Eni’s 2025 FLNG Strategy: From African Pilots to Global Gas Dominance

Industry Adoption: Eni’s Aggressive Pivot to Floating LNG Technology

Eni’s strategic commitment to Liquefied Natural Gas (LNG) has undergone a significant evolution, shifting from commercial validation to aggressive global scaling, with Floating LNG (FLNG) technology at its core. Between 2021 and 2024, Eni focused on proving the viability of its fast-track FLNG model in Africa. This period was marked by foundational moves: the acquisition of the 0.6 million tonnes per annum (MTPA) Tango FLNG vessel in August 2022, the launch of production from the Congo LNG project in April 2023, and the first LNG cargo from the 3.4 MTPA Coral Sul FLNG in Mozambique in November 2022. These projects demonstrated Eni’s capability to deploy and operate complex offshore liquefaction facilities, effectively turning its FLNG concept into a revenue-generating reality and establishing a “North-South axis” to supply Europe.

The period from 2025 to the present marks a dramatic inflection point. Eni is now leveraging its demonstrated success to replicate and scale its FLNG model on a global stage. The cornerstone of this new phase is the massive $50 billion Argentina LNG project, where Eni was explicitly selected as a strategic partner due to its “proven know-how in FLNG projects.” This move signifies a major pivot from unlocking African offshore gas to monetizing vast unconventional resources like the Vaca Muerta shale. Simultaneously, Eni is deepening its investment in proven basins with the Final Investment Decision (FID) for the $7.2 billion Coral North FLNG project in Mozambique. This shift from proving the technology to using it as a strategic key to unlock world-class resources in new continents highlights a clear opportunity to become a market leader. However, it also amplifies the threat of execution risk and capital exposure on projects an order of magnitude larger than their predecessors.

Table: Eni’s Strategic Investments in LNG Expansion

Table: Eni’s Web of Strategic LNG Partnerships

Geography: Eni’s Expanding FLNG Footprint

Eni’s geographical focus for FLNG has broadened significantly, evolving from an Africa-centric proving ground to a global expansion strategy. Between 2021 and 2024, activities were concentrated in Africa, which served as the incubator for Eni’s FLNG ambitions. Key projects like the Congo LNG facility in the Republic of Congo and the Coral Sul FLNG in the ultra-deep waters of Mozambique became the operational flagships. These projects were critical for demonstrating the technical and commercial viability of Eni’s fast-track model in complex offshore environments. This African focus was complemented by strategic partnerships in Angola (Azule Energy JV with bp) and a major equity investment in Qatar’s North Field East project, but the hands-on FLNG development was firmly rooted in Africa.

From 2025 onwards, Eni’s geographic strategy has pivoted dramatically towards replication and large-scale expansion into new continents. The most significant move is into South America, with Argentina emerging as the next major growth hub. The $50 billion Argentina LNG project to develop the Vaca Muerta shale reserves marks the first application of Eni’s proven FLNG expertise to monetize unconventional gas at massive scale. This expansion is reinforced by upstream exploration in neighboring Uruguay (Block OFF-5). While Africa remains a core region, as evidenced by the FID for the Coral North FLNG in Mozambique, the strategic gravity is shifting. The addition of a 20-year offtake agreement from Venture Global in the U.S. diversifies the portfolio with a stable North American supply leg. This geographical diversification from an Africa-focused operator to a global developer with major new outposts in South and North America reduces single-region dependency and positions Eni to serve both European and Asian markets from multiple basins.

Technology Maturity: Eni’s FLNG Journey from Validation to Scaling

The maturity of Eni’s FLNG technology has rapidly advanced from commercial validation to a phase of aggressive scaling. During the 2021–2024 period, the primary focus was on proving the model. This phase was characterized by acquiring and deploying initial assets, such as the 0.6 MTPA Tango FLNG, and piloting innovative approaches like the “Fast LNG” partnership with New Fortress Energy in Congo. The crucial validation points were the successful launch of production at Congo LNG in 2023 and the first cargo from the 3.4 MTPA Coral Sul FLNG in late 2022. These events moved Eni’s FLNG technology out of the conceptual stage and into commercial operation, demonstrating that it could be successfully executed in deepwater African environments and generate revenue.

