term debt | |
Borrowings | |
Carrying amount at beginning | 2,182 |
After initial application | Long-term and current portion of long-term lease liabilities | |
Borrowings | |
Carrying amount at beginning | € 5,811 |
Finance debts - Additional info
Finance debts - Additional information (Details) € in Millions | 12 Months Ended | |
Dec. 31, 2019EUR (€)€ / EquityInstruments | Dec. 31, 2018EUR (€) | |
Borrowings | ||
Increase (decrease) in finance debts | € (1,347) | |
Issuances net of repayments, finance debts | (1,540) | |
Currency translation differences on financial debts | 249 | |
Debts subjected to covenants | 1,243 | € 1,337 |
Borrowings | 24,518 | 25,865 |
Lease liabilities assumptions | 668 | |
Uncommitted borrowing facilities | ||
Borrowings | ||
Undrawn borrowing facilities | 13,299 | 12,484 |
Committed borrowing facilities | ||
Borrowings | ||
Undrawn borrowing facilities | € 4,667 | € 5,214 |
Minimum | ||
Borrowings | ||
Discount rates used to measure fair value of financial debt | (0.30%) | (0.20%) |
Maximum | ||
Borrowings | ||
Discount rates used to measure fair value of financial debt | 2.00% | 2.90% |
Ordinary Bonds | ||
Borrowings | ||
Borrowings | € 18,779 | € 19,704 |
Proceeds from borrowings | 1,635 | |
Notional amount | 18,635 | |
Ordinary Bonds | Not later than 18 months | ||
Borrowings | ||
Borrowings | 2,611 | |
Euro Medium Term Notes | ||
Borrowings | ||
Borrowings | 15,030 | |
Maximum amount issuable | 20,000 | |
Notional amount | 14,896 | |
Other Bonds | ||
Borrowings | ||
Borrowings | 3,749 | |
Notional amount | 3,739 | |
Convertible Bonds | ||
Borrowings | ||
Borrowings | € 393 | € 390 |
Bond conversion price | € / EquityInstruments | 17.62 | |
Bond premium with respect to share reference price at date of issuance | 35.00% |
Information on net borrowing (D
Information on net borrowing (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Borrowings | ||
A. Cash and cash equivalents | € 5,994 | € 10,836 |
B. Held-for-trading financial assets | 6,760 | 6,552 |
C Liquidity (A+B) | 12,754 | 17,388 |
D. Financing receivables | 287 | 188 |
E. Short-term debt towards banks | 187 | 383 |
F. Long-term debt towards banks | 2,845 | 3,478 |
G. Bonds | 19,172 | 20,094 |
H. Short-term debt towards related parties | 46 | 661 |
I. Other short-term liabilities | 2,219 | 1,138 |
J. Other long-term liabilities | 49 | 111 |
Total borrowings | 24,518 | 25,865 |
L. Net borrowings before lease liabilities (K-C-D) | 11,477 | 8,289 |
M. Lease liabilities | 5,635 | |
N. Lease liabilities towards related parties | 13 | |
O. Total borrowings including lease liabilities (K+M+N) | 30,166 | 25,865 |
P. Net borrowings including lease liabilities (O-C-D) | 17,125 | 8,289 |
Share of lease liabilities of joint operators | 1,976 | |
Current | ||
Borrowings | ||
A. Cash and cash equivalents | 5,994 | 10,836 |
B. Held-for-trading financial assets | 6,760 | 6,552 |
C Liquidity (A+B) | 12,754 | 17,388 |
D. Financing receivables | 287 | 188 |
E. Short-term debt towards banks | 187 | 383 |
F. Long-term debt towards banks | 504 | 768 |
G. Bonds | 2,642 | 2,781 |
H. Short-term debt towards related parties | 46 | 661 |
I. Other short-term liabilities | 2,219 | 1,138 |
J. Other long-term liabilities | 10 | 52 |
Total borrowings | 5,608 | 5,783 |
L. Net borrowings before lease liabilities (K-C-D) | (7,433) | (11,793) |
M. Lease liabilities | 884 | |
N. Lease liabilities towards related parties | 5 | |
O. Total borrowings including lease liabilities (K+M+N) | 6,497 | 5,783 |
P. Net borrowings including lease liabilities (O-C-D) | (6,544) | (11,793) |
Noncurrent | ||
Borrowings | ||
F. Long-term debt towards banks | 2,341 | 2,710 |
G. Bonds | 16,530 | 17,313 |
J. Other long-term liabilities | 39 | 59 |
Total borrowings | 18,910 | 20,082 |
L. Net borrowings before lease liabilities (K-C-D) | 18,910 | 20,082 |
M. Lease liabilities | 4,751 | |
N. Lease liabilities towards related parties | 8 | |
O. Total borrowings including lease liabilities (K+M+N) | 23,669 | 20,082 |
P. Net borrowings including lease liabilities (O-C-D) | € 23,669 | € 20,082 |
Provisions (Details)
Provisions (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Provisions | |
Carrying amount at beginning of period | € 11,626 |
New or increased provisions | 1,210 |
Initial recognition and changes in estimates | 2,074 |
Accretion discount | 255 |
Reversal of utilized provisions | (928) |
Reversal of unutilized provisions | (202) |
Currency translation differences | 139 |
Other changes | (68) |
Carrying amount at end of period | 14,106 |
Provisions for site restoration, abandonment and social projects | |
Provisions | |
Carrying amount at beginning of period | 6,777 |
Initial recognition and changes in estimates | 2,074 |
Accretion discount | 247 |
Reversal of utilized provisions | (313) |
Reversal of unutilized provisions | (7) |
Currency translation differences | 112 |
Other changes | 46 |
Carrying amount at end of period | 8,936 |
Environmental provisions | |
Provisions | |
Carrying amount at beginning of period | 2,595 |
New or increased provisions | 354 |
Accretion discount | 7 |
Reversal of utilized provisions | (299) |
Reversal of unutilized provisions | (25) |
Other changes | (30) |
Carrying amount at end of period | 2,602 |
Provisions for litigations | |
Provisions | |
Carrying amount at beginning of period | 824 |
New or increased provisions | 165 |
Accretion discount | (2) |
Reversal of utilized provisions | (43) |
Reversal of unutilized provisions | (105) |
Currency translation differences | 13 |
Other changes | (2) |
Carrying amount at end of period | 850 |
Provisions for taxes other than income taxes | |
Provisions | |
Carrying amount at beginning of period | 180 |
New or increased provisions | 38 |
Reversal of utilized provisions | (24) |
Currency translation differences | 8 |
Other changes | (3) |
Carrying amount at end of period | 199 |
Loss adjustments and actuarial provisions for Eni's insurance companies | |
Provisions | |
Carrying amount at beginning of period | 327 |
New or increased provisions | 173 |
Reversal of utilized provisions | (175) |
Other changes | 8 |
Carrying amount at end of period | 333 |
Provisions for losses on investments | |
Provisions | |
Carrying amount at beginning of period | 204 |
New or increased provisions | 65 |
Currency translation differences | 2 |
Other changes | (83) |
Carrying amount at end of period | 188 |
Provisions for OIL insurance cover | |
Provisions | |
Carrying amount at beginning of period | 130 |
Reversal of unutilized provisions | (19) |
Other changes | 2 |
Carrying amount at end of period | 113 |
Provisions for redundancy incentives | |
Provisions | |
Carrying amount at beginning of period | 108 |
New or increased provisions | 2 |
Reversal of utilized provisions | (11) |
Reversal of unutilized provisions | (29) |
Carrying amount at end of period | 70 |
Provisions for disposal and restructuring | |
Provisions | |
Carrying amount at beginning of period | 66 |
New or increased provisions | 2 |
Reversal of utilized provisions | (12) |
Reversal of unutilized provisions | (10) |
Carrying amount at end of period | 46 |
Miscellaneous other provisions | |
Provisions | |
Carrying amount at beginning of period | 415 |
New or increased provisions | 411 |
Accretion discount | 3 |
Reversal of utilized provisions | (51) |
Reversal of unutilized provisions | (7) |
Currency translation differences | 4 |
Other changes | (6) |
Carrying amount at end of period | € 769 |
Provisions - Additional informa
Provisions - Additional information (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Provisions | ||
Provisions | € 14,106 | € 11,626 |
Initial recognition and changes in estimates | 2,074 | |
Accretion discount | 255 | |
Provisions for site restoration, abandonment and social projects | ||
Provisions | ||
Provisions | 8,936 | € 6,777 |
Initial recognition and changes in estimates | 2,074 | |
Accretion discount | € 247 | |
Period to incur expenditures | 45 years | |
Provisions for site restoration, abandonment and social projects | Minimum | ||
Provisions | ||
Discount rate | (0.10%) | (0.20%) |
Provisions for site restoration, abandonment and social projects | Maximum | ||
Provisions | ||
Discount rate | 6.10% | 6.10% |
Provisions for site restoration, abandonment and social projects | Exploration & Production | ||
Provisions | ||
Provisions | € 8,411 | |
Environmental provisions | ||
Provisions | ||
Provisions | 2,602 | € 2,595 |
Accretion discount | 7 | |
Environmental provisions | Eni Rewind SpA | ||
Provisions | ||
Provisions | 1,930 | |
Environmental provisions | Refining & Marketing | ||
Provisions | ||
Provisions | 416 | |
Provisions for litigations | ||
Provisions | ||
Provisions | 850 | 824 |
Accretion discount | (2) | |
Provisions for litigations | Exploration & Production | ||
Provisions | ||
Provisions | 723 | |
Provisions for taxes other than income taxes | ||
Provisions | ||
Provisions | 199 | 180 |
Provisions for taxes other than income taxes | Exploration & Production | ||
Provisions | ||
Provisions | 169 | |
Loss adjustments and actuarial provisions for Eni's insurance companies | ||
Provisions | ||
Provisions | 333 | 327 |
Reinsurance receivables | 162 | |
Provisions for losses on investments | ||
Provisions | ||
Provisions | 188 | 204 |
Provisions for losses on investments | ISAF SpA | ||
Provisions | ||
Provisions | 131 | |
Provisions for OIL insurance cover | ||
Provisions | ||
Provisions | € 113 | € 130 |
Period for charging increased insurance premiums | 5 years |
Provisions for employee benef_3
Provisions for employee benefits (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement | ||
Provisions for employee benefits | € 1,136 | € 1,117 |
Other benefit plans | ||
Statement | ||
Provisions for employee benefits | 278 | 309 |
Defined benefit plan | ||
Statement | ||
Provisions for employee benefits | 858 | 808 |
Italian defined benefit plans | ||
Statement | ||
Provisions for employee benefits | 269 | 275 |
Foreign defined benefit plan | ||
Statement | ||
Provisions for employee benefits | 412 | 385 |
FISDE and other foreign medical plans | ||
Statement | ||
Provisions for employee benefits | € 177 | € 148 |
Provisions for employee benef_4
Provisions for employee benefits - Present value of employee benefits, estimated by applying actuarial techniques (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement | ||
Net benefit liability (asset) at beginning of year | € 1,117 | |
Net benefit liability (asset) at end of year | 1,136 | € 1,117 |
Other benefit plans | ||
Statement | ||
Net benefit liability (asset) at beginning of year | 309 | |
Net benefit liability (asset) at end of year | 278 | 309 |
Defined benefit plan | ||
Statement | ||
Net defined benefit liability (asset) at beginning of year | 808 | |
Net defined benefit liability (asset) at end of year | 858 | 808 |
Italian defined benefit plans | ||
Statement | ||
Net defined benefit liability (asset) at beginning of year | 275 | |
Net defined benefit liability (asset) at end of year | 269 | 275 |
Foreign defined benefit plan | ||
Statement | ||
Net defined benefit liability (asset) at beginning of year | 385 | |
Net defined benefit liability (asset) at end of year | 412 | 385 |
FISDE and other foreign medical plans | ||
Statement | ||
Net defined benefit liability (asset) at beginning of year | 148 | |
Net defined benefit liability (asset) at end of year | 177 | 148 |
Present value of benefit liabilities | ||
Statement | ||
Net benefit liability (asset) at beginning of year | 1,657 | 1,610 |
Current cost | 76 | 71 |
Interest cost/income | 45 | 38 |
Remeasurements: | 71 | 19 |
- actuarial (gains) losses due to changes in financial assumptions | 61 | (1) |
- experience (gains) losses | 10 | 20 |
Past service cost and (gains) losses settlements | 7 | 118 |
Plan contributions: | 1 | 1 |
- employee contributions | 1 | 1 |
Benefits paid | (140) | (133) |
Reclassification to asset held for sale | (8) | |
Changes in the scope of consolidation | (92) | |
Currency translation differences and other changes | 51 | 33 |
Net benefit liability (asset) at end of year | 1,768 | 1,657 |
Present value of benefit liabilities | Other benefit plans | ||
Statement | ||
Net benefit liability (asset) at beginning of year | 309 | 194 |
Current cost | 55 | 42 |
Interest cost/income | 1 | 1 |
Remeasurements: | 1 | 30 |
- actuarial (gains) losses due to changes in financial assumptions | 1 | 29 |
- experience (gains) losses | 1 | |
Past service cost and (gains) losses settlements | (2) | 115 |
Benefits paid | (88) | (74) |
Changes in the scope of consolidation | (2) | |
Currency translation differences and other changes | 2 | 3 |
Net benefit liability (asset) at end of year | 278 | 309 |
Present value of benefit liabilities | Defined benefit plan | ||
Statement | ||
Net defined benefit liability (asset) at beginning of year | 1,348 | 1,416 |
Current cost | 21 | 29 |
Interest cost/income | 44 | 37 |
Remeasurements: | 70 | (11) |
- actuarial (gains) losses due to changes in financial assumptions | 60 | (30) |
- experience (gains) losses | 10 | 19 |
Past service cost and (gains) losses settlements | 9 | 3 |
Plan contributions: | 1 | 1 |
- employee contributions | 1 | 1 |
Benefits paid | (52) | (59) |
Reclassification to liabilities directly associated with asset held for sale | (8) | |
Changes in the scope of consolidation | (90) | |
Currency translation differences and other changes | 49 | 30 |
Net defined benefit liability (asset) at end of year | 1,490 | 1,348 |
Present value of benefit liabilities | Italian defined benefit plans | ||
Statement | ||
Net defined benefit liability (asset) at beginning of year | 275 | 284 |
Interest cost/income | 4 | 4 |
Remeasurements: | 5 | 1 |
- actuarial (gains) losses due to changes in financial assumptions | 7 | |
- experience (gains) losses | (2) | 1 |
Benefits paid | (15) | (15) |
Currency translation differences and other changes | 1 | |
Net defined benefit liability (asset) at end of year | 269 | 275 |
Present value of benefit liabilities | Foreign defined benefit plan | ||
Statement | ||
Net defined benefit liability (asset) at beginning of year | 925 | 997 |
Current cost | 19 | 27 |
Interest cost/income | 37 | 31 |
Remeasurements: | 41 | (25) |
- actuarial (gains) losses due to changes in financial assumptions | 50 | (31) |
- experience (gains) losses | (9) | 6 |
Past service cost and (gains) losses settlements | 1 | 2 |
Plan contributions: | 1 | 1 |
- employee contributions | 1 | 1 |
Benefits paid | (28) | (35) |
Reclassification to liabilities directly associated with asset held for sale | (8) | |
Changes in the scope of consolidation | (90) | |
Currency translation differences and other changes | 48 | 25 |
Net defined benefit liability (asset) at end of year | 1,044 | 925 |
Present value of benefit liabilities | FISDE and other foreign medical plans | ||
Statement | ||
Net defined benefit liability (asset) at beginning of year | 148 | 135 |
Current cost | 2 | 2 |
Interest cost/income | 3 | 2 |
Remeasurements: | 24 | 13 |
- actuarial (gains) losses due to changes in financial assumptions | 3 | 1 |
- experience (gains) losses | 21 | 12 |
Past service cost and (gains) losses settlements | 8 | 1 |
Benefits paid | (9) | (9) |
Currency translation differences and other changes | 1 | 4 |
Net defined benefit liability (asset) at end of year | 177 | 148 |
Plan assets | ||
Statement | ||
Net benefit liability (asset) at beginning of year | (545) | (588) |
Interest cost/income | (20) | (17) |
Return on plan assets | (23) | 21 |
Plan contributions: | (14) | (25) |
- employee contributions | (1) | (1) |
- employer contributions | (13) | (24) |
Benefits paid | 19 | 26 |
Changes in the scope of consolidation | 64 | |
Currency translation differences and other changes | (49) | (26) |
Net benefit liability (asset) at end of year | (632) | (545) |
Plan assets | Defined benefit plan | ||
Statement | ||
Net defined benefit liability (asset) at beginning of year | (545) | (588) |
Interest cost/income | (20) | (17) |
Return on plan assets | (23) | 21 |
Plan contributions: | (14) | (25) |
- employee contributions | (1) | (1) |
- employer contributions | (13) | (24) |
Benefits paid | 19 | 26 |
Changes in the scope of consolidation | 64 | |
Currency translation differences and other changes | (49) | (26) |
Net defined benefit liability (asset) at end of year | (632) | (545) |
Plan assets | Foreign defined benefit plan | ||
Statement | ||
Net defined benefit liability (asset) at beginning of year | (545) | (588) |
Interest cost/income | (20) | (17) |
Return on plan assets | (23) | 21 |
Plan contributions: | (14) | (25) |
- employee contributions | (1) | (1) |
- employer contributions | (13) | (24) |
Benefits paid | 19 | 26 |
Changes in the scope of consolidation | 64 | |
Currency translation differences and other changes | (49) | (26) |
Net defined benefit liability (asset) at end of year | (632) | (545) |
Asset ceiling | ||
Statement | ||
Net benefit liability (asset) at beginning of year | 5 | |
Change in asset ceiling | (5) | 5 |
Net benefit liability (asset) at end of year | 5 | |
Asset ceiling | Defined benefit plan | ||
Statement | ||
Net defined benefit liability (asset) at beginning of year | 5 | |
Change in asset ceiling | (5) | 5 |
Net defined benefit liability (asset) at end of year | 5 | |
Asset ceiling | Foreign defined benefit plan | ||
Statement | ||
Net defined benefit liability (asset) at beginning of year | 5 | |
Change in asset ceiling | € (5) | 5 |
Net defined benefit liability (asset) at end of year | € 5 |
Provisions for employee benef_5
Provisions for employee benefits - Costs charged to the profit and loss account (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement | ||
Current cost | € 76 | € 71 |
Past service cost and (gains) losses on settlements | 7 | 118 |
- interest cost on liabilities | 45 | 38 |
- interest income on plan assets | (20) | (17) |
Interest cost (income), net | 25 | 21 |
Remeasurements for long-term plans | 1 | 30 |
Total | 109 | 240 |
Payroll and related costs | ||
Statement | ||
Interest cost (income), net | 1 | 1 |
Total | 85 | 220 |
Financial income (expense) | ||
Statement | ||
Interest cost (income), net | 24 | 20 |
Total | 24 | 20 |
Other benefit plans | ||
Statement | ||
Current cost | 55 | 42 |
Past service cost and (gains) losses on settlements | (2) | 115 |
- interest cost on liabilities | 1 | 1 |
Interest cost (income), net | 1 | 1 |
Remeasurements for long-term plans | 1 | 30 |
Total | 55 | 188 |
Other benefit plans | Payroll and related costs | ||
Statement | ||
Interest cost (income), net | 1 | 1 |
Total | 55 | 188 |
Defined benefit plan | ||
Statement | ||
Current cost | 21 | 29 |
Past service cost and (gains) losses on settlements | 9 | 3 |
- interest cost on liabilities | 44 | 37 |
- interest income on plan assets | (20) | (17) |
Interest cost (income), net | 24 | 20 |
Total | 54 | 52 |
Defined benefit plan | Payroll and related costs | ||
Statement | ||
Total | 30 | 32 |
Defined benefit plan | Financial income (expense) | ||
Statement | ||
Interest cost (income), net | 24 | 20 |
Total | 24 | 20 |
Italian defined benefit plans | ||
Statement | ||
- interest cost on liabilities | 4 | 4 |
Interest cost (income), net | 4 | 4 |
Total | 4 | 4 |
Italian defined benefit plans | Financial income (expense) | ||
Statement | ||
Interest cost (income), net | 4 | 4 |
Total | 4 | 4 |
Foreign defined benefit plan | ||
Statement | ||
Current cost | 19 | 27 |
Past service cost and (gains) losses on settlements | 1 | 2 |
- interest cost on liabilities | 37 | 31 |
- interest income on plan assets | (20) | (17) |
Interest cost (income), net | 17 | 14 |
Total | 37 | 43 |
Foreign defined benefit plan | Payroll and related costs | ||
Statement | ||
Total | 20 | 29 |
Foreign defined benefit plan | Financial income (expense) | ||
Statement | ||
Interest cost (income), net | 17 | 14 |
Total | 17 | 14 |
FISDE and other foreign medical plans | ||
Statement | ||
Current cost | 2 | 2 |
Past service cost and (gains) losses on settlements | 8 | 1 |
- interest cost on liabilities | 3 | 2 |
Interest cost (income), net | 3 | 2 |
Total | 13 | 5 |
FISDE and other foreign medical plans | Payroll and related costs | ||
Statement | ||
Total | 10 | 3 |
FISDE and other foreign medical plans | Financial income (expense) | ||
Statement | ||
Interest cost (income), net | 3 | 2 |
Total | € 3 | € 2 |
Provisions for employee benef_6
Provisions for employee benefits - Costs of defined benefit plans recognized in other comprehensive income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement | |||
Actuarial (gains)/losses due to changes in financial assumptions | € 60 | € (30) | |
Experience (gains) losses | 10 | 19 | |
Return on plan assets | (23) | 21 | |
Change in asset ceiling | (5) | 5 | |
Remeasurements | 42 | 15 | € 33 |
Italian defined benefit plans | |||
Statement | |||
Actuarial (gains)/losses due to changes in financial assumptions | 7 | ||
Experience (gains) losses | (2) | 1 | |
Remeasurements | 5 | 1 | |
Foreign defined benefit plan | |||
Statement | |||
Actuarial (gains)/losses due to changes in financial assumptions | 50 | (31) | |
Experience (gains) losses | (9) | 6 | |
Return on plan assets | (23) | 21 | |
Change in asset ceiling | (5) | 5 | |
Remeasurements | 13 | 1 | |
FISDE and other foreign medical plans | |||
Statement | |||
Actuarial (gains)/losses due to changes in financial assumptions | 3 | 1 | |
Experience (gains) losses | 21 | 12 | |
Remeasurements | € 24 | € 13 |
Provisions for employee benef_7
Provisions for employee benefits - Plan assets (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement | ||
Cash and cash equivalents | € 32 | € 115 |
Equity securities | 39 | 37 |
Debt securities | 388 | 238 |
Real estate | 7 | 6 |
Derivatives | 2 | 2 |
Investment funds | 79 | 56 |
Assets held by insurance company | 20 | 21 |
Other | 65 | 70 |
Total | 632 | 545 |
Level 1 | ||
Statement | ||
Cash and cash equivalents | 32 | 115 |
Equity securities | 39 | 37 |
Debt securities | 388 | 238 |
Real estate | 7 | 6 |
Derivatives | 2 | 2 |
Investment funds | 79 | 56 |
Assets held by insurance company | 17 | 18 |
Other | 65 | 70 |
Total | 629 | 542 |
Level 2 and 3 of fair value hierarchy | ||
Statement | ||
Assets held by insurance company | 3 | 3 |
Total | € 3 | € 3 |
Provisions for employee benef_8
Provisions for employee benefits - Actuarial assumptions used in the measurement of the liabilities (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other benefit plans | ||
Statement | ||
Rate of price inflation | 0.70% | 1.50% |
Other benefit plans | Minimum | ||
Statement | ||
Discount rate | 0.00% | 0.20% |
Other benefit plans | Maximum | ||
Statement | ||
Discount rate | 0.70% | 1.50% |
Italian defined benefit plans | ||
Statement | ||
Discount rate | 0.70% | 1.50% |
Rate of compensation increase | 1.70% | 2.50% |
Rate of price inflation | 0.70% | 1.50% |
Foreign defined benefit plan | Minimum | ||
Statement | ||
Discount rate | 0.00% | 0.80% |
Rate of compensation increase | 1.30% | 1.50% |
Rate of price inflation | 0.80% | 0.80% |
Life expectations on retirement at age 65 | 13 years | 13 years |
Foreign defined benefit plan | Maximum | ||
Statement | ||
Discount rate | 13.70% | 18.00% |
Rate of compensation increase | 12.50% | 16.50% |
Rate of price inflation | 11.30% | 16.00% |
Life expectations on retirement at age 65 | 25 years | 25 years |
FISDE and other foreign medical plans | ||
Statement | ||
Discount rate | 0.70% | 1.50% |
Rate of price inflation | 0.70% | 1.50% |
Life expectations on retirement at age 65 | 24 years | 24 years |
Provisions for employee benef_9
Provisions for employee benefits - Analysis by geographical area related to the main actuarial assumptions (Details) - Foreign defined benefit plan | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Minimum | ||
Statement | ||
Discount rate | 0.00% | 0.80% |
Rate of compensation increase | 1.30% | 1.50% |
Rate of price inflation | 0.80% | 0.80% |
Life expectations on retirement at age 65 | 13 years | 13 years |
Maximum | ||
Statement | ||
Discount rate | 13.70% | 18.00% |
Rate of compensation increase | 12.50% | 16.50% |
Rate of price inflation | 11.30% | 16.00% |
Life expectations on retirement at age 65 | 25 years | 25 years |
Euro Area | Minimum | ||
Statement | ||
Discount rate | 0.80% | 1.50% |
Rate of compensation increase | 1.30% | 1.50% |
Rate of price inflation | 1.30% | 1.50% |
Life expectations on retirement at age 65 | 21 years | 21 years |
Euro Area | Maximum | ||
Statement | ||
Discount rate | 1.00% | 1.90% |
Rate of compensation increase | 3.00% | 3.00% |
Rate of price inflation | 2.00% | 2.00% |
Life expectations on retirement at age 65 | 22 years | 22 years |
Rest of Europe | Minimum | ||
Statement | ||
Discount rate | 0.00% | 0.80% |
Rate of compensation increase | 2.50% | 2.50% |
Rate of price inflation | 0.80% | 0.80% |
Life expectations on retirement at age 65 | 24 years | 23 years |
Rest of Europe | Maximum | ||
Statement | ||
Discount rate | 2.00% | 2.90% |
Rate of compensation increase | 3.60% | 3.80% |
Rate of price inflation | 3.10% | 3.30% |
Life expectations on retirement at age 65 | 25 years | 25 years |
Africa | Minimum | ||
Statement | ||
Discount rate | 2.60% | 3.70% |
Rate of compensation increase | 2.00% | 5.00% |
Rate of price inflation | 2.60% | 3.70% |
Life expectations on retirement at age 65 | 13 years | 13 years |
Africa | Maximum | ||
Statement | ||
Discount rate | 13.70% | 18.00% |
Rate of compensation increase | 12.50% | 16.50% |
Rate of price inflation | 11.30% | 16.00% |
Life expectations on retirement at age 65 | 17 years | 17 years |
Other areas | Minimum | ||
Statement | ||
Discount rate | 7.30% | 8.00% |
Rate of compensation increase | 10.00% | 10.00% |
Rate of price inflation | 3.30% | 3.50% |
Other areas | Maximum | ||
Statement | ||
Discount rate | 11.30% | 13.30% |
Rate of compensation increase | 11.30% | 13.30% |
Rate of price inflation | 5.00% | 5.00% |
Provisions for employee bene_10
Provisions for employee benefits - Effects of a possible change in the main actuarial assumptions (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement | ||
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% | 0.50% |
Other benefit plans | Actuarial assumption of discount rates | ||
Statement | ||
Increase (decrease) in other benefit obligation due to reasonably possible increase in actuarial assumption | € (4) | € (5) |
Increase (decrease) in other benefit obligation due to reasonably possible decrease in actuarial assumption | 1 | 3 |
Other benefit plans | Actuarial assumption of expected rates of inflation | ||
Statement | ||
Increase (decrease) in other benefit obligation due to reasonably possible increase in actuarial assumption | 1 | 1 |
Italian defined benefit plans | Actuarial assumption of discount rates | ||
Statement | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | (12) | (12) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 13 | 13 |
Italian defined benefit plans | Actuarial assumption of expected rates of inflation | ||
Statement | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 8 | 8 |
Foreign defined benefit plan | Actuarial assumption of discount rates | ||
Statement | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | (67) | (58) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 77 | 65 |
Foreign defined benefit plan | Actuarial assumption of expected rates of inflation | ||
Statement | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 31 | 23 |
Foreign defined benefit plan | Actuarial assumption of expected rates of salary increases | ||
Statement | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 18 | 15 |
Foreign defined benefit plan | Actuarial assumption of expected rates of pension increases | ||
Statement | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 34 | 18 |
FISDE and other foreign medical plans | Actuarial assumption of discount rates | ||
Statement | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | (9) | (7) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 10 | 8 |
FISDE and other foreign medical plans | Actuarial assumption of medical cost trend rates | ||
Statement | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | € 10 | € 6 |
Provisions for employee bene_11
Provisions for employee benefits - Maturity analysis (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement | ||
Net benefit liability (asset) | € 1,136 | € 1,117 |
Other benefit plans | ||
Statement | ||
Net benefit liability (asset) | € 278 | € 309 |
Other benefit plans | Weighted average | ||
Statement | ||
Weighted average duration of benefit obligation | 3 years | 2 years 7 months 6 days |
Other benefit plans | within 1 year | ||
Statement | ||
Net benefit liability (asset) | € 73 | € 81 |
Other benefit plans | Later than one year and not later than two years | ||
Statement | ||
Net benefit liability (asset) | 68 | 72 |
Other benefit plans | Later than two years and not later than three years | ||
Statement | ||
Net benefit liability (asset) | 61 | 67 |
Other benefit plans | Later than three years and not later than four years | ||
Statement | ||
Net benefit liability (asset) | 17 | 20 |
Other benefit plans | Later than four years and not later than five years | ||
Statement | ||
Net benefit liability (asset) | 14 | 17 |
Other benefit plans | beyond 5 years | ||
Statement | ||
Net benefit liability (asset) | 45 | 57 |
Italian defined benefit plans | ||
Statement | ||
Net defined benefit liability (asset) | € 269 | € 275 |
Italian defined benefit plans | Weighted average | ||
Statement | ||
Weighted average duration of defined benefit obligation | 9 years 4 months 24 days | 10 years 1 month 6 days |
Italian defined benefit plans | within 1 year | ||
Statement | ||
Net defined benefit liability (asset) | € 17 | € 15 |
Italian defined benefit plans | Later than one year and not later than two years | ||
Statement | ||
Net defined benefit liability (asset) | 16 | 16 |
Italian defined benefit plans | Later than two years and not later than three years | ||
Statement | ||
Net defined benefit liability (asset) | 12 | 18 |
Italian defined benefit plans | Later than three years and not later than four years | ||
Statement | ||
Net defined benefit liability (asset) | 10 | 14 |
Italian defined benefit plans | Later than four years and not later than five years | ||
Statement | ||
Net defined benefit liability (asset) | 15 | 11 |
Italian defined benefit plans | beyond 5 years | ||
Statement | ||
Net defined benefit liability (asset) | 199 | 201 |
Foreign defined benefit plan | ||
Statement | ||
Net defined benefit liability (asset) | € 412 | € 385 |
Foreign defined benefit plan | Weighted average | ||
Statement | ||
Weighted average duration of defined benefit obligation | 18 years 1 month 6 days | 17 years 4 months 24 days |
Foreign defined benefit plan | within 1 year | ||
Statement | ||
Net defined benefit liability (asset) | € 33 | € 54 |
Foreign defined benefit plan | Later than one year and not later than two years | ||
Statement | ||
Net defined benefit liability (asset) | 35 | 56 |
Foreign defined benefit plan | Later than two years and not later than three years | ||
Statement | ||
Net defined benefit liability (asset) | 32 | 63 |
Foreign defined benefit plan | Later than three years and not later than four years | ||
Statement | ||
Net defined benefit liability (asset) | 39 | 64 |
Foreign defined benefit plan | Later than four years and not later than five years | ||
Statement | ||
Net defined benefit liability (asset) | 49 | 74 |
Foreign defined benefit plan | beyond 5 years | ||
Statement | ||
Net defined benefit liability (asset) | 224 | 74 |
FISDE and other foreign medical plans | ||
Statement | ||
Net defined benefit liability (asset) | € 177 | € 148 |
FISDE and other foreign medical plans | Weighted average | ||
Statement | ||
Weighted average duration of defined benefit obligation | 13 years 3 months 18 days | 12 years 9 months 18 days |
FISDE and other foreign medical plans | within 1 year | ||
Statement | ||
Net defined benefit liability (asset) | € 9 | € 9 |
FISDE and other foreign medical plans | Later than one year and not later than two years | ||
Statement | ||
Net defined benefit liability (asset) | 8 | 7 |
FISDE and other foreign medical plans | Later than two years and not later than three years | ||
Statement | ||
Net defined benefit liability (asset) | 7 | 6 |
FISDE and other foreign medical plans | Later than three years and not later than four years | ||
Statement | ||
Net defined benefit liability (asset) | 7 | 6 |
FISDE and other foreign medical plans | Later than four years and not later than five years | ||
Statement | ||
Net defined benefit liability (asset) | 7 | 6 |
FISDE and other foreign medical plans | beyond 5 years | ||
Statement | ||
Net defined benefit liability (asset) | € 139 | € 114 |
Provisions for employee bene_12
Provisions for employee benefits - Additional information (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement | ||
Net benefit liability (asset) | € 1,136 | € 1,117 |
Estimate of contributions expected to be paid to plan for next annual reporting period | 130 | |
Exploration & Production | ||
Statement | ||
Net benefit liability (asset) | 175 | 181 |
Defined benefit plan | ||
Statement | ||
Estimate of contributions expected to be paid to plan for next annual reporting period | 57 | |
Other benefit plans | ||
Statement | ||
Net benefit liability (asset) | 278 | € 309 |
Deferred monetary incentive plans | ||
Statement | ||
Net benefit liability (asset) | 132 | |
Isopensione | ||
Statement | ||
Net benefit liability (asset) | 107 | |
Jubilee Awards | ||
Statement | ||
Net benefit liability (asset) | 25 | |
Other Long term Plans | ||
Statement | ||
Net benefit liability (asset) | € 14 |
Deferred tax assets and liabi_3
Deferred tax assets and liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets and liabilities | ||
Deferred tax liabilities before offsetting | € 9,583 | € 7,956 |
Deferred tax assets available for offset | (4,663) | (3,684) |
Deferred tax liabilities | 4,920 | 4,272 |
Deferred tax assets before offsetting (net of accumulated write-down provisions) | 9,023 | 7,615 |
Deferred tax liabilities available for offset | (4,663) | (3,684) |
Deferred tax assets | € 4,360 | € 3,931 |
Deferred tax assets and liabi_4
Deferred tax assets and liabilities - Significant temporary differences (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Temporary differences | ||
Deferred tax liabilities before offsetting | € 9,583 | € 7,956 |
Deferred tax assets | (9,023) | (7,615) |
Deferred tax assets, gross | ||
Temporary differences | ||
Deferred tax assets | (15,767) | (13,356) |
Accumulated impairment | ||
Temporary differences | ||
Deferred tax assets | 6,744 | 5,741 |
Accelerated tax depreciation | ||
Temporary differences | ||
Deferred tax liabilities before offsetting | 6,796 | 6,612 |
Leasing | ||
Temporary differences | ||
Deferred tax liabilities before offsetting | 1,375 | |
Leasing | Deferred tax assets, gross | ||
Temporary differences | ||
Deferred tax assets | (1,385) | |
Difference between the fair value and the carrying amount of assets acquired | ||
Temporary differences | ||
Deferred tax liabilities before offsetting | 617 | 849 |
Site restoration and abandonment (tangible assets) | ||
Temporary differences | ||
Deferred tax liabilities before offsetting | 126 | 85 |
Application of the weighted average cost method in evaluation of inventories | ||
Temporary differences | ||
Deferred tax liabilities before offsetting | 97 | 44 |
Other temporary differences | ||
Temporary differences | ||
Deferred tax liabilities before offsetting | 572 | 366 |
Other temporary differences | Deferred tax assets, gross | ||
Temporary differences | ||
Deferred tax assets | (740) | (546) |
Unused tax losses | Deferred tax assets, gross | ||
Temporary differences | ||
Deferred tax assets | (6,065) | (5,528) |
Site restoration and abandonment (provisions for contingencies) | Deferred tax assets, gross | ||
Temporary differences | ||
Deferred tax assets | (2,242) | (1,986) |
Timing differences on depreciation and amortization | Deferred tax assets, gross | ||
Temporary differences | ||
Deferred tax assets | (2,022) | (2,104) |
Accruals for impairment losses and provisions for contingencies | Deferred tax assets, gross | ||
Temporary differences | ||
Deferred tax assets | (1,513) | (1,460) |
Impairment losses | Deferred tax assets, gross | ||
Temporary differences | ||
Deferred tax assets | (946) | (792) |
Over/Under lifting | Deferred tax assets, gross | ||
Temporary differences | ||
Deferred tax assets | (525) | (604) |
Employee benefits | Deferred tax assets, gross | ||
Temporary differences | ||
Deferred tax assets | (209) | (212) |
Unrealized intercompany profits | Deferred tax assets, gross | ||
Temporary differences | ||
Deferred tax assets | € (120) | € (124) |
Deferred tax assets and liabi_5
Deferred tax assets and liabilities - Changes in deferred tax liabilities and assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred tax liabilities, gross | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | € 7,956 | € 10,169 |
Additions | 1,265 | 1,147 |
Deductions | (1,205) | (802) |
Currency translation differences | 194 | 283 |
Change in scope of consolidation | (2,778) | |
Other changes | (97) | (100) |
Deferred tax liability (asset) at end of year | 9,583 | 7,956 |
Deferred tax liabilities, gross | Changes in accounting policies (IFRS 15) | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | 37 | |
Deferred tax liabilities, gross | Increase (decrease) due to application of IFRS 16 | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | 1,470 | |
Deferred tax liability (asset) at end of year | 1,470 | |
Deferred tax liabilities, gross | After initial application | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | 9,426 | 10,206 |
Deferred tax liability (asset) at end of year | 9,426 | |
Deferred tax assets, gross | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | (13,356) | (13,609) |
Additions | (2,091) | (1,478) |
Deductions | 1,407 | 1,523 |
Currency translation differences | (182) | (278) |
Change in scope of consolidation | 813 | |
Other changes | (75) | (90) |
Deferred tax liability (asset) at end of year | (15,767) | (13,356) |
Deferred tax assets, gross | Changes in accounting policies (IFRS 15) | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | (237) | |
Deferred tax assets, gross | Increase (decrease) due to application of IFRS 16 | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | (1,470) | |
Deferred tax liability (asset) at end of year | (1,470) | |
Deferred tax assets, gross | After initial application | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | (14,826) | (13,846) |
Deferred tax liability (asset) at end of year | (14,826) | |
Accumulated impairment | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | 5,741 | 5,262 |
Additions | 1,161 | 253 |
Deductions | (174) | (43) |
Currency translation differences | 34 | 71 |
Other changes | (18) | 198 |
Deferred tax liability (asset) at end of year | 6,744 | 5,741 |
Accumulated impairment | After initial application | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | 5,741 | 5,262 |
Deferred tax liability (asset) at end of year | 5,741 | |
Deferred tax assets net of impairment before offsetting | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | (7,615) | (8,347) |
Additions | (930) | (1,225) |
Deductions | 1,233 | 1,480 |
Currency translation differences | (148) | (207) |
Change in scope of consolidation | 813 | |
Other changes | (93) | 108 |
Deferred tax liability (asset) at end of year | (9,023) | (7,615) |
Deferred tax assets net of impairment before offsetting | Changes in accounting policies (IFRS 15) | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | (237) | |
Deferred tax assets net of impairment before offsetting | Increase (decrease) due to application of IFRS 16 | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | (1,470) | |
Deferred tax liability (asset) at end of year | (1,470) | |
Deferred tax assets net of impairment before offsetting | After initial application | ||
Deferred tax assets and liabilities | ||
