Stefano Maione

Eni – Chief Development, Operations &Technology Officer

The Role of CCS Technologiesin the Energy Transition

2

World Primary Energy Demand by Fuel

and related CO2 Emissions by Scenario

The World in 2040 and beyond: Energy Transition Scenarios

Data: IEA – World Energy Outlook 2019

3

Eni Upstream Will Produce Net Zero Emissions by 2030

DOWNSTREAMUPSTREAM LNG RENEWABLES CIRCULAR

ECONOMY FORESTRYFORESTRY

Increased efficiency New products from organic and inorganic waste

Growing share of gas Growth in zero carbon sources

CCUS (Carbon Capture, Utilization and Storage) Natural climate solutions

In our core business

NEW TECHNOLOGIES

In new green business areas

4

How to Make Energy Consumpion Sustainable in the Long Term

CO2 Emissions and Reduction by Source

CCS: NOT AN OPTION, A NECESSITY FOR DECARBONIZATION

Data: IEA – World Energy Outlook 2019

5

CCS: Huge Growth Potential

+15% PER YEAR CAPACITY GROWTH NEEDED TO ACHIEVE 3 GTPA @2050

2019 WORLD CCUS CAPACITY*

0.035 GTPA CO2

*Data: Global CCS Institute, IEA. Operating CCS facilities

6

Eni’s Approach to CCS Starts from Technologies

eCCS-lens: ENI CCS INTEGRATED PLATFORM

CO2 CAPTURE CO2 TRANSPORT SUBSURFACE

MODELLINGMONITORING CCS FRAME

7

Eni CCS Projects

CCS OPERATING PROJECTS

CCS DEFINED PROJECTS

POTENTIAL HUBS UNDER STUDY

HYNET PROJECT(UK)

NET ZERO TEESSIDE (OGCI - UK)

SLEIPNER (Norway)

(Equinor-Var Energi)

BOURI STR.A/E(Lybia) ADNOC HAIL/GHASHA (UAE)

8

Policies Play a Decisive Role

0

15

30

45

60

75

2010 2015 2020 2025 2030 2035 2040

ETS Carbon Price | €/ton CO2

Eni elaboration on Consensus estimates: IHS, Wood Mackenzie, IEA

Forecast range

• 2050 climate neutrality target,

explicitly including CCUS

• Carbon pricing driven by

reduction in emission allowances

• CCS investment eligible for €10B

Innovation Fund

• Core region in CCS, home to

30 MTPA capacity (2019)

• Section 45Q incentives:

35 $/t to EOR and 50 $/t for CCS

• Zero-carbon electricity and

carbon neutrality by 2050 in

California & 5 other states

• North Sea mature assets

natural CCS hubs

• Norway: carbon pricing scheme.

Northern Lights project

• UK Carbon neutral by 2050

driven by reduction in emission

allowances

• Customized incentive scheme

along the value chain for power,

industry and transportation

operators: ‘utilities model’

US GHG Emissions | 2019

POWER

INDUSTRY22%

28%

9

Conclusions: the Challenges Still Ahead

CLIMATE

POLICIES

TECHNOLOGY

& NETWORKS

FINANCIALS

SUSTAINABLE VALUE CREATION

FOR ALL STAKEHOLDERS