Eni outlines LNG growth plans, shares supported by Argentina and Libya moves

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-30, 14:02.

Eni S.p.A. (IT0003132476) is adding new gas and LNG assets in Argentina and Libya at the start of the week. The Milan-listed energy group, a component of the FTSE MIB, increases its upstream exposure in the Vaca Muerta basin and starts production at an offshore Libyan project.

New stake in Argentina LNG project

On June 29, Eni disclosed that it had signed a sale and purchase agreement to acquire a 32% stake in three upstream blocks in Argentina’s Vaca Muerta basin, namely Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas, as reported by Alliance News. The blocks form part of the Argentina LNG integrated development, which combines upstream gas production and midstream liquefied natural gas infrastructure.

Under the envisaged ownership structure, Argentina’s state-controlled YPF would retain a 36% interest in the three blocks, while Abu Dhabi National Oil Company’s XRG unit would hold 32%, according to the same market report. Financial terms were not published, but the partners frame the project as supporting Argentina’s long-term role as a global LNG supplier.

Offshore gas production in Libya

In parallel, Eni has started hydrocarbon production at the Sabratha compression project offshore Libya through the Mellitah Oil & Gas joint venture with Libya’s National Oil Corporation, according to the Alliance News summary of the company’s statement. The project is designed to sustain gas output from mature offshore fields that feed both the domestic market and export routes.

The Italian major already participates in additional Libyan gas ventures, including the Bouri and Structures A&E projects, which underpin Eni’s position as a key gas supplier to Europe from North Africa. The latest start-up adds another operational lever at a time when European utilities continue to seek diversified gas supplies.

How Eni makes its money

Eni’s core business combines upstream oil and gas production with gas and LNG marketing, refining and petrochemicals, and growing exposure to renewables. A representative asset is the Vaca Muerta gas development, where produced gas is intended to feed liquefaction capacity under the Argentina LNG project and supply export markets.

Where the Eni shares trade today

Eni shares (IT0003132476) trade on 2026-06-30, 14:00 on the Borsa Italiana in Milan at around 20.52 euros, based on recent market data snapshots. The stock is quoted in euros and reflects a year-to-date performance in the mid double-digit percentage range.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or a solicitation of any transaction. Figures and dates are based on publicly available information believed to be reliable at the time of writing but may change without notice.