Deferred tax liability (asset) at beginning of year | € (9,085) | (8,584) |
Deferred tax liability (asset) at end of year | € (9,085) |
Deferred tax assets and liabi_6
Deferred tax assets and liabilities - Additional information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred tax assets and liabilities | |||
Carry-forward tax losses | € 21,360 | ||
Carry-forward tax losses indefinitely | 15,256 | ||
Deferred tax assets | € 9,023 | € 7,615 | |
Tax rate | 24.00% | 24.00% | 24.00% |
Accumulated impairment | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | € (6,744) | € (5,741) | |
Italy | |||
Deferred tax assets and liabilities | |||
Carry-forward tax losses | € 12,039 | ||
Tax rate | 24.00% | ||
Italy | Accumulated impairment | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | € (5,329) | ||
Italy | Unused tax losses | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 2,936 | ||
Foreign (outside Italy) | |||
Deferred tax assets and liabilities | |||
Carry-forward tax losses | € 9,321 | ||
Tax rate | 33.60% | ||
Foreign (outside Italy) | Accumulated impairment | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | € (1,415) | ||
Foreign (outside Italy) | Unused tax losses | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | € 3,129 |
Derivative financial instrume_3
Derivative financial instruments and hedge accounting (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | € 3,239 | € 3,298 |
Offsetting | (612) | (1,636) |
Net amount | 2,627 | 1,662 |
- current | 2,573 | 1,594 |
- non-current | 54 | 68 |
Derivative financial liabilities | 3,366 | 3,121 |
Offsetting | (612) | (1,636) |
Net amount | 2,754 | 1,485 |
- current | 2,704 | 1,445 |
- non-current | 50 | 40 |
Non-hedging derivatives | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 437 | 1,501 |
Derivative financial liabilities | 321 | 1,524 |
Non-hedging derivatives | Currency | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 131 | 116 |
Derivative financial liabilities | 48 | 122 |
Non-hedging derivatives | Currency | Currency swap contract | Level 2 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 97 | 99 |
Derivative financial liabilities | 43 | 46 |
Non-hedging derivatives | Currency | Interest rate swap contract | Level 2 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 26 | 14 |
Derivative financial liabilities | 71 | |
Non-hedging derivatives | Currency | Outright | Level 2 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 8 | 3 |
Derivative financial liabilities | 5 | 5 |
Non-hedging derivatives | Interest rate risk | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 13 | 18 |
Derivative financial liabilities | 34 | 6 |
Non-hedging derivatives | Interest rate risk | Interest rate swap contract | Level 2 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 13 | 18 |
Derivative financial liabilities | 34 | 6 |
Non-hedging derivatives | Commodity price risk | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 293 | 1,367 |
Derivative financial liabilities | 239 | 1,396 |
Non-hedging derivatives | Commodity price risk | Futures contract | Level 1 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 192 | 1,060 |
Derivative financial liabilities | 181 | 1,107 |
Non-hedging derivatives | Commodity price risk | Over the counter contract | Level 2 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 89 | 306 |
Derivative financial liabilities | 58 | 284 |
Non-hedging derivatives | Commodity price risk | Other contracts | Level 2 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 12 | 1 |
Derivative financial liabilities | 5 | |
Trading derivatives | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 2,756 | 1,439 |
Derivative financial liabilities | 2,288 | 1,365 |
Trading derivatives | Commodity price risk | Futures contract | Level 1 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 348 | 367 |
Derivative financial liabilities | 313 | 263 |
Trading derivatives | Commodity price risk | Over the counter contract | Level 2 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 2,387 | 992 |
Derivative financial liabilities | 1,953 | 1,031 |
Trading derivatives | Commodity price risk | Option contract | Level 2 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 21 | 80 |
Derivative financial liabilities | 22 | 71 |
Cash flow hedge derivatives | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 35 | 337 |
Derivative financial liabilities | 746 | 211 |
Cash flow hedge derivatives | Commodity price risk | Futures contract | Level 1 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 34 | |
Derivative financial liabilities | 148 | |
Cash flow hedge derivatives | Commodity price risk | Over the counter contract | Level 2 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 1 | 311 |
Derivative financial liabilities | 596 | 196 |
Cash flow hedge derivatives | Commodity price risk | Option contract | Level 1 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 26 | |
Derivative financial liabilities | 2 | 15 |
Option embedded in convertible bonds | Level 2 | ||
Derivative financial instruments and hedge accounting | ||
Derivative financial assets | 11 | 21 |
Derivative financial liabilities | € 11 | € 21 |
Derivative financial instrume_4
Derivative financial instruments and hedge accounting - Hedging derivative instruments (Details) - Cash flow hedge derivatives € in Millions | 12 Months Ended | |
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Derivative financial instruments and hedge accounting | ||
Nominal amount of the hedging instrument | 3,424 | 3,599 |
Change in fair value (effective hedge) | € (1,418) | € 398 |
Change in fair value (ineffective hedge) | € (2) | € 0 |
Commodity price risk | Over the counter contract | ||
Derivative financial instruments and hedge accounting | ||
Nominal amount of the hedging instrument | 2,179 | 3,528 |
Change in fair value (effective hedge) | € (1,357) | € 404 |
Change in fair value (ineffective hedge) | € (2) | € 2 |
Commodity price risk | Futures contract | ||
Derivative financial instruments and hedge accounting | ||
Nominal amount of the hedging instrument | 1,245 | 71 |
Change in fair value (effective hedge) | € (61) | € (6) |
Change in fair value (ineffective hedge) | € 0 | € (2) |
Derivative financial instrume_5
Derivative financial instruments and hedge accounting - Underlying asset or liability by type of risk hedged under cash flow hedge (Details) - Cash flow hedge derivatives - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flow hedges [abstract] | ||
Change of underlying asset used for calculation of hedging ineffectiveness | € 1,444 | € (389) |
CFH reserve | (656) | (13) |
Reclassification adjustments on cash flow hedges, before tax | (739) | 642 |
Commodity price risk | Planned sales | ||
Cash flow hedges [abstract] | ||
Change of underlying asset used for calculation of hedging ineffectiveness | 1,444 | (389) |
CFH reserve | (656) | (13) |
Reclassification adjustments on cash flow hedges, before tax | € (739) | € 642 |
Derivative financial instrume_6
Derivative financial instruments and hedge accounting - Effects recognized in other operating profit (loss) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative financial instruments and hedge accounting | |||
Other operating income (expense) | € 287 | € 129 | € (32) |
Derivatives | |||
Derivative financial instruments and hedge accounting | |||
Other operating income (expense) | 287 | 129 | (32) |
Cash flow hedge derivatives | |||
Derivative financial instruments and hedge accounting | |||
Other operating income (expense) | (2) | 12 | |
Other derivatives | |||
Derivative financial instruments and hedge accounting | |||
Other operating income (expense) | € 289 | € 129 | € (44) |
Derivative financial instrume_7
Derivative financial instruments and hedge accounting - Effects recognized in finance income (loss) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative financial instruments and hedge accounting | |||
Income (expense) from derivative financial instruments | € (14) | € (307) | € 837 |
Currency | |||
Derivative financial instruments and hedge accounting | |||
Income (expense) from derivative financial instruments | 9 | (329) | 809 |
Interest rate risk | |||
Derivative financial instruments and hedge accounting | |||
Income (expense) from derivative financial instruments | € (23) | € 22 | € 28 |
Derivative financial instrume_8
Derivative financial instruments and hedge accounting - Additional Information (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative financial instruments and hedge accounting | ||
Bonds | € 19,172 | € 20,094 |
Fair value hedges | USD | ||
Derivative financial instruments and hedge accounting | ||
Exchange rate risk deriving from securities | € 1,902 | |
Hedging instrument | 21 | |
Bonds | € 1,844 |
Assets held for sale and liab_2
Assets held for sale and liabilities directly associated with assets held for sale (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets held for sale and liabilities directly associated with assets held for sale | ||
Non-current assets or disposal groups classified as held for sale | € 18 | € 295 |
Shareholders' equity (Details)
Shareholders' equity (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Shareholders' equity | ||
Share capital | € 4,005 | € 4,005 |
Retained earnings | 37,436 | 36,702 |
Cumulative currency translation differences | 7,209 | 6,605 |
Legal reserve | 959 | 959 |
Reserve for treasury shares | 981 | 581 |
Reserve related to the fair value of cash flow hedging derivatives net of the tax effect | (465) | (9) |
Reserve related to the defined benefit plans net of tax effect | (173) | (130) |
Other comprehensive income on equity-accounted investments | 60 | 66 |
Other comprehensive income on other investments | 12 | 15 |
Other reserves | 190 | 190 |
Treasury shares | (981) | (581) |
Interim dividend | (1,542) | (1,513) |
Net profit (loss) for the year | 148 | 4,126 |
Total Eni shareholders' equity | € 47,839 | € 51,016 |
Shareholders' equity - Other Co
Shareholders' equity - Other Comprehensive Income reserves (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reserves within equity | ||
Balance | € 51,073 | € 48,079 |
Balance | 47,900 | 51,073 |
OCI relating to equity-accounted investments | 7 | |
Reserve of cash flow hedges | ||
Reserves within equity | ||
Balance | (9) | 183 |
Changes of the year | (1,007) | 283 |
Reversal to inventories adjustments | 26 | (7) |
Reclassification adjustments | 525 | (468) |
Balance | (465) | (9) |
Reserve of cash flow hedges | Gross reserve | ||
Reserves within equity | ||
Balance | (13) | 240 |
Changes of the year | (1,418) | 399 |
Reversal to inventories adjustments | 36 | (10) |
Reclassification adjustments | 739 | (642) |
Balance | (656) | (13) |
Reserve of cash flow hedges | Deferred tax liabilities, gross | ||
Reserves within equity | ||
Balance | 4 | (57) |
Changes of the year | 411 | (116) |
Reversal to inventories adjustments | (10) | 3 |
Reclassification adjustments | (214) | 174 |
Balance | 191 | 4 |
Reserve of remeasurements of defined benefit plans | ||
Reserves within equity | ||
Balance | (130) | (114) |
Changes of the year | (44) | (17) |
Foreign currency translation differences | (3) | |
Change in scope of consolidation | 4 | 1 |
Balance | (173) | (130) |
OCI relating to equity-accounted investments | 7 | |
Reserve of remeasurements of defined benefit plans | Gross reserve | ||
Reserves within equity | ||
Balance | (143) | (133) |
Changes of the year | (49) | (15) |
Foreign currency translation differences | (3) | 1 |
Change in scope of consolidation | 5 | 4 |
Balance | (190) | (143) |
Reserve of remeasurements of defined benefit plans | Deferred tax liabilities, gross | ||
Reserves within equity | ||
Balance | 13 | 19 |
Changes of the year | 5 | (2) |
Foreign currency translation differences | (1) | |
Change in scope of consolidation | (1) | (3) |
Balance | 17 | 13 |
Reserve of other comprehensive income on equity-accounted investments | ||
Reserves within equity | ||
Balance | 66 | 90 |
Changes of the year | (6) | (24) |
Balance | 60 | 66 |
Reserve of investments valued at fair value | ||
Reserves within equity | ||
Balance | 15 | |
Changes of the year | (3) | 15 |
Balance | € 12 | € 15 |
Shareholders' equity - Reconcil
Shareholders' equity - Reconciliation of net profit and shareholders' equity of parent company (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Separate to consolidated reconciliation | ||||
Excess of net equity stated in the separate accounts of consolidated subsidiaries over the corresponding carrying amounts of the parent company, Net profit | € (2,800) | € (134) | ||
- difference between purchase cost and underlying carrying amounts of net equity, Net profit | (6) | |||
- adjustments to comply with Group accounting policies, Net profit | (348) | 862 | ||
- elimination of unrealized intercompany profits, Net profit | (74) | 177 | ||
- deferred taxation, Net profit | 405 | 59 | ||
Profit (loss) | 155 | 4,137 | € 3,377 | |
Non-controlling interest, Net profit | (7) | (11) | (3) | |
Profit (loss), attributable to owners of parent | 148 | 4,126 | 3,374 | |
Excess of net equity stated in the separate accounts of consolidated subsidiaries over the corresponding carrying amounts of the parent company, Shareholders' equity | 5,211 | 7,183 | ||
- difference between purchase cost and underlying carrying amounts of net equity, Shareholders' equity | 202 | 153 | ||
- adjustments to comply with Group accounting policies, Shareholders' equity | 1,424 | 2,000 | ||
- elimination of unrealized intercompany profits, Shareholders' equity | (593) | (519) | ||
- deferred taxation, Shareholders' equity | 20 | (359) | ||
Equity | 47,900 | 51,073 | € 48,079 | € 53,086 |
Non-controlling interest | (61) | (57) | ||
As recorded in Consolidated Financial Statements, Shareholders' equity | 47,839 | 51,016 | ||
Eni SpA's Financial Statements | ||||
Separate to consolidated reconciliation | ||||
Profit (loss) | 2,978 | 3,173 | ||
Equity | € 41,636 | € 42,615 |
Shareholders' equity - Addition
Shareholders' equity - Additional information (Details) - EUR (€) | May 14, 2019 | Apr. 13, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share capital | € 4,005,000,000 | € 4,005,000,000 | |||
Dividend per share to fully settle prior year dividend | € 0.41 | € 0.41 | € 0.40 | € 0.40 | |
Dividends recognised as distributions to owners per share | 0.83 | ||||
Interim dividends paid per share relating to prior year | € 0.42 | € 0.42 | € 0.40 | € 0.40 | |
Number of treasury shares | 61,635,679 | 33,045,197 | |||
Payments to acquire or redeem entity's shares | € 400,000,000 | ||||
Other reserves | 190,000,000 | € 190,000,000 | |||
Treasury shares | 981,000,000 | 581,000,000 | |||
Dividends recognised as distributions to owners of parent, relating to current year | € 1,542,000,000 | € 1,513,000,000 | € 1,441,000,000 | ||
Interim dividends paid per share | € 0.43 | € 0.42 | € 0.40 | ||
Distributable reserves | € 43,000,000,000 | ||||
Long-Term Monetary Incentive Plan 2017 - 2019 | |||||
Authorised number of treasury shares to be disposed | € 11,000,000 | ||||
Shareholder meeting in May 2019 | |||||
Period of time from date of resolution to proceed with purchase of shares | 18 months | ||||
Number of Shares Authorised To Buyback | 67,000,000 | ||||
Number of Shares Authorised to Buyback, Percentage of Share Capital | 1.84% | ||||
Total Outlay for Number of Shares Authorised To Buyback | € 1,200,000,000 | ||||
Number of treasury shares | 28,590,482 | ||||
Payments to acquire or redeem entity's shares | € 400,000,000 | ||||
Merger reserve | |||||
Other reserves | 127,000,000 | ||||
ENI SpA | |||||
Share capital | 4,005,358,876 | € 4,005,358,876 | |||
Other reserves | € 63,000,000 | ||||
ENI SpA | Ordinary shares | |||||
Number of shares issued | 3,634,185,330 | 3,634,185,330 |
Other information - Supplementa
Other information - Supplemental Cash Flow Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other information | |||
Current assets | € 1 | € 44 | |
Non-current assets | 12 | 198 | |
Net borrowings | 11 | ||
Current and non-current liabilities | (6) | (47) | |
Net effect of investments | 7 | 206 | |
Fair value of investments held before the acquisition of control | (50) | ||
Non-controlling interests | (2) | ||
Gain on a bargain purchase | (8) | ||
Purchase price | 5 | 148 | |
Cash and cash equivalents | (29) | ||
Consolidated subsidiaries and businesses net of cash and cash equivalent acquired | 5 | 119 | |
Current assets | 77 | 328 | € 166 |
Non-current assets | 188 | 5,079 | 814 |
Net borrowings | 11 | 785 | (252) |
Current and non-current liabilities | (57) | (3,470) | (205) |
Net effect of disposals | 219 | 2,722 | 523 |
Reclassification of foreign currency translation differences among other items of comprehensive income | (24) | 113 | |
Fair value of share capital held after the sale of control | (3,498) | ||
Fair value valuation for business combination | 889 | ||
Gain (loss) on disposal | 16 | 13 | 2,148 |
Selling price | 211 | 239 | 2,671 |
Cash and cash equivalents | (24) | (286) | (9) |
Consolidated subsidiaries and businesses net of cash and cash equivalent disposed of | € 187 | € (47) | € 2,662 |
Other information - Additional
Other information - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other information | |||
Consideration transferred, acquisition-date fair value | € 5 | € 148 | |
Net effect of disposals | 219 | 2,722 | € 523 |
Cash and cash equivalents divested | 24 | 286 | 9 |
Fair value of share capital held after the sale of control | 3,498 | ||
Fair valuation of business combination | 889 | ||
Reclassification of foreign currency translation differences among other items of comprehensive income | (24) | 113 | |
Selling price | € 211 | 239 | € 2,671 |
MET holding | |||
Other information | |||
Cash and cash equivalents divested | 13 | ||
Selling price | € 145 | ||
Var Energi AS | |||
Other information | |||
Proportion of ownership interest in joint venture | 69.60% | 69.60% | |
Eni Norge AS | |||
Other information | |||
Net effect of disposals | € 2,486 | ||
Cash and cash equivalents divested | 258 | ||
Fair value of share capital held after the sale of control | 3,498 | ||
Fair valuation of business combination | 889 | ||
Reclassification of foreign currency translation differences among other items of comprehensive income | € 123 | ||
Tigaz Zrt | MET holding | |||
Other information | |||
Percentage of ownership interest divested | 98.99% | ||
Tigaz DSO | MET holding | |||
Other information | |||
Percentage of ownership interest divested | 100.00% | ||
Lasmo sanga sanga | |||
Other information | |||
Percentage of ownership interest divested | 26.25% | ||
Selling price | € 33 | ||
Eni Croatia BV | |||
Other information | |||
Cash and cash equivalents divested | € 15 | ||
Percentage of ownership interest divested | 100.00% | ||
Selling price | € 20 | ||
Eni Trinidad and Tobago Ltd | |||
Other information | |||
Percentage of ownership interest divested | 100.00% | ||
Selling price | € 10 | ||
Agip Oil Ecuador BV | |||
Other information | |||
Percentage of ownership interest divested | 100.00% | ||
SEA SpA | |||
Other information | |||
Percentage of voting equity interests acquired | 60.00% | ||
Petroven Srl | |||
Other information | |||
Percentage of voting equity interests acquired | 32.00% | ||
Mossi Ghisolfi Group | |||
Other information | |||
Consideration transferred, acquisition-date fair value | 75 | ||
Gas Distribution Company of Thessaloniki Thessaly SA | |||
Other information | |||
Consideration transferred, acquisition-date fair value | € 24 | ||
Percentage of voting equity interests acquired | 51.00% | ||
Cash and cash equivalents in subsidiary or businesses acquired or disposed | € 28 | ||
Mestni Plinovodi distribucija plina doo | |||
Other information | |||
Consideration transferred, acquisition-date fair value | 15 | ||
Cash and cash equivalents in subsidiary or businesses acquired or disposed | € 1 |
Guarantees, commitments and r_3
Guarantees, commitments and risks - Guarantees (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantees | ||
Guarantees | € 8,862 | € 9,497 |
Consolidated subsidiaries | ||
Guarantees | ||
Guarantees | 4,323 | 5,082 |
Investments in unconsolidated entities controlled by Eni | ||
Guarantees | ||
Guarantees | 197 | 196 |
Joint ventures and associates | ||
Guarantees | ||
Guarantees | 4,075 | 4,056 |
Others | ||
Guarantees | ||
Guarantees | € 267 | € 163 |
Guarantees, commitments and r_4
Guarantees, commitments and risks - Commitments and risks (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantees, commitments and risks | ||
Commitments | € 74,338 | € 54,611 |
Risks | 676 | 673 |
Commitments and risks | € 75,014 | € 55,284 |
Guarantees, commitments and r_5
Guarantees, commitments and risks - Value at risk - parametric method (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Interest rate risk | ||
Guarantees, commitments and risks | ||
Value at risk | € 3,000 | € 2,990 |
Interest rate risk | Maximum | ||
Guarantees, commitments and risks | ||
Value at risk | 5,190 | 3,650 |
Interest rate risk | Minimum | ||
Guarantees, commitments and risks | ||
Value at risk | 2,440 | 1,800 |
Interest rate risk | Average | ||
Guarantees, commitments and risks | ||
Value at risk | 3,800 | 2,730 |
Currency | ||
Guarantees, commitments and risks | ||
Value at risk | 150 | 250 |
Currency | Maximum | ||
Guarantees, commitments and risks | ||
Value at risk | 410 | 570 |
Currency | Minimum | ||
Guarantees, commitments and risks | ||
Value at risk | 70 | 90 |
Currency | Average | ||
Guarantees, commitments and risks | ||
Value at risk | € 170 | € 280 |
Guarantees, commitments and r_6
Guarantees, commitments and risks - Value at risk - Historic simulation method (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commercial exposure | ||
Guarantees, commitments and risks | ||
Value at risk | € 9,110 | € 7,500 |
Commercial exposure | Maximum | ||
Guarantees, commitments and risks | ||
Value at risk | 23,030 | 18,600 |
Commercial exposure | Minimum | ||
Guarantees, commitments and risks | ||
Value at risk | 7,740 | 6,790 |
Commercial exposure | Average | ||
Guarantees, commitments and risks | ||
Value at risk | 11,220 | 11,040 |
Trading | ||
Guarantees, commitments and risks | ||
Value at risk | 310 | 270 |
Trading | Maximum | ||
Guarantees, commitments and risks | ||
Value at risk | 1,600 | 2,280 |
Trading | Minimum | ||
Guarantees, commitments and risks | ||
Value at risk | 250 | 260 |
Trading | Average | ||
Guarantees, commitments and risks | ||
Value at risk | € 510 | € 730 |
Guarantees, commitments and r_7
Guarantees, commitments and risks - Sensitivity EUR (Details) - Strategic liquidity risk - Euro - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantees, commitments and risks | ||
Value at risk | € 330 | € 250 |
Minimum | ||
Guarantees, commitments and risks | ||
Value at risk | 310 | 250 |
Maximum | ||
Guarantees, commitments and risks | ||
Value at risk | 370 | 350 |
Average | ||
Guarantees, commitments and risks | ||
Value at risk | € 350 | € 290 |
Guarantees, commitments and r_8
Guarantees, commitments and risks - Sensitivity USD (Details) - Strategic liquidity risk - USD - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantees, commitments and risks | ||
Value at risk | $ 50 | $ 20 |
Minimum | ||
Guarantees, commitments and risks | ||
Value at risk | 20 | 10 |
Maximum | ||
Guarantees, commitments and risks | ||
Value at risk | 50 | 40 |
Average | ||
Guarantees, commitments and risks | ||
Value at risk | $ 40 | $ 20 |
Guarantees, commitments and r_9
Guarantees, commitments and risks - Expected payments for liabilities, trade and other payables (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt and derivatives | ||
Guarantees, commitments and risks | ||
Financial liabilities | € 32,748 | € 27,157 |
Debt and derivatives | within 1 year | ||
Guarantees, commitments and risks | ||
Financial liabilities | 8,948 | 6,928 |
Debt and derivatives | Later than one year and not later than two years | ||
Guarantees, commitments and risks | ||
Financial liabilities | 2,338 | 2,971 |
Debt and derivatives | Later than two years and not later than three years | ||
Guarantees, commitments and risks | ||
Financial liabilities | 1,760 | 1,542 |
Debt and derivatives | Later than three years and not later than four years | ||
Guarantees, commitments and risks | ||
Financial liabilities | 3,177 | 1,274 |
Debt and derivatives | Later than four years and not later than five years | ||
Guarantees, commitments and risks | ||
Financial liabilities | 2,209 | 2,714 |
Debt and derivatives | beyond 5 years | ||
Guarantees, commitments and risks | ||
Financial liabilities | 14,316 | 11,728 |
Long-term debt and current portion of long-term debt | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 21,920 | 23,490 |
Long-term debt and current portion of long-term debt | within 1 year | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 2,908 | 3,301 |
Long-term debt and current portion of long-term debt | Later than one year and not later than two years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 1,704 | 2,958 |
Long-term debt and current portion of long-term debt | Later than two years and not later than three years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 1,259 | 1,541 |
Long-term debt and current portion of long-term debt | Later than three years and not later than four years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 2,743 | 1,253 |
Long-term debt and current portion of long-term debt | Later than four years and not later than five years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 1,785 | 2,714 |
Long-term debt and current portion of long-term debt | beyond 5 years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 11,521 | 11,723 |
Short term debt | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 2,452 | 2,182 |
Short term debt | within 1 year | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 2,452 | 2,182 |
Long-term and current portion of long-term lease liabilities | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 5,622 | |
Long-term and current portion of long-term lease liabilities | within 1 year | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 884 | |
Long-term and current portion of long-term lease liabilities | Later than one year and not later than two years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 632 | |
Long-term and current portion of long-term lease liabilities | Later than two years and not later than three years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 487 | |
Long-term and current portion of long-term lease liabilities | Later than three years and not later than four years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 434 | |
Long-term and current portion of long-term lease liabilities | Later than four years and not later than five years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 424 | |
Long-term and current portion of long-term lease liabilities | beyond 5 years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 2,761 | |
Derivatives | ||
Guarantees, commitments and risks | ||
Derivative financial liabilities | 2,754 | 1,485 |
Derivatives | within 1 year | ||
Guarantees, commitments and risks | ||
Derivative financial liabilities | 2,704 | 1,445 |
Derivatives | Later than one year and not later than two years | ||
Guarantees, commitments and risks | ||
Derivative financial liabilities | 2 | 13 |
Derivatives | Later than two years and not later than three years | ||
Guarantees, commitments and risks | ||
Derivative financial liabilities | 14 | 1 |
Derivatives | Later than three years and not later than four years | ||
Guarantees, commitments and risks | ||
Derivative financial liabilities | 21 | |
Derivatives | beyond 5 years | ||
Guarantees, commitments and risks | ||
Derivative financial liabilities | 34 | 5 |
Interest on finance debt and lease liabilities | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 6,037 | |
Interest on finance debt and lease liabilities | within 1 year | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 935 | |
Interest on finance debt and lease liabilities | Later than one year and not later than two years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 754 | |
Interest on finance debt and lease liabilities | Later than two years and not later than three years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 616 | |
Interest on finance debt and lease liabilities | Later than three years and not later than four years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 575 | |
Interest on finance debt and lease liabilities | Later than four years and not later than five years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 475 | |
Interest on finance debt and lease liabilities | beyond 5 years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 2,682 | |
Interest on finance debt | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 3,677 | 3,963 |
Interest on finance debt | within 1 year | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 594 | 655 |
Interest on finance debt | Later than one year and not later than two years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 452 | 545 |
Interest on finance debt | Later than two years and not later than three years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 353 | 436 |
Interest on finance debt | Later than three years and not later than four years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 342 | 330 |
Interest on finance debt | Later than four years and not later than five years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 269 | 320 |
Interest on finance debt | beyond 5 years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 1,667 | 1,677 |
Interest on lease liabilities | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 2,360 | |
Interest on lease liabilities | within 1 year | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 341 | |
Interest on lease liabilities | Later than one year and not later than two years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 302 | |
Interest on lease liabilities | Later than two years and not later than three years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 263 | |
Interest on lease liabilities | Later than three years and not later than four years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 233 | |
Interest on lease liabilities | Later than four years and not later than five years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 206 | |
Interest on lease liabilities | beyond 5 years | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 1,015 | |
Guarantees | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | 926 | 668 |
Guarantees | within 1 year | ||
Guarantees, commitments and risks | ||
Non-derivative financial liabilities | € 926 | € 668 |
Guarantees, commitments and _10
Guarantees, commitments and risks - Expected payments for trade and other payables (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantees, commitments and risks | ||
Trade and other payables | € 15,699 | € 16,902 |
within 1 year | ||
Guarantees, commitments and risks | ||
Trade and other payables | 15,545 | 16,747 |
between 2 and 5 years | ||
Guarantees, commitments and risks | ||
Trade and other payables | 54 | 59 |
beyond 5 years | ||
Guarantees, commitments and risks | ||
Trade and other payables | 100 | 96 |
Trade payables | ||
Guarantees, commitments and risks | ||
Trade and other payables | 10,480 | 11,645 |
Trade payables | within 1 year | ||
Guarantees, commitments and risks | ||
Trade and other payables | 10,480 | 11,645 |
Other payables and advances | ||
Guarantees, commitments and risks | ||
Trade and other payables | 5,219 | 5,257 |
Other payables and advances | within 1 year | ||
Guarantees, commitments and risks | ||
Trade and other payables | 5,065 | 5,102 |
Other payables and advances | between 2 and 5 years | ||
Guarantees, commitments and risks | ||
Trade and other payables | 54 | 59 |
Other payables and advances | beyond 5 years | ||
Guarantees, commitments and risks | ||
Trade and other payables | € 100 | € 96 |
Guarantees, commitments and _11
Guarantees, commitments and risks - Expected payments under contractual obligations (Details) € in Millions | Dec. 31, 2019EUR (€) |
Guarantees, commitments and risks | |
Contractual obligations | € 142,662 |
within 1 year | |
Guarantees, commitments and risks | |
Contractual obligations | 10,679 |
Later than one year and not later than two years | |
Guarantees, commitments and risks | |
Contractual obligations | 10,606 |
Later than two years and not later than three years | |
Guarantees, commitments and risks | |
Contractual obligations | 9,949 |
Later than three years and not later than four years | |
Guarantees, commitments and risks | |
Contractual obligations | 9,947 |
Later than four years and not later than five years | |
Guarantees, commitments and risks | |
Contractual obligations | 10,344 |
beyond 5 years | |
Guarantees, commitments and risks | |
Contractual obligations | 91,137 |
Decommissioning liabilities | |
Guarantees, commitments and risks | |
Contractual obligations | 13,474 |
Decommissioning liabilities | within 1 year | |
Guarantees, commitments and risks | |
Contractual obligations | 331 |
Decommissioning liabilities | Later than one year and not later than two years | |
Guarantees, commitments and risks | |
Contractual obligations | 325 |
Decommissioning liabilities | Later than two years and not later than three years | |
Guarantees, commitments and risks | |
Contractual obligations | 163 |
Decommissioning liabilities | Later than three years and not later than four years | |
Guarantees, commitments and risks | |
Contractual obligations | 179 |
Decommissioning liabilities | Later than four years and not later than five years | |
Guarantees, commitments and risks | |
Contractual obligations | 424 |
Decommissioning liabilities | beyond 5 years | |
Guarantees, commitments and risks | |
Contractual obligations | 12,052 |
Environmental liabilities | |
Guarantees, commitments and risks | |
Contractual obligations | 2,591 |
Environmental liabilities | within 1 year | |
Guarantees, commitments and risks | |
Contractual obligations | 403 |
Environmental liabilities | Later than one year and not later than two years | |
Guarantees, commitments and risks | |
Contractual obligations | 368 |
Environmental liabilities | Later than two years and not later than three years | |
Guarantees, commitments and risks | |
Contractual obligations | 319 |
Environmental liabilities | Later than three years and not later than four years | |
Guarantees, commitments and risks | |
Contractual obligations | 238 |
Environmental liabilities | Later than four years and not later than five years | |
Guarantees, commitments and risks | |
Contractual obligations | 198 |
Environmental liabilities | beyond 5 years | |
Guarantees, commitments and risks | |
Contractual obligations | 1,065 |
Purchase obligations | |
Guarantees, commitments and risks | |
Contractual obligations | 126,483 |
Purchase obligations | within 1 year | |
Guarantees, commitments and risks | |
Contractual obligations | 9,938 |
Purchase obligations | Later than one year and not later than two years | |
Guarantees, commitments and risks | |
Contractual obligations | 9,912 |
Purchase obligations | Later than two years and not later than three years | |
Guarantees, commitments and risks | |
Contractual obligations | 9,467 |
Purchase obligations | Later than three years and not later than four years | |
Guarantees, commitments and risks | |
Contractual obligations | 9,530 |
Purchase obligations | Later than four years and not later than five years | |
Guarantees, commitments and risks | |
Contractual obligations | 9,722 |
Purchase obligations | beyond 5 years | |
Guarantees, commitments and risks | |
Contractual obligations | 77,914 |
Gas take or pay contracts | |
Guarantees, commitments and risks | |
Contractual obligations | 120,918 |
Gas take or pay contracts | within 1 year | |
Guarantees, commitments and risks | |
Contractual obligations | 7,117 |
Gas take or pay contracts | Later than one year and not later than two years | |
Guarantees, commitments and risks | |
Contractual obligations | 9,140 |
Gas take or pay contracts | Later than two years and not later than three years | |
Guarantees, commitments and risks | |
Contractual obligations | 8,912 |
Gas take or pay contracts | Later than three years and not later than four years | |
Guarantees, commitments and risks | |
Contractual obligations | 9,100 |
Gas take or pay contracts | Later than four years and not later than five years | |
Guarantees, commitments and risks | |
Contractual obligations | 9,410 |
Gas take or pay contracts | beyond 5 years | |
Guarantees, commitments and risks | |
Contractual obligations | 77,239 |
Gas ship or pay contracts | |
Guarantees, commitments and risks | |
Contractual obligations | 3,410 |
Gas ship or pay contracts | within 1 year | |
Guarantees, commitments and risks | |
Contractual obligations | 1,070 |
Gas ship or pay contracts | Later than one year and not later than two years | |
Guarantees, commitments and risks | |
Contractual obligations | 532 |
Gas ship or pay contracts | Later than two years and not later than three years | |
Guarantees, commitments and risks | |
Contractual obligations | 454 |
Gas ship or pay contracts | Later than three years and not later than four years | |
Guarantees, commitments and risks | |
Contractual obligations | 412 |
Gas ship or pay contracts | Later than four years and not later than five years | |
Guarantees, commitments and risks | |
Contractual obligations | 296 |
Gas ship or pay contracts | beyond 5 years | |
Guarantees, commitments and risks | |
Contractual obligations | 646 |
Other purchase obligations | |
Guarantees, commitments and risks | |
Contractual obligations | 2,155 |
Other purchase obligations | within 1 year | |
Guarantees, commitments and risks | |
Contractual obligations | 1,751 |
Other purchase obligations | Later than one year and not later than two years | |
Guarantees, commitments and risks | |
Contractual obligations | 240 |
Other purchase obligations | Later than two years and not later than three years | |
Guarantees, commitments and risks | |
Contractual obligations | 101 |
Other purchase obligations | Later than three years and not later than four years | |
Guarantees, commitments and risks | |
Contractual obligations | 18 |
Other purchase obligations | Later than four years and not later than five years | |
Guarantees, commitments and risks | |
Contractual obligations | 16 |
Other purchase obligations | beyond 5 years | |
Guarantees, commitments and risks | |
Contractual obligations | 29 |
Other obligations | |
Guarantees, commitments and risks | |
Contractual obligations | 114 |
Other obligations | within 1 year | |
Guarantees, commitments and risks | |
Contractual obligations | 7 |
Other obligations | Later than one year and not later than two years | |
Guarantees, commitments and risks | |
Contractual obligations | 1 |
Other obligations | beyond 5 years | |
Guarantees, commitments and risks | |
Contractual obligations | 106 |
Memorandum of intent Val d'Agri | |
Guarantees, commitments and risks | |
Contractual obligations | 114 |
Memorandum of intent Val d'Agri | within 1 year | |
Guarantees, commitments and risks | |
Contractual obligations | 7 |
Memorandum of intent Val d'Agri | Later than one year and not later than two years | |
Guarantees, commitments and risks | |
Contractual obligations | 1 |
Memorandum of intent Val d'Agri | beyond 5 years | |
Guarantees, commitments and risks | |
Contractual obligations | € 106 |
Guarantees, commitments and _12
Guarantees, commitments and risks - Capital investment and capital expenditure commitments (Details) € in Millions | Dec. 31, 2019EUR (€) |
Guarantees, commitments and risks | |
Committed projects | € 16,448 |
within 1 year | |
Guarantees, commitments and risks | |
Committed projects | 5,570 |
Later than one year and not later than two years | |
Guarantees, commitments and risks | |
