Scope & Context
Company context
Integrated energy company spanning oil & gas value chain and renewables
Strategic transition toward lower-carbon energy while maintaining core hydrocarbons cash flows
Sector coverage
Upstream oil & gas (exploration, development, production)
Renewable energy (utility-scale and distributed generation; power sales and related services)
STP purpose
Identify distinct customer/investor/partner segments and their needs
Prioritize targets aligned with profitability, risk, and decarbonization goals
Clarify positioning versus competitors in each sector
Segmentation Framework (How markets are segmented)
Cross-sector segmentation dimensions
Customer type / stakeholder
National Oil Companies (NOCs) and state-owned utilities
International Oil Companies (IOCs) / energy majors
Independent E&Ps and developers
Industrial/commercial offtakers (C&I)
Retail consumers (where applicable)
Financial investors and lenders
Technology and service partners
Local communities and NGOs (social license stakeholders)
Geography / basin or grid region
Political stability and fiscal regime characteristics
Resource quality (hydrocarbon basin; solar irradiance/wind resource)
Infrastructure maturity (pipelines/LNG; grid capacity/interconnection)
Risk profile
Political risk, security risk, ESG/reputation risk
Price volatility exposure (oil/gas vs contracted renewables)
Currency and payment risk
Deal/contract structure
Concessions, PSCs, joint ventures (upstream)
PPAs, CfDs, merchant exposure, corporate PPAs (renewables)
Value proposition sought
Cost leadership, technology differentiation, speed to market
Emissions reduction and compliance enablement
Reliability and long-term partnership
Time horizon
Short-cycle vs long-cycle projects
Transition readiness (near-term vs long-term decarbonization)
Segment by who buys/decides, where value is created, what risks dominate, how contracts allocate risk, and the decarbonization/time profile.
Upstream oil & gas: key segmentation variables
Resource type
Conventional onshore/offshore
Deepwater/ultra-deepwater
Associated vs non-associated gas
Mature/brownfield vs frontier exploration
Basin maturity
Established basins with existing infrastructure
Emerging basins requiring infrastructure build-out
Host-country model
NOC-led with IOC participation
IOC-led with service contracts
International arbitration and contract sanctity strength
Carbon intensity / emissions profile
Flaring intensity, methane intensity
Electrification potential, CCS readiness
Supply chain and operating environment
Local content requirements
Security/logistics complexity
Renewables: key segmentation variables
Asset class
Solar PV (utility-scale, rooftop)
Hybrid (solar+wind+storage)
Storage (BESS) paired or standalone
Revenue model
Government-backed PPA/CfD
Merchant exposure with hedging
Behind-the-meter self-consumption
Market structure
Liberalized power markets vs regulated/vertically integrated
Grid access constraints and curtailment risk
Customer priorities
Price certainty, renewable certificates/guarantees of origin
Speed of deployment, reliability, ESG reporting support
Site and permitting complexity
Land availability, environmental constraints, community acceptance
Interconnection timelines
Upstream Oil & Gas: Segment Profiles
Segment A: NOC partnership-led conventional development
Typical stakeholders: NOCs, energy ministries, state funds
Needs
Capital, technical expertise, project execution
Technology for recovery enhancement and cost reduction
Local content and capability building
Emissions reduction plans aligned to national targets
Buying/partnering criteria
Track record in complex projects and HSSE
Ability to negotiate stable fiscal terms
Reputation and geopolitical alignment
Eni fit signals
Strength in partnerships/JVs and integrated project delivery
Gas development experience supporting domestic power and LNG
Segment B: Gas-focused projects supporting energy security and LNG
Typical stakeholders: NOCs, LNG buyers, utilities, traders
Needs
Reliable gas supply, monetization routes (domestic market, LNG export)
Midstream integration (pipelines, processing, LNG trains)
Long-term offtake structures, financing support
Key value drivers
Low cost of supply, scalability, market access
Methane management and lower-carbon gas positioning
Segment C: Deepwater/high-complexity offshore oil & gas
Typical stakeholders: NOCs, regulators, specialized contractors
Needs
Advanced subsurface imaging, drilling, and subsea engineering
Strong HSSE, environmental safeguards, spill preparedness
Supply-chain orchestration and schedule control
Differentiators
Technical capability, execution reliability, cost discipline
Segment D: Brownfield optimization and enhanced recovery
Typical stakeholders: NOCs, mature basin operators
Needs
Production uplift with capex efficiency
Digital operations, predictive maintenance
Debottlenecking and facility upgrades
Value proposition
Fast payback, low unit costs, emissions reductions via efficiency
Segment E: Frontier exploration with high upside and high risk
Typical stakeholders: host governments, exploration agencies, partners
Needs
Risk capital, geoscience expertise, rapid appraisal capability
Stakeholder management and permitting
Considerations
