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Business Overview

The Energy segment consists of E&P, Gas Marketing & Power, and the Low Carbon Business. Its E&P activities include exploration & appraisal, development, and production of crude oil, natural gas liquids, and natural gas.

Energy operates its natural gas business across the value chain, from the wellhead to the end customer, with a fully integrated natural gas sales and logistics business. It also includes power business activities and a gas-fired power plant in Romania.

Energy plays a key role in developing the sustainable resources for the future. The Low Carbon Business concentrates on geothermal energy, Carbon Capture and Storage (CCS), and renewable power solutions.

In 2023, Energy launched the SPARK program with the aim of delivering sustained cash flow improvement. In three months, over 500 SPARK initiatives were generated and included in the Energy Business Plan. The Energy Free Cash Flow improved materially in 2023 due to successful SPARK initiatives. From 2024 onwards, that improvement is expected to increase.