Committed projects | 4,054 |
Later than two years and not later than three years | |
Guarantees, commitments and risks | |
Committed projects | 2,611 |
Later than three years and not later than four years | |
Guarantees, commitments and risks | |
Committed projects | 1,544 |
Later than four years | |
Guarantees, commitments and risks | |
Committed projects | 2,669 |
Not later than four years | |
Guarantees, commitments and risks | |
Expected capital investment and capital expenditure | € 31,500 |
Guarantees, commitments and _13
Guarantees, commitments and risks - Other information about financial instruments (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Guarantees, commitments and risks | |||
Financial assets held for trading | € 6,760 | € 6,552 | |
Non-hedging and trading derivatives | (125) | 177 | |
Other investments valued at fair value | 929 | 919 | € 219 |
Trade receivables and other | 12,926 | 14,145 | |
Financing receivables | 1,503 | 1,489 | |
Securities | 55 | 64 | |
Trade payables and other | 15,699 | 16,902 | |
Financing payables | 24,518 | 25,865 | |
Net assets (liabilities) for hedging derivatives | (2) | ||
Financial assets held for trading, Finance income (expense) recognized in profit and loss account | 127 | 32 | |
Non-hedging and trading derivatives, Finance income (expense) recognized in profit and loss account | 273 | (178) | |
Other investments valued at fair value, Finance income (expense) recognized in profit and loss account | 247 | 231 | |
Other investments valued at fair value, Finance income (expense) recognized in other comprehensive income | (3) | 15 | |
Trade receivables and other, Finance income (expense) recognized in profit and loss account | (409) | (343) | |
Financing receivables, Finance income (expense) recognized in profit and loss account | 110 | (139) | |
Trade payables and other, Finance income (expense) recognized in profit and loss account | 33 | (28) | |
Financing payables, Finance income (expense) recognized in profit and loss account | (802) | (615) | |
Net assets (liabilities) for hedging derivatives, Finance income (expense) recognized in profit and loss account | (739) | 642 | |
Net assets (liabilities) for hedging derivatives, Finance income (expense) recognized in other comprehensive income | (679) | (243) | |
Other operating income (loss) | |||
Guarantees, commitments and risks | |||
Non-hedging and trading derivatives, Finance income (expense) recognized in profit and loss account | 287 | 129 | |
Financial income (expense) | |||
Guarantees, commitments and risks | |||
Non-hedging and trading derivatives, Finance income (expense) recognized in profit and loss account | (14) | (307) | |
Trade receivables and other, Finance income (expense) recognized in profit and loss account | 23 | 69 | |
Financing receivables, Finance income (expense) recognized in profit and loss account | 99 | 129 | |
Interest income calculated on the basis of the effective interest rate | |||
Guarantees, commitments and risks | |||
Trade receivables and other, Finance income (expense) recognized in profit and loss account | 26 | 38 | |
Interest expense calculated on the basis of the effective interest rate | |||
Guarantees, commitments and risks | |||
Financing payables, Finance income (expense) recognized in profit and loss account | (647) | (605) | |
Net (impairment losses) reversal of trade and other receivables | |||
Guarantees, commitments and risks | |||
Trade receivables and other, Finance income (expense) recognized in profit and loss account | (432) | (415) | |
Net revaluations or impairments | |||
Guarantees, commitments and risks | |||
Financing receivables, Finance income (expense) recognized in profit and loss account | € 4 | € (275) |
Guarantees, commitments and _14
Guarantees, commitments and risks - Offsetting of financial instruments (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other payables | ||
Guarantees, commitments and risks | ||
Gross amount of financial liabilities | € 16,445 | € 18,280 |
Gross amount of financial assets subject to offsetting | 900 | 1,533 |
Net amount of financial liabilities | 15,545 | 16,747 |
Other current liabilities | ||
Guarantees, commitments and risks | ||
Gross amount of financial liabilities | 7,758 | 7,048 |
Gross amount of financial assets subject to offsetting | 612 | 1,636 |
Net amount of financial liabilities | 7,146 | 5,412 |
Trade and other receivables | ||
Guarantees, commitments and risks | ||
Gross amount of financial assets | 13,773 | 15,634 |
Gross amount of financial liabilities subject to offsetting | 900 | 1,533 |
Net amount of financial assets | 12,873 | 14,101 |
Other current assets | ||
Guarantees, commitments and risks | ||
Gross amount of financial assets | 4,584 | 4,455 |
Gross amount of financial liabilities subject to offsetting | 612 | 1,636 |
Net amount of financial assets | € 3,972 | € 2,819 |
Guarantees, commitments and _15
Guarantees, commitments and risks - Additional information (Details) € in Thousands, t in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2018EUR (€) | Mar. 31, 2017EUR (€) | Jul. 31, 2009EUR (€) | Dec. 31, 2019USD ($)t | Dec. 31, 2019EUR (€)t | Dec. 31, 2018EUR (€)t | Dec. 31, 2019EUR (€) | Jul. 31, 2019EUR (€) | Jul. 24, 2019EUR (€) | Jun. 24, 2019EUR (€) | Apr. 30, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2012EUR (€) | |
Guarantees, commitments and risks | |||||||||||||
Guarantees | € 9,497,000 | € 8,862,000 | |||||||||||
Capital commitments | 16,448,000 | ||||||||||||
Investment agreed | 116,000 | 114,000 | |||||||||||
Risks | € 673,000 | 676,000 | |||||||||||
Bonds issued | € 1,635,000 | ||||||||||||
Lease liabilities | 5,648,000 | ||||||||||||
Quantity of total emission of carbon dioxide | t | 19,300 | 19,300 | |||||||||||
Quantity of free emission allowance of carbon dioxide | t | 7,730 | 7,730 | 7,730 | ||||||||||
Deficit quantity of emission allowance of carbon dioxide | t | 11,570 | 11,570 | |||||||||||
Evolvere SpA | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Capital commitments | € 105,000 | ||||||||||||
Equity interest acquired (as a percent) | 70.00% | 70.00% | |||||||||||
Environmental claim relating to Municipality of Cengio | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Claim amount | € 250,000 | ||||||||||||
Block OPL 245 Nigeria | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Claim amount | $ | $ 1,092 | ||||||||||||
Disgorgement of profit | € 100,000 | ||||||||||||
Estimated fair value of the asset | $ | $ 3,500 | ||||||||||||
Interest in assets (as a percent) | 50.00% | 50.00% | |||||||||||
Criminal proceedings on fuel excise tax | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Claim amount | € 22,000 | ||||||||||||
Excise tax determined | € 73 | ||||||||||||
Objection against claim, amount | € 34,000 | ||||||||||||
Excise tax payables | € 8,000 | ||||||||||||
Estimated other related taxes | € 6,000 | ||||||||||||
Arbitration with GasTerra | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Alleged receivable due by company | 1,010,000 | ||||||||||||
Bank guarantee terminated | € 1,010,000 | ||||||||||||
Omitted payment of property tax for oil offshore platforms located in territorial waters | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Claim amount | 19,000 | ||||||||||||
Provisions | 17,000 | ||||||||||||
Derivatives | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Gross amount of financial assets and liabilities subject to offsetting | € 1,636,000 | 612,000 | |||||||||||
Eni Abu Dhabi Refining & Trading BV | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Capital commitments | 6,527,000 | ||||||||||||
Guarantee for obligations under Share Purchase Agreement | 2,965,000 | ||||||||||||
Guarantee for obligations under Shareholders Agreement | € 3,562,000 | ||||||||||||
Eni Abu Dhabi Refining & Trading BV | ADNOC Refining | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Equity interest acquired (as a percent) | 20.00% | 20.00% | |||||||||||
Eni Trading Shipping Inc | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Gross amount of financial assets and liabilities subject to offsetting | 186,000 | € 187,000 | |||||||||||
Eni Rewind SpA and Versalis SpA | Porto Torres dock damage | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Claim amount | € 1,500,000 | ||||||||||||
Eni Rewind SpA and Versalis SpA | Alleged environmental damage caused by illegal waste disposal in municipality of Melilli (Sicily) | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Claim amount | 500,000 | ||||||||||||
Eni Rewind SpA | Alleged environmental damage caused by DDT pollution in Lake Maggiore | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Litigation damages annulled by the court | € 1,833,500 | ||||||||||||
Estimated damage value | € 7,000 | ||||||||||||
Number of years required to monitor natural recovery | 20 years | ||||||||||||
Estimated compensatory work | € 9,500 | ||||||||||||
Exploration & Production | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Gross amount of financial assets and liabilities subject to offsetting | 1,347,000 | 713,000 | |||||||||||
within 1 year | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Capital commitments | 5,570,000 | ||||||||||||
Euro Medium Term Notes | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Maximum amount issuable | 20,000,000 | ||||||||||||
Notional amount | 14,896,000 | ||||||||||||
Bonds issued | € 746,000 | ||||||||||||
Bonds issued on U.S. and international markets | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Bonds issued | $ 1,000 | € 889,000 | |||||||||||
Short term debt | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Undrawn borrowing facilities | 13,299,000 | ||||||||||||
Long-term debt | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Undrawn borrowing facilities | 4,667,000 | ||||||||||||
Long-term debt | within 1 year | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Undrawn borrowing facilities | 450,000 | ||||||||||||
Risk associated with contractual assurances to acquirers | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Risks | 244,000 | 248,000 | |||||||||||
Value of assets of third parties under custody | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Risks | 429,000 | 428,000 | |||||||||||
Currency | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Period of possible future changes in market values monitored | 1 day | 1 day | |||||||||||
Percentage of confidence level | 99.00% | 99.00% | |||||||||||
Holding period | 20 days | 20 days | |||||||||||
Interest rate risk | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Percentage of confidence level | 99.00% | 99.00% | |||||||||||
Holding period | 20 days | 20 days | |||||||||||
Commodity price risk | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Percentage of confidence level | 95.00% | 95.00% | |||||||||||
Holding period | 1 day | 1 day | |||||||||||
Strategic liquidity risk | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Percentage of confidence level | 99.00% | 99.00% | |||||||||||
Holding period | 1 day | 1 day | |||||||||||
Period of medium and long-term financial debts for which coverage must be provided | 24 months | 24 months | |||||||||||
Hydrocarbon exploration and production activities | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Capital commitments | 52,397,000 | 65,374,000 | |||||||||||
Increase (decrease) in capital commitments | € 12,977,000 | ||||||||||||
Increase in other commitment | 9,794,000 | ||||||||||||
Hydrocarbon exploration and production activities | Eni Abu Dhabi B V | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Increase in other commitment | 8,904,000 | ||||||||||||
Hydrocarbon exploration and production activities | Eni RAK BV | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Increase in other commitment | 890,000 | ||||||||||||
Hydrocarbon exploration and production activities | Mexico license agreement | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Capital commitments | 9,194,000 | ||||||||||||
Increase in other commitment | € 445,000 | 6,968,000 | |||||||||||
Regasified gas at Pascagoula plant | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Capital commitments | € 2,079,000 | 1,978,000 | |||||||||||
Var Energi AS | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Proportion of ownership interest in joint venture | 69.60% | 69.60% | 69.60% | ||||||||||
Var Energi AS | Hydrocarbon exploration and production activities | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Increase in other commitment | € 1,781,000 | ||||||||||||
Saipem SpA | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Proportion of ownership interest in joint venture | 30.54% | 30.54% | |||||||||||
Angola LNG Supply Services Llc | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Percentage of interest in project | 13.60% | 13.60% | |||||||||||
Cardon IV SA | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | |||||||||||
Contractual volumes of gas amount | € 13,000,000 | ||||||||||||
Umm Shaif and Nasr and Lower Zakum | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Capital commitments | 13,356,000 | ||||||||||||
Number of years of commitment | 40 years | 40 years | |||||||||||
Lower Zakum | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Percentage of interest in project | 5.00% | 5.00% | |||||||||||
Umm Shaif and Nasr | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Percentage of interest in project | 10.00% | 10.00% | |||||||||||
Gasha | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Percentage of interest in project | 25.00% | 25.00% | |||||||||||
Capital commitments | 22,261,000 | ||||||||||||
Number of years of commitment | 40 years | 40 years | |||||||||||
Eni USA Gas Marketing Llc and Gulf LNG Energy Llc GLE and Gulf LNG Pipeline Llc GLP | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Long term supply commitments | € 948,000 | ||||||||||||
Supply commitments compensation recognized | € 324,000 | ||||||||||||
Claim for regasification fees | 757,000 | ||||||||||||
Partners of unincorporated joint ventures | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Lease liabilities | 2,953,000 | ||||||||||||
Coral FLNG SA | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Proportion of ownership interest in joint operation | 25.00% | 25.00% | |||||||||||
Maximum financial guarantee given by the company | 1,168,000 | ||||||||||||
Percentage of contract guaranteed | 25.00% | 25.00% | |||||||||||
Project financing amount | € 4,164,000 | ||||||||||||
Maximum amount of debt service undertaking | 1,425,000 | ||||||||||||
Share of capital expenditure | 123,000 | ||||||||||||
Share of debt undertaking | 158,000 | ||||||||||||
Coral FLNG SA | Third parties | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Maximum financial guarantee given by the company | 1,335,000 | ||||||||||||
Coral FLNG SA | CNPC | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Proportion of ownership interest in special purpose entity | 20.00% | 20.00% | |||||||||||
Coral FLNG SA | Exxonmobil | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Proportion of ownership interest in special purpose entity | 25.00% | 25.00% | |||||||||||
Mozambique Rovuma Venture SpA | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Proportion of ownership interest in joint operation | 35.71% | 35.71% | |||||||||||
LNG Floating Production unit | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Contract value | 4,673,000 | ||||||||||||
Percentage of interest in project | 25.00% | 25.00% | |||||||||||
Amount of LNG to be treated | t | 3,370 | 3,370 | |||||||||||
Consolidated subsidiaries | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Guarantees | € 5,082,000 | 4,323,000 | |||||||||||
Guarantee for bid bonds and performance bonds | 2,576,000 | 2,886,000 | |||||||||||
Underlying commitment | 5,000,000 | 4,013,000 | |||||||||||
Consolidated subsidiaries | Gas Terra | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Increase (decrease) in guarantee for bid bonds and performance bonds | € (1,010,000) | ||||||||||||
Investments in unconsolidated entities controlled by Eni | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Guarantees | 196,000 | 197,000 | |||||||||||
Joint ventures and associates | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Guarantees | 4,056,000 | 4,075,000 | |||||||||||
Guarantee for bid bonds and performance bonds | 1,644,000 | 1,661,000 | |||||||||||
Underlying commitment | 2,159,000 | 2,109,000 | |||||||||||
Joint ventures and associates | Unsecured and other guarantees | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Bank guarantee | 1,664,000 | 1,676,000 | |||||||||||
Joint ventures and associates | Rete Ferroviaria Italiana SpA | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Guarantees | 499,000 | 499,000 | |||||||||||
Joint ventures and associates | Gulf LNG Energy and Gulf LNG Pipeline | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Guarantees | 177,000 | 181,000 | |||||||||||
Joint ventures and associates | Coral FLNG SA | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Guarantee for bid bonds and performance bonds | 1,147,000 | 1,168,000 | |||||||||||
Joint ventures and associates | Coral FLNG SA | Unsecured and other guarantees | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Bank guarantee | 1,397,000 | 1,425,000 | |||||||||||
Others | |||||||||||||
Guarantees, commitments and risks | |||||||||||||
Guarantees | € 163,000 | € 267,000 |
Revenues and other income (Deta
Revenues and other income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Products sales and service revenues | |||
Sales of crude oil | € 20,866 | € 22,453 | € 20,141 |
Sales of oil products | 20,804 | 22,399 | 19,575 |
Sales of natural gas and LNG | 17,922 | 19,642 | 15,113 |
Sales of petrochemical products | 4,110 | 5,574 | 4,770 |
Sales of other products | 2,593 | 2,421 | 2,068 |
Services | 3,586 | 3,333 | 5,252 |
Sales from operations | 69,881 | 75,822 | 66,919 |
Goods/Services transferred in a specific moment | |||
Products sales and service revenues | |||
Sales from operations | 68,848 | 75,296 | |
Goods/Services transferred over a period of time | |||
Products sales and service revenues | |||
Sales from operations | 1,033 | 526 | |
Exploration & Production | |||
Products sales and service revenues | |||
Sales of crude oil | 3,505 | 3,982 | 2,431 |
Sales of oil products | 1,189 | 1,133 | 1,030 |
Sales of natural gas and LNG | 5,454 | 4,554 | 3,470 |
Sales of other products | 68 | 27 | 14 |
Services | 283 | 247 | 186 |
Sales from operations | 10,499 | 9,943 | 7,131 |
Exploration & Production | Goods/Services transferred in a specific moment | |||
Products sales and service revenues | |||
Sales from operations | 9,946 | 9,676 | |
Exploration & Production | Goods/Services transferred over a period of time | |||
Products sales and service revenues | |||
Sales from operations | 553 | 267 | |
Gas & Power | |||
Products sales and service revenues | |||
Sales of crude oil | 17,334 | 18,471 | 17,693 |
Sales of oil products | 3,000 | 4,053 | 3,930 |
Sales of natural gas and LNG | 12,468 | 15,088 | 11,643 |
Sales of petrochemical products | 316 | 762 | 147 |
Sales of other products | 2,502 | 2,363 | 2,021 |
Services | 2,540 | 2,372 | 4,412 |
Sales from operations | 38,160 | 43,109 | 39,846 |
Gas & Power | Goods/Services transferred in a specific moment | |||
Products sales and service revenues | |||
Sales from operations | 38,047 | 42,979 | |
Gas & Power | Goods/Services transferred over a period of time | |||
Products sales and service revenues | |||
Sales from operations | 113 | 130 | |
Refining & Marketing and Chemical | |||
Products sales and service revenues | |||
Sales of crude oil | 27 | 17 | |
Sales of oil products | 16,615 | 17,213 | 14,615 |
Sales of petrochemical products | 3,772 | 4,777 | 4,591 |
Sales of other products | 16 | 20 | 21 |
Services | 587 | 584 | 527 |
Sales from operations | 21,017 | 22,594 | 19,771 |
Refining & Marketing and Chemical | Goods/Services transferred in a specific moment | |||
Products sales and service revenues | |||
Sales from operations | 20,768 | 22,535 | |
Refining & Marketing and Chemical | Goods/Services transferred over a period of time | |||
Products sales and service revenues | |||
Sales from operations | 249 | 59 | |
Corporate and Other activities | |||
Products sales and service revenues | |||
Sales of petrochemical products | 22 | 35 | 32 |
Sales of other products | 7 | 11 | 12 |
Services | 176 | 130 | 127 |
Sales from operations | 205 | 176 | € 171 |
Corporate and Other activities | Goods/Services transferred in a specific moment | |||
Products sales and service revenues | |||
Sales from operations | 87 | 106 | |
Corporate and Other activities | Goods/Services transferred over a period of time | |||
Products sales and service revenues | |||
Sales from operations | € 118 | € 70 |
Revenues and other income - Ass
Revenues and other income - Associated with liabilities and performance obligations (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues and other income | ||
Revenues associated with contract liabilities at the beginning of the period | € 747 | € 342 |
Revenues associated with performance obligations totally or partially satisfied in previous years | € 10 | € 11 |
Revenues and other income - Oth
Revenues and other income - Other income and revenues (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues and other income | |||
Gains from sale of assets and businesses | € 152 | € 454 | € 3,288 |
Other proceeds | 1,008 | 662 | 770 |
Other revenue | € 1,160 | € 1,116 | € 4,058 |
Revenues and other income - Add
Revenues and other income - Additional information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of additional information | |||
Gain on sale of assets and businesses | € 152 | € 454 | € 3,288 |
Recovery of cost share of right-of-use assets pertaining to partners of non-incorporated joint operations | 368 | ||
Zohr project | |||
Disclosure of additional information | |||
Gain on sale of assets and businesses | € 428 | € 1,281 | |
Proportion of ownership interest sold | 10.00% | 40.00% | |
Area 4 Mozambique | |||
Disclosure of additional information | |||
Gain on sale of assets and businesses | € 1,985 | ||
Proportion of ownership interest sold | 25.00% | ||
Exploration & Production | |||
Disclosure of additional information | |||
Gain on sale of assets and businesses | € 146 |
Costs (Details)
Costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Costs | |||
Production costs - raw, ancillary and consumable materials and goods | € 36,272 | € 41,125 | € 35,907 |
Production costs - services | 11,589 | 10,625 | 12,228 |
Lease expense and other | 1,478 | 1,820 | 1,684 |
Net provisions for contingencies | 858 | 1,120 | 886 |
Charges for price variation on overliftling and underlifting operations | 145 | ||
Other expenses | 879 | 1,130 | 931 |
Purchase, services and other charges gross | 51,076 | 55,820 | 51,781 |
capitalized direct costs associated with self-constructed assets - tangible assets | (197) | (192) | (224) |
capitalized direct costs associated with self-constructed assets - intangible assets | (5) | (6) | (9) |
Purchases, services and other | € 50,874 | € 55,622 | € 51,548 |
Costs - Payroll and related cos
Costs - Payroll and related costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Costs | |||
Wages and salaries | € 2,417 | € 2,409 | € 2,447 |
Social security contributions | 449 | 448 | 441 |
Cost related to employee benefit plans | 85 | 220 | 113 |
Other costs | 213 | 170 | 162 |
Payroll and related costs gross | 3,164 | 3,247 | 3,163 |
capitalized direct costs associated with self-constructed assets - tangible assets | (152) | (142) | (202) |
capitalized direct costs associated with self-constructed assets - intangible assets | (16) | (12) | (10) |
Payroll and related costs | € 2,996 | € 3,093 | € 2,951 |
Costs - Average number of emplo
Costs - Average number of employees (Details) - employee | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Subsidiaries | |||
Costs | |||
Average number of employees | 31,136 | 31,573 | 32,464 |
Subsidiaries | Senior Managers | |||
Costs | |||
Average number of employees | 1,014 | 999 | 995 |
Subsidiaries | Junior Managers | |||
Costs | |||
Average number of employees | 9,267 | 9,095 | 9,089 |
Subsidiaries | Employees | |||
Costs | |||
Average number of employees | 15,945 | 16,220 | 16,721 |
Subsidiaries | Workers | |||
Costs | |||
Average number of employees | 4,910 | 5,259 | 5,659 |
Joint operations | |||
Costs | |||
Average number of employees | 741 | 745 | 771 |
Joint operations | Senior Managers | |||
Costs | |||
Average number of employees | 16 | 17 | 17 |
Joint operations | Junior Managers | |||
Costs | |||
Average number of employees | 77 | 84 | 98 |
Joint operations | Employees | |||
Costs | |||
Average number of employees | 361 | 361 | 371 |
Joint operations | Workers | |||
Costs | |||
Average number of employees | 287 | 283 | 285 |
Costs - Compensation of key man
Costs - Compensation of key management personnel (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Costs | |||
Wages and salaries | € 28 | € 27 | € 25 |
Post-employment benefits | 2 | 2 | 2 |
Other long-term benefits | 12 | 10 | 9 |
Indemnities upon termination of employment | 12 | 7 | |
Key management personnel compensation | € 54 | € 39 | € 43 |
Costs - Additional information
Costs - Additional information (Details) € / shares in Units, € in Thousands, shares in Millions | Aug. 13, 2017 | Dec. 31, 2019EUR (€)EquityInstruments€ / shares | Dec. 31, 2018EUR (€)EquityInstruments€ / shares | Dec. 31, 2017EUR (€)EquityInstruments€ / shares | Apr. 13, 2017itemshares |
Costs | |||||
Geological and geophysical costs of exploration activities | € 275,000 | € 287,000 | € 273,000 | ||
Minimum operating lease payments recognised as expense | 872,000 | 1,022,000 | |||
Research and development costs | 194,000 | 197,000 | 185,000 | ||
Royalty expense | 1,183,000 | 1,043,000 | 674,000 | ||
Net provisions for contingencies | 858,000 | 1,120,000 | 886,000 | ||
Provisions for redundancy incentives expense | 45,000 | 37,000 | 18,000 | ||
Defined contribution plans expense | 99,000 | 95,000 | 90,000 | ||
Directors' remuneration expense | 9,200 | 9,600 | 14,500 | ||
Statutory auditors remuneration expense | € 613 | € 604 | € 760 | ||
Long-Term Monetary Incentive Plan 2017 - 2019 | |||||
Costs | |||||
Number of annual awards | item | 3 | ||||
Vesting period | 3 years | ||||
Number of performance parameters | item | 2 | ||||
Lock-up clause percentage | 50.00% | ||||
Lock-up clause term | 1 year | ||||
Number of other equity instruments granted in share-based payment arrangement | EquityInstruments | 1,759,273 | 1,517,975 | 1,719,061 | ||
Weighted average fair value of awarded shares | € / shares | € 9.88 | € 11.73 | € 7.99 | ||
Weighted average share price at grant date | € / shares | € 13.714 | € 14.246 | € 13.81 | ||
Expected dividend as percentage | 6.10% | 5.80% | 5.80% | ||
Expected volatility | 19.00% | 20.00% | 25.00% | ||
Expense from share-based payment transactions with employees | € 9,000 | € 5,000 | € 400 | ||
Long-Term Monetary Incentive Plan 2017 - 2019 | Minimum | |||||
Costs | |||||
Percentage of shares that will vest after vesting period | 0.00% | ||||
Long-Term Monetary Incentive Plan 2017 - 2019 | Maximum | |||||
Costs | |||||
Limit of shares to be granted in share-based payment arrangement | shares | 11 | ||||
Percentage of shares that will vest after vesting period | 180.00% | ||||
Provisions for litigations | |||||
Costs | |||||
Net provisions for contingencies | 60,000 | 101,000 | 375,000 | ||
Environmental liabilities | |||||
Costs | |||||
Net provisions for contingencies | € 329,000 | € 266,000 | € 200,000 |
Finance income (expense) (Detai
Finance income (expense) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finance income (expense) | |||
Finance income | € 3,087 | € 3,967 | € 3,924 |
Finance expense | (4,079) | (4,663) | (5,886) |
Net finance income (expense) from financial assets held for trading | 127 | 32 | (111) |
Income (expense) from derivative financial instruments | (14) | (307) | 837 |
Finance income (expense) | € (879) | € (971) | € (1,236) |
Finance income (expense) - Anal
Finance income (expense) - Analysis of finance income (expense) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finance income (expense) related to net borrowings | |||
Interest and other finance expense on ordinary bonds | € (618) | € (565) | € (638) |
Net finance income (expense) from financial assets held for trading | 127 | 32 | (111) |
Interest and other expense due to banks and other financial institutions | (122) | (120) | (113) |
Interests on lease liabilities | (378) | ||
Interest from banks | 21 | 18 | 12 |
Interest and other income on financial receivables and securities held for non-operating purposes | 8 | 8 | 16 |
Finance income (expense) related to net borrowings | (962) | (627) | (834) |
Exchange differences | 250 | 341 | (905) |
Income (expense) from derivative financial instruments | (14) | (307) | 837 |
Other finance income (expense) | |||
Interest and other income on financing receivables and securities held for operating purposes | 112 | 132 | 128 |
Capitalized finance expense | 93 | 52 | 73 |
Finance expense due to the passage of time (accretion discount) | (255) | (249) | (264) |
Other finance (expense) | (103) | (313) | (271) |
Other finance income (cost) | (153) | (378) | (334) |
Finance income (expense) | € (879) | € (971) | € (1,236) |
Income (expense) from investm_3
Income (expense) from investments (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (expense) from investments | |||
Dividends | € 247 | € 231 | € 205 |
Net gain (loss) on disposals | 19 | 22 | 163 |
Other net income (expense) | 15 | 910 | (33) |
Other gain (loss) from investments | € 281 | € 1,163 | € 335 |
Income (expense) from investm_4
Income (expense) from investments - Additional information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other gain (loss) from investments | |||
Dividend income | € 247 | € 231 | € 205 |
Other net income | 15 | 910 | (33) |
Eni Norge AS | |||
Other gain (loss) from investments | |||
Other net income | 889 | ||
Nigeria LNG Ltd | |||
Other gain (loss) from investments | |||
Dividend income | 186 | 187 | 167 |
Saudi European Petrochemical Co | |||
Other gain (loss) from investments | |||
Dividend income | € 46 | € 35 | € 21 |
Income taxes (Details)
Income taxes (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current taxes: | |||
Current taxes | € 5,228 | € 5,370 | € 4,021 |
Net deferred taxes: | |||
Net deferred taxes | 363 | 600 | (554) |
Income tax expense | 5,591 | 5,970 | 3,467 |
Italy | |||
Current taxes: | |||
Current taxes | 347 | 301 | 712 |
Net deferred taxes: | |||
Net deferred taxes | 599 | 130 | (464) |
Foreign current income tax expense | 137 | ||
Exploration & Production | Foreign (outside Italy) | |||
Current taxes: | |||
Current taxes | 4,729 | 4,906 | 3,167 |
Net deferred taxes: | |||
Net deferred taxes | (172) | 497 | (162) |
Other segments | Foreign (outside Italy) | |||
Current taxes: | |||
Current taxes | 152 | 163 | 142 |
Net deferred taxes: | |||
Net deferred taxes | € (64) | € (27) | € 72 |
Income taxes - Reconciliation b
Income taxes - Reconciliation between statutory tax and effective tax charge (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes | |||
Profit (loss) before taxation | € 5,746 | € 10,107 | € 6,844 |
Tax rate (IRES) (%) | 24.00% | 24.00% | 24.00% |
Statutory corporation tax charge (credit) on profit or loss | € 1,379 | € 2,426 | € 1,643 |
Increase (decrease) resulting from: | |||
- higher tax charges related to subsidiaries outside Italy | 2,934 | 3,096 | 1,882 |
- impact pursuant to the write-down of deferred tax assets and recalculation of tax rates | 938 | 261 | (96) |
- tax effects related to previous years | 147 | (24) | (1) |
- impact pursuant to foreign tax effects of italian entities | 105 | 46 | 54 |
- effect due to the tax regime provided for intercompany dividends | 65 | 47 | 1 |
- Italian regional income tax (IRAP) | 25 | 50 | 77 |
- impact pursuant to redetermination of the Italian Windfall Corporate tax as per Law 7/2009 | 61 | ||
- effect due to non-taxable gains/losses on sales of investments | (1) | (177) | |
- other adjustments | (2) | 69 | 23 |
Net tax effect | 4,212 | 3,544 | 1,824 |
Income tax expense | 5,591 | 5,970 | 3,467 |
Exploration & Production | |||
Increase (decrease) resulting from: | |||
- higher tax charges related to subsidiaries outside Italy | € 2,934 | € 3,014 | € 1,811 |
Earnings per share (Details)
Earnings per share (Details) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share | |||
Weighted average number of shares used for basic earnings per share | 3,592,249,603 | 3,601,140,133 | 3,601,140,133 |
Potential shares to be issued for ILT incentive plan | 2,251,406 | 2,782,584 | 1,691,413 |
Weighted average number of shares used for diluted earnings per share | 3,594,501,009 | 3,603,922,717 | 3,602,831,546 |
Eni's net profit | € 148 | € 4,126 | € 3,374 |
Basic earnings per share | € 0.04 | € 1.15 | € 0.94 |
Diluted earnings per share | € 0.04 | € 1.15 | € 0.94 |
Earnings per share - Shares (De
Earnings per share - Shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share | |||
Weighted average number of shares used for basic earnings per share | 3,592,249,603 | 3,601,140,133 | 3,601,140,133 |
Exploration for evaluation of_3
Exploration for evaluation of oil&gas resources (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Exploration for evaluation of oil&gas resources | |||
Revenues related to exploration activity and evaluation | € 34 | € 17 | € 9 |
- write-off of exploration and evaluation costs | 214 | 93 | 252 |
- costs of geological and geophysical studies | 275 | 287 | 273 |
Exploration expense for the year | 489 | 380 | 525 |
Intangible assets: proved and unproved exploration licence and leasehold property acquisition costs | 1,031 | 1,081 | 995 |
Tangible assets: capitalized exploration and evaluation costs | 1,563 | 1,267 | 1,371 |
Total tangible and intangible assets | 2,594 | 2,348 | 2,366 |
Provision for decommissioning related to exploration activity and evaluation | 109 | 77 | 81 |
Exploration expenditure (net cash used in investing activities) | 586 | 463 | 442 |
Geological and geophysical costs (cash flow from operating activities) | 275 | 287 | 273 |
Total exploration effort | € 861 | € 750 | € 715 |
Segment information and infor_3
Segment information and information by geographical area (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reportable segments | |||
Sales from operations | € 69,881 | € 75,822 | € 66,919 |
Operating profit | 6,432 | 9,983 | 8,012 |
Net provisions for contingencies | 858 | 1,120 | 886 |
Depreciation and amortization | (8,106) | (6,988) | (7,483) |
Impairments of tangible and intangible assets and right-of-use assets | (2,570) | (1,292) | (862) |
Reversals of tangible and intangible assets | 382 | 426 | 1,087 |
Write-off of tangible and intangible assets | (300) | (100) | (263) |
Share of profit (loss) from equity-accounted investments | (88) | (68) | (267) |
Assets | 123,440 | 118,373 | |
Equity-accounted investments | 9,035 | 7,044 | 3,511 |
Liabilities | 75,540 | 67,300 | |
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 8,376 | 9,119 | 8,681 |
Allocated amounts | |||
Reportable segments | |||
Assets | 91,795 | 85,483 | 89,816 |
Liabilities | 36,401 | 34,540 | 33,876 |
Elimination of intersegment amounts | |||
Reportable segments | |||
Operating profit | (120) | 211 | (27) |
Net provisions for contingencies | (51) | (21) | |
Depreciation and amortization | 32 | 30 | 29 |
Assets | (492) | (420) | (610) |
Liabilities | (141) | (275) | (306) |
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | (14) | (17) | (16) |
Unallocated amounts | |||
Reportable segments | |||
Assets | 31,645 | 32,890 | 25,112 |
Liabilities | 39,139 | 32,760 | 32,973 |
Exploration & Production | |||
Reportable segments | |||
Sales from operations | 10,499 | 9,943 | 7,131 |
Exploration & Production | Operating segments | |||
Reportable segments | |||
Sales from operations | 23,572 | 25,744 | 19,525 |
Operating profit | 7,417 | 10,214 | 7,651 |
Net provisions for contingencies | 97 | 235 | 479 |
Depreciation and amortization | (7,060) | (6,152) | (6,747) |
Impairments of tangible and intangible assets and right-of-use assets | (1,347) | (1,025) | (650) |
Reversals of tangible and intangible assets | 130 | 299 | 808 |
Write-off of tangible and intangible assets | (292) | (97) | (260) |
Share of profit (loss) from equity-accounted investments | 7 | 158 | (99) |
Assets | 68,915 | 63,051 | 66,661 |
Equity-accounted investments | 4,108 | 4,972 | 1,234 |
Liabilities | 20,164 | 18,110 | 17,273 |
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 6,996 | 7,901 | 7,739 |
Exploration & Production | Elimination of intersegment amounts | |||
Reportable segments | |||
Sales from operations | (13,073) | (15,801) | (12,394) |
Gas & Power | |||
Reportable segments | |||
Sales from operations | 38,160 | 43,109 | 39,846 |
Gas & Power | Operating segments | |||
Reportable segments | |||
Sales from operations | 50,015 | 55,690 | 50,623 |
Operating profit | 699 | 629 | 75 |
Net provisions for contingencies | 232 | 53 | (20) |
Depreciation and amortization | (447) | (408) | (345) |
Impairments of tangible and intangible assets and right-of-use assets | (83) | (56) | (56) |
Reversals of tangible and intangible assets | 46 | 127 | 202 |
Write-off of tangible and intangible assets | (1) | (1) | (2) |
Share of profit (loss) from equity-accounted investments | (11) | 9 | (10) |
Assets | 9,176 | 9,989 | 11,058 |
Equity-accounted investments | 487 | 494 | 509 |
Liabilities | 7,852 | 8,314 | 8,851 |
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 230 | 215 | 142 |
Gas & Power | Elimination of intersegment amounts | |||
Reportable segments | |||
Sales from operations | (11,855) | (12,581) | (10,777) |
Refining & Marketing and Chemical | |||
Reportable segments | |||
Sales from operations | 21,017 | 22,594 | 19,771 |
Refining & Marketing and Chemical | Operating segments | |||
Reportable segments | |||
Sales from operations | 23,334 | 25,216 | 22,107 |
Operating profit | (854) | (380) | 981 |
Net provisions for contingencies | 273 | 274 | 182 |
Depreciation and amortization | (485) | (399) | (360) |
Impairments of tangible and intangible assets and right-of-use assets | (1,127) | (193) | (131) |
Reversals of tangible and intangible assets | 205 | 77 | |
Write-off of tangible and intangible assets | (6) | (2) | (1) |
Share of profit (loss) from equity-accounted investments | (63) | (67) | (57) |
Assets | 12,336 | 11,692 | 11,599 |
Equity-accounted investments | 3,107 | 275 | 321 |
Liabilities | 4,599 | 4,319 | 4,005 |
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 933 | 877 | 729 |
Refining & Marketing and Chemical | Elimination of intersegment amounts | |||
Reportable segments | |||
Sales from operations | (2,317) | (2,622) | (2,336) |
Corporate and Other activities | |||
Reportable segments | |||
Sales from operations | 205 | 176 | 171 |
Corporate and Other activities | Operating segments | |||
Reportable segments | |||
Sales from operations | 1,681 | 1,589 | 1,462 |
Operating profit | (710) | (691) | (668) |
Net provisions for contingencies | 307 | 579 | 245 |
Depreciation and amortization | (146) | (59) | (60) |
Impairments of tangible and intangible assets and right-of-use assets | (13) | (18) | (25) |
Reversals of tangible and intangible assets | 1 | ||
Write-off of tangible and intangible assets | (1) | ||
Share of profit (loss) from equity-accounted investments | (21) | (168) | (101) |
Assets | 1,860 | 1,171 | 1,108 |
Equity-accounted investments | 1,333 | 1,303 | 1,447 |
Liabilities | 3,927 | 4,072 | 4,053 |
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 231 | 143 | 87 |
Corporate and Other activities | Elimination of intersegment amounts | |||
Reportable segments | |||
Sales from operations | € (1,476) | € (1,413) | € (1,291) |
Segment information and infor_4
