Eni

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Type Public Limited Company
Traded BIT:ENINYSE:ENI
Founded 1953
Headquarters Rome, Italy
Key people Roberto Poli (Chairman), Paolo Scaroni (CEO)
Revenue €109.59 billion (approx. US $144.73 billion), 2011.[1]
Net Income €7.8 billion (approx. US $10.3 billion), 2011.[2]
% change over previous year +5.7%
Total assets €142.94 billion (approx. US $188.86 billion), end 2011.[3]
Total equity €60.39 billion (approx. US $79.79 billion), end 2011.[4])
Employees 79,000 (2011)[5]
Website www.eni.it

Global Snapshot

Eni is one of Italy’s largest companies and the worlds nineteenth largest oil company by production.[6] It operates in the oil and natural gas, petrochemicals, and oil field services industries, and has expanded into power generation. The Italian government holds a share of more than 30% in the company[7], which operated in more than 70 countries worldwide as of 2011.[8]

At the end of 2011 Eni had estimated net proven reserves of 7.09 billion barrels of oil equivalent (boe),[9] and in 2012 the company was producing 2.2 million barrels per day (bpd) globally.[10]

Company Report Highlights

In 2010 Eni reported a net profit of US$8.4 billion. Adjusted net profit saw a rise of 32% from a year ago, due to a recovery in the oil price environment. Production grew by 1.1% for the full year, thanks to delivery of 12 start-ups, particularly the Zubair field in Iraq, which contributed 40 kilo barrels of oil equivalent (kboe)/day of new production.

Highlights of recent exploration activities include a joint venture to develop the giant Junin 5 oilfield and the discovery in 2009 of the giant Perla discovery in Venezuela. Eni is leading the consortium in charge of redeveloping the Zubair field in Iraq over a 20 years period and holds a 32.8% share. 2010 also saw Eni divest its subsidiary Societa Padana Energia in Italy and sign a preliminary agreement with an affiliate of Petrobras for the divestment of its 100% interest in Gas Brasiliano Distribuidora.[11]

Official Accreditations and Global Perceptions

EITI Supporter Status

As of December 2011, Eni was a supporter company of the EITI.

UN Global Compact

As of December 2011, Eni was a member of the UN Global Compact, having joined in 2001.

CSR Review

According to official company publications, Eni's corporate social responsibility policies and achievements include:[12]

  • In 2009, Eni was awarded "Best in Class" for the "Code of Conduct/Compliance" area within the Dow Jones World Sustainability Index.
  • Eni joined the Extractive Industries Transparency Initiative in 2005, with the aim of progressively integrating the concept of transparency into its management system.
  • Eni is committed to protecting and promoting human rights in all its areas of operations in compliance with the Guidelines adopted in 2007.
  • As part of a Human Rights Compliance Assessment project in 2008, two pilot projects were completed in Nigeria and in Kazakhstan; in 2009 three self-assessments were carried out in Algeria, Egypt and in the DRC.
  • The year 2007 saw the introduction of the Guidelines for the Protection and Promotion of Human Rights, where Eni set out its commitment to implementing the principles outlined in its own Code of Ethics and respecting key international standards, above all the United Nations' Universal Declaration of Human Rights.
  • When planning and constructing infrastructure for transporting energy, the route is chosen on the basis of its environmental impact.
  • Eni is committed to the environmental remediation of contaminated areas by adopting state-of-the-art technology such as bioventing and phytoremediation.

External Coverage

  • In 2009 the European Commission announced that it had lodged formal antitrust charges against Eni after suspicions were raised that the Italian energy group conspired to keep competitors from using its gas pipelines, following initial antitrust proceedings initiated in 2007.[13]
  • According to a leaked US diplomatic cable, British firm Tullow Oil accused Eni of offering bribes to Amama Mbabazi in Uganda. Mbabazi was later name prime minister of Uganda.[14]

Global Operations by Country

Egypt

Main article: Eni Operations in Egypt

Ghana

Main article: Eni Operations in Ghana

Iraq

Main article: Eni Operations in Iraq

Libya

Main article: Eni Operations in Libya

Iran

Main article: Eni Operations in Iran

References

  1. Annual Report 2011Eni.
  2. Annual Report 2011Eni.
  3. Annual Report 2011Eni.
  4. Annual Report 2010Eni
  5. Annual Report 2010Eni
  6. The World's Biggest Oil Companies”, Forbes, 16 July 2012.
  7. Eni SpA Company Profile”. Yahoo Finance, retrieved 4 October 2011.
  8. ENI SPA”. Bloomberg Business Week, retrieved 04 October 2011.
  9. Oil and Natural Gas Reserves”, Eni, retrieved 18 December 2012.
  10. The World's Biggest Oil Companies”, Forbes, 16 July 2012.
  11. Annual Report 2010Eni
  12. Sustainability ReportEni, retrieved 04 October 2011
  13. EU hits Italian energy group ENI with antitrust chargesEUbusiness, 20 March 2009.
  14. Uganda names bribes-claim minister new PMReuters, 24 May 2011.