Higher geological and above-ground risk
Reputation and biodiversity/sensitive areas constraints
Segment F: Low-carbon upstream operations (decarbonized barrels)
Typical stakeholders: regulators, ESG-focused investors, buyers
Needs
Methane detection/repair, flaring elimination
Electrification with renewables, CCS/CCUS options
Transparent reporting and verification
Value proposition
Competitive advantage in markets with carbon constraints or premiums
Renewables: Segment Profiles
Segment 1: Utility-scale renewables under government-backed PPAs/CfDs
Customers/stakeholders: governments, grid operators, state utilities
Needs
Low LCOE bids, bankable projects, on-time delivery
Strong permitting and grid interconnection execution
Buying criteria
Financial robustness, EPC and O&M capability, compliance
Segment 2: Corporate PPAs for industrial and commercial offtakers
Customers: data centers, manufacturers, retail chains, logistics
Needs
Price certainty and hedging, renewable attributes (RECs/GOs)
Flexible structures (sleeved PPAs, virtual PPAs, onsite/offsite)
ESG reporting support (Scope 2 reduction)
Decision drivers
Creditworthiness, contract flexibility, delivery profile matching load
Segment 3: Merchant and hybrid projects in liberalized markets
Customers: power markets, traders, aggregators
Needs
Market optimization, forecasting, trading capability
Storage integration to manage volatility and capture peaks
Differentiation
Risk management, dispatch optimization, portfolio balancing
Segment 4: Distributed generation / behind-the-meter (where applicable)
Customers: SMEs, commercial buildings, public sector facilities
Needs
Turnkey installation, financing/leasing, maintenance
Energy management systems and bill savings
Key constraints
Customer acquisition costs, regulatory net-metering rules
Segment 5: Renewable + storage solutions for grid services
Customers: TSOs/DSOs, utilities, capacity markets
Needs
Frequency regulation, capacity, balancing services
High availability, warranties, performance guarantees
Targeting Strategy (Where Eni should prioritize)
Targeting criteria (applied to both sectors)
Strategic alignment
Supports energy transition goals and portfolio resilience
Enhances gas as transition fuel and expands renewables footprint
Financial attractiveness
IRR/NPV under conservative price scenarios
Stable cash flows (contracts) vs optionality (merchant)
Risk and resilience
Political/fiscal stability, contract enforceability
Operational and HSE risk manageability
Competitive advantage
Unique capabilities, relationships, or integration benefits
ESG and carbon performance
Emissions intensity, methane control feasibility
Community impact and biodiversity constraints
Time to value
Development cycle length and execution complexity
Upstream targeting priorities
Priority T1: Gas-weighted, infrastructure-linked developments
Rationale
Demand linked to power generation and industrialization
Potential for long-term contracts and LNG monetization
Better transition narrative when coupled with methane reduction
Target characteristics
Accessible markets, scalable reserves, clear fiscal terms
Ability to integrate midstream/LNG and reduce lifecycle emissions
Priority T2: Low-cost, low-carbon-intensity barrels with strong partners
Rationale
Resilience under price downturns and carbon constraints
Protects cash generation for funding transition investments
Target characteristics
Existing infrastructure, electrification options, low flaring/methane
Priority T3: Brownfield optimization with quick payback
Rationale
Capital-efficient production and cash flow uplift
Emissions reduction via efficiency upgrades
Selective T4: Deepwater where Eni has clear execution edge
Rationale
Material volumes and competitive returns if risks are controlled
Conditions
Strong HSSE plan, experienced contractors, stable regulation
De-emphasize / avoid
High political instability with weak contract sanctity
High-carbon-intensity assets with limited mitigation pathways
Frontier plays in highly sensitive ecological areas
Renewables targeting priorities
Priority R1: Utility-scale projects with bankable offtake (PPA/CfD)
Rationale
Predictable returns, easier financing, scalable portfolio build
Target characteristics
Clear auctions, credible counterparties, manageable curtailment risk
Priority R2: Corporate PPA solutions for large C&I customers
Rationale
Margin opportunities via structuring, cross-selling energy services
Supports customer decarbonization commitments
Target characteristics
Creditworthy offtakers, demand for multi-country portfolios
Priority R3: Hybrid renewables + storage in constrained grids
Rationale
Higher value capture, improved dispatchability, grid services revenue
Target characteristics
Capacity/ancillary markets, congestion/price volatility
Selective R4: Merchant exposure where portfolio hedging is strong
Rationale
Upside in favorable markets but requires trading sophistication
De-emphasize / avoid
Markets with chronic payment arrears or unstable regulation
Regions with severe permitting delays without clear remedies
Prioritize contracted and scalable renewables; prioritize gas-linked and low-carbon-intensity upstream; keep merchant and deepwater selective with clear capability edge and hedging.