Segment information and information by geographical area - Identifiable assets and investments (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Geographical areas | |||
Assets | € 123,440 | € 118,373 | |
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 8,376 | 9,119 | € 8,681 |
Italy | |||
Geographical areas | |||
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 1,402 | 1,424 | 1,090 |
Other European Union | |||
Geographical areas | |||
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 306 | 267 | 316 |
Rest of Europe | |||
Geographical areas | |||
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 9 | 538 | 387 |
Americas | |||
Geographical areas | |||
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 1,017 | 534 | 278 |
Asia | |||
Geographical areas | |||
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 1,685 | 1,782 | 898 |
Africa | |||
Geographical areas | |||
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 3,902 | 4,533 | 5,699 |
Other areas | |||
Geographical areas | |||
Capital expenditure in tangible and intangible assets and prepaid right-of-use assets | 55 | 41 | 13 |
Allocated amounts | |||
Geographical areas | |||
Assets | 91,795 | 85,483 | 89,816 |
Allocated amounts | Italy | |||
Geographical areas | |||
Assets | 19,346 | 18,646 | 18,449 |
Allocated amounts | Other European Union | |||
Geographical areas | |||
Assets | 7,237 | 7,086 | 7,706 |
Allocated amounts | Rest of Europe | |||
Geographical areas | |||
Assets | 1,151 | 1,031 | 6,160 |
Allocated amounts | Americas | |||
Geographical areas | |||
Assets | 5,230 | 4,546 | 4,406 |
Allocated amounts | Asia | |||
Geographical areas | |||
Assets | 17,898 | 16,910 | 16,527 |
Allocated amounts | Africa | |||
Geographical areas | |||
Assets | 40,021 | 36,155 | 35,385 |
Allocated amounts | Other areas | |||
Geographical areas | |||
Assets | € 912 | € 1,109 | € 1,183 |
Segment information and infor_5
Segment information and information by geographical area - Revenue (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Geographical areas | |||
Sales from operations | € 69,881 | € 75,822 | € 66,919 |
Italy | |||
Geographical areas | |||
Sales from operations | 23,312 | 25,279 | 21,925 |
Other European Union | |||
Geographical areas | |||
Sales from operations | 18,567 | 20,408 | 19,791 |
Rest of Europe | |||
Geographical areas | |||
Sales from operations | 6,931 | 7,052 | 5,911 |
Americas | |||
Geographical areas | |||
Sales from operations | 3,842 | 5,051 | 5,154 |
Asia | |||
Geographical areas | |||
Sales from operations | 8,102 | 9,585 | 7,523 |
Africa | |||
Geographical areas | |||
Sales from operations | 8,998 | 8,246 | 6,428 |
Other areas | |||
Geographical areas | |||
Sales from operations | € 129 | € 201 | € 187 |
Transactions with related par_3
Transactions with related parties (Details) - Transactions and balances - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Transactions With Related Parties | |||
Receivables and other assets | € 1,104 | € 864 | € 910 |
Payables and other liabilities | 2,841 | 3,750 | 2,891 |
Guarantees | 2,596 | 2,588 | 8,603 |
Revenues | 1,252 | 1,391 | 1,608 |
Costs | 9,173 | 8,005 | 9,198 |
Other operating (expense) income | 19 | 319 | 331 |
Individual amount limit to be included in other related parties | 50 | 50 | 50 |
Joint ventures and associates and investments in unconsolidated entities controlled by Eni | |||
Transactions With Related Parties | |||
Receivables and other assets | 485 | 329 | 392 |
Payables and other liabilities | 2,009 | 2,872 | 1,755 |
Guarantees | 2,596 | 2,588 | 8,602 |
Revenues | 305 | 353 | 426 |
Costs | 5,466 | 4,526 | 5,363 |
Other operating (expense) income | (1) | 11 | 28 |
Joint ventures and associates | |||
Transactions With Related Parties | |||
Receivables and other assets | 379 | 236 | 295 |
Payables and other liabilities | 1,983 | 2,848 | 1,731 |
Guarantees | 2,399 | 2,392 | 8,421 |
Revenues | 285 | 335 | 412 |
Costs | 5,448 | 4,513 | 5,349 |
Other operating (expense) income | (1) | 11 | 28 |
Agiba Petroleum Co | |||
Transactions With Related Parties | |||
Receivables and other assets | 3 | 1 | 1 |
Payables and other liabilities | 71 | 96 | 83 |
Costs | 229 | 156 | 142 |
Angola LNG Supply Services Llc | |||
Transactions With Related Parties | |||
Guarantees | 181 | 177 | |
Coral FLNG SA | |||
Transactions With Related Parties | |||
Receivables and other assets | 15 | 14 | 20 |
Payables and other liabilities | 4 | ||
Guarantees | 1,168 | 1,147 | 1,094 |
Revenues | 71 | 62 | 28 |
Gas Distribution Company of Thessaloniki Thessaly SA | |||
Transactions With Related Parties | |||
Receivables and other assets | 1 | ||
Payables and other liabilities | 13 | 18 | |
Costs | 53 | 51 | |
Saipem Group | |||
Transactions With Related Parties | |||
Receivables and other assets | 75 | 75 | 63 |
Payables and other liabilities | 227 | 171 | 76 |
Guarantees | 510 | 793 | 7,270 |
Revenues | 27 | 30 | 44 |
Costs | 503 | 420 | 450 |
Karachaganak Petroleum Operating BV | |||
Transactions With Related Parties | |||
Receivables and other assets | 33 | 27 | 36 |
Payables and other liabilities | 198 | 134 | 121 |
Revenues | 1 | 1 | |
Costs | 1,134 | 998 | 951 |
Mellitah Oil & Gas BV | |||
Transactions With Related Parties | |||
Receivables and other assets | 57 | 1 | 5 |
Payables and other liabilities | 171 | 268 | 220 |
Revenues | 3 | 1 | 2 |
Costs | 365 | 502 | 495 |
Petrobel Belayim Petroleum Co | |||
Transactions With Related Parties | |||
Receivables and other assets | 50 | 56 | 86 |
Payables and other liabilities | 1,130 | 2,029 | 1,205 |
Revenues | 7 | 7 | 8 |
Costs | 1,590 | 2,282 | 3,168 |
Union Fenosa Gas SA | |||
Transactions With Related Parties | |||
Receivables and other assets | 8 | 4 | |
Payables and other liabilities | 1 | 7 | |
Guarantees | 57 | 57 | 57 |
Revenues | 1 | 123 | 202 |
Costs | 6 | 3 | |
Other operating (expense) income | 63 | 37 | 28 |
Var Energi AS | |||
Transactions With Related Parties | |||
Receivables and other assets | 32 | 13 | |
Payables and other liabilities | 143 | 100 | |
Guarantees | 482 | 218 | |
Revenues | 63 | ||
Costs | 1,481 | ||
Other operating (expense) income | (64) | ||
Other joint ventures and associates | |||
Transactions With Related Parties | |||
Receivables and other assets | 106 | 44 | 84 |
Payables and other liabilities | 29 | 25 | 22 |
Guarantees | 1 | ||
Revenues | 112 | 111 | 128 |
Costs | 87 | 104 | 140 |
Other operating (expense) income | (26) | ||
Investments in unconsolidated entities controlled by Eni | |||
Transactions With Related Parties | |||
Receivables and other assets | 106 | 93 | 97 |
Payables and other liabilities | 26 | 24 | 24 |
Guarantees | 197 | 196 | 181 |
Revenues | 20 | 18 | 14 |
Costs | 18 | 13 | 14 |
Eni BTC Ltd | |||
Transactions With Related Parties | |||
Guarantees | 180 | 177 | 169 |
Industria Siciliana Acido Fosforico ISAF SPA | |||
Transactions With Related Parties | |||
Receivables and other assets | 101 | 87 | 77 |
Payables and other liabilities | 1 | 1 | 1 |
Guarantees | 3 | 5 | 5 |
Revenues | 14 | 11 | 7 |
Other unconsolidated subsidiaries | |||
Transactions With Related Parties | |||
Receivables and other assets | 5 | 6 | 20 |
Payables and other liabilities | 25 | 23 | 23 |
Guarantees | 14 | 14 | 7 |
Revenues | 6 | 7 | 7 |
Costs | 18 | 13 | 14 |
Entities controlled by the Government | |||
Transactions With Related Parties | |||
Receivables and other assets | 542 | 494 | 478 |
Payables and other liabilities | 755 | 736 | 989 |
Guarantees | 1 | ||
Revenues | 909 | 1,000 | 1,139 |
Costs | 3,213 | 3,218 | 3,280 |
Other operating (expense) income | 20 | 308 | 303 |
Enel Group | |||
Transactions With Related Parties | |||
Receivables and other assets | 185 | 134 | 123 |
Payables and other liabilities | 284 | 151 | 187 |
Revenues | 105 | 118 | 164 |
Costs | 602 | 514 | 622 |
Other operating (expense) income | (8) | 227 | 285 |
Italgas Group | |||
Transactions With Related Parties | |||
Receivables and other assets | 3 | 5 | 14 |
Payables and other liabilities | 154 | 146 | 180 |
Guarantees | 1 | ||
Revenues | 1 | 23 | 18 |
Costs | 677 | 667 | 681 |
Snam Group | |||
Transactions With Related Parties | |||
Receivables and other assets | 278 | 237 | 187 |
Payables and other liabilities | 229 | 289 | 351 |
Revenues | 71 | 109 | 85 |
Costs | 1,208 | 1,184 | 1,221 |
Other operating (expense) income | (1) | ||
Terna Group | |||
Transactions With Related Parties | |||
Receivables and other assets | 40 | 26 | 35 |
Payables and other liabilities | 45 | 47 | 31 |
Revenues | 171 | 150 | 154 |
Costs | 223 | 231 | 212 |
Other operating (expense) income | 17 | 8 | 15 |
GSE Gestore Servizi Energetic | |||
Transactions With Related Parties | |||
Receivables and other assets | 26 | 67 | 69 |
Payables and other liabilities | 24 | 85 | 219 |
Revenues | 549 | 555 | 702 |
Costs | 468 | 588 | 506 |
Other operating (expense) income | 11 | 74 | 2 |
Other entities controlled by government | |||
Transactions With Related Parties | |||
Receivables and other assets | 10 | 25 | 50 |
Payables and other liabilities | 19 | 18 | 21 |
Revenues | 12 | 45 | 16 |
Costs | 35 | 34 | 38 |
Other operating (expense) income | 1 | ||
Other related parties | |||
Transactions With Related Parties | |||
Receivables and other assets | 2 | 1 | 1 |
Payables and other liabilities | 3 | 2 | 2 |
Revenues | 5 | 4 | 1 |
Costs | 37 | 32 | 25 |
Pension funds | |||
Transactions With Related Parties | |||
Costs | 30 | ||
Fondazione Eni Enrico Mattei | |||
Transactions With Related Parties | |||
Costs | 6 | ||
Eni Foundation | |||
Transactions With Related Parties | |||
Costs | 1 | ||
Groupement Sonatrach Agip and Organe Conjoint des Operations | |||
Transactions With Related Parties | |||
Receivables and other assets | 75 | 40 | 39 |
Payables and other liabilities | 74 | 140 | 145 |
Revenues | 33 | 34 | 42 |
Costs | € 457 | € 229 | € 530 |
Transactions with related par_4
Transactions with related parties - Financing transactions with related parties (Details) - Financing transactions - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Transactions With Related Parties | |||
Receivables | € 971 | € 964 | € 1,287 |
Payables | 59 | 661 | 164 |
Guarantees | 1,676 | 1,664 | 1,625 |
Gains | 96 | 115 | 191 |
Charges | 36 | 283 | 4 |
Individual amount limit to be included in other related parties | 50 | ||
Joint ventures and associates | |||
Transactions With Related Parties | |||
Receivables | 919 | 915 | 1,226 |
Payables | 19 | 564 | 95 |
Guarantees | 1,676 | 1,664 | 1,625 |
Gains | 95 | 115 | 190 |
Charges | 36 | 281 | 1 |
Angola LNG Ltd | |||
Transactions With Related Parties | |||
Guarantees | 249 | 245 | 233 |
Cardon IV SA | |||
Transactions With Related Parties | |||
Receivables | 563 | 705 | 955 |
Payables | 5 | 36 | |
Gains | 77 | 95 | 86 |
Coral FLNG SA | |||
Transactions With Related Parties | |||
Receivables | 253 | 108 | 56 |
Gains | 71 | ||
Charges | 2 | ||
Coral South FLNG DMCC | |||
Transactions With Related Parties | |||
Guarantees | 1,425 | 1,397 | 1,334 |
Shatskmorneftegaz Sarl | |||
Transactions With Related Parties | |||
Receivables | 101 | ||
Gains | 7 | 6 | |
Charges | 267 | ||
Societe Centrale Electrique du Congo SA | |||
Transactions With Related Parties | |||
Receivables | 85 | 64 | 66 |
Payables | 30 | 43 | |
Charges | 20 | 5 | |
Saipem Group | |||
Transactions With Related Parties | |||
Payables | 3 | ||
Guarantees | 56 | ||
Gains | 13 | ||
Var Energi AS | |||
Transactions With Related Parties | |||
Payables | 494 | ||
Other joint ventures and associates | |||
Transactions With Related Parties | |||
Receivables | 18 | 38 | 48 |
Payables | 14 | 4 | 49 |
Guarantees | 2 | 22 | 2 |
Gains | 18 | 13 | 14 |
Charges | 14 | 9 | 1 |
Investments in unconsolidated entities controlled by Eni | |||
Transactions With Related Parties | |||
Receivables | 48 | 61 | |
Payables | 28 | 61 | |
Gains | 1 | 1 | |
Servizi Fondo Bombole Metano SpA | |||
Transactions With Related Parties | |||
Receivables | 60 | ||
Payables | 9 | ||
Gains | 1 | ||
Other unconsolidated subsidiaries | |||
Transactions With Related Parties | |||
Receivables | 48 | 49 | 1 |
Payables | 28 | 25 | 52 |
Gains | 1 | ||
Entities controlled by the Government | |||
Transactions With Related Parties | |||
Receivables | 4 | ||
Payables | 12 | 72 | 8 |
Charges | 2 | 3 | |
Enel Group | |||
Transactions With Related Parties | |||
Payables | 64 | ||
Other entities controlled by government | |||
Transactions With Related Parties | |||
Receivables | 4 | ||
Payables | € 12 | 8 | 8 |
Charges | € 2 | € 3 |
Transactions with related par_5
Transactions with related parties - Impact of transactions and positions with related parties (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Transactions With Related Parties | |||
Other current financial assets | € 384 | € 300 | |
Trade and other receivables | 12,873 | 14,101 | |
Other current assets | 3,972 | 2,819 | |
Other non-current financial assets | 1,174 | 1,253 | |
Other non-current assets | 871 | 624 | |
Short-term debt | 2,452 | 2,182 | |
Current portion of long-term lease liabilities | 889 | ||
Trade and other payables | 15,545 | 16,747 | |
Other current liabilities | 7,146 | 5,412 | |
Long-term lease liabilities | 4,759 | ||
Other non-current liabilities | € 1,611 | € 1,475 | |
Other current financial assets, Percentage | 15.63% | 16.33% | |
Trade and other receivables, Percentage | 5.47% | 4.49% | |
Other current assets, Percentage | 5.51% | 2.52% | |
Other non-current financial assets, Percentage | 77.60% | 73.02% | |
Other non-current assets, Percentage | 20.78% | 25.64% | |
Short-term debt, Percentage | 1.88% | 30.29% | |
Current portion of long-term lease liabilities, Percentage | 0.56% | ||
Trade and other payables, Percentage | 17.13% | 21.88% | |
Other current liabilities, Percentage | 2.17% | 1.16% | |
Long-term lease liabilities, Percentage | 0.17% | ||
Other non-current liabilities, Percentage | 1.43% | 1.56% | |
Sales from operations | € 69,881 | € 75,822 | € 66,919 |
Other income and revenues | 1,160 | 1,116 | 4,058 |
Purchases, services and other | (50,874) | (55,622) | (51,548) |
Net (impairment losses) reversals of trade and other receivables | (432) | (415) | (913) |
Payroll and related costs | (2,996) | (3,093) | (2,951) |
Other operating (expense) income | 287 | 129 | (32) |
Finance income | 3,087 | 3,967 | 3,924 |
Finance expense | € (4,079) | € (4,663) | € (5,886) |
Sales from operations, Percentage | 1.79% | 1.82% | 2.34% |
Other income and revenues, Percentage | 0.34% | 0.72% | 1.01% |
Purchases, services and other, Percentage | 18.03% | 14.40% | 17.78% |
Payroll and related costs, Percentage | 0.93% | 0.71% | 1.15% |
Other operating (expense) income, Percentage | 6.62% | ||
Financial income, Percentage | 3.11% | 2.90% | 4.87% |
Financial expense, Percentage | 0.88% | 6.07% | 0.07% |
Net cash provided by operating activities | € 12,392 | € 13,647 | € 10,117 |
Net cash used in investing activities | (11,413) | (7,536) | (3,768) |
Net cash used in financing activities | (5,841) | (2,637) | (4,595) |
Related parties | |||
Transactions With Related Parties | |||
Other current financial assets | 60 | 49 | |
Trade and other receivables | 704 | 633 | |
Other current assets | 219 | 71 | |
Other non-current financial assets | 911 | 915 | |
Other non-current assets | 181 | 160 | |
Short-term debt | 46 | 661 | |
Current portion of long-term lease liabilities | 5 | ||
Trade and other payables | 2,663 | 3,664 | |
Other current liabilities | 155 | 63 | |
Long-term lease liabilities | 8 | ||
Other non-current liabilities | 23 | 23 | |
Sales from operations | 1,248 | 1,383 | 1,567 |
Other income and revenues | 4 | 8 | 41 |
Purchases, services and other | (9,173) | (8,009) | (9,164) |
Net (impairment losses) reversals of trade and other receivables | 28 | 26 | |
Payroll and related costs | (28) | (22) | (34) |
Other operating (expense) income | 19 | 319 | 331 |
Finance income | 96 | 115 | 191 |
Finance expense | (36) | (283) | (4) |
Revenue and other income cash flow | 1,252 | 1,391 | 1,608 |
Costs and other expenses cash flow | (6,869) | (5,210) | (5,360) |
Other operating income (expense) cash flow | 19 | 319 | 331 |
Net change in trade and other receivables and payables | (839) | 683 | 391 |
Net interests cash flow | 81 | 110 | 187 |
Net cash provided by operating activities | (6,356) | (2,707) | (2,843) |
Capital expenditure in tangible and intangible assets | (2,332) | (2,768) | (3,838) |
Net change in accounts payable and receivable in relation to investments | (339) | 20 | 425 |
Change in financial receivables | (241) | (566) | 298 |
Net cash used in investing activities | (2,912) | (3,314) | (3,115) |
Change in financial and lease liabilities | (817) | 16 | (16) |
Net cash used in financing activities | (817) | 16 | (16) |
Total financial flows to related parties | € (10,085) | € (6,005) | € (5,974) |
Net cash used in investing activities, Percentage | 25.51% | 43.98% | 82.67% |
Net cash used in financing activities, Percentage | 13.99% | 0.35% |
Other information about inves_3
Other information about investments - Parent company (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Parent | ||
Share capital | € 4,005,000,000 | € 4,005,000,000 |
ENI SpA | ||
Parent | ||
Share capital | € 4,005,358,876 | € 4,005,358,876 |
ENI SpA | ||
Parent | ||
Registered office | Rome | |
Country of operation | Italy | |
Share capital | € 4,005,358,876 | |
ENI SpA | Cassa Depositi ePrestiti SpA [Member] | ||
Parent | ||
Percentage of interest held in reporting entity | 25.76% | |
ENI SpA | Ministero dell Economia e delle Finanze [Member] | ||
Parent | ||
Percentage of interest held in reporting entity | 4.34% | |
ENI SpA | ENI SpA | ||
Parent | ||
Percentage of interest held in reporting entity | 1.70% | |
ENI SpA | Other Shareholders [Member] | ||
Parent | ||
Percentage of interest held in reporting entity | 68.20% |
Other information about inves_4
Other information about investments - Subsidiaries - Exploration & Production (Details) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2019ARS ($) | Dec. 31, 2019DZD (دج) | Dec. 31, 2019RUB (₽) | Dec. 31, 2019CAD ($) | Dec. 31, 2019UAH (₴) | Dec. 31, 2019CDF (CF) | Dec. 31, 2019BRL (R$) | Dec. 31, 2019NGN (₦) | Dec. 31, 2019MXN ($) | Dec. 31, 2019AUD ($) | Dec. 31, 2019GHS (GH₵) | Dec. 31, 2019GBP (£) | Dec. 31, 2019XAF ( ) | Dec. 31, 2019EGP (ج.م.) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Subsidiaries | |||||||||||||||||
Share capital | € 4,005,000,000 | € 4,005,000,000 | |||||||||||||||
ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Share capital | 4,005,358,876 | € 4,005,358,876 | |||||||||||||||
Exploration & Production | Italy | Subsidiaries One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Angola SpA | ||||||||||||||||
Registered office | San Donato Milanese (MI) | ||||||||||||||||
Country of operation | Angola | ||||||||||||||||
Share capital | 20,200,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries One [Member] | ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Two [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Mediterranea Idrocarburi SpA | ||||||||||||||||
Registered office | Gela (CL) | ||||||||||||||||
Country of operation | Italy | ||||||||||||||||
Share capital | 5,200,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Two [Member] | ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Three [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Mozambico SpA | ||||||||||||||||
Registered office | San Donato Milanese (MI) | ||||||||||||||||
Country of operation | Mozambique | ||||||||||||||||
Share capital | 200,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Three [Member] | ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Four [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Timor Leste SpA | ||||||||||||||||
Registered office | San Donato Milanese (MI) | ||||||||||||||||
Country of operation | East Timor | ||||||||||||||||
Share capital | 6,841,517 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Four [Member] | ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Five [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni West Africa SpA | ||||||||||||||||
Registered office | San Donato Milanese (MI) | ||||||||||||||||
Country of operation | Angola | ||||||||||||||||
Share capital | 10,000,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Five [Member] | ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Six [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | EniProgetti SpA | ||||||||||||||||
Registered office | Venezia Marghera (VE) | ||||||||||||||||
Country of operation | Italy | ||||||||||||||||
Share capital | 2,064,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Six [Member] | ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Seven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Floaters SpA | ||||||||||||||||
Registered office | San Donato Milanese (MI) | ||||||||||||||||
Country of operation | Italy | ||||||||||||||||
Share capital | 200,120,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Seven [Member] | ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Eight [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Ieoc SpA | ||||||||||||||||
Registered office | San Donato Milanese (MI) | ||||||||||||||||
Country of operation | Egypt | ||||||||||||||||
Share capital | 7,518,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Eight [Member] | ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Nine [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Società Petrolifera Italiana SpA | ||||||||||||||||
Registered office | San Donato Milanese (MI) | ||||||||||||||||
Country of operation | Italy | ||||||||||||||||
Share capital | 13,877,600 | ||||||||||||||||
% Equity ratio | 99.96% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Nine [Member] | ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.96% | ||||||||||||||||
Exploration & Production | Italy | Subsidiaries Nine [Member] | Third parties | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 0.04% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ten [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Agip Caspian Sea BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Kazakhstan | ||||||||||||||||
Share capital | 20,005 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ten [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eleven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Agip Energy and Natural Resources (Nigeria) Ltd | ||||||||||||||||
Registered office | Abuja (Nigeria) | ||||||||||||||||
Country of operation | Nigeria | ||||||||||||||||
Share capital | ₦ | ₦ 5,000,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eleven [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 95.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eleven [Member] | Eni Oil Holdings BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 5.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twelve [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Agip Karachaganak BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Kazakhstan | ||||||||||||||||
Share capital | 20,005 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twelve [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirteen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Agip Oleoducto de Crudos Pesados BV (in liquidation) | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Ecuador | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
Consolidation or valuation method | Co. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirteen [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fourteen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Burren Energy (Bermuda) Ltd | ||||||||||||||||
Registered office | Hamilton (Bermuda) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | $ | $ 12,002 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fourteen [Member] | Burren Energy Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifteen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Burren Energy (Egypt) Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Egypt | ||||||||||||||||
Share capital | £ | £ 2 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifteen [Member] | Burren Energy Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixteen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Burren Energy Congo Ltd | ||||||||||||||||
Registered office | Tortola (British Virgin Islands) | ||||||||||||||||
Country of operation | Republic of the Congo | ||||||||||||||||
Share capital | $ | 50,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixteen [Member] | Burren En.(Berm) Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventeen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Burren Energy India Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 2 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventeen [Member] | Burren Energy Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighteen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Burren Energy Plc | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 28,819,023 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighteen [Member] | Eni UK Holding Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Nineteen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Burren Shakti Ltd | ||||||||||||||||
Registered office | Hamilton (Bermuda) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | $ | 213,138 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Nineteen [Member] | Burren En. India Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twenty [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Abu Dhabi BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | United Arab Emirates | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twenty [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twenty One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni AEP Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Pakistan | ||||||||||||||||
Share capital | £ | 13,471,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twenty One [Member] | Eni UK Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twenty Two [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Albania BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Netherlands | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twenty Two [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twenty Three [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Algeria Exploration BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Algeria | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twenty Three [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twenty Four [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Algeria Ltd Sàrl | ||||||||||||||||
Registered office | Luxembourg (Luxembourg) | ||||||||||||||||
Country of operation | Algeria | ||||||||||||||||
Share capital | $ | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twenty Four [Member] | Eni Oil Holdings BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twenty Five [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Algeria Production BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Algeria | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Twenty Five [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | SubsidiariesTwenty Six [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Ambalat Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | SubsidiariesTwenty Six [Member] | Eni Indonesia Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | SubsidiariesTwenty Seven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni America Ltd | ||||||||||||||||
Registered office | Dover, Delaware (USA) | ||||||||||||||||
Country of operation | USA | ||||||||||||||||
Share capital | $ | 72,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | SubsidiariesTwenty Seven [Member] | Eni UHL Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | SubsidiariesTwenty Eight [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Angola Exploration BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Angola | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | SubsidiariesTwenty Eight [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | SubsidiariesTwenty Nine [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Angola Production BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Angola | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | SubsidiariesTwenty Nine [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Argentina Exploración y Explotación SA | ||||||||||||||||
Registered office | Buenos Aires (Argentina) | ||||||||||||||||
Country of operation | Argentina | ||||||||||||||||
Share capital | $ | $ 24,136,336 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 95.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty [Member] | Eni Oil Holdings BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 5.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Arguni I Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty One [Member] | Eni Indonesia Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Two [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Australia BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Australia | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Two [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Three [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Australia Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Australia | ||||||||||||||||
Share capital | £ | 20,000,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Three [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Four [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Bahrain BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Bahrain | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Four [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Five [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni BB Petroleum Inc | ||||||||||||||||
Registered office | Dover, Delaware (USA) | ||||||||||||||||
Country of operation | USA | ||||||||||||||||
Share capital | $ | 1,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Five [Member] | Eni Petroleum Co Inc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Six [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni BTC Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Six [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Seven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Bukat Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Seven [Member] | Eni Indonesia Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Eight [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Bulungan BV (in liquidation) | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
Consolidation or valuation method | Co. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Eight [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Nine [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Canada Holding Ltd | ||||||||||||||||
Registered office | Calgary (Canada) | ||||||||||||||||
Country of operation | Canada | ||||||||||||||||
Share capital | $ | 1,453,200,001 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Thirty Nine [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni CBM Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | $ | 2,210,728 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty [Member] | Eni Lasmo Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni China BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | China | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty One [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Two [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Congo SA | ||||||||||||||||
Registered office | Pointe - Noire (Republic of the Congo) | ||||||||||||||||
Country of operation | Republic of the Congo | ||||||||||||||||
Share capital | $ | 17,000,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Two [Member] | Eni E&P Holding BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Three [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Côte d'Ivoire Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Ivory Coast | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Three [Member] | Eni Lasmo Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Four [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Cyprus Ltd | ||||||||||||||||
Registered office | Nicosia (Cyprus) | ||||||||||||||||
Country of operation | Cyprus | ||||||||||||||||
Share capital | 2,006 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Four [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Five [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Denmark BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Greenland | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Five [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Six [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni do Brasil Investimentos em Exploração e Produção de Petróleo Ltda | ||||||||||||||||
Registered office | Rio de Janeiro (Brazil) | ||||||||||||||||
Country of operation | Brazil | ||||||||||||||||
Share capital | R$ | R$ 1593415000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Six [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Seven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni East Ganal Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Seven [Member] | Eni Indonesia Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Eight [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni East Sepinggan Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Eight [Member] | Eni Indonesia Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Nine [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Elgin/ Franklin Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 100 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Forty Nine [Member] | Eni UK Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Energy Russia BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Netherlands | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Exploration & Production Holding BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Netherlands | ||||||||||||||||
Share capital | 29,832,777.12 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty One [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Two [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Gabon SA | ||||||||||||||||
Registered office | Libreville (Gabon) | ||||||||||||||||
Country of operation | Gabon | ||||||||||||||||
Share capital | | 13,132,000,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Two [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Three [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Ganal Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | £ | 2 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Three [Member] | Eni Indonesia Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Four [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Gas & Power LNG Australia BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Australia | ||||||||||||||||
Share capital | 10,000,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Four [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Five [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Ghana Exploration and Production Ltd | ||||||||||||||||
Registered office | Accra (Ghana) | ||||||||||||||||
Country of operation | Ghana | ||||||||||||||||
Share capital | GH₵ | GH₵ 21,412,500 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Five [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Six [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Hewett Ltd | ||||||||||||||||
Registered office | Aberdeen (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 3,036,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Six [Member] | Eni UK Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Seven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Hydrocarbons Venezuela Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Venezuela | ||||||||||||||||
Share capital | £ | 8,050,500 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Seven [Member] | Eni Lasmo Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Eight [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni India Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | India | ||||||||||||||||
Share capital | £ | 44,000,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Eight [Member] | Eni Lasmo Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Nine [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Indonesia Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | £ | 100 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Fifty Nine [Member] | Eni ULX Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Indonesia Ots 1 Ltd | ||||||||||||||||
Registered office | Grand Cayman (Cayman Islands) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | $ | 1.01 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty [Member] | Eni Indonesia Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni International NA NV Sàrl | ||||||||||||||||
Registered office | Luxembourg (Luxembourg) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | $ | 25,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty One [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Two [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Investments Plc | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 750,050,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Two [Member] | ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Three [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Iran BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Iran | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Three [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Four [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Iraq BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Iraq | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Four [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Five [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Ireland BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Ireland | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Five [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Six [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Isatay BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Kazakhstan | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Six [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Seven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni JPDA 03‑13 Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Australia | ||||||||||||||||
Share capital | £ | 250,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Seven [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Eight [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni JPDA 06‑105 Pty Ltd | ||||||||||||||||
Registered office | Perth (Australia) | ||||||||||||||||
Country of operation | Australia | ||||||||||||||||
Share capital | $ | $ 80,830,576 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Eight [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Nine [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni JPDA 11‑106 BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Australia | ||||||||||||||||
Share capital | 50,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Sixty Nine [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Kenya BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Kenya | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Krueng Mane Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | £ | 2 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy One [Member] | Eni Indonesia Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Two [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Lasmo Plc | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 337,638,724.25 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Two [Member] | Eni Investments Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Three [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Lebanon BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Lebanon | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Three [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Four [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Liberia BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Liberia | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Four [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Five [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Liverpool Bay Operating Co Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Five [Member] | Eni UK Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Six [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni LNS Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 80,400,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Six [Member] | Eni UK Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Seven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Marketing Inc | ||||||||||||||||
