As Eni SpA shifts its focus from enduring the loss of Russian natural gas to solidifying long-term energy supply for Europe, management sees a corridor through Africa and the Mediterranean – and its pipeline of exploration projects – unlocking energy security for the continent.

CEO Claudio Descalzi told analysts during a call last week that European gas price volatility will be subdued in 2023 compared to last year, thanks in part to large increases in LNG cargoes and regasification infrastructure. However, looking into the future, the continent will need additional gas supply for a diverse array of sources to reform a supply balance and meet climate goals.

“Gas is and will be a critical component in the European energy mix,” Descalzi said. “In 2022, the North-South...