Eni's (E) upstream volumes could exceed 1.8 million barrels of oil equivalent per day in the coming years given its "consistent exploration success," RBC Capital Markets said in a Thursday note.

The company's organic reserve replacement exceeded 160% in 2025, following its trend over the last decade, RBC noted. According to the brokerage, Eni's exploration strategy is usually to take higher risk pre-discovery and then proceed with disposals around the final investment decision stage, as needed.

Eni also implements a "satellite approach" of combining cash-generative and growth subsegments in other markets and selling these to private equity at a higher value, RBC added.

RBC has a sector perform rating on Eni, with a price target of 24 euros ($27.71).

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