Registered office | Dover, Delaware (USA) | ||||||||||||||||
Country of operation | USA | ||||||||||||||||
Share capital | $ | 1,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Seven [Member] | Eni Petroleum Co Inc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Eight [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Maroc BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Morocco | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Eight [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Nine [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Mexico S. de RL de CV | ||||||||||||||||
Registered office | Lomas De Chapultepec, Mexico City (México) | ||||||||||||||||
Country of operation | Mexico | ||||||||||||||||
Share capital | $ | $ 3,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Nine [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.90% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Seventy Nine [Member] | Eni Oil Holdings BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 0.10% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Middle East Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty [Member] | Eni ULT Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni MOG Ltd (in liquidation) | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 220,711,147.50 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty One [Member] | Eni Lasmo Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Two [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Montenegro BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Montenegro | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Two [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Three [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Mozambique Engineering Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Three [Member] | Eni Lasmo Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Four [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Mozambique LNG Holding BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Netherlands | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Four [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Five [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Muara Bakau BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Five [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Six [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Myanmar BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Myanmar | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Six [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Seven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni North Africa BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Libya | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Seven [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Eight [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni North Ganal Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Eight [Member] | Eni Indonesia Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Nine [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Oil & Gas Inc | ||||||||||||||||
Registered office | Dover, Delaware (USA) | ||||||||||||||||
Country of operation | USA | ||||||||||||||||
Share capital | $ | 100,800 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Eighty Nine [Member] | Eni America Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Oil Algeria Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Algeria | ||||||||||||||||
Share capital | £ | 1,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety [Member] | Eni Lasmo Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Oil Holdings BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Netherlands | ||||||||||||||||
Share capital | 450,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety One [Member] | Eni ULX Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Two [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Oman BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Oman | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Two [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Three [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Pakistan Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Pakistan | ||||||||||||||||
Share capital | £ | 90,087 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Three [Member] | Eni ULX Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Four [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Pakistan (M) Ltd Sàrl | ||||||||||||||||
Registered office | Luxembourg (Luxembourg) | ||||||||||||||||
Country of operation | Pakistan | ||||||||||||||||
Share capital | $ | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Four [Member] | Eni Oil Holdings BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Five [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Petroleum Co Inc | ||||||||||||||||
Registered office | Dover, Delaware (USA) | ||||||||||||||||
Country of operation | USA | ||||||||||||||||
Share capital | $ | 156,600,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Five [Member] | ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 63.86% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Five [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 36.14% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Six [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Petroleum US Llc | ||||||||||||||||
Registered office | Dover, Delaware (USA) | ||||||||||||||||
Country of operation | USA | ||||||||||||||||
Share capital | $ | 1,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Six [Member] | Eni BB Petroleum Inc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Seven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Portugal BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Portugal | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Seven [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Eight [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni RAK BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Netherlands | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Eight [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Nine [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Rapak Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | £ | 2 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Ninety Nine [Member] | Eni Indonesia Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni RD Congo SA | ||||||||||||||||
Registered office | Kinshasa (Democratic Republic of the Congo) | ||||||||||||||||
Country of operation | Democratic Republic of the Congo | ||||||||||||||||
Share capital | CF | CF 750,000,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Rovuma Basin BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Mozambique | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred One [Member] | Eni Mozambique LNG H. BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Two [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Sharjah BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | United Arab Emirates | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Two [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Three [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni South Africa BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Republic of South Africa | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Three [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Four [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni South China Sea Ltd Sàrl | ||||||||||||||||
Registered office | Luxembourg (Luxembourg) | ||||||||||||||||
Country of operation | China | ||||||||||||||||
Share capital | $ | 20,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Four [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Five [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni TNS Ltd | ||||||||||||||||
Registered office | Aberdeen (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 1,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Five [Member] | Eni UK Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Six [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Tunisia BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Tunisia | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Six [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Seven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Turkmenistan Ltd | ||||||||||||||||
Registered office | Hamilton (Bermuda) | ||||||||||||||||
Country of operation | Turkmenistan | ||||||||||||||||
Share capital | $ | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Seven [Member] | Burren En.(Berm) Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Eight [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni UHL Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Eight [Member] | Eni ULT Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Nine [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni UK Holding Plc | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 424,050,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Nine [Member] | Eni Lasmo Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Ten [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni UK Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 250,000,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Ten [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Eleven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni UKCS Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 100 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Eleven [Member] | Eni UK Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twelve [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Ukraine Holdings BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Netherlands | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twelve [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirteen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Ukraine Llc | ||||||||||||||||
Registered office | Kiev (Ukraine) | ||||||||||||||||
Country of operation | Ukraine | ||||||||||||||||
Share capital | ₴ | ₴ 42,004,757.64 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirteen [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 0.01% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirteen [Member] | Eni Ukraine Hold.BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Fourteen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Ukraine Shallow Waters BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Ukraine | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Fourteen [Member] | Eni Ukraine Hold.BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Fifteen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni ULT Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 93,215,492.25 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Fifteen [Member] | Eni Lasmo Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Sixteen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni ULX Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 200,010,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Sixteen [Member] | Eni ULT Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Seventeen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni US Operating Co Inc | ||||||||||||||||
Registered office | Dover, Delaware (USA) | ||||||||||||||||
Country of operation | USA | ||||||||||||||||
Share capital | $ | 1,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Seventeen [Member] | Eni Petroleum Co Inc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Eighteen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni USA Gas Marketing Llc | ||||||||||||||||
Registered office | Dover, Delaware (USA) | ||||||||||||||||
Country of operation | USA | ||||||||||||||||
Share capital | $ | 10,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Eighteen [Member] | Eni Marketing Inc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Nineteen [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni USA Inc | ||||||||||||||||
Registered office | Dover, Delaware (USA) | ||||||||||||||||
Country of operation | USA | ||||||||||||||||
Share capital | $ | 1,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Nineteen [Member] | Eni Oil & Gas Inc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Venezuela BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Venezuela | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty [Member] | Eni Venezuela E&P Holding | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Venezuela E&P Holding SA | ||||||||||||||||
Registered office | Bruxelles (Belgium) | ||||||||||||||||
Country of operation | Belgium | ||||||||||||||||
Share capital | $ | 254,443,200 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty One [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Two [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Ventures Plc (in liquidation) | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | 278,050,000 | ||||||||||||||||
Consolidation or valuation method | Co. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Two [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Three [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Vietnam BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Vietnam | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Three [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Four [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni West Ganal Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Four [Member] | Eni Indonesia Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Five [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni West Timor Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | £ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Five [Member] | Eni Indonesia Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Six [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eni Yemen Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | £ | £ 1,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Six [Member] | Burren Energy Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Seven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | EniProgetti Egypt Ltd | ||||||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||||||
Country of operation | Egypt | ||||||||||||||||
Share capital | ج.م. | ج.م. 50,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Seven [Member] | ENI SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 1.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Seven [Member] | Eni Progetti SpA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Eight [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Eurl Eni Algérie | ||||||||||||||||
Registered office | Algiers (Algeria) | ||||||||||||||||
Country of operation | Algeria | ||||||||||||||||
Share capital | دج | دج 1,000,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Eight [Member] | Eni Algeria Ltd Sarl | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Nine [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | First Calgary Petroleums LP | ||||||||||||||||
Registered office | Wilmington (USA) | ||||||||||||||||
Country of operation | Algeria | ||||||||||||||||
Share capital | $ | 1 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Nine [Member] | Eni Canada Hold. Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Twenty Nine [Member] | FCP Partner Co ULC | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 0.01% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | First Calgary Petroleums Partner Co ULC | ||||||||||||||||
Registered office | Calgary (Canada) | ||||||||||||||||
Country of operation | Canada | ||||||||||||||||
Share capital | $ | $ 10 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty [Member] | Eni Canada Hold. Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Ieoc Exploration BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Egypt | ||||||||||||||||
Share capital | 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty One [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Two [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Ieoc Production BV | ||||||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||||||
Country of operation | Egypt | ||||||||||||||||
Share capital | € 20,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Two [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Three [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Lasmo Sanga Sanga Ltd | ||||||||||||||||
Registered office | Hamilton (Bermuda) | ||||||||||||||||
Country of operation | Indonesia | ||||||||||||||||
Share capital | $ | 12,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Three [Member] | Eni Lasmo Plc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Four [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Liverpool Bay Ltd | ||||||||||||||||
Registered office | London (United Kingdom) | ||||||||||||||||
Country of operation | United Kingdom | ||||||||||||||||
Share capital | $ | $ 1 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Four [Member] | Eni ULX Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 100.00% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Five [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Mizamtec Operating Company S. de RL de CV | ||||||||||||||||
Registered office | Mexico City (Mexico) | ||||||||||||||||
Country of operation | Mexico | ||||||||||||||||
Share capital | $ | 3,000 | ||||||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Five [Member] | Eni Petroleum Co Inc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 0.10% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Five [Member] | Eni US Op. Co Inc | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.90% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Six [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Nigerian Agip CPFA Ltd | ||||||||||||||||
Registered office | Lagos (Nigeria) | ||||||||||||||||
Country of operation | Nigeria | ||||||||||||||||
Share capital | ₦ | 1,262,500 | ||||||||||||||||
Consolidation or valuation method | Co. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Six [Member] | NAOC Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 98.02% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Six [Member] | Agip En Nat Res. Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 0.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Six [Member] | Nigerian Agip E. Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 0.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Seven [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Nigerian Agip Exploration Ltd | ||||||||||||||||
Registered office | Abuja (Nigeria) | ||||||||||||||||
Country of operation | Nigeria | ||||||||||||||||
Share capital | ₦ | 5,000,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Seven [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.99% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Seven [Member] | Eni Oil Holdings BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 0.01% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Eight [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Nigerian Agip Oil Co Ltd | ||||||||||||||||
Registered office | Abuja (Nigeria) | ||||||||||||||||
Country of operation | Nigeria | ||||||||||||||||
Share capital | ₦ | ₦ 1,800,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Eight [Member] | Eni International BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.89% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Eight [Member] | Eni Oil Holdings BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 0.11% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Nine [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | OOO ‘Eni Energhia' | ||||||||||||||||
Registered office | Moscow (Russia) | ||||||||||||||||
Country of operation | Russia | ||||||||||||||||
Share capital | ₽ | ₽ 2,000,000 | ||||||||||||||||
% Equity ratio | 100.00% | ||||||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Nine [Member] | Eni Oil Holdings BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 0.10% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Thirty Nine [Member] | Eni Energy Russia BV | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 99.90% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Forty [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Zetah Congo Ltd | ||||||||||||||||
Registered office | Nassau (Bahamas) | ||||||||||||||||
Country of operation | Republic of the Congo | ||||||||||||||||
Share capital | $ | 300 | ||||||||||||||||
Consolidation or valuation method | Co. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Forty [Member] | Eni Congo SA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 66.67% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Forty [Member] | Burren En.Congo Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 33.33% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Forty One [Member] | |||||||||||||||||
Subsidiaries | |||||||||||||||||
Company name | Zetah Kouilou Ltd | ||||||||||||||||
Registered office | Nassau (Bahamas) | ||||||||||||||||
Country of operation | Republic of the Congo | ||||||||||||||||
Share capital | $ | $ 2,000 | ||||||||||||||||
Consolidation or valuation method | Co. | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Forty One [Member] | Third parties | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 8.50% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Forty One [Member] | Eni Congo SA | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 54.50% | ||||||||||||||||
Exploration & Production | Foreign (outside Italy) | Subsidiaries Hundred Forty One [Member] | Burren En.Congo Ltd | |||||||||||||||||
Subsidiaries | |||||||||||||||||
% Ownership | 37.00% |
Other information about inves_5
Other information about investments - Subsidiaries - Gas & Power (Details) | 12 Months Ended | ||||
Dec. 31, 2019MXN ($) | Dec. 31, 2019TND (د.ت) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Subsidiaries | |||||
Share capital | € 4,005,000,000 | € 4,005,000,000 | |||
ENI SpA | |||||
Subsidiaries | |||||
Share capital | 4,005,358,876 | € 4,005,358,876 | |||
Gas & Power | Italy | Subsidiaries One [Member] | |||||
Subsidiaries | |||||
Company name | Eni gas e luce SpA | ||||
Registered office | San Donato Milanese (MI) | ||||
Country of operation | Italy | ||||
Share capital | 750,000,000 | ||||
% Equity ratio | 100.00% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Italy | Subsidiaries One [Member] | ENI SpA | |||||
Subsidiaries | |||||
% Ownership | 100.00% | ||||
Gas & Power | Italy | Subsidiaries Two [Member] | |||||
Subsidiaries | |||||
Company name | Eni Gas Transport Services Srl | ||||
Registered office | San Donato Milanese (MI) | ||||
Country of operation | Italy | ||||
Share capital | 120,000 | ||||
Consolidation or valuation method | Co. | ||||
Gas & Power | Italy | Subsidiaries Two [Member] | ENI SpA | |||||
Subsidiaries | |||||
% Ownership | 100.00% | ||||
Gas & Power | Italy | Subsidiaries Three [Member] | |||||
Subsidiaries | |||||
Company name | Eni Trading & Shipping SpA | ||||
Registered office | Rome | ||||
Country of operation | Italy | ||||
Share capital | 60,036,650 | ||||
% Equity ratio | 100.00% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Italy | Subsidiaries Three [Member] | ENI SpA | |||||
Subsidiaries | |||||
% Ownership | 100.00% | ||||
Gas & Power | Italy | Subsidiaries Four [Member] | |||||
Subsidiaries | |||||
Company name | EniPower Mantova SpA | ||||
Registered office | San Donato Milanese (MI) | ||||
Country of operation | Italy | ||||
Share capital | 144,000,000 | ||||
% Equity ratio | 86.50% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Italy | Subsidiaries Four [Member] | Third parties | |||||
Subsidiaries | |||||
% Ownership | 13.50% | ||||
Gas & Power | Italy | Subsidiaries Four [Member] | EniPower SpA [Member] | |||||
Subsidiaries | |||||
% Ownership | 86.50% | ||||
Gas & Power | Italy | Subsidiaries Five [Member] | |||||
Subsidiaries | |||||
Company name | EniPower SpA | ||||
Registered office | San Donato Milanese (MI) | ||||
Country of operation | Italy | ||||
Share capital | 944,947,849 | ||||
% Equity ratio | 100.00% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Italy | Subsidiaries Five [Member] | ENI SpA | |||||
Subsidiaries | |||||
% Ownership | 100.00% | ||||
Gas & Power | Italy | Subsidiaries Six [Member] | |||||
Subsidiaries | |||||
Company name | LNG Shipping SpA | ||||
Registered office | San Donato Milanese (MI) | ||||
Country of operation | Italy | ||||
Share capital | 240,900,000 | ||||
% Equity ratio | 100.00% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Italy | Subsidiaries Six [Member] | ENI SpA | |||||
Subsidiaries | |||||
% Ownership | 100.00% | ||||
Gas & Power | Italy | Subsidiaries Seven [Member] | |||||
Subsidiaries | |||||
Company name | SEA SpA | ||||
Registered office | L'Aquila (AQ) | ||||
Country of operation | Italy | ||||
Share capital | 100,000 | ||||
% Equity ratio | 60.00% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Italy | Subsidiaries Seven [Member] | Third parties | |||||
Subsidiaries | |||||
% Ownership | 40.00% | ||||
Gas & Power | Italy | Subsidiaries Seven [Member] | Eni gas e luce SPA [Member] | |||||
Subsidiaries | |||||
% Ownership | 60.00% | ||||
Gas & Power | Italy | Subsidiaries Eight [Member] | |||||
Subsidiaries | |||||
Company name | Trans Tunisian Pipeline Co SpA | ||||
Registered office | San Donato Milanese (MI) | ||||
Country of operation | Tunisia | ||||
Share capital | 1,098,000 | ||||
% Equity ratio | 100.00% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Italy | Subsidiaries Eight [Member] | ENI SpA | |||||
Subsidiaries | |||||
% Ownership | 100.00% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Nine [Member] | |||||
Subsidiaries | |||||
Company name | Adriaplin Podjetje za distribucijo zemeljskega plina doo Ljubljana | ||||
Registered office | Ljubljana (Slovenia) | ||||
Country of operation | Slovenia | ||||
Share capital | 12,956,935 | ||||
% Equity ratio | 51.00% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Nine [Member] | Third parties | |||||
Subsidiaries | |||||
% Ownership | 49.00% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Nine [Member] | Eni gas e luce SPA [Member] | |||||
Subsidiaries | |||||
% Ownership | 51.00% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Ten [Member] | |||||
Subsidiaries | |||||
Company name | Eni G&P Trading BV | ||||
Registered office | Amsterdam (Netherlands) | ||||
Country of operation | Turkey | ||||
Share capital | 70,000 | ||||
% Equity ratio | 100.00% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Ten [Member] | Eni International BV | |||||
Subsidiaries | |||||
% Ownership | 100.00% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Eleven [Member] | |||||
Subsidiaries | |||||
Company name | Eni Gas & Power France SA | ||||
Registered office | Levallois Perret (France) | ||||
Country of operation | France | ||||
Share capital | 29,937,600 | ||||
% Equity ratio | 99.87% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Eleven [Member] | Third parties | |||||
Subsidiaries | |||||
% Ownership | 0.13% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Eleven [Member] | Eni gas e luce SPA [Member] | |||||
Subsidiaries | |||||
% Ownership | 99.87% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Twelve [Member] | |||||
Subsidiaries | |||||
Company name | Eni Trading & Shipping Inc | ||||
Registered office | Dover, Delaware (USA) | ||||
Country of operation | USA | ||||
Share capital | $ | $ 36,000,000 | ||||
% Equity ratio | 100.00% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Twelve [Member] | ETS SpA [Member] | |||||
Subsidiaries | |||||
% Ownership | 100.00% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Thirteen [Member] | |||||
Subsidiaries | |||||
Company name | Eni Transporte y Suministro México, S. de RL de CV | ||||
Registered office | Mexico City (Mexico) | ||||
Country of operation | Mexico | ||||
Share capital | $ | $ 3,000 | ||||
Consolidation or valuation method | Eq. | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Thirteen [Member] | Eni International BV | |||||
Subsidiaries | |||||
% Ownership | 99.90% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Thirteen [Member] | Eni Oil Holdings BV | |||||
Subsidiaries | |||||
% Ownership | 0.10% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Fourteen [Member] | |||||
Subsidiaries | |||||
Company name | Gas Supply Company Thessaloniki - Thessalia SA | ||||
Registered office | Thessaloniki (Greece) | ||||
Country of operation | Greece | ||||
Share capital | € 13,761,788 | ||||
% Equity ratio | 100.00% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Fourteen [Member] | Eni gas e luce SPA [Member] | |||||
Subsidiaries | |||||
% Ownership | 100.00% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Fifteen [Member] | |||||
Subsidiaries | |||||
Company name | Société de Service du Gazoduc Transtunisien SA - Sergaz SA | ||||
Registered office | Tunisi (Tunisia) | ||||
Country of operation | Tunisia | ||||
Share capital | د.ت | د.ت 99,000 | ||||
% Equity ratio | 66.67% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Fifteen [Member] | Third parties | |||||
Subsidiaries | |||||
% Ownership | 33.33% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Fifteen [Member] | Eni International BV | |||||
Subsidiaries | |||||
% Ownership | 66.67% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Sixteen [Member] | |||||
Subsidiaries | |||||
Company name | Société pour la Construction du Gazoduc Transtunisien SA - Scogat SA | ||||
Registered office | Tunisi (Tunisia) | ||||
Country of operation | Tunisia | ||||
Share capital | د.ت | د.ت 200,000 | ||||
% Equity ratio | 100.00% | ||||
Consolidation or valuation method | F.C. | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Sixteen [Member] | ENI SpA | |||||
Subsidiaries | |||||
% Ownership | 0.05% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Sixteen [Member] | Eni International BV | |||||
Subsidiaries | |||||
% Ownership | 99.85% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Sixteen [Member] | LNG Shipping SpA [Member] | |||||
Subsidiaries | |||||
% Ownership | 0.05% | ||||
Gas & Power | Foreign (outside Italy) | Subsidiaries Sixteen [Member] | Trans Tunis P Co SpA [Member] | |||||
Subsidiaries | |||||
% Ownership | 0.05% |
Other information about inves_6
Other information about investments - Subsidiaries - Refining & Marketing and Chemical (Details) | 12 Months Ended | ||||||||||||
Dec. 31, 2019RUB (₽) | Dec. 31, 2019HUF (Ft) | Dec. 31, 2019TRY (₺) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019MXN ($) | Dec. 31, 2019INR (₨) | Dec. 31, 2019CHF (SFr) | Dec. 31, 2019SGD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019XAF ( ) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Subsidiaries | |||||||||||||
Share capital | € 4,005,000,000 | € 4,005,000,000 | |||||||||||
ENI SpA | |||||||||||||
Subsidiaries | |||||||||||||
Share capital | 4,005,358,876 | € 4,005,358,876 | |||||||||||
Refining & Marketing | Italy | Subsidiaries One [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Ecofuel SpA | ||||||||||||
Registered office | San Donato Milanese (MI) | ||||||||||||
Country of operation | Italy | ||||||||||||
Share capital | 52,000,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Italy | Subsidiaries One [Member] | ENI SpA | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Italy | Subsidiaries Two [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Fuel SpA | ||||||||||||
Registered office | Rome | ||||||||||||
Country of operation | Italy | ||||||||||||
Share capital | 58,944,310 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Italy | Subsidiaries Two [Member] | ENI SpA | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Italy | Subsidiaries Three [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Petroven Srl | ||||||||||||
Registered office | Genova | ||||||||||||
Country of operation | Italy | ||||||||||||
Share capital | 918,520 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Italy | Subsidiaries Three [Member] | Ecofuel SpA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Italy | Subsidiaries Four [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Raffineria di Gela SpA | ||||||||||||
Registered office | Gela (CL) | ||||||||||||
Country of operation | Italy | ||||||||||||
Share capital | 15,000,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Italy | Subsidiaries Four [Member] | ENI SpA | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Italy | Subsidiaries Five [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | SeaPad SpA | ||||||||||||
Registered office | Genova | ||||||||||||
Country of operation | Italy | ||||||||||||
Share capital | 12,400,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Refining & Marketing | Italy | Subsidiaries Five [Member] | Third parties | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 20.00% | ||||||||||||
Refining & Marketing | Italy | Subsidiaries Five [Member] | Ecofuel SpA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 80.00% | ||||||||||||
Refining & Marketing | Italy | Subsidiaries Six [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Servizi Fondo Bombole Metano SpA | ||||||||||||
Registered office | Rome | ||||||||||||
Country of operation | Italy | ||||||||||||
Share capital | 13,580,000.20 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Refining & Marketing | Italy | Subsidiaries Six [Member] | ENI SpA | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Seven [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Abu Dhabi Refining & Trading BV | ||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||
Country of operation | Netherlands | ||||||||||||
Share capital | 20,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Seven [Member] | Eni International BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Eight [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Abu Dhabi Refining & Trading Services BV | ||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||
Country of operation | Netherlands | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Eight [Member] | Eni Abu Dhabi R&T BV [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Nine [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Austria GmbH | ||||||||||||
Registered office | Wien (Austria) | ||||||||||||
Country of operation | Austria | ||||||||||||
Share capital | 78,500,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Nine [Member] | Eni International BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 75.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Nine [Member] | Eni Deutsch.GmbH [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 25.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Ten [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Benelux BV | ||||||||||||
Registered office | Rotterdam (Netherlands) | ||||||||||||
Country of operation | Netherlands | ||||||||||||
Share capital | 1,934,040 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Ten [Member] | Eni International BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Eleven [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Deutschland GmbH | ||||||||||||
Registered office | Munich (Germany) | ||||||||||||
Country of operation | Germany | ||||||||||||
Share capital | 90,000,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Eleven [Member] | Eni International BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 89.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Eleven [Member] | Eni Oil Holdings BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 11.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twelve [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Ecuador SA | ||||||||||||
Registered office | Quito (Ecuador) | ||||||||||||
Country of operation | Ecuador | ||||||||||||
Share capital | $ | $ 103,142.08 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twelve [Member] | Eni International BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 99.93% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twelve [Member] | Esain SA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 0.07% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Thirteen [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni France Sàrl | ||||||||||||
Registered office | Lyon (France) | ||||||||||||
Country of operation | France | ||||||||||||
Share capital | 56,800,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Thirteen [Member] | Eni International BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Fourteen [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Iberia SLU | ||||||||||||
Registered office | Alcobendas (Spain) | ||||||||||||
Country of operation | Spain | ||||||||||||
Share capital | 17,299,100 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Fourteen [Member] | Eni International BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Fifteen [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Lubricants Trading (Shanghai) Co Ltd | ||||||||||||
Registered office | Shanghai (China) | ||||||||||||
Country of operation | China | ||||||||||||
Share capital | 5,000,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Fifteen [Member] | Eni International BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Sixteen [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Marketing Austria GmbH | ||||||||||||
Registered office | Wien (Austria) | ||||||||||||
Country of operation | Austria | ||||||||||||
Share capital | 19,621,665.23 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Sixteen [Member] | Eni Minerallh.GmbH [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 99.99% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Seventeen [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Mineralölhandel GmbH | ||||||||||||
Registered office | Wien (Austria) | ||||||||||||
Country of operation | Austria | ||||||||||||
Share capital | 34,156,232.06 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Seventeen [Member] | Eni Austria GmbH [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Eighteen [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Schmiertechnik GmbH | ||||||||||||
Registered office | Wurzburg (Germany) | ||||||||||||
Country of operation | Germany | ||||||||||||
Share capital | 2,000,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Eighteen [Member] | Eni Deutsch.GmbH [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Nineteen [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni Suisse SA | ||||||||||||
Registered office | Lausanne (Switzerland) | ||||||||||||
Country of operation | Switzerland | ||||||||||||
Share capital | SFr | SFr 102,500,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Nineteen [Member] | Eni International BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Eni USA R&M Co Inc | ||||||||||||
Registered office | Wilmington (USA) | ||||||||||||
Country of operation | USA | ||||||||||||
Share capital | $ | 11,000,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty [Member] | Eni International BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty One [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Esacontrol SA | ||||||||||||
