Italy’s Eni SpA expects to beat previous guidance on new exploration volumes and continue its pace of securing new natural gas sources for European markets as it seeks to reverse the hit its LNG and European gas marketing businesses took in the second quarter.

The Rome-based supermajor, majority-owned by the Italian government, has been focusing on crafting new partnerships and exploration innovations to improve Italy’s energy security. While adapting to reduce flows of natural gas and oil from Russia since the February invasion of Ukraine, Eni reported it is making progress on replacing the average 20 Bcm of gas imports the country provides to Italy annually by 2025.

“Amid uncertainty and volatility in markets, we moved fast to secure new energy supplies,” Eni CEO...