Carbon Capture Goes Big: Eni’s Billion-Euro Bet

Eni signs exclusive deal to sell 49.99% of its CCUS unit, boosting CO₂ storage growth and reshaping Europe’s climate investment landscape.

3 Jun 2025

Eni, an Italian energy giant, is selling a 49.99% stake in its carbon capture and storage (CCUS) business to Global Infrastructure Partners (GIP), a fund backed by BlackRock. The deal, reportedly worth €1bn, gives GIP access to several major CO₂ storage projects across Europe. These include the HyNet and Bacton hubs in Britain, an offshore site in the Dutch North Sea, and assets linked to the Ravenna basin in Italy.

The agreement reflects more than just capital reallocation. It points to a shift in how traditional oil and gas firms are adapting to the green transition. Rather than developing emissions-reduction technologies alone, Eni is opting for a partnership model to reduce financial risk and speed up delivery.

This comes as governments across Europe are increasing support for decarbonisation. Britain plans to invest £22bn in CCUS over the next 25 years. The European Union is funding networks to move CO₂ across borders. In such a context, Eni’s joint venture gives it a stronger foothold in what may become a lucrative new market.

Still, challenges remain. Carbon pricing remains inconsistent across the continent, and regulation is patchy. Yet investor interest is growing. The Eni-GIP model may offer a useful template: energy firms provide technical and regulatory know-how; institutional investors offer capital and a long-term view.

For Eni, the partnership could speed up project timelines while keeping costs off its balance sheet. For GIP, it offers early access to a market that, while risky, could expand fast if climate pledges are kept. Other firms may follow. CCUS remains expensive, but for now, it is gaining traction where policy, infrastructure and money align.