Registered office | Quito (Ecuador) | ||||||||||||
Country of operation | Ecuador | ||||||||||||
Share capital | $ | 60,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty One [Member] | Third parties | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 13.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty One [Member] | Eni Ecuador SA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 87.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty Two [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Esain SA | ||||||||||||
Registered office | Quito (Ecuador) | ||||||||||||
Country of operation | Ecuador | ||||||||||||
Share capital | $ | 30,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty Two [Member] | Eni Ecuador SA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 99.99% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty Three [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Oléoduc du Rhône SA | ||||||||||||
Registered office | Valais (Switzerland) | ||||||||||||
Country of operation | Switzerland | ||||||||||||
Share capital | SFr | SFr 7,000,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty Three [Member] | Eni International BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty Four [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | OOO "Eni-Nefto" | ||||||||||||
Registered office | Moscow (Russia) | ||||||||||||
Country of operation | Russia | ||||||||||||
Share capital | ₽ | ₽ 1,010,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty Four [Member] | Eni International BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 99.01% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty Four [Member] | Eni Oil Holdings BV | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 0.99% | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty Five [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Tecnoesa SA | ||||||||||||
Registered office | Quito (Ecuador) | ||||||||||||
Country of operation | Ecuador | ||||||||||||
Share capital | $ | 36,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Refining & Marketing | Foreign (outside Italy) | Subsidiaries Twenty Five [Member] | Eni Ecuador SA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 99.99% | ||||||||||||
Chemicals | Italy | SubsidiariesTwenty Six [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Versalis SpA | ||||||||||||
Registered office | San Donato Milanese (MI) | ||||||||||||
Country of operation | Italy | ||||||||||||
Share capital | 1,364,790,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Chemicals | Italy | SubsidiariesTwenty Six [Member] | ENI SpA | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Chemicals | Foreign (outside Italy) | SubsidiariesTwenty Seven [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Dunastyr Polisztirolgyártó Zártkörûen Mûködõ Részvénytársaság | ||||||||||||
Registered office | Budapest (Hungary) | ||||||||||||
Country of operation | Hungary | ||||||||||||
Share capital | Ft | Ft 8,092,160,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Chemicals | Foreign (outside Italy) | SubsidiariesTwenty Seven [Member] | Versalis SpA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 96.34% | ||||||||||||
Chemicals | Foreign (outside Italy) | SubsidiariesTwenty Seven [Member] | Versalis Deutsc GmbH [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 1.83% | ||||||||||||
Chemicals | Foreign (outside Italy) | SubsidiariesTwenty Seven [Member] | Versalis Int. SA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 1.83% | ||||||||||||
Chemicals | Foreign (outside Italy) | SubsidiariesTwenty Eight [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Versalis Americas Inc | ||||||||||||
Registered office | Dover, Delaware (USA) | ||||||||||||
Country of operation | USA | ||||||||||||
Share capital | $ | $ 100,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Chemicals | Foreign (outside Italy) | SubsidiariesTwenty Eight [Member] | Versalis International SA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Chemicals | Foreign (outside Italy) | SubsidiariesTwenty Nine [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Versalis Congo Sarlu | ||||||||||||
Registered office | Pointe-Noire (Republic of the Congo) | ||||||||||||
Country of operation | Republic of the Congo | ||||||||||||
Share capital | | 1,000,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Chemicals | Foreign (outside Italy) | SubsidiariesTwenty Nine [Member] | Versalis International SA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Versalis Deutschland GmbH | ||||||||||||
Registered office | Eschborn (Germany) | ||||||||||||
Country of operation | Germany | ||||||||||||
Share capital | 100,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty [Member] | Versalis SpA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty One [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Versalis France SAS | ||||||||||||
Registered office | Mardyck (France) | ||||||||||||
Country of operation | France | ||||||||||||
Share capital | 126,115,582.90 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty One [Member] | Versalis SpA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Two [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Versalis International SA | ||||||||||||
Registered office | Bruxelles (Belgium) | ||||||||||||
Country of operation | Belgium | ||||||||||||
Share capital | € 15,449,173.88 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Two [Member] | Versalis SpA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 59.00% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Two [Member] | Versalis Deutsc GmbH [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 23.71% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Two [Member] | Dunastyr Zrt [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 14.43% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Two [Member] | Versalis France [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 2.86% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Three [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Versalis Kimya Ticaret Limited Sirketi | ||||||||||||
Registered office | Istanbul (Turkey) | ||||||||||||
Country of operation | Turkey | ||||||||||||
Share capital | ₺ | ₺ 20,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Three [Member] | Versalis Int. SA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Four [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Versalis México S. de R.L. de CV | ||||||||||||
Registered office | Mexico City (México) | ||||||||||||
Country of operation | Mexico | ||||||||||||
Share capital | $ | $ 1,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Four [Member] | Versalis SpA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 1.00% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Four [Member] | Versalis Int. SA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 99.00% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Five [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Versalis Pacific (India) Private Ltd | ||||||||||||
Registered office | Mumbai (India) | ||||||||||||
Country of operation | India | ||||||||||||
Share capital | ₨ | ₨ 238,700 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Five [Member] | Versalis Sing P Ltd [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 99.99% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Six [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Versalis Pacific Trading (Shanghai) Co Ltd | ||||||||||||
Registered office | Shanghai (China) | ||||||||||||
Country of operation | China | ||||||||||||
Share capital | ¥ | ¥ 1,000,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Six [Member] | Versalis SpA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Seven [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Versalis Singapore Pte Ltd | ||||||||||||
Registered office | Singapore (Singapore) | ||||||||||||
Country of operation | Singapore | ||||||||||||
Share capital | $ | $ 80,000 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Seven [Member] | Versalis SpA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Eight [Member] | |||||||||||||
Subsidiaries | |||||||||||||
Company name | Versalis UK Ltd | ||||||||||||
Registered office | London (United Kingdom) | ||||||||||||
Country of operation | United Kingdom | ||||||||||||
Share capital | £ | £ 4,004,042 | ||||||||||||
% Equity ratio | 100.00% | ||||||||||||
Consolidation or valuation method | F.C. | ||||||||||||
Chemicals | Foreign (outside Italy) | Subsidiaries Thirty Eight [Member] | Versalis SpA [Member] | |||||||||||||
Subsidiaries | |||||||||||||
% Ownership | 100.00% |
Other information about inves_7
Other information about investments - Subsidiaries - Corporate and other activities (Details) | 12 Months Ended | |||||||
Dec. 31, 2019CHF (SFr) | Dec. 31, 2019PKR (₨) | Dec. 31, 2019GBP (£) | Dec. 31, 2019KZT (₸) | Dec. 31, 2019EGP (ج.م.) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Subsidiaries | ||||||||
Share capital | € 4,005,000,000 | € 4,005,000,000 | ||||||
ENI SpA | ||||||||
Subsidiaries | ||||||||
Share capital | 4,005,358,876 | € 4,005,358,876 | ||||||
Corporate and financial companies | Italy | Subsidiaries One [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Agenzia Giornalistica Italia SpA | |||||||
Registered office | Rome | |||||||
Country of operation | Italy | |||||||
Share capital | 2,000,000 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Corporate and financial companies | Italy | Subsidiaries One [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Corporate and financial companies | Italy | Subsidiaries Two [Member] | ||||||||
Subsidiaries | ||||||||
Company name | D-Service Media Srl (in liquidation) | |||||||
Registered office | Milan | |||||||
Country of operation | Italy | |||||||
Share capital | 75,000 | |||||||
Corporate and financial companies | Italy | Subsidiaries Two [Member] | D-Share SpA [Member] | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Corporate and financial companies | Italy | Subsidiaries Three [Member] | ||||||||
Subsidiaries | ||||||||
Company name | D-Share SpA | |||||||
Registered office | Milan | |||||||
Country of operation | Italy | |||||||
Share capital | 121,719.25 | |||||||
Consolidation or valuation method | Co. | |||||||
Corporate and financial companies | Italy | Subsidiaries Three [Member] | Third parties | ||||||||
Subsidiaries | ||||||||
% Ownership | 44.79% | |||||||
Corporate and financial companies | Italy | Subsidiaries Three [Member] | Agi SpA [Member] | ||||||||
Subsidiaries | ||||||||
% Ownership | 55.21% | |||||||
Corporate and financial companies | Italy | Subsidiaries Four [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni Corporate University SpA | |||||||
Registered office | San Donato Milanese (MI) | |||||||
Country of operation | Italy | |||||||
Share capital | 3,360,000 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Corporate and financial companies | Italy | Subsidiaries Four [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Corporate and financial companies | Italy | Subsidiaries Five [Member] | ||||||||
Subsidiaries | ||||||||
Company name | EniServizi SpA | |||||||
Registered office | San Donato Milanese (MI) | |||||||
Country of operation | Italy | |||||||
Share capital | 13,427,419.08 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Corporate and financial companies | Italy | Subsidiaries Five [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Corporate and financial companies | Italy | Subsidiaries Six [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Serfactoring SpA | |||||||
Registered office | San Donato Milanese (MI) | |||||||
Country of operation | Italy | |||||||
Share capital | 5,160,000 | |||||||
% Equity ratio | 49.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Corporate and financial companies | Italy | Subsidiaries Six [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 49.00% | |||||||
Corporate and financial companies | Italy | Subsidiaries Six [Member] | Third parties | ||||||||
Subsidiaries | ||||||||
% Ownership | 51.00% | |||||||
Corporate and financial companies | Italy | Subsidiaries Seven [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Servizi Aerei SpA | |||||||
Registered office | San Donato Milanese (MI) | |||||||
Country of operation | Italy | |||||||
Share capital | 79,817,238 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Corporate and financial companies | Italy | Subsidiaries Seven [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Eight [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Banque Eni SA | |||||||
Registered office | Bruxelles (Belgium) | |||||||
Country of operation | Belgium | |||||||
Share capital | 50,000,000 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Eight [Member] | Eni International BV | ||||||||
Subsidiaries | ||||||||
% Ownership | 99.90% | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Eight [Member] | Eni Oil Holdings BV | ||||||||
Subsidiaries | ||||||||
% Ownership | 0.10% | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Nine [Member] | ||||||||
Subsidiaries | ||||||||
Company name | D-Share USA Corp. | |||||||
Registered office | New York (USA) | |||||||
Country of operation | USA | |||||||
Share capital | $ | $ 0 | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Nine [Member] | D-Share SpA [Member] | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Ten [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni Finance International SA | |||||||
Registered office | Bruxelles (Belgium) | |||||||
Country of operation | Belgium | |||||||
Share capital | $ | 1,480,365,336 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Ten [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 33.61% | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Ten [Member] | Eni International BV | ||||||||
Subsidiaries | ||||||||
% Ownership | 66.39% | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Eleven [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni Finance USA Inc | |||||||
Registered office | Dover, Delaware (USA) | |||||||
Country of operation | USA | |||||||
Share capital | $ | 15,000,000 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Eleven [Member] | Eni Petroleum Co Inc | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Twelve [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni Insurance DAC | |||||||
Registered office | Dublin (Ireland) | |||||||
Country of operation | Ireland | |||||||
Share capital | 500,000,000 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Twelve [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Thirteen [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni International BV | |||||||
Registered office | Amsterdam (Netherlands) | |||||||
Country of operation | Netherlands | |||||||
Share capital | 641,683,425 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Thirteen [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Fourteen [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni International Resources Ltd | |||||||
Registered office | London (United Kingdom) | |||||||
Country of operation | United Kingdom | |||||||
Share capital | £ | £ 50,000 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Fourteen [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 99.99% | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Fifteen [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni Next Llc | |||||||
Registered office | Houston (USA) | |||||||
Country of operation | USA | |||||||
Share capital | $ | 100 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Corporate and financial companies | Foreign (outside Italy) | Subsidiaries Fifteen [Member] | Eni Petroleum Co Inc | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Other activities | Italy | Subsidiaries Sixteen [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Anic Partecipazioni SpA (in liquidation) | |||||||
Registered office | Gela (CL) | |||||||
Country of operation | Italy | |||||||
Share capital | 23,519,847.16 | |||||||
Consolidation or valuation method | Eq. | |||||||
Other activities | Italy | Subsidiaries Sixteen [Member] | Third parties | ||||||||
Subsidiaries | ||||||||
% Ownership | 0.03% | |||||||
Other activities | Italy | Subsidiaries Sixteen [Member] | Eni Rewind SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 99.97% | |||||||
Other activities | Italy | Subsidiaries Seventeen [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni Energia Srl | |||||||
Registered office | San Donato Milanese (MI) | |||||||
Country of operation | Italy | |||||||
Share capital | 10,000 | |||||||
Consolidation or valuation method | Co. | |||||||
Other activities | Italy | Subsidiaries Seventeen [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Other activities | Italy | Subsidiaries Eighteen [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni Energy Activities Srl | |||||||
Registered office | San Donato Milanese (MI) | |||||||
Country of operation | Italy | |||||||
Share capital | 50,000 | |||||||
Consolidation or valuation method | Co. | |||||||
Other activities | Italy | Subsidiaries Eighteen [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Other activities | Italy | Subsidiaries Nineteen [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni New Energy SpA | |||||||
Registered office | San Donato Milanese (MI) | |||||||
Country of operation | Italy | |||||||
Share capital | 9,296,000 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Other activities | Italy | Subsidiaries Nineteen [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Other activities | Italy | Subsidiaries Twenty [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni Rewind SpA (former Syndial Servizi Ambientali SpA) | |||||||
Registered office | San Donato Milanese (MI) | |||||||
Country of operation | Italy | |||||||
Share capital | 425,343,731.50 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Other activities | Italy | Subsidiaries Twenty [Member] | ENI SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 99.99% | |||||||
Other activities | Italy | Subsidiaries Twenty One [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Industria Siciliana Acido Fosforico - ISAF - SpA (in liquidation) | |||||||
Registered office | Gela (CL) | |||||||
Country of operation | Italy | |||||||
Share capital | 1,300,000 | |||||||
Consolidation or valuation method | Eq. | |||||||
Other activities | Italy | Subsidiaries Twenty One [Member] | Third parties | ||||||||
Subsidiaries | ||||||||
% Ownership | 48.00% | |||||||
Other activities | Italy | Subsidiaries Twenty One [Member] | Eni Rewind SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 52.00% | |||||||
Other activities | Italy | Subsidiaries Twenty Two [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Ing. Luigi Conti Vecchi SpA | |||||||
Registered office | Assemini (CA) | |||||||
Country of operation | Italy | |||||||
Share capital | 5,518,620.64 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Other activities | Italy | Subsidiaries Twenty Two [Member] | Eni Rewind SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Other activities | Foreign (outside Italy) | Subsidiaries Twenty Three [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Arm Wind Llp | |||||||
Registered office | Nur-Sultan (Kazakhstan) | |||||||
Country of operation | Kazakhstan | |||||||
Share capital | ₸ | ₸ 7,963,200,000 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Other activities | Foreign (outside Italy) | Subsidiaries Twenty Three [Member] | Windirect BV [Member] | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Other activities | Foreign (outside Italy) | Subsidiaries Twenty Four [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni Energy Solutions BV | |||||||
Registered office | Amsterdam (Netherlands) | |||||||
Country of operation | Netherlands | |||||||
Share capital | 20,000 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Other activities | Foreign (outside Italy) | Subsidiaries Twenty Four [Member] | Eni International BV | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Other activities | Foreign (outside Italy) | Subsidiaries Twenty Five [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni New Energy Egypt SAE | |||||||
Registered office | Cairo (Egypt) | |||||||
Country of operation | Egypt | |||||||
Share capital | ج.م. | ج.م. 250,000 | |||||||
Consolidation or valuation method | Eq. | |||||||
Other activities | Foreign (outside Italy) | Subsidiaries Twenty Five [Member] | Eni International BV | ||||||||
Subsidiaries | ||||||||
% Ownership | 99.98% | |||||||
Other activities | Foreign (outside Italy) | Subsidiaries Twenty Five [Member] | Ieoc Exploration BV | ||||||||
Subsidiaries | ||||||||
% Ownership | 0.01% | |||||||
Other activities | Foreign (outside Italy) | Subsidiaries Twenty Five [Member] | Ieoc Production BV | ||||||||
Subsidiaries | ||||||||
% Ownership | 0.01% | |||||||
Other activities | Foreign (outside Italy) | SubsidiariesTwenty Six [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni New Energy Pakistan (Private) Ltd | |||||||
Registered office | Saddar Town-Karachi (Pakistan) | |||||||
Country of operation | Pakistan | |||||||
Share capital | ₨ | ₨ 136,000,000 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C | |||||||
Other activities | Foreign (outside Italy) | SubsidiariesTwenty Six [Member] | Eni International BV | ||||||||
Subsidiaries | ||||||||
% Ownership | 99.98% | |||||||
Other activities | Foreign (outside Italy) | SubsidiariesTwenty Six [Member] | Eni Oil Holdings BV | ||||||||
Subsidiaries | ||||||||
% Ownership | 0.01% | |||||||
Other activities | Foreign (outside Italy) | SubsidiariesTwenty Six [Member] | Eni Pakistan Ltd (M) [Member] | ||||||||
Subsidiaries | ||||||||
% Ownership | 0.01% | |||||||
Other activities | Foreign (outside Italy) | SubsidiariesTwenty Seven [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni New Energy US Inc | |||||||
Registered office | Dover, Delaware (USA) | |||||||
Country of operation | USA | |||||||
Share capital | $ | $ 100 | |||||||
Consolidation or valuation method | Eq. | |||||||
Other activities | Foreign (outside Italy) | SubsidiariesTwenty Seven [Member] | Eni Petroleum Co Inc | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Other activities | Foreign (outside Italy) | SubsidiariesTwenty Eight [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Eni Rewind International BV | |||||||
Registered office | Amsterdam (Netherlands) | |||||||
Country of operation | Netherlands | |||||||
Share capital | 20,000 | |||||||
Consolidation or valuation method | Eq. | |||||||
Other activities | Foreign (outside Italy) | SubsidiariesTwenty Eight [Member] | Eni International BV | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Other activities | Foreign (outside Italy) | SubsidiariesTwenty Nine [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Oleodotto del Reno SA | |||||||
Registered office | Coira (Switzerland) | |||||||
Country of operation | Switzerland | |||||||
Share capital | SFr | SFr 1,550,000 | |||||||
Consolidation or valuation method | Eq. | |||||||
Other activities | Foreign (outside Italy) | SubsidiariesTwenty Nine [Member] | Eni Rewind SpA | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% | |||||||
Other activities | Foreign (outside Italy) | Subsidiaries Thirty [Member] | ||||||||
Subsidiaries | ||||||||
Company name | Windirect BV | |||||||
Registered office | Amsterdam (Netherlands) | |||||||
Country of operation | Netherlands | |||||||
Share capital | € 10,000 | |||||||
% Equity ratio | 100.00% | |||||||
Consolidation or valuation method | F.C. | |||||||
Proportion of ownership interest acquired | 10.00% | |||||||
Other activities | Foreign (outside Italy) | Subsidiaries Thirty [Member] | Eni International BV | ||||||||
Subsidiaries | ||||||||
% Ownership | 100.00% |
Other information about inves_8
Other information about investments - Joint arrangements and associates - Exploration & Production (Details) | 12 Months Ended | ||||||||||||
Dec. 31, 2019KWD (د.ك) | Dec. 31, 2019NOK (kr) | Dec. 31, 2019AED (د.إ) | Dec. 31, 2019GBP (£) | Dec. 31, 2019KZT (₸) | Dec. 31, 2019MZN (MT) | Dec. 31, 2019XAF ( ) | Dec. 31, 2019EGP (ج.م.) | Dec. 31, 2019TND (د.ت) | Dec. 31, 2019VEF ( ) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Joint arrangements and associates | |||||||||||||
Share capital | € | € 4,005,000,000 | € 4,005,000,000 | |||||||||||
ENI SpA | |||||||||||||
Joint arrangements and associates | |||||||||||||
Share capital | € | 4,005,358,876 | € 4,005,358,876 | |||||||||||
Exploration & Production | Italy | Joint Arrangement Or Associate One [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Mozambique Rovuma Venture SpA (†) | ||||||||||||
Registered office | San Donato Milanese (MI) | ||||||||||||
Country of operation | Mozambique | ||||||||||||
Share capital | € | 20,000,000 | ||||||||||||
% Equity ratio | 35.71% | ||||||||||||
Consolidation or valuation method | J.O. | ||||||||||||
Exploration & Production | Italy | Joint Arrangement Or Associate One [Member] | ENI SpA | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 35.71% | ||||||||||||
Exploration & Production | Italy | Joint Arrangement Or Associate One [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 64.29% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Two [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Agiba Petroleum Co (†) | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | ج.م. 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Two [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Two [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Three [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Angola LNG Ltd | ||||||||||||
Registered office | Hamilton (Bermuda) | ||||||||||||
Country of operation | Angola | ||||||||||||
Share capital | $ | $ 9,952,000,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Three [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 86.40% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Three [Member] | Eni Angola Prod BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 13.60% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Four [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Ashrafi Island Petroleum Co | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Four [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 75.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Four [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 25.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Five [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Barentsmorneftegaz Sàrl(†) | ||||||||||||
Registered office | Luxembourg (Luxembourg) | ||||||||||||
Country of operation | Russia | ||||||||||||
Share capital | $ | 20,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Five [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 66.67% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Five [Member] | Eni Energy Russia BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 33.33% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Six [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Cabo Delgado Gas Development Limitada(†) | ||||||||||||
Registered office | Maputo (Mozambique) | ||||||||||||
Country of operation | Mozambique | ||||||||||||
Share capital | MT | MT 2,500,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Six [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Six [Member] | Eni MozamLNG HBV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Seven [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Cardón IV SA(†) | ||||||||||||
Registered office | Caracas (Venezuela) | ||||||||||||
Country of operation | Venezuela | ||||||||||||
Share capital | | 172.1 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Seven [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Seven [Member] | Eni Venezuela BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Eight [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Compañia Agua Plana SA | ||||||||||||
Registered office | Caracas (Venezuela) | ||||||||||||
Country of operation | Venezuela | ||||||||||||
Share capital | | 0.001 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Eight [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 74.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Eight [Member] | Eni Venezuela BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 26.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Nine [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Coral FLNG SA | ||||||||||||
Registered office | Maputo (Mozambique) | ||||||||||||
Country of operation | Mozambique | ||||||||||||
Share capital | MT | 100,000,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Nine [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 75.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Nine [Member] | Eni MozamLNG HBV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 25.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Ten [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Coral South FLNG DMCC | ||||||||||||
Registered office | Dubai (United Arab Emirates) | ||||||||||||
Country of operation | United Arab Emirates | ||||||||||||
Share capital | د.إ | د.إ 500,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Ten [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 75.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Ten [Member] | Eni MozamLNG HBV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 25.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Eleven [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | East Delta Gas Co (in liquidation) | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Eleven [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 62.50% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Eleven [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 37.50% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twelve [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | East Kanayis Petroleum Co(†) | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twelve [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twelve [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirteen [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | East Obaiyed Petroleum Co(†) | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirteen [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirteen [Member] | Ieoc SpA | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fourteen [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | El Temsah Petroleum Co | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fourteen [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 75.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fourteen [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 25.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifteen [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | El-Fayrouz Petroleum Co(†) (in liquidation) | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifteen [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifteen [Member] | Ieoc Exploration BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Sixteen [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Fedynskmorneftegaz Sàrl(†) | ||||||||||||
Registered office | Luxembourg (Luxembourg) | ||||||||||||
Country of operation | Russia | ||||||||||||
Share capital | $ | 20,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Sixteen [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 66.67% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Sixteen [Member] | Eni Energy Russia BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 33.33% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Seven teen [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Isatay Operating Company Llp(†) | ||||||||||||
Registered office | Nur-Sultan (Kazakhstan) | ||||||||||||
Country of operation | Kazakhstan | ||||||||||||
Share capital | ₸ | ₸ 400,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Seven teen [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Seven teen [Member] | Eni Isatay BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Eight teen [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Karachaganak Petroleum Operating BV | ||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||
Country of operation | Kazakhstan | ||||||||||||
Share capital | € | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Eight teen [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 70.75% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Eight teen [Member] | Agip KarachagBV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 29.25% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Nine teen [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Karachaganak Project Development Ltd (KPD) | ||||||||||||
Registered office | Reading, Berkshire (United Kingdom) | ||||||||||||
Country of operation | United Kingdom | ||||||||||||
Share capital | £ | £ 100 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Nine teen [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 62.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Nine teen [Member] | Agip KarachagBV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 38.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Khaleej Petroleum Co Wll | ||||||||||||
Registered office | Safat (Kuwait) | ||||||||||||
Country of operation | Kuwait | ||||||||||||
Share capital | د.ك | د.ك 250,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 51.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty [Member] | Eni Middle E Ltd | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 49.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty one [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Liberty National Development Co Llc | ||||||||||||
Registered office | Wilmington (USA) | ||||||||||||
Country of operation | USA | ||||||||||||
Share capital | $ | 0 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty one [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 67.50% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty one [Member] | Eni Oil & Gas Inc | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 32.50% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty two [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Mediterranean Gas Co | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty two [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 75.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty two [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 25.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty three [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Meleiha Petroleum Company (†) | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty three [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty three [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty four [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Mellitah Oil & Gas BV(†) | ||||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||||
Country of operation | Libya | ||||||||||||
Share capital | € | € 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty four [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty four [Member] | Eni North Africa BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty five [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Nile Delta Oil Co Nidoco | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty five [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 62.50% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty five [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 37.50% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty six [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Norpipe Terminal Holdco Ltd | ||||||||||||
Registered office | London (United Kingdom) | ||||||||||||
Country of operation | Norway | ||||||||||||
Share capital | £ | £ 55.69 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty six [Member] | ENI SpA | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 14.20% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty six [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 85.80% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty seven [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | North Bardawil Petroleum Co | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty seven [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 70.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty seven [Member] | Ieoc Exploration BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 30.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty eight [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | North El Burg Petroleum Co | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty eight [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 75.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty eight [Member] | Ieoc SpA | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 25.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty nine [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Petrobel Belayim Petroleum Co(†) | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty nine [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty nine [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | PetroBicentenario SA(†) | ||||||||||||
Registered office | Caracas (Venezuela) | ||||||||||||
Country of operation | Venezuela | ||||||||||||
Share capital | | 3,790 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 60.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty [Member] | Eni Lasmo Plc | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 40.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty one [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | PetroJunín SA(†) | ||||||||||||
Registered office | Caracas (Venezuela) | ||||||||||||
Country of operation | Venezuela | ||||||||||||
Share capital | | 24,021 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty one [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 60.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty one [Member] | Eni Lasmo Plc | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 40.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty two [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | PetroSucre SA | ||||||||||||
Registered office | Caracas (Venezuela) | ||||||||||||
Country of operation | Venezuela | ||||||||||||
Share capital | | 2,203 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty two [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 74.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty two [Member] | Eni Venezuela BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 26.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty three [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Pharaonic Petroleum Co | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty three [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 75.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty three [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 25.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty four [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Point Resources FPSO AS | ||||||||||||
Registered office | Sandnes (Norway) | ||||||||||||
Country of operation | Norway | ||||||||||||
Share capital | kr | kr 150,100,000 | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty four [Member] | PR FPSO Holding AS | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty five [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Point Resources FPSO Holding AS | ||||||||||||
Registered office | Sandnes (Norway) | ||||||||||||
Country of operation | Norway | ||||||||||||