Positioning Strategy (How Eni should be perceived)
Positioning pillars (overall)
Integrated energy partner bridging hydrocarbons and renewables
Responsible operator with measurable emissions reductions
Execution certainty in complex projects and multi-stakeholder contexts
Upstream positioning
Core promise
Reliable, safe, and efficient development of oil & gas with a clear decarbonization pathway
Key differentiators to emphasize
Partnership model with NOCs and governments
Gas value chain integration (upstream-to-LNG/power)
Methane management, flaring reduction, and operational excellence
Project execution capability in challenging environments (where applicable)
Proof points (types of evidence to use)
Track record of on-time/on-budget delivery
Verified methane and flaring performance metrics
Transparent ESG reporting and third-party assurance
Renewables positioning
Core promise
Bankable renewable energy developer/operator delivering competitive LCOE and dependable delivery
Key differentiators to emphasize
Ability to bundle renewables with energy management, storage, and offtake structuring
Strong financing capability and risk management
End-to-end lifecycle expertise (development, EPC oversight, O&M)
Proof points (types of evidence to use)
Pipeline size, delivered capacity, availability factors
PPA/corporate contract portfolio and counterparty quality
Community engagement outcomes and permitting success rate
Competitive frame of reference
Upstream
Competes with IOCs/majors and capable independents for access and operatorship
Differentiation via partnership depth, gas integration, and responsible operations
Renewables
Competes with utilities, pure-play developers, and oil majors scaling renewables
Differentiation via integrated portfolio, financing strength, and hybrid solutions
Go-to-Market Implications (What to do by segment)
Upstream GTM
Relationship strategy
Deepen government/NOC engagement with long-term development plans
Offer capability transfer and local value creation programs
Commercial strategy
Structure deals to balance risk (PSCs/JVs) and secure offtake routes
Prioritize gas monetization agreements and infrastructure partnerships
Operational strategy
Standardize methane LDAR, electrification, and flaring elimination toolkits
Deploy digital field optimization for brownfields
Stakeholder strategy
Early community engagement and benefit-sharing mechanisms
Biodiversity management plans and transparent disclosure
Renewables GTM
Market entry strategy
Focus on auction markets with stable regulation and bankable offtakers
Build local development teams and permitting expertise
Commercial strategy
Develop corporate PPA product suite (fixed, indexed, sleeved, virtual)
Offer bundled solutions: renewables + certificates + storage + EMS
Delivery strategy
Preferred EPC/OEM partnerships and standardized designs
O&M excellence and performance analytics to improve availability
Portfolio strategy
Balance contracted and selective merchant exposure
Use storage and trading to optimize capture prices where suitable
Key Metrics to Manage STP Success
Upstream KPIs
Unit lifting cost and full-cycle breakeven
Reserve replacement and production sustainability
Methane intensity, flaring volumes, carbon intensity per boe
Project schedule/cost performance and HSSE indicators
Renewables KPIs
Installed capacity (MW) and pipeline conversion rate
LCOE and bid competitiveness
PPA coverage ratio vs merchant exposure
Availability, curtailment rates, and storage utilization
Customer retention and corporate PPA renewal/expansion rates
Portfolio-level KPIs
Cash flow stability and capital discipline
Emissions trajectory versus targets
Country risk concentration and counterparty credit exposure
Risks & Mitigations by Sector
Upstream risks
Commodity price volatility
Mitigation: portfolio balancing, disciplined capex, selective hedging
Political/fiscal changes
Mitigation: contractual protections, diversification, stakeholder diplomacy
ESG and reputational risk
Mitigation: verified emissions reductions, transparent reporting, community programs
Operational/HSE incidents
Mitigation: strong HSSE systems, contractor management, emergency preparedness
Renewables risks
Regulatory changes (auction rules, tariffs, permitting)
Mitigation: focus on stable jurisdictions, policy monitoring, local partnerships
Grid constraints/curtailment
Mitigation: storage, hybridization, better interconnection planning
Supply chain and equipment price volatility
Mitigation: framework agreements, diversified suppliers, standardized designs
Merchant price cannibalization
Mitigation: PPAs, storage, geographic and technology diversification
Summary STP Map (Condensed view)
Segmentation
Upstream: conventional/NOC partnerships; gas-LNG; deepwater; brownfield; frontier; low-carbon operations
Renewables: utility PPA/CfD; corporate PPA; merchant/hybrid; distributed; grid-services/storage
Targeting
Upstream: gas-linked, low-cost/low-carbon, quick-payback brownfields; selective deepwater
Renewables: bankable contracted utility scale; corporate PPAs; hybrids with storage; selective merchant
Positioning
Upstream: responsible, reliable partner delivering decarbonized hydrocarbons
Renewables: bankable developer/operator delivering competitive and flexible clean power solutions
Wondershare EdrawMind
