Balancing Energy Supply and Security Imperatives with Energy Transition

Balancing Energy Supply and Security Imperatives with Energy Transition

Projects like Coral Sul FLNG and visionary corporate strategy are the keys to accomplishing the transformation journey

Mr. Brusco began by showing a video of Eni’s Coral Sul FLNG vessel that, in 2022, began unlocking the first tranche of Mozambique’s enormous gas reserves. Given recent geopolitical issues, loss of Russian gas supply, and the resulting increased focus on security of supply, he said projects like Coral Sul are a great opportunity for Europe to diversify its gas supply.

While he agrees it is important to invest in renewable and other energy sectors, some constraints and limitations prevent their growth in the short term. Therefore, he says gas is a key bridge fuel to a low carbon future. He also strongly believes in the technologies available today to deliver a bulk of our decarbonization goals.

Eni aims to cut its absolute carbon emission by 35% in 2030, by 80% in 2040, targeting net zero in 2050. To achieve those goals, Mr. Brusco said the company set out to put sustainable solutions at the heart of its operations and assets - including Coral Sul, which is above the industry benchmark of energy efficiency.

While technological innovation is a pivotal enabler for Eni, Mr. Brusco says it must be matched by a technological-neutral approach—which is why Eni considers all the options as potentially synergetic without ideological biases. The company’s strategy focuses on mature technologies that can immediately make a concrete contribution to the decarbonization in the medium term (like renewables, bio refining, agri-feedstock technology for the reuse of waste, CO2 capture and storage, and hydrogen production) while doing its part to help the world move toward a more sustainable, secure, abundant, and affordable energy future.