Share capital | kr | 60,000 | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty five [Member] | Var Energi AS | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty six [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Port Said Petroleum Co (†) | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty six [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty six [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty seven [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | PR Jotun DA | ||||||||||||
Registered office | Sandnes (Norway) | ||||||||||||
Country of operation | Norway | ||||||||||||
Share capital | kr | kr 0 | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty seven [Member] | PR FPSO Holding AS | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 5.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty seven [Member] | PR FPSO AS | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 95.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty eight [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Raml Petroleum Co | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty eight [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 77.50% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty eight [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 22.50% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty nine [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Ras Qattara Petroleum Co | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty nine [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 62.50% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty nine [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 37.50% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Rovuma Basin LNG Land Limitada(†) | ||||||||||||
Registered office | Maputo (Mozambique) | ||||||||||||
Country of operation | Mozambique | ||||||||||||
Share capital | MT | 140,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 66.67% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty [Member] | Mozamb Rov V SpA | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 33.33% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty one [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Rovuma LNG Investments (DIFC) Ltd | ||||||||||||
Registered office | Maputo (Mozambique) | ||||||||||||
Country of operation | Mozambique | ||||||||||||
Share capital | $ | 50,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty one [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 75.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty one [Member] | Eni MozamLNG HBV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 25.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty two [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Rovuma LNG SA | ||||||||||||
Registered office | Maputo (Mozambique) | ||||||||||||
Country of operation | Mozambique | ||||||||||||
Share capital | MT | MT 100,000,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty two [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 75.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty two [Member] | Eni MozamLNG HBV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 25.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty three [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Shorouk Petroleum Company | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty three [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 75.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty three [Member] | Ieoc Production BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 25.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty four [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Société Centrale Electrique du Congo SA | ||||||||||||
Registered office | Pointe-Noire (Republic of the Congo) | ||||||||||||
Country of operation | Republic of the Congo | ||||||||||||
Share capital | | 44,732,000,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty four [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 80.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty four [Member] | Eni Congo SA | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 20.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty five [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Société Italo Tunisienne d'Exploitation Pétrolière SA(†) | ||||||||||||
Registered office | Tunisi (Tunisia) | ||||||||||||
Country of operation | Tunisia | ||||||||||||
Share capital | د.ت | د.ت 5,000,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty five [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty five [Member] | Eni Tunisia BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty six [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Sodeps - Société de Developpement et d'Exploitation du Permis du Sud SA(†) | ||||||||||||
Registered office | Tunisi (Tunisia) | ||||||||||||
Country of operation | Tunisia | ||||||||||||
Share capital | د.ت | د.ت 100,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty six [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty six [Member] | Eni Tunisia BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty seven [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Tecninco Engineering Contractors Llp(†) | ||||||||||||
Registered office | Aksai (Kazakhstan) | ||||||||||||
Country of operation | Kazakhstan | ||||||||||||
Share capital | ₸ | ₸ 29,478,455 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty seven [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 51.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty seven [Member] | Eni Progetti SpA | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 49.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty eight [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Thekah Petroleum Co (in liquidation) | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty eight [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 75.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty eight [Member] | Ieoc Exploration BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 25.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty nine [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | United Gas Derivatives Co | ||||||||||||
Registered office | New Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | $ | 153,000,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty nine [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 66.67% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Forty nine [Member] | Eni International BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 33.33% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Vår Energi AS(†) | ||||||||||||
Registered office | Forus (Norway) | ||||||||||||
Country of operation | Norway | ||||||||||||
Share capital | $ | 399,425,000 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 30.40% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty [Member] | Eni International BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 69.60% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty one [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Vår Energi Marine AS | ||||||||||||
Registered office | Sandnes (Norway) | ||||||||||||
Country of operation | Norway | ||||||||||||
Share capital | $ | $ 61,000,000 | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty one [Member] | Var Energi AS | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 100.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty two [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | VIC CBM Ltd(†) | ||||||||||||
Registered office | London (United Kingdom) | ||||||||||||
Country of operation | Indonesia | ||||||||||||
Share capital | 52,315,912 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty two [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty two [Member] | Eni Lasmo Plc | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty three [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | Virginia Indonesia Co CBM Ltd(†) | ||||||||||||
Registered office | London (United Kingdom) | ||||||||||||
Country of operation | Indonesia | ||||||||||||
Share capital | 25,631,640 | ||||||||||||
Consolidation or valuation method | Eq. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty three [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty three [Member] | Eni Lasmo Plc | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty four [Member] | |||||||||||||
Joint arrangements and associates | |||||||||||||
Company name | West Ashrafi Petroleum Co(†) (in liquidation) | ||||||||||||
Registered office | Cairo (Egypt) | ||||||||||||
Country of operation | Egypt | ||||||||||||
Share capital | ج.م. 20,000 | ||||||||||||
Consolidation or valuation method | Co. | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty four [Member] | Third parties | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% | ||||||||||||
Exploration & Production | Foreign (outside Italy) | Joint Arrangement Or Associate Fifty four [Member] | Ieoc Exploration BV | |||||||||||||
Joint arrangements and associates | |||||||||||||
% Ownership | 50.00% |
Other information about inves_9
Other information about investments - Joint arrangements and associates - Gas & Power (Details) | 12 Months Ended | ||||
Dec. 31, 2019CHF (SFr) | Dec. 31, 2019TND (د.ت) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Joint arrangements and associates | |||||
Share capital | € 4,005,000,000 | € 4,005,000,000 | |||
ENI SpA | |||||
Joint arrangements and associates | |||||
Share capital | 4,005,358,876 | € 4,005,358,876 | |||
Gas & Power | Italy | Joint Arrangement Or Associate One [Member] | |||||
Joint arrangements and associates | |||||
Company name | Mariconsult SpA(†) | ||||
Registered office | Milan | ||||
Country of operation | Italy | ||||
Share capital | 120,000 | ||||
Consolidation or valuation method | Eq. | ||||
Gas & Power | Italy | Joint Arrangement Or Associate One [Member] | ENI SpA | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Gas & Power | Italy | Joint Arrangement Or Associate One [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Gas & Power | Italy | Joint Arrangement Or Associate Two [Member] | |||||
Joint arrangements and associates | |||||
Company name | Società EniPower Ferrara Srl(†) | ||||
Registered office | San Donato Milanese (MI) | ||||
Country of operation | Italy | ||||
Share capital | 140,000,000 | ||||
% Equity ratio | 51.00% | ||||
Consolidation or valuation method | J.O. | ||||
Gas & Power | Italy | Joint Arrangement Or Associate Two [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 49.00% | ||||
Gas & Power | Italy | Joint Arrangement Or Associate Two [Member] | EniPower SpA [Member] | |||||
Joint arrangements and associates | |||||
% Ownership | 51.00% | ||||
Gas & Power | Italy | Joint Arrangement Or Associate Three [Member] | |||||
Joint arrangements and associates | |||||
Company name | Transmed SpA(†) | ||||
Registered office | Milan | ||||
Country of operation | Italy | ||||
Share capital | 240,000 | ||||
Consolidation or valuation method | Eq. | ||||
Gas & Power | Italy | Joint Arrangement Or Associate Three [Member] | ENI SpA | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Gas & Power | Italy | Joint Arrangement Or Associate Three [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Five [Member] | |||||
Joint arrangements and associates | |||||
Company name | Angola LNG Supply Services Llc | ||||
Registered office | Wilmington (USA) | ||||
Country of operation | USA | ||||
Share capital | $ | $ 19,278,782 | ||||
Consolidation or valuation method | Eq. | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Five [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 86.40% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Five [Member] | Eni USA Gas M Llc [Member] | |||||
Joint arrangements and associates | |||||
% Ownership | 13.60% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Six [Member] | |||||
Joint arrangements and associates | |||||
Company name | Blue Stream Pipeline Co BV(†) | ||||
Registered office | Amsterdam (Netherlands) | ||||
Country of operation | Russia | ||||
Share capital | $ | 22,000 | ||||
% Equity ratio | 74.62% | ||||
Consolidation or valuation method | J.O. | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Six [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Six [Member] | Eni International BV | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Seven [Member] | |||||
Joint arrangements and associates | |||||
Company name | Gas Distribution Company of Thessaloniki - Thessaly SA(†) | ||||
Registered office | Ampelokipi- Menemeni (Greece) | ||||
Country of operation | Greece | ||||
Share capital | 247,127,605 | ||||
Consolidation or valuation method | Eq. | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Seven [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 51.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Seven [Member] | Eni gas e luce SPA [Member] | |||||
Joint arrangements and associates | |||||
% Ownership | 49.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Eight [Member] | |||||
Joint arrangements and associates | |||||
Company name | GreenStream BV(†) | ||||
Registered office | Amsterdam (Netherlands) | ||||
Country of operation | Libya | ||||
Share capital | 200,000,000 | ||||
% Equity ratio | 50.00% | ||||
Consolidation or valuation method | J.O. | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Eight [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Eight [Member] | Eni North Africa BV | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Nine [Member] | |||||
Joint arrangements and associates | |||||
Company name | Premium Multiservices SA | ||||
Registered office | Tunisi (Tunisia) | ||||
Country of operation | Tunisia | ||||
Share capital | د.ت | د.ت 200,000 | ||||
Consolidation or valuation method | Eq. | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Nine [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 50.01% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Nine [Member] | Sergaz SA [Member] | |||||
Joint arrangements and associates | |||||
% Ownership | 49.99% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Ten [Member] | |||||
Joint arrangements and associates | |||||
Company name | SAMCO Sagl | ||||
Registered office | Lugano (Switzerland) | ||||
Country of operation | Switzerland | ||||
Share capital | SFr | SFr 20,000 | ||||
Consolidation or valuation method | Eq. | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Ten [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 5.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Ten [Member] | Eni International BV | |||||
Joint arrangements and associates | |||||
% Ownership | 5.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Ten [Member] | Transmed Pip Co Ltd [Member] | |||||
Joint arrangements and associates | |||||
% Ownership | 90.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Eleven [Member] | |||||
Joint arrangements and associates | |||||
Company name | Transmediterranean Pipeline Co Ltd(†) | ||||
Registered office | St. Helier (Jersey) | ||||
Country of operation | Jersey | ||||
Share capital | $ | $ 10,310,000 | ||||
% Equity ratio | 50.00% | ||||
Consolidation or valuation method | J.O. | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Eleven [Member] | ENI SpA | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Eleven [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Twelve [Member] | |||||
Joint arrangements and associates | |||||
Company name | Unión Fenosa Gas SA(†) | ||||
Registered office | Madrid (Spain) | ||||
Country of operation | Spain | ||||
Share capital | € 32,772,000 | ||||
Consolidation or valuation method | Eq. | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Twelve [Member] | ENI SpA | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Gas & Power | Foreign (outside Italy) | Joint Arrangement Or Associate Twelve [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% |
Other information about inve_10
Other information about investments - Joint arrangements and associates - Refining Marketing and Chemical (Details) | 12 Months Ended | ||||||||||
Dec. 31, 2019KRW (₩) | Dec. 31, 2019GHS (GH₵) | Dec. 31, 2019AED (د.إ) | Dec. 31, 2019CHF (SFr) | Dec. 31, 2019SGD ($) | Dec. 31, 2019EGP (ج.م.) | Dec. 31, 2019TND (د.ت) | Dec. 31, 2019VEF ( ) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Joint arrangements and associates | |||||||||||
Share capital | € 4,005,000,000 | € 4,005,000,000 | |||||||||
ENI SpA | |||||||||||
Joint arrangements and associates | |||||||||||
Share capital | 4,005,358,876 | € 4,005,358,876 | |||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate One [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Arezzo Gas SpA (†) | ||||||||||
Registered office | Arezzo | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 394,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate One [Member] | Eni Fuel SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate One [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Two [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | CePIM Centro Padano Interscambio Merci SpA | ||||||||||
Registered office | Fontevivo (PR) | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 6,642,928.32 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Two [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 55.22% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Two [Member] | Ecofuel SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 44.78% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Three [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Consorzio Operatori GPL di Napoli | ||||||||||
Registered office | Napoli | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 102,000 | ||||||||||
Consolidation or valuation method | Co. | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Three [Member] | Eni Fuel SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 25.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Three [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 75.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Four [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Costiero Gas Livorno SpA(†) | ||||||||||
Registered office | Livorno | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 26,000,000 | ||||||||||
% Equity ratio | 65.00% | ||||||||||
Consolidation or valuation method | J.O. | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Four [Member] | Eni Fuel SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 65.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Four [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 35.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Five [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Disma SpA | ||||||||||
Registered office | Segrate (MI) | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 2,600,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Five [Member] | Eni Fuel SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 25.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Five [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 75.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Six [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Livorno LNG Terminal SpA | ||||||||||
Registered office | Livorno | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 200,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Six [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Six [Member] | Costiero Gas Liv SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Seven [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Porto Petroli di Genova SpA | ||||||||||
Registered office | Genova | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 2,068,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Seven [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 59.50% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Seven [Member] | Ecofuel SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 40.50% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Eight [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Raffineria di Milazzo ScpA(†) | ||||||||||
Registered office | Milazzo (ME) | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 171,143,000 | ||||||||||
% Equity ratio | 50.00% | ||||||||||
Consolidation or valuation method | J.O. | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Eight [Member] | ENI SpA | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Eight [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Nine [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Seram SpA | ||||||||||
Registered office | Fiumicino (RM) | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 852,000 | ||||||||||
Consolidation or valuation method | Co. | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Nine [Member] | ENI SpA | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 25.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Nine [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 75.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Ten [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Sigea Sistema Integrato Genova Arquata SpA | ||||||||||
Registered office | Genova | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 3,326,900 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Ten [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 65.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Ten [Member] | Ecofuel SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 35.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Eleven [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Società Oleodotti Meridionali - SOM SpA(†) | ||||||||||
Registered office | San Donato Milanese (MI) | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 3,085,000 | ||||||||||
% Equity ratio | 70.00% | ||||||||||
Consolidation or valuation method | J.O. | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Eleven [Member] | ENI SpA | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 70.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Eleven [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 30.00% | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Twelve [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Termica Milazzo Srl(†) | ||||||||||
Registered office | Milazzo (ME) | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 100,000 | ||||||||||
% Equity ratio | 50.00% | ||||||||||
Consolidation or valuation method | J.O. | ||||||||||
Refining & Marketing | Italy | Joint Arrangement Or Associate Twelve [Member] | Raff. Milazzo ScpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 100.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Thirteen [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Abu Dhabi Oil Refining Company (TAKREER) | ||||||||||
Registered office | Abu Dhabi (United Arab Emirates) | ||||||||||
Country of operation | United Arab Emirates | ||||||||||
Share capital | $ | $ 500,000,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Thirteen [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 80.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Thirteen [Member] | Eni Abu Dhabi R&T BV [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 20.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Fourteen [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | ADNOC Global Trading Ltd | ||||||||||
Registered office | Abu Dhabi (United Arab Emirates) | ||||||||||
Country of operation | United Arab Emirates | ||||||||||
Share capital | $ | $ 1,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Fourteen [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 80.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Fourteen [Member] | Eni Abu Dhabi R&T BV [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 20.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Fifteen [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | AET - Raffineriebeteiligungs gesellschaft mbH(†) | ||||||||||
Registered office | Schwedt (Germany) | ||||||||||
Country of operation | Germany | ||||||||||
Share capital | 27,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Fifteen [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 66.67% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Fifteen [Member] | Eni Deutsch GmbH [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 33.33% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Sixteen [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Bayernoil Raffineriegesellschaft mbH(†) | ||||||||||
Registered office | Vohburg (Germany) | ||||||||||
Country of operation | Germany | ||||||||||
Share capital | 10,226,000 | ||||||||||
% Equity ratio | 20.00% | ||||||||||
Consolidation or valuation method | J.O. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Sixteen [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 80.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Sixteen [Member] | Eni Deutsch GmbH [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 20.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Seven teen [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | City Carburoil SA(†) | ||||||||||
Registered office | Rivera (Switzerland) | ||||||||||
Country of operation | Switzerland | ||||||||||
Share capital | SFr | SFr 6,000,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Seven teen [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.09% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Seven teen [Member] | Eni Suisse SA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 49.91% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Eight teen [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Egyptian International Gas Technology Co | ||||||||||
Registered office | Cairo (Egypt) | ||||||||||
Country of operation | Egypt | ||||||||||
Share capital | ج.م. | ج.م. 100,000,000 | ||||||||||
Consolidation or valuation method | Co. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Eight teen [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 60.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Eight teen [Member] | Eni International BV | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 40.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Nine teen [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | ENEOS Italsing Pte Ltd | ||||||||||
Registered office | Singapore (Singapore) | ||||||||||
Country of operation | Singapore | ||||||||||
Share capital | $ | $ 12,000,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Nine teen [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 77.50% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Nine teen [Member] | Eni International BV | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 22.50% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Fuelling Aviation Services GIE | ||||||||||
Registered office | Tremblay en France (France) | ||||||||||
Country of operation | France | ||||||||||
Share capital | 1 | ||||||||||
Consolidation or valuation method | Co. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 75.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty [Member] | Eni France Sarl [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 25.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty one [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Mediterranée Bitumes SA | ||||||||||
Registered office | Tunisi (Tunisia) | ||||||||||
Country of operation | Tunisia | ||||||||||
Share capital | د.ت | د.ت 1,000,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty one [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 66.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty one [Member] | Eni International BV | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 34.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty two [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Routex BV | ||||||||||
Registered office | Amsterdam (Netherlands) | ||||||||||
Country of operation | Netherlands | ||||||||||
Share capital | 67,500 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty two [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 80.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty two [Member] | Eni International BV | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 20.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty three [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Saraco SA | ||||||||||
Registered office | Meyrin (Switzerland) | ||||||||||
Country of operation | Switzerland | ||||||||||
Share capital | SFr | SFr 420,000 | ||||||||||
Consolidation or valuation method | Co. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty three [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 80.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty three [Member] | Eni Suisse SA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 20.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty four [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Supermetanol CA(†) | ||||||||||
Registered office | Jose Puerto La Cruz (Venezuela) | ||||||||||
Country of operation | Venezuela | ||||||||||
Share capital | | 120.867 | ||||||||||
% Equity ratio | 50.00% | ||||||||||
Consolidation or valuation method | J.O. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty four [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 35.42% | ||||||||||
% Equity ratio | 50.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty four [Member] | Ecofuel SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 34.51% | ||||||||||
% Equity ratio | 50.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty four [Member] | Supermetanol CA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 30.07% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty five [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | TBG Tanklager Betriebsgesellschaft GmbH(†) | ||||||||||
Registered office | Salzburg (Austria) | ||||||||||
Country of operation | Austria | ||||||||||
Share capital | 43,603.70 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty five [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty five [Member] | Eni Market A GmbH [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty six [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Weat Electronic Datenservice GmbH | ||||||||||
Registered office | Düsseldorf (Germany) | ||||||||||
Country of operation | Germany | ||||||||||
Share capital | 409,034 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty six [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 80.00% | ||||||||||
Refining & Marketing | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty six [Member] | Eni Deutsch GmbH [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 20.00% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty seven [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Brindisi Servizi Generali Scarl | ||||||||||
Registered office | Brindisi | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 1,549,060 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty seven [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 21.90% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty seven [Member] | Versalis SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 49.00% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty seven [Member] | Eni Rewind SpA | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 20.20% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty seven [Member] | EniPower SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 8.90% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty eight [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | IFM Ferrara ScpA | ||||||||||
Registered office | Ferrara | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 5,270,466 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty eight [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 57.98% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty eight [Member] | S.E.F. Srl [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 10.70% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty eight [Member] | Versalis SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 19.74% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty eight [Member] | Eni Rewind SpA | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 11.58% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty nine [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Matrìca SpA(†) | ||||||||||
Registered office | Porto Torres (SS) | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 37,500,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty nine [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.00% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Twenty nine [Member] | Versalis SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.00% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Novamont SpA | ||||||||||
Registered office | Novara | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 13,333,500 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 75.00% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty [Member] | Versalis SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 25.00% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty one [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Priolo Servizi ScpA | ||||||||||
Registered office | Melilli (SR) | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 28,100,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty one [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 62.28% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty one [Member] | Versalis SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 33.11% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty one [Member] | Eni Rewind SpA | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 4.61% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty two [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Ravenna Servizi Industriali ScpA | ||||||||||
Registered office | Ravenna | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | 5,597,400 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty two [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 25.65% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty two [Member] | Ecofuel SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 1.85% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty two [Member] | Versalis SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 42.13% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty two [Member] | EniPower SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 30.37% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty three [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Servizi Porto Marghera Scarl | ||||||||||
Registered office | Porto Marghera (VE) | ||||||||||
Country of operation | Italy | ||||||||||
Share capital | € 8,695,718 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty three [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 13.17% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty three [Member] | Versalis SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 48.44% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty three [Member] | Eni Rewind SpA | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 38.39% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty four [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Lotte Versalis Elastomers Co Ltd(†) | ||||||||||
Registered office | Yeosu (South Korea) | ||||||||||
Country of operation | South Korea | ||||||||||
Share capital | ₩ | ₩ 401,800,000,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty four [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.00% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty four [Member] | Versalis SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 50.00% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty five [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | Versalis Zeal Ltd(†) | ||||||||||
Registered office | Takoradi (Ghana) | ||||||||||
Country of operation | Ghana | ||||||||||
Share capital | GH₵ | GH₵ 5,650,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty five [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 20.00% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty five [Member] | Versalis Intern. SA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 80.00% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty six [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
Company name | VPM Oilfield Specialty Chemicals Llc (†) | ||||||||||
Registered office | Abu Dhabi (United Arab Emirates) | ||||||||||
Country of operation | United Arab Emirates | ||||||||||
Share capital | د.إ | د.إ 1,000,000 | ||||||||||
Consolidation or valuation method | Eq. | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty six [Member] | Third parties | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 51.00% | ||||||||||
Chemicals | Foreign (outside Italy) | Joint Arrangement Or Associate Thirty six [Member] | Versalis SpA [Member] | |||||||||||
Joint arrangements and associates | |||||||||||
% Ownership | 49.00% |
Other information about inve_11
Other information about investments - Joint arrangements and associates - Corporate and other activities (Details) | 12 Months Ended | ||||
Dec. 31, 2019PKR (₨) | Dec. 31, 2019TND (د.ت) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Joint arrangements and associates | |||||
Share capital | € | € 4,005,000,000 | € 4,005,000,000 | |||
ENI SpA | |||||
Joint arrangements and associates | |||||
Share capital | € | 4,005,358,876 | € 4,005,358,876 | |||
Corporate and financial companies | Foreign (outside Italy) | Joint Arrangement Or Associate One [Member] | |||||
Joint arrangements and associates | |||||
Company name | Commonwealth Fusion Systems Llc (a) | ||||
Registered office | Wilmington (USA) | ||||
Country of operation | USA | ||||
Share capital | $ 115,000,519 | ||||
Consolidation or valuation method | Eq. | ||||
Corporate and financial companies | Foreign (outside Italy) | Joint Arrangement Or Associate One [Member] | Eni Next Llc [Member] | |||||
Joint arrangements and associates | |||||
Share capital | 50,000,000 | ||||
Corporate and financial companies | Foreign (outside Italy) | Joint Arrangement Or Associate Two [Member] | |||||
Joint arrangements and associates | |||||
Company name | Form Energy Inc (b) | ||||
Registered office | Sommerville (USA) | ||||
Country of operation | USA | ||||
Share capital | 50,889,548.24 | ||||
Consolidation or valuation method | Eq. | ||||
Corporate and financial companies | Foreign (outside Italy) | Joint Arrangement Or Associate Two [Member] | Eni Next Llc [Member] | |||||
Joint arrangements and associates | |||||
Share capital | 15,000,000 | ||||
Other activities | Italy | Joint Arrangement Or Associate Three [Member] | |||||
Joint arrangements and associates | |||||
Company name | Ottana Sviluppo ScpA (in bankruptcy) | ||||
Registered office | Nuoro | ||||
Country of operation | Italy | ||||
Share capital | € | 516,000 | ||||
Consolidation or valuation method | Eq. | ||||
Other activities | Italy | Joint Arrangement Or Associate Three [Member] | Eni Rewind SpA | |||||
Joint arrangements and associates | |||||
% Ownership | 30.00% | ||||
Other activities | Italy | Joint Arrangement Or Associate Three [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 70.00% | ||||
Other activities | Italy | Joint Arrangement Or Associate Four [Member] | |||||
Joint arrangements and associates | |||||
Company name | Progetto Nuraghe Scarl | ||||
Registered office | Porto Torres (SS) | ||||
Country of operation | Italy | ||||
Share capital | € | 10,000 | ||||
Consolidation or valuation method | Eq. | ||||
Other activities | Italy | Joint Arrangement Or Associate Four [Member] | Eni Rewind SpA | |||||
Joint arrangements and associates | |||||
% Ownership | 48.55% | ||||
Other activities | Italy | Joint Arrangement Or Associate Four [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 51.45% | ||||
Other activities | Italy | Joint Arrangement Or Associate Five [Member] | |||||
Joint arrangements and associates | |||||
Company name | Saipem SpA (#) (†) | ||||
Registered office | San Donato Milanese (MI) | ||||
