Eni has built a resilient Oil & Gas portfolio. With the adoption of a model of operational excellence based on successful exploration at competitive costs, reduction of time-to-market of reserves, a phase-based approach to project development and continuous control of operating expenditure, Eni has built a resilient Oil & Gas portfolio. The stress test, performed under the IEA SDS scenario, showed that the overall book values of the assets were stable with a reduction in fair value of around 11%, or around 5% in the event of contractual and fiscal recoverability of the costs of direct CO2 emissions. Analyses carried out on the 3P10 reserves of the current upstream portfolio confirmed their resilience and flexibility. Eni’s decarbonisation path includes, in the short term, a progressive growth of hydrocarbon production until a plateau is reached in 2025, followed by a downward trend mainly in the oil component.