Since the start of 2025, the strategy has shifted decisively to replication and scaling. This phase is defined by leveraging the credibility earned in Africa to undertake much larger and more ambitious projects. The FID for the Coral North FLNG in Mozambique is a direct replication of a successful blueprint, confirming the technology is now a bankable, standardized solution for that basin. The true leap in maturity, however, is the central role of FLNG in the $50 billion Argentina LNG project. Here, Eni’s FLNG “know-how” is no longer just an operational capability but a key strategic asset that unlocked its entry into one of the world’s most promising shale plays. The technology has matured from a novel tool for stranded offshore gas to the foundational pillar of Eni’s global, multi-decade gas strategy, capable of underpinning investments an order of magnitude larger than the initial pilot projects.

Table: SWOT Analysis of Eni’s FLNG Strategy Evolution

Forward-Looking Insights and Summary

The most recent data signals that Eni has gone all-in on its strategy to become a global LNG leader, with FLNG as its technological spearhead. The year ahead will be defined by critical execution milestones and major investment decisions that will test this high-stakes wager. Market actors should pay closest attention to the Final Investment Decision for the Argentina LNG project. Sanctioning this mega-project will be the ultimate validation of Eni’s global ambitions and its ability to attract world-class partners like ADNOC to back its technology-led vision. Failure or delay here would signal a major setback.

In the near term, the startup of Congo LNG Phase 2 by December 2025, utilizing the new 2.4 MTPA Nguya FLNG unit, is a crucial test of Eni’s project execution capabilities and is essential for meeting its production growth targets. Concurrently, progress on the Coral North project in Mozambique will be a key indicator of its ability to manage complex developments in challenging jurisdictions. Signals such as the expansion of its LNG carrier fleet and the formal establishment of the Petronas joint venture are gaining traction, indicating Eni is building the necessary commercial and logistical infrastructure to support its rapidly growing portfolio. In summary, Eni’s focus has irrevocably shifted from piloting technology to executing a global-scale strategy. The coming 12-18 months will determine whether this aggressive bet on gas as a long-term transition fuel, powered by its FLNG expertise, will cement its position as a supermajor of the future.

Frequently Asked Questions

What is Floating LNG (FLNG) and why is it so important to Eni’s strategy?
FLNG stands for Floating Liquefied Natural Gas, which uses a vessel to liquefy natural gas directly over an offshore field. It is critical to Eni’s strategy because it enables the company to rapidly develop and monetize gas resources, especially in deepwater or remote locations. After successfully proving the model in Africa with projects like Tango FLNG and Coral Sul, Eni is now using its recognized expertise in FLNG as a strategic key to unlock massive new projects, such as the $50 billion Argentina LNG development, and scale its global gas business.

What are the most significant new projects in Eni’s LNG expansion?
The two most significant new projects are the Argentina LNG project and the Coral North FLNG project in Mozambique. The Argentina project is a massive $50 billion venture to export gas from the Vaca Muerta shale formation, marking a major strategic pivot to unconventional resources. The $7.2 billion Coral North project replicates the success of the earlier Coral Sul FLNG, effectively doubling Eni’s LNG capacity in a proven basin and confirming its blueprint for FLNG development.

How has Eni’s geographical focus for LNG changed recently?
Eni’s geographical focus has expanded from being primarily Africa-centric to a global strategy. Initially (2021-2024), Eni used Africa (Republic of Congo, Mozambique) as a proving ground for its FLNG model. From 2025 onwards, while still investing in Africa with the Coral North project, the company is making a major expansion into South America with the Argentina LNG project and diversifying its portfolio with supply from North America. This shift reduces single-region dependency and positions Eni to serve both European and Asian markets.

The article mentions massive investments like the $50 billion Argentina project. How is Eni managing the financial risks?
Eni manages the high capital exposure of its large-scale LNG projects through a ‘satellite’ model of strategic partnerships. It brings in partners to share costs and de-risk investments. Key examples include forming a framework agreement with ADNOC’s investment arm for the Argentina LNG project, establishing joint ventures like the one with PETRONAS in Asia, and selling a 25% stake in its Congo LNG project to the trading house Vitol. This allows Eni to lead with its technological expertise while not shouldering the entire financial burden.

According to the SWOT analysis, what is the biggest change in Eni’s strengths over the past few years?
The biggest change is that Eni’s strength has evolved from a ‘potential’ execution capability to a ‘proven, marketable’ leadership in FLNG. In the 2021-2023 period, its strength was in demonstrating it could fast-track projects. By 2024-2025, this demonstrated capability has become a bankable strategic asset, explicitly cited as the reason Eni was chosen as a partner for the massive Argentina LNG project. This proven expertise is now the key that unlocks major international partnerships and underpins its global expansion.