Country of operation | Italy | ||||
Share capital | € | € 2,191,384,693 | ||||
Consolidation or valuation method | Eq. | ||||
Other activities | Italy | Joint Arrangement Or Associate Five [Member] | ENI SpA | |||||
Joint arrangements and associates | |||||
% Ownership | 30.54% | ||||
% Equity ratio | 30.99% | ||||
Other activities | Italy | Joint Arrangement Or Associate Five [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 68.00% | ||||
% Equity ratio | 69.01% | ||||
Other activities | Italy | Joint Arrangement Or Associate Five [Member] | Saipem SpA | |||||
Joint arrangements and associates | |||||
% Ownership | 1.46% | ||||
Other activities | Foreign (outside Italy) | Joint Arrangement Or Associate Six [Member] | |||||
Joint arrangements and associates | |||||
Company name | Ayla Energy Ltd (†) | ||||
Registered office | London (United Kingdom) | ||||
Country of operation | United Kingdom | ||||
Share capital | 1,000 | ||||
Consolidation or valuation method | Eq. | ||||
Other activities | Foreign (outside Italy) | Joint Arrangement Or Associate Six [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Other activities | Foreign (outside Italy) | Joint Arrangement Or Associate Six [Member] | Eni En. Solutions BV [Member] | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Other activities | Foreign (outside Italy) | Joint Arrangement Or Associate Seven [Member] | |||||
Joint arrangements and associates | |||||
Company name | Grid Edge (Private) Ltd(†) | ||||
Registered office | Saddar Town - Karachi (Pakistan) | ||||
Country of operation | Pakistan | ||||
Share capital | ₨ | ₨ 1,200,000 | ||||
Consolidation or valuation method | Eq. | ||||
Other activities | Foreign (outside Italy) | Joint Arrangement Or Associate Seven [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 60.00% | ||||
Other activities | Foreign (outside Italy) | Joint Arrangement Or Associate Seven [Member] | Eni International BV | |||||
Joint arrangements and associates | |||||
% Ownership | 40.00% | ||||
Other activities | Foreign (outside Italy) | Joint Arrangement Or Associate Eight [Member] | |||||
Joint arrangements and associates | |||||
Company name | Société Energies Renouvelables Eni-ETAP SA (†) | ||||
Registered office | Tunisi (Tunisia) | ||||
Country of operation | Tunisia | ||||
Share capital | د.ت | د.ت 1,000,000 | ||||
Consolidation or valuation method | Eq. | ||||
Other activities | Foreign (outside Italy) | Joint Arrangement Or Associate Eight [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Other activities | Foreign (outside Italy) | Joint Arrangement Or Associate Eight [Member] | Eni International BV | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Other activities | Foreign (outside Italy) | Joint Arrangement Or Associate Nine [Member] | |||||
Joint arrangements and associates | |||||
Company name | Solenova Ltd (†) | ||||
Registered office | London (United Kingdom) | ||||
Country of operation | United Kingdom | ||||
Share capital | $ 20,000 | ||||
Consolidation or valuation method | Eq. | ||||
Other activities | Foreign (outside Italy) | Joint Arrangement Or Associate Nine [Member] | Third parties | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% | ||||
Other activities | Foreign (outside Italy) | Joint Arrangement Or Associate Nine [Member] | Eni En. Solutions BV [Member] | |||||
Joint arrangements and associates | |||||
% Ownership | 50.00% |
Other information about inve_12
Other information about investments - Other significant investments - Exploration & Production (Details) | 12 Months Ended | ||||||
Dec. 31, 2019AUD ($) | Dec. 31, 2019AOA (Kz) | Dec. 31, 2019EGP (ج.م.) | Dec. 31, 2019VEF ( ) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Other significant investments | |||||||
Share capital | € | € 4,005,000,000 | € 4,005,000,000 | |||||
ENI SpA | |||||||
Other significant investments | |||||||
Share capital | € | 4,005,358,876 | € 4,005,358,876 | |||||
Exploration & Production | Italy | Other significant investments One [member] | |||||||
Other significant investments | |||||||
Company name | Consorzio Universitario in Ingegneria per la Qualità e l'Innovazione | ||||||
Registered office | Pisa | ||||||
Country of operation | Italy | ||||||
Share capital | € | 135,000 | ||||||
Exploration & Production | Italy | Other significant investments One [member] | ENI SpA | |||||||
Other significant investments | |||||||
% Ownership | 20.00% | ||||||
Exploration & Production | Italy | Other significant investments One [member] | Third parties | |||||||
Other significant investments | |||||||
% Ownership | 80.00% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Two [Member] | |||||||
Other significant investments | |||||||
Company name | Administradora del Golfo de PariaEste SA | ||||||
Registered office | Caracas (Venezuela) | ||||||
Country of operation | Venezuela | ||||||
Share capital | | 0.001 | ||||||
Consolidation or valuation method | F.V. | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Two [Member] | Eni Venezuela BV | |||||||
Other significant investments | |||||||
% Ownership | 19.50% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Two [Member] | Third parties | |||||||
Other significant investments | |||||||
% Ownership | 80.50% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Three [Member] | |||||||
Other significant investments | |||||||
Company name | Brass LNG Ltd | ||||||
Registered office | Lagos (Nigeria) | ||||||
Country of operation | Nigeria | ||||||
Share capital | $ | $ 1,000,000 | ||||||
Consolidation or valuation method | F.V. | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Three [Member] | Third parties | |||||||
Other significant investments | |||||||
% Ownership | 79.52% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Three [Member] | Eni Int. NA NV Srl [Member] | |||||||
Other significant investments | |||||||
% Ownership | 20.48% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Four [Member] | |||||||
Other significant investments | |||||||
Company name | Darwin LNG Pty Ltd | ||||||
Registered office | West Perth (Australia) | ||||||
Country of operation | Australia | ||||||
Share capital | $ | $ 367,278,503.01 | ||||||
Consolidation or valuation method | F.V. | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Four [Member] | Third parties | |||||||
Other significant investments | |||||||
% Ownership | 89.01% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Four [Member] | Eni G&P LNG Aus. BV [Member] | |||||||
Other significant investments | |||||||
% Ownership | 10.99% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Five [Member] | |||||||
Other significant investments | |||||||
Company name | New Liberty Residential Co Llc | ||||||
Registered office | West Trenton (USA) | ||||||
Country of operation | USA | ||||||
Share capital | $ | 0 | ||||||
Consolidation or valuation method | F.V. | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Five [Member] | Third parties | |||||||
Other significant investments | |||||||
% Ownership | 82.50% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Five [Member] | Eni Oil & Gas Inc [Member] | |||||||
Other significant investments | |||||||
% Ownership | 17.50% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Six [Member] | |||||||
Other significant investments | |||||||
Company name | Nigeria LNG Ltd | ||||||
Registered office | Port Harcourt (Nigeria) | ||||||
Country of operation | Nigeria | ||||||
Share capital | $ | $ 1,138,207,000 | ||||||
Consolidation or valuation method | F.V. | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Six [Member] | Third parties | |||||||
Other significant investments | |||||||
% Ownership | 89.60% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Six [Member] | Eni Int. NA NV Srl [Member] | |||||||
Other significant investments | |||||||
% Ownership | 10.40% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Seven [Member] | |||||||
Other significant investments | |||||||
Company name | North Caspian Operating Co NV | ||||||
Registered office | Amsterdam (Netherlands) | ||||||
Country of operation | Kazakhstan | ||||||
Share capital | € | € 128,520 | ||||||
Consolidation or valuation method | F.V. | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Seven [Member] | Third parties | |||||||
Other significant investments | |||||||
% Ownership | 83.19% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Seven [Member] | Agip Caspian Sea BV [Member] | |||||||
Other significant investments | |||||||
% Ownership | 16.81% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Eight [Member] | |||||||
Other significant investments | |||||||
Company name | OPCO - Sociedade OperacionalAngola LNG SA | ||||||
Registered office | Luanda (Angola) | ||||||
Country of operation | Angola | ||||||
Share capital | Kz | Kz 7,400,000 | ||||||
Consolidation or valuation method | F.V. | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Eight [Member] | Third parties | |||||||
Other significant investments | |||||||
% Ownership | 86.40% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Eight [Member] | Eni Angola Prod.BV [Member] | |||||||
Other significant investments | |||||||
% Ownership | 13.60% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Nine [Member] | |||||||
Other significant investments | |||||||
Company name | Petrolera Güiria SA | ||||||
Registered office | Caracas (Venezuela) | ||||||
Country of operation | Venezuela | ||||||
Share capital | | 10 | ||||||
Consolidation or valuation method | F.V. | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Nine [Member] | Eni Venezuela BV | |||||||
Other significant investments | |||||||
% Ownership | 19.50% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Nine [Member] | Third parties | |||||||
Other significant investments | |||||||
% Ownership | 80.50% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Ten [Member] | |||||||
Other significant investments | |||||||
Company name | SOMG - Sociedade de Operações eManutenção de Gasodutos SA | ||||||
Registered office | Luanda (Angola) | ||||||
Country of operation | Angola | ||||||
Share capital | Kz | Kz 7,400,000 | ||||||
Consolidation or valuation method | F.V. | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Ten [Member] | Third parties | |||||||
Other significant investments | |||||||
% Ownership | 86.40% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Ten [Member] | Eni Angola Prod.BV [Member] | |||||||
Other significant investments | |||||||
% Ownership | 13.60% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Eleven [Member] | |||||||
Other significant investments | |||||||
Company name | Torsina Oil Co | ||||||
Registered office | Cairo (Egypt) | ||||||
Country of operation | Egypt | ||||||
Share capital | ج.م. | ج.م. 20,000 | ||||||
Consolidation or valuation method | F.V. | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Eleven [Member] | Third parties | |||||||
Other significant investments | |||||||
% Ownership | 87.50% | ||||||
Exploration & Production | Foreign (outside Italy) | Other Significant Investments Eleven [Member] | Ieoc Production BV | |||||||
Other significant investments | |||||||
% Ownership | 12.50% |
Other information about inve_13
Other information about investments - Other significant investments - Gas & Power (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other significant investments | ||
Share capital | € 4,005,000,000 | € 4,005,000,000 |
Gas & Power | Foreign (outside Italy) | Other significant investments One [member] | ||
Other significant investments | ||
Company name | Norsea Gas GmbH | |
Registered office | Emden (Germany) | |
Country of operation | Germany | |
Share capital | € 1,533,875.64 | |
Consolidation or valuation method | F.V. | |
Gas & Power | Foreign (outside Italy) | Other significant investments One [member] | Eni International BV | ||
Other significant investments | ||
% Ownership | 13.04% | |
Gas & Power | Foreign (outside Italy) | Other significant investments One [member] | Third parties | ||
Other significant investments | ||
% Ownership | 86.96% |
Other information about inve_14
Other information about investments - Other significant investments - Refining & Marketing and Chemical (Details) | 12 Months Ended | |||||
Dec. 31, 2019GHS (GH₵) | Dec. 31, 2019CHF (SFr) | Dec. 31, 2019GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Other significant investments | ||||||
Share capital | € 4,005,000,000 | € 4,005,000,000 | ||||
ENI SpA | ||||||
Other significant investments | ||||||
Share capital | 4,005,358,876 | € 4,005,358,876 | ||||
Refining & Marketing | Italy | Other significant investments One [member] | ||||||
Other significant investments | ||||||
Company name | Società Italiana Oleodotti di Gaeta SpA(a) | |||||
Registered office | Rome | |||||
Country of operation | Italy | |||||
Share capital | 360,000,000 | |||||
Consolidation or valuation method | F.V. | |||||
Refining & Marketing | Italy | Other significant investments One [member] | Third parties | ||||||
Other significant investments | ||||||
% Ownership | 27.52% | |||||
Refining & Marketing | Italy | Other significant investments One [member] | ENI SpA | ||||||
Other significant investments | ||||||
% Ownership | 72.48% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Two [Member] | ||||||
Other significant investments | ||||||
Company name | BFS Berlin Fuelling Services GbR | |||||
Registered office | Hamburg (Germany) | |||||
Country of operation | Germany | |||||
Share capital | 89,199 | |||||
Consolidation or valuation method | F.V. | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Two [Member] | Eni Deutsch.GmbH [Member] | ||||||
Other significant investments | ||||||
% Ownership | 12.50% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Two [Member] | Third parties | ||||||
Other significant investments | ||||||
% Ownership | 87.50% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Three [Member] | ||||||
Other significant investments | ||||||
Company name | Compania de Economia Mixta ‘Austrogas' | |||||
Registered office | Cuenca (Ecuador) | |||||
Country of operation | Ecuador | |||||
Share capital | $ | $ 5,665,329 | |||||
Consolidation or valuation method | F.V. | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Three [Member] | Third parties | ||||||
Other significant investments | ||||||
% Ownership | 86.62% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Three [Member] | Eni Ecuador SA [Member] | ||||||
Other significant investments | ||||||
% Ownership | 13.38% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Four [Member] | ||||||
Other significant investments | ||||||
Company name | Dépôt Pétrolier de Fos SA | |||||
Registered office | Fos-Sur-Mer (France) | |||||
Country of operation | France | |||||
Share capital | 3,954,196.40 | |||||
Consolidation or valuation method | F.V. | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Four [Member] | Third parties | ||||||
Other significant investments | ||||||
% Ownership | 83.19% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Four [Member] | Eni France Sarl [Member] | ||||||
Other significant investments | ||||||
% Ownership | 16.81% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Five [Member] | ||||||
Other significant investments | ||||||
Company name | Dépôt Pétrolier de la Côte d'Azur SAS | |||||
Registered office | Nanterre (France) | |||||
Country of operation | France | |||||
Share capital | 207,500 | |||||
Consolidation or valuation method | F.V. | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Five [Member] | Third parties | ||||||
Other significant investments | ||||||
% Ownership | 82.00% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Five [Member] | Eni France Sarl [Member] | ||||||
Other significant investments | ||||||
% Ownership | 18.00% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Six [Member] | ||||||
Other significant investments | ||||||
Company name | Joint Inspection Group Ltd | |||||
Registered office | London (United Kingdom) | |||||
Country of operation | United Kingdom | |||||
Share capital | £ | £ 0 | |||||
Consolidation or valuation method | F.V. | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Six [Member] | Third parties | ||||||
Other significant investments | ||||||
% Ownership | 87.50% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Six [Member] | ENI SpA | ||||||
Other significant investments | ||||||
% Ownership | 12.50% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Seven [Member] | ||||||
Other significant investments | ||||||
Company name | S.I.P.G. Société Immobiliere Pétroliere de Gestion Snc | |||||
Registered office | Tremblay-En-France (France) | |||||
Country of operation | France | |||||
Share capital | 40,000 | |||||
Consolidation or valuation method | F.V. | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Seven [Member] | Third parties | ||||||
Other significant investments | ||||||
% Ownership | 87.50% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Seven [Member] | Eni France Sarl [Member] | ||||||
Other significant investments | ||||||
% Ownership | 12.50% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Eight [Member] | ||||||
Other significant investments | ||||||
Company name | Sistema Integrado de Gestion de Aceites Usados | |||||
Registered office | Madrid (Spain) | |||||
Country of operation | Spain | |||||
Share capital | 175,713 | |||||
Consolidation or valuation method | F.V. | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Eight [Member] | Third parties | ||||||
Other significant investments | ||||||
% Ownership | 84.56% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Eight [Member] | Eni Iberia SLU [Member] | ||||||
Other significant investments | ||||||
% Ownership | 15.44% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Nine [Member] | ||||||
Other significant investments | ||||||
Company name | Tanklager - Gesellschaft Tegel (TGT) GbR | |||||
Registered office | Hamburg (Germany) | |||||
Country of operation | Germany | |||||
Share capital | € 4,953 | |||||
Consolidation or valuation method | F.V. | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Nine [Member] | Eni Deutsch.GmbH [Member] | ||||||
Other significant investments | ||||||
% Ownership | 12.50% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Nine [Member] | Third parties | ||||||
Other significant investments | ||||||
% Ownership | 87.50% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Ten [Member] | ||||||
Other significant investments | ||||||
Company name | TAR - Tankanlage Ruemlang AG | |||||
Registered office | Ruemlang (Switzerland) | |||||
Country of operation | Switzerland | |||||
Share capital | SFr | SFr 3,259,500 | |||||
Consolidation or valuation method | F.V. | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Ten [Member] | Third parties | ||||||
Other significant investments | ||||||
% Ownership | 83.73% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Ten [Member] | Eni Suisse SA [Member] | ||||||
Other significant investments | ||||||
% Ownership | 16.27% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Eleven [Member] | ||||||
Other significant investments | ||||||
Company name | Tema Lube Oil Co Ltd | |||||
Registered office | Accra (Ghana) | |||||
Country of operation | Ghana | |||||
Share capital | GH₵ | GH₵ 258,309 | |||||
Consolidation or valuation method | F.V. | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Eleven [Member] | Third parties | ||||||
Other significant investments | ||||||
% Ownership | 88.00% | |||||
Refining & Marketing | Foreign (outside Italy) | Other Significant Investments Eleven [Member] | Eni International BV | ||||||
Other significant investments | ||||||
% Ownership | 12.00% |
Other information about inve_15
Other information about investments - Principal joint ventures, joint operations and associates (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Var Energi AS | ||
Disclosure of detailed information about investments | ||
Company name | Vår Energi AS | |
Registered office | Forus (Norway) | |
Country of operation | Norway | |
Business segment | Exploration & Production | |
% ownership interest | 69.60% | 69.60% |
Eni's % of the investment | 69.60% | 69.60% |
Saipem SpA | ||
Disclosure of detailed information about investments | ||
Company name | Saipem SpA | |
Registered office | San Donato Milanese (MI) (Italy) | |
Country of operation | Italy | |
Business segment | Other Activities | |
% ownership interest | 30.54% | |
Eni's % of the investment | 30.99% | 30.99% |
Union Fenosa Gas SA | ||
Disclosure of detailed information about investments | ||
Company name | Unión Fenosa Gas SA | |
Registered office | Madrid (Spain) | |
Country of operation | Spain | |
Business segment | Gas & Power | |
% ownership interest | 50.00% | |
Eni's % of the investment | 50.00% | 50.00% |
Cardon IV SA | ||
Disclosure of detailed information about investments | ||
Company name | Cardón IV SA | |
Registered office | Caracas (Venezuela) | |
Country of operation | Venezuela | |
Business segment | Exploration & Production | |
% ownership interest | 50.00% | |
Eni's % of the investment | 50.00% | 50.00% |
Gas Distribution Company of Thessaloniki Thessaly SA | ||
Disclosure of detailed information about investments | ||
Company name | Gas Distribution Company of Thessaloniki - Thessaly SA | |
Registered office | Ampelokipi- Menemeni (Greece) | |
Country of operation | Greece | |
Business segment | Gas & Power | |
% ownership interest | 49.00% | |
Eni's % of the investment | 49.00% | 49.00% |
Abu Dhabi Oil Refining Co | ||
Disclosure of detailed information about investments | ||
Company name | Abu Dhabi Oil Refining Co (Takreer) | |
Registered office | Abu Dhabi (United Arab Emirates) | |
Country of operation | United Arab Emirates | |
Business segment | Refining & Marketing | |
% ownership interest | 20.00% | |
Eni's % of the investment | 20.00% | |
Angola LNG Ltd | ||
Disclosure of detailed information about investments | ||
Company name | Angola LNG Ltd | |
Registered office | Hamilton (Bermuda) | |
Country of operation | Angola | |
Business segment | Exploration & Production | |
% ownership interest | 13.60% | |
Eni's % of the investment | 13.60% | 13.60% |
Coral FLNG SA | ||
Disclosure of detailed information about investments | ||
Company name | Coral FLNG SA | |
Registered office | Maputo (Mozambique) | |
Country of operation | Mozambique | |
Business segment | Exploration & Production | |
% ownership interest | 25.00% | |
Eni's % of the investment | 25.00% | 25.00% |
Mozambique Rovuma Venture SpA | ||
Disclosure of detailed information about investments | ||
Company name | Mozambique Rovuma Venture SpA | |
Registered office | San Donato Milanese (MI) (Italy) | |
Country of operation | Mozambique | |
Business segment | Exploration & Production | |
% ownership interest | 35.71% | |
Eni's % of the investment | 35.71% | |
Raffineria di Milazzo ScpA | ||
Disclosure of detailed information about investments | ||
Company name | Raffineria di Milazzo ScpA | |
Registered office | Milazzo (ME) (Italy) | |
Country of operation | Italy | |
Business segment | Refining & Marketing | |
% ownership interest | 50.00% | |
Eni's % of the investment | 50.00% | |
GreenStream BV | ||
Disclosure of detailed information about investments | ||
Company name | GreenStream BV | |
Registered office | Amsterdam (Netherlands) | |
Country of operation | Libya | |
Business segment | Gas & Power | |
% ownership interest | 50.00% | |
Eni's % of the investment | 50.00% | |
Blue Stream Pipeline Co BV | ||
Disclosure of detailed information about investments | ||
Company name | Blue Stream Pipeline Co BV | |
Registered office | Amsterdam (Netherlands) | |
Country of operation | Russia | |
Business segment | Gas & Power | |
% ownership interest | 74.62% | |
Eni's % of the investment | 74.62% |
Other information about inve_16
Other information about investments - Profit and loss and balance sheet related to the principal joint ventures (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about investments | ||||
Non-current assets | € 88,513 | € 78,628 | ||
Total assets | 123,440 | 118,373 | ||
Non-current liabilities | 45,896 | 38,859 | ||
Total liabilities | 75,540 | 67,300 | ||
Net equity | 47,900 | 51,073 | € 48,079 | € 53,086 |
Book value of the investment | 9,035 | 7,044 | 3,511 | |
Revenues and other income | 71,041 | 76,938 | 70,977 | |
Operating profit | 6,432 | 9,983 | 8,012 | |
Finance income (expense) | (879) | (971) | (1,236) | |
Income (expense) from investments | 193 | 1,095 | 68 | |
Profit before income taxes | 5,746 | 10,107 | 6,844 | |
Income taxes | (5,591) | (5,970) | (3,467) | |
Net profit | 155 | 4,137 | 3,377 | |
Other comprehensive income | 69 | 1,576 | (5,518) | |
Total other comprehensive income | 224 | 5,713 | (2,141) | |
Attributable to Eni | 148 | 4,126 | € 3,374 | |
Var Energi AS | ||||
Disclosure of detailed information about investments | ||||
Current assets | 1,385 | 1,366 | ||
- of which cash and cash equivalent | 182 | 883 | ||
Non-current assets | 18,427 | 11,407 | ||
Total assets | 19,812 | 12,773 | ||
Current liabilities | 2,374 | 608 | ||
- current financial liabilities | 33 | |||
Non-current liabilities | 13,820 | 7,139 | ||
- non-current financial liabilities | 3,929 | 366 | ||
Total liabilities | 16,194 | 7,747 | ||
Net equity | € 3,618 | € 5,026 | ||
Eni's % of the investment | 69.60% | 69.60% | ||
Book value of the investment | € 2,518 | € 3,498 | ||
Revenues and other income | 2,552 | |||
Operating expense | (1,015) | |||
Depreciation, amortization and impairments | (1,208) | |||
Operating profit | 329 | |||
Finance income (expense) | (1) | |||
Profit before income taxes | 328 | |||
Income taxes | 258 | |||
Net profit | 70 | |||
Other comprehensive income | 40 | |||
Total other comprehensive income | 110 | |||
Attributable to Eni | 49 | |||
Dividends received from the joint venture | 1,057 | |||
Saipem SpA | ||||
Disclosure of detailed information about investments | ||||
Current assets | 7,012 | 6,211 | ||
- of which cash and cash equivalent | 2,272 | 1,674 | ||
Non-current assets | 5,997 | 5,466 | ||
Total assets | 13,009 | 11,677 | ||
Current liabilities | 5,204 | 4,430 | ||
- current financial liabilities | 557 | 305 | ||
Non-current liabilities | 3,680 | 3,211 | ||
- non-current financial liabilities | 3,147 | 2,646 | ||
Total liabilities | 8,884 | 7,641 | ||
Net equity | € 4,125 | € 4,036 | ||
Eni's % of the investment | 30.99% | 30.99% | ||
Book value of the investment | € 1,250 | € 1,228 | ||
Revenues and other income | 9,118 | 8,530 | ||
Operating expense | (7,972) | (7,682) | ||
Depreciation, amortization and impairments | (690) | (811) | ||
Operating profit | 456 | 37 | ||
Finance income (expense) | (210) | (165) | ||
Income (expense) from investments | (18) | (88) | ||
Profit before income taxes | 228 | (216) | ||
Income taxes | 130 | (194) | ||
Net profit | 98 | (410) | ||
Other comprehensive income | 66 | (46) | ||
Total other comprehensive income | 164 | (456) | ||
Attributable to Eni | 4 | (146) | ||
Union Fenosa Gas SA | ||||
Disclosure of detailed information about investments | ||||
Current assets | 585 | 664 | ||
- of which cash and cash equivalent | 41 | 107 | ||
Non-current assets | 827 | 832 | ||
Total assets | 1,412 | 1,496 | ||
Current liabilities | 225 | 260 | ||
- current financial liabilities | 49 | 22 | ||
Non-current liabilities | 563 | 581 | ||
- non-current financial liabilities | 493 | 510 | ||
Total liabilities | 788 | 841 | ||
Net equity | € 624 | € 655 | ||
Eni's % of the investment | 50.00% | 50.00% | ||
Book value of the investment | € 326 | € 335 | ||
Revenues and other income | 1,255 | 1,521 | ||
Operating expense | (1,221) | (1,461) | ||
Depreciation, amortization and impairments | (53) | (70) | ||
Operating profit | (19) | (10) | ||
Finance income (expense) | (37) | (31) | ||
Income (expense) from investments | 6 | 9 | ||
Profit before income taxes | (50) | (32) | ||
Income taxes | (8) | (1) | ||
Net profit | (42) | (33) | ||
Other comprehensive income | 11 | 15 | ||
Total other comprehensive income | (31) | (18) | ||
Attributable to Eni | (14) | (23) | ||
Cardon IV SA | ||||
Disclosure of detailed information about investments | ||||
Current assets | 208 | 191 | ||
- of which cash and cash equivalent | 6 | 40 | ||
Non-current assets | 2,383 | 2,433 | ||
Total assets | 2,591 | 2,624 | ||
Current liabilities | 255 | 232 | ||
Non-current liabilities | 2,040 | 2,196 | ||
- non-current financial liabilities | 1,140 | 1,410 | ||
Total liabilities | 2,295 | 2,428 | ||
Net equity | € 296 | € 196 | ||
Eni's % of the investment | 50.00% | 50.00% | ||
Book value of the investment | € 148 | € 98 | ||
Revenues and other income | 598 | 610 | ||
Operating expense | (456) | (372) | ||
Depreciation, amortization and impairments | (86) | (137) | ||
Operating profit | 56 | 101 | ||
Finance income (expense) | (133) | (208) | ||
Profit before income taxes | (77) | (107) | ||
Income taxes | 103 | (35) | ||
Net profit | (180) | (142) | ||
Other comprehensive income | 5 | 6 | ||
Total other comprehensive income | (175) | (136) | ||
Attributable to Eni | (90) | (71) | ||
Gas Distribution Company of Thessaloniki Thessaly SA | ||||
Disclosure of detailed information about investments | ||||
Current assets | 31 | 32 | ||
- of which cash and cash equivalent | 12 | 13 | ||
Non-current assets | 322 | 302 | ||
Total assets | 353 | 334 | ||
Current liabilities | 24 | 52 | ||
- current financial liabilities | 9 | |||
Non-current liabilities | 46 | 2 | ||
- non-current financial liabilities | 33 | |||
Total liabilities | 70 | 54 | ||
Net equity | € 283 | € 280 | ||
Eni's % of the investment | 49.00% | 49.00% | ||
Book value of the investment | € 139 | € 137 | ||
Revenues and other income | 58 | 53 | ||
Operating expense | (16) | (16) | ||
Depreciation, amortization and impairments | (14) | (12) | ||
Operating profit | 28 | 25 | ||
Finance income (expense) | (1) | |||
Profit before income taxes | 27 | 25 | ||
Income taxes | 7 | (8) | ||
Net profit | 20 | 17 | ||
Total other comprehensive income | 20 | 17 | ||
Attributable to Eni | 10 | 8 | ||
Dividends received from the joint venture | 10 | 8 | ||
Lotte Versalis Elastomers Co Ltd | ||||
Disclosure of detailed information about investments | ||||
Current assets | 56 | |||
- of which cash and cash equivalent | 8 | |||
Non-current assets | 502 | |||
Total assets | 558 | |||
Current liabilities | 111 | |||
- current financial liabilities | 78 | |||
Non-current liabilities | 297 | |||
- non-current financial liabilities | 289 | |||
Total liabilities | 408 | |||
Net equity | € 150 | |||
Eni's % of the investment | 50.00% | |||
Book value of the investment | € 75 | |||
Revenues and other income | 22 | |||
Operating expense | (58) | |||
Depreciation, amortization and impairments | (30) | |||
Operating profit | (66) | |||
Finance income (expense) | (12) | |||
Profit before income taxes | (78) | |||
Net profit | (78) | |||
Total other comprehensive income | (78) | |||
Attributable to Eni | (39) | |||
Petro Junin SA | ||||
Disclosure of detailed information about investments | ||||
Current assets | 368 | |||
Non-current assets | 253 | |||
Total assets | 621 | |||
Current liabilities | 470 | |||
Non-current liabilities | 34 | |||
Total liabilities | 504 | |||
Net equity | € 117 | |||
Eni's % of the investment | 40.00% | |||
Book value of the investment | € 47 | |||
Revenues and other income | 112 | |||
Operating expense | (100) | |||
Depreciation, amortization and impairments | (394) | |||
Operating profit | (382) | |||
Finance income (expense) | 31 | |||
Profit before income taxes | (351) | |||
Income taxes | (19) | |||
Net profit | (370) | |||
Other comprehensive income | 11 | |||
Total other comprehensive income | (359) | |||
Attributable to Eni | (148) | |||
Other joint ventures | ||||
Disclosure of detailed information about investments | ||||
Current assets | 551 | 130 | ||
- of which cash and cash equivalent | 40 | 38 | ||
Non-current assets | 1,085 | 334 | ||
Total assets | 1,636 | 464 | ||
Current liabilities | 819 | 307 | ||
- current financial liabilities | 165 | 165 | ||
Non-current liabilities | 354 | 126 | ||
- non-current financial liabilities | 274 | 14 | ||
Total liabilities | 1,173 | 433 | ||
Net equity | 463 | 31 | ||
Book value of the investment | 199 | (2) | ||
Revenues and other income | 270 | 731 | ||
Operating expense | (277) | (697) | ||
Depreciation, amortization and impairments | (47) | (62) | ||
Operating profit | (54) | (28) | ||
Finance income (expense) | (14) | (5) | ||
Profit before income taxes | (68) | (33) | ||
Income taxes | 12 | (10) | ||
Net profit | (80) | (43) | ||
Other comprehensive income | (4) | |||
Total other comprehensive income | (80) | (47) | ||
Attributable to Eni | (40) | (21) | ||
Dividends received from the joint venture | € 6 | € 11 |
Other information about inve_17
Other information about investments - Profit and loss and balance sheet related to the principal associates (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about investments | ||||
Non-current assets | € 88,513 | € 78,628 | ||
Total assets | 123,440 | 118,373 | ||
Non-current liabilities | 45,896 | 38,859 | ||
Total liabilities | 75,540 | 67,300 | ||
Net equity | 47,900 | 51,073 | € 48,079 | € 53,086 |
Book value of the investment | 9,035 | 7,044 | 3,511 | |
Revenues and other income | 71,041 | 76,938 | 70,977 | |
Operating profit | 6,432 | 9,983 | 8,012 | |
Finance income (expense) | (879) | (971) | (1,236) | |
Income (expense) from investments | 193 | 1,095 | 68 | |
Profit before income taxes | 5,746 | 10,107 | 6,844 | |
Income taxes | (5,591) | (5,970) | (3,467) | |
Net profit | 155 | 4,137 | 3,377 | |
Other comprehensive income | 69 | 1,576 | (5,518) | |
Total other comprehensive income | 224 | 5,713 | (2,141) | |
Attributable to Eni | 148 | 4,126 | € 3,374 | |
Abu Dhabi Oil Refining Co | ||||
Disclosure of detailed information about investments | ||||
Current assets | 4,659 | |||
- of which cash and cash equivalent | 42 | |||
Non-current assets | 18,868 | |||
Total assets | 23,527 | |||
Current liabilities | 8,470 | |||
- current financial liabilities | 3,694 | |||
Non-current liabilities | 912 | |||
- non-current financial liabilities | 479 | |||
Total liabilities | 9,382 | |||
Net equity | € 14,145 | |||
Eni's % of the investment | 20.00% | |||
Book value of the investment | € 2,829 | |||
Revenues and other income | 399 | |||
Operating expense | (357) | |||
Depreciation, amortization and impairments | (335) | |||
Operating profit | (293) | |||
Finance income (expense) | (46) | |||
Income (expense) from investments | 282 | |||
Profit before income taxes | (57) | |||
Income taxes | 11 | |||
Net profit | (46) | |||
Other comprehensive income | (59) | |||
Total other comprehensive income | (105) | |||
Attributable to Eni | (9) | |||
Dividends received from the associate | 46 | |||
Angola LNG Ltd | ||||
Disclosure of detailed information about investments | ||||
Current assets | 890 | 1,027 | ||
- of which cash and cash equivalent | 653 | 698 | ||
Non-current assets | 9,952 | 9,079 | ||
Total assets | 10,842 | 10,106 | ||
Current liabilities | 185 | 472 | ||
Non-current liabilities | 2,135 | 1,500 | ||
- non-current financial liabilities | 1,943 | 1,328 | ||
Total liabilities | 2,320 | 1,972 | ||
Net equity | € 8,522 | € 8,134 | ||
Eni's % of the investment | 13.60% | 13.60% | ||
Book value of the investment | € 1,159 | € 1,106 | ||
Revenues and other income | 1,552 | 1,919 | ||
Operating expense | (549) | (872) | ||
Depreciation, amortization and impairments | (509) | 1,647 | ||
Operating profit | 494 | 2,694 | ||
Finance income (expense) | (151) | (97) | ||
Profit before income taxes | 343 | 2,597 | ||
Net profit | 343 | 2,597 | ||
Other comprehensive income | 162 | 337 | ||
Total other comprehensive income | 505 | 2,934 | ||
Attributable to Eni | 47 | 353 | ||
Coral FLNG SA | ||||
Disclosure of detailed information about investments | ||||
Current assets | 241 | 109 | ||
- of which cash and cash equivalent | 240 | 109 | ||
Non-current assets | 4,119 | 2,434 | ||
Total assets | 4,360 | 2,543 | ||
Current liabilities | 230 | 117 | ||
Non-current liabilities | 3,722 | 2,018 | ||
- non-current financial liabilities | 3,722 | 2,016 | ||
Total liabilities | 3,952 | 2,135 | ||
Net equity | € 408 | € 408 | ||
Eni's % of the investment | 25.00% | 25.00% | ||
Book value of the investment | € 102 | € 102 | ||
Operating expense | (1) | |||
Operating profit | (1) | |||
Finance income (expense) | (12) | (11) | ||
Profit before income taxes | (12) | (12) | ||
Income taxes | 5 | |||
Net profit | (7) | (12) | ||
Other comprehensive income | 8 | 16 | ||
Total other comprehensive income | 1 | 4 | ||
Attributable to Eni | (2) | (3) | ||
Other associates | ||||
Disclosure of detailed information about investments | ||||
Current assets | 838 | 926 | ||
- of which cash and cash equivalent | 91 | 178 | ||
Non-current assets | 3,259 | 2,296 | ||
Total assets | 4,097 | 3,222 | ||
Current liabilities | 585 | 785 | ||
- current financial liabilities | 63 | 134 | ||
Non-current liabilities | 2,677 | 1,755 | ||
- non-current financial liabilities | 2,515 | 1,473 | ||
Total liabilities | 3,262 | 2,540 | ||
Net equity | 835 | 682 | ||
Book value of the investment | 264 | 241 | ||
Revenues and other income | 818 | 1,053 | ||
Operating expense | (763) | (887) | ||
Depreciation, amortization and impairments | (28) | (58) | ||
Operating profit | 27 | 108 | ||
Finance income (expense) | (2) | (1) | ||
Income (expense) from investments | 35 | 16 | ||
Profit before income taxes | 60 | 123 | ||
Income taxes | (10) | (26) | ||
Net profit | 50 | 97 | ||
Other comprehensive income | 5 | 17 | ||
Total other comprehensive income | 55 | 114 | ||
Attributable to Eni | 22 | 25 | ||
Dividends received from the associate | € 15 | € 25 |
Other information about inve_18
Other information about investments - Additional (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of other information about investments | ||
Non-controlling interest | € 61 | € 57 |
Subsequent events (Details)
Subsequent events (Details) € in Millions | Jan. 01, 2020$ / bbl | Mar. 31, 2020$ / MMBTU$ / bbl | Mar. 18, 2020 | Dec. 31, 2019EUR (€)$ / MMBTU | Dec. 31, 2018EUR (€) |
Subsequent events | |||||
Italian spot gas benchmark reference price | $ / MMBTU | 7.8 | ||||
Liquidity reserve | € 6,760 | € 6,552 | |||
Cash and cash equivalents | 5,994 | 10,836 | |||
Contractual obligations | 142,662 | ||||
Short term debt | |||||
Subsequent events | |||||
Debt maturity value | 2,452 | 2,182 | |||
within 1 year | |||||
Subsequent events | |||||
Contractual obligations | 10,679 | ||||
within 1 year | Short term debt | |||||
Subsequent events | |||||
Debt maturity value | 2,452 | 2,182 | |||
Uncommitted borrowing facilities | |||||
Subsequent events | |||||
Undrawn borrowing facilities | 13,299 | 12,484 | |||
Committed borrowing facilities | |||||
Subsequent events | |||||
Undrawn borrowing facilities | 4,667 | € 5,214 | |||
Impact of COVID-19 | |||||
Subsequent events | |||||
Increase (decrease) in oil price, percentage | (50.00%) | ||||
Brent oil price | $ / bbl | 65 | 51 | |||
Increase (decrease) in oil price versus same period of previous year, percentage | (20.00%) | ||||
Italian spot gas benchmark reference price | $ / MMBTU | 3.7 | ||||
Increase (decrease) in Italian spot gas benchmark reference price versus same period of previous year | (50.00%) | ||||
Liquidity reserve | 6,800 | ||||
Cash and cash equivalents | 6,000 | ||||
Impact of COVID-19 | within 1 year | Take-or-pay obligations under long-term gas contracts and other similar obligations | |||||
Subsequent events | |||||
Contractual obligations | 8,000 | ||||
Impact of COVID-19 | within 1 year | Long-term debt | |||||
Subsequent events | |||||
Debt maturity value | 3,200 | ||||
Impact of COVID-19 | within 1 year | Short term debt | |||||
Subsequent events | |||||
Debt maturity value | 2,450 | ||||
Impact of COVID-19 | Uncommitted borrowing facilities | |||||
Subsequent events | |||||
Undrawn borrowing facilities | 13,299 | ||||
Impact of COVID-19 | Committed borrowing facilities | |||||
Subsequent events | |||||
Undrawn borrowing facilities | € 4,667 |