Eni S.p.A. (NYSE:E) Q3 2023 Earnings Conference Call October 27, 2023 8:00 AM ET
Company Participants
Francesco Gattei - Chief Financial Officer
Cristian Signoretto - Deputy Chief Operating Officer, Natural Resources
Guido Brusco - Chief Operating Officer, Natural Resources
Aldo Napolitano - Executive Vice President, Exploration
Stefano Ballista - Chief Executive Officer, Eni Sustainable Mobility
Adriano Alfani - Chief Executive Officer, Versalis
Stefano Goberti - Chief Executive Officer, Plenitude
Conference Call Participants
Giacomo Romeo - Jefferies
Biraj Borkhataria - RBC
Oswald Clint - Bernstein
Alessandro Pozzi - Mediobanca
Irene Himona - Societe Generale
Michele Della Vigna - Goldman Sachs
Henri Patricot - UBS
Henry Tarr - Berenberg
Massimo Bonisoli - Equita
Alejandro Vigil - Santander
Operator
Welcome to Eni's 2023 Third Quarter Results Conference Call hosted by Mr. Francesco Gattei, Chief Financial Officer. For the duration of the call, you will be in listen-only mode. [Operator Instructions]
I am now handing you over to your hosts to begin today's conference. Thank you.
Francesco Gattei
Good afternoon and welcome to Eni third quarter and nine month 2023 results conference call. Energy markets remain volatile, but at Eni our focus is on delivering results in all scenarios, while at the same time advancing our longer-term strategy.
Q3 has seen as successfully achieving both these things. Before digging deeper into the numbers, let me emphasize the key strategic accomplishment for the quarter. We are evolving and strengthening core business such as E&P and GGP for the challenge of transitioning energy markets and taking opportunity to build new relevant businesses such as Plenitude, Enilive, Biochemical and CCUS.
In upstream, in August, we began production of Baleine offshore Ivory Coast less than two years after discovery, further evidence of the efficient integration of world-class exploration with a development strategy focusing on time to market and value maximization.
Production from Baleine is a contributor to this quarter and year-on-year growth and its phases ramp-up is an important element in the 3%, 4% growth in our current four-year plan. This approach continues to deliver. We are therefore delighted to significantly exceed our full year target of 700 million BOE of discovered resources.
The recently announced Geng North Discovery offshore Indonesia is assessed by third-party provider as the largest in the industry in 2023. Indeed, along with Nargis, announced earlier this year, Eni currently has two of the top five. I will revisit Geng in more detail later.