Eni confirms nearly £11 billion in UK investment through 2030
Key Facts
Eni confirmed on 11 November 2026 that it plans to invest a total of nearly £11 billion in the United Kingdom between 2026 and 2030, following a meeting between Chief Executive Claudio Descalzi and Energy Security and Net Zero Secretary Miatta Fahnbulleh. The company said about two-thirds of the amount is earmarked for low-carbon sectors, putting these activities at the heart of its UK plan for the coming years. The plan covers multiple activities across the energy value chain, from renewables to carbon capture and fusion, alongside upstream activities. Descalzi said the company’s presence includes "renewable energy, fusion energy, carbon capture and upstream activities." Eni linked the plan to Britain’s goals for decarbonisation, reindustrialisation, industrial development and security of domestic supplies.
Fahnbulleh said Eni’s investment "is clear evidence of confidence in the United Kingdom’s industrial future," adding that it supports skilled jobs, energy security and industrial regions. The announcement comes as the company’s plan combines low-carbon investment with an existing presence in North Sea oil and gas production. Eni said its UK assets were brought together with Ithaca Energy in 2024, but that it remains active in production in the region. This reflects the breadth of its domestic portfolio, spanning emissions-reduction projects and conventional energy production. The company says these workstreams are integrated within the energy value chain it operates in the United Kingdom.
Among Eni’s leading carbon capture projects is Liverpool Bay, which the company describes as infrastructure for the HyNet industrial cluster in north-west England and north Wales. The project aims to transport and store carbon dioxide to help reduce industrial emissions in the region. The company said the project will support more than 2,000 jobs during construction and about 300 permanent jobs throughout more than 25 years of operation. These are Eni’s estimates of project-related jobs, including temporary construction roles and ongoing positions during operations. On 8 October 2026, the company announced that installation of the Douglas platform had been completed, and said at the time that the project network was about 50% complete.
Eni says about 60% of total spending on Liverpool Bay will be delivered through UK-based supply chains, linking the project to the domestic supplier base. The company is targeting a 2028 start-up, with initial storage capacity of 4.5 million tonnes of carbon dioxide a year. Capacity could rise to 10 million tonnes a year during the 2030s, according to the company’s plan. Eni announced the project’s financial close with the UK Department for Energy Security and Net Zero in April 2025, and operates its carbon transport and storage system. The project thus offers a practical route within the low-carbon investments the company said would account for about two-thirds of its UK plan.
Eni is also developing the Bacton carbon capture and storage project, targeting emissions reductions in hard-to-abate industries in south-east England and offering storage to industries in north-west Europe. In offshore wind, Eni subsidiary Plenitude, through Vårgrønn, is involved in the Dogger Bank, Green Volt and Cenos projects. The company is also working with the UK Atomic Energy Authority on initiatives to accelerate the commercialisation of fusion energy, including the H3AT and "RH3 Ova" projects. These projects place carbon capture, wind and fusion alongside upstream activities in Eni’s UK portfolio. The announcement did not specify how the total investment would be divided among these projects or sectors.
Eni’s announcement came on a day when the UK government also announced a £12 billion investment by RWE and KKR in the Vanguard West and Vanguard East offshore wind projects. The government said the two projects are targeting start-up by 2030. On the economic data front, the UK statistics agency is due to publish its preliminary estimate of third-quarter gross domestic product on 12 November 2026, covering the period from July to September, alongside the monthly estimate. The agency describes its monthly GDP estimate as the most timely official estimate of growth, based on output data. The publication date puts another UK economic indicator next after the investment announcement, without making it part of Eni’s plan.