Eni raised its 2026 hydrocarbon production growth outlook to 6%-7% after output increased 7% YoY to 1.83 million barrels of oil equivalent per day (boe/d) in Q3 2026, supported by organic growth and new project developments across several regions, according to the company’s financial results published on October 23.

The Italian energy company highlighted the progress of its operations in Venezuela, Argentina, Uruguay and Indonesia, as well as developments across its energy transition businesses.

In September, Eni signed a production participation agreement for the development of the Junín 5 oil field in Venezuela’s Orinoco Belt. The company also continued work related to the Perla gas field, which is expected to contribute to the country’s gas supply.

In Argentina, the Argentina LNG project, promoted by YPF, Eni and XRG, submitted an application in August to join the country’s Large Investment Incentive Regime (RIGI). The project is designed to support large-scale LNG exports using resources from the Vaca Muerta formation, with a planned capacity of 12 million tons per annum (mtpa).

Eni also entered the offshore OFF-5 exploration block in Uruguay in August, following approval by the country’s authorities. Eni operates the block with a 50% interest, alongside MIWEN, a subsidiary of YPF, and Uruguay’s national oil company, ANCAP.

In Indonesia, Eni advanced development of the Sapukala project and agreed to sell 10% interests in certain assets to Pertamina and Medco, respectively, as part of its portfolio management strategy.

The company reported 1.23 boe in discovered resources during the first nine months (9M) of 2026. The discoveries came from exploration activities in Angola, Namibia, Côte d’Ivoire, Libya, Egypt, Norway and Indonesia.

Eni also agreed to sell a stake in the Baleine project to Azerbaijan’s state energy company, SOCAR.

In Algeria, Eni and Sonatrach signed a memorandum of intent (MoU) in August to expand cooperation on decarbonization and emissions reduction in the oil and gas sector. The agreement includes potential natural carbon dioxide removal initiatives through forestry projects and stronger methane monitoring and reduction activities.

Eni expects 2026 gross capital expenditure of approximately €7 bn and net capital expenditure below €4.5 bn. Cash flow from operations is forecast to reach €16.5 bn.

The revised production outlook reflects the expected contribution from new projects, higher output from existing assets and continued development across Eni’s international portfolio.