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Derivative financial instruments | 12 Months Ended
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Dec. 31, 2018
Disclosure Of Derivative Financial Instruments [Abstract] |
Disclosure Of Detailed Information Of Derivative Financial Instruments [Text Block] | 23 Derivative financial instruments
|  | December 31, 2018 |  |  | December 31, 2017 |
(€ million) |  | Fair value asset |  |  | Fair value liability |  |  | Level of Fair value |  |  | Fair value asset |  |  | Fair value liability |  |  | Level of Fair value |
Non-hedging derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives on exchange rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Currency swap |  |  | 99 |  |  |  | 46 |  |  |  | 2 |  |  |  | 170 |  |  |  | 86 |  |  |  | 2 |
- Interest currency swap |  |  | 14 |  |  |  | 71 |  |  |  | 2 |  |  |  | 41 |  |  |  | 45 |  |  |  | 2 |
- Outright |  |  | 3 |  |  |  | 5 |  |  |  | 2 |  |  |  | 3 |  |  |  | 5 |  |  |  | 2 |
|  |  | 116 |  |  |  | 122 |  |  |  |  |  |  |  | 214 |  |  |  | 136 |  |  |  |  |
Derivatives on interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Interest rate swap |  |  | 18 |  |  |  | 6 |  |  |  | 2 |  |  |  | 9 |  |  |  | 5 |  |  |  | 2 |
|  |  | 18 |  |  |  | 6 |  |  |  |  |  |  |  | 9 |  |  |  | 5 |  |  |  |  |
Derivatives on commodities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Future |  |  | 1,060 |  |  |  | 1,107 |  |  |  | 1 |  |  |  | 796 |  |  |  | 771 |  |  |  | 1 |
- Over the counter |  |  | 306 |  |  |  | 284 |  |  |  | 2 |  |  |  | 81 |  |  |  | 97 |  |  |  | 2 |
- Other |  |  | 1 |  |  |  | 5 |  |  |  | 2 |  |  |  | 1 |  |  |  | 2 |  |  |  | 2 |
|  |  | 1,367 |  |  |  | 1,396 |  |  |  |  |  |  |  | 878 |  |  |  | 870 |  |  |  |  |
|  |  | 1,501 |  |  |  | 1,524 |  |  |  |  |  |  |  | 1,101 |  |  |  | 1,011 |  |  |  |  |
Trading derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives on commodities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Over the counter |  |  | 992 |  |  |  | 1,031 |  |  |  | 2 |  |  |  | 683 |  |  |  | 829 |  |  |  | 2 |
- Future |  |  | 367 |  |  |  | 263 |  |  |  | 1 |  |  |  | 395 |  |  |  | 390 |  |  |  | 1 |
- Options |  |  | 80 |  |  |  | 71 |  |  |  | 2 |  |  |  | 133 |  |  |  | 114 |  |  |  | 2 |
|  |  | 1,439 |  |  |  | 1,365 |  |  |  |  |  |  |  | 1,211 |  |  |  | 1,333 |  |  |  |  |
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives on commodities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Over the counter |  |  | 311 |  |  |  | 196 |  |  |  | 2 |  |  |  | 227 |  |  |  | 21 |  |  |  | 2 |
- Future |  |  | 26 |  |  |  | 15 |  |  |  | 1 |  |  |  | 35 |  |  |  |  |  |  |  | 1 |
|  |  | 337 |  |  |  | 211 |  |  |  |  |  |  |  | 262 |  |  |  | 21 |  |  |  |  |
Option embedded in convertible bonds |  |  | 21 |  |  |  | 21 |  |  |  | 2 |  |  |  | 16 |  |  |  | 16 |  |  |  | 2 |
Gross amount |  |  | 3,298 |  |  |  | 3,121 |  |  |  |  |  |  |  | 2,590 |  |  |  | 2,381 |  |  |  |  |
Offsetting |  |  | (1,636 | ) |  |  | (1,636 | ) |  |  |  |  |  |  | (1,279 | ) |  |  | (1,279 | ) |  |  |  |
Net amount |  |  | 1,662 |  |  |  | 1,485 |  |  |  |  |  |  |  | 1,311 |  |  |  | 1,102 |  |  |  |  |
Of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- current |  |  | 1,594 |  |  |  | 1,445 |  |  |  |  |  |  |  | 1,231 |  |  |  | 1,011 |  |  |  |  |
- non-current |  |  | 68 |  |  |  | 40 |  |  |  |  |  |  |  | 80 |  |  |  | 91 |  |  |  |  |
Derivative fair values were estimated on the basis of market quotations provided by primary info-provider or, alternatively, appropriate valuation techniques generally adopted in the marketplace. Fair values of non-hedging derivatives consisted of derivatives that did not meet the formal criteria to be designated as hedges under IFRS. Fair values of trading derivatives consisted of derivatives entered for trading purposes and proprietary trading. Fair value of cash flow hedge derivatives related to commodity hedges entered by the Gas & Power segment. These derivatives were entered into to hedge variability in future cash flows associated with highly probable future sale transactions of gas or electricity or on already contracted sales due to different indexation mechanism of supply costs versus selling prices. A similar scheme applies to exchange rate hedging derivatives. The effects of the measurement at fair value of cash flow hedge derivatives are given in note 25 — Shareholders’ equity and in note 29 — Operating expenses. Information on hedged risks and hedging policies is disclosed in note 27 — Guarantees, commitments and risks — Risk factors. Options embedded in convertible bonds of  € 21 million related to equity-linked cash settled. More information is disclosed in note 18 — Financial liabilities. The offsetting of financial derivatives related to the Gas & Power segment. During the 2018 , there were no transfers between the different hierarchy levels of fair value. Hedging derivative instruments are disclosed below:
|  | December 31, 2018 |
(€ million) |  | Nominal amount of the hedging instrument |  |  | Change in fair value (effective hedge) |  |  | Change in fair value (ineffective hedge) |
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  |  |
Derivatives on commodity |  |  |  |  |  |  |  |  |  |  |  |
- Over the counter |  |  | 3,528 |  |  |  | 404 |  |  |  | 2 |
- Future |  |  | 71 |  |  |  | (6 | ) |  |  | (2 | )
|  |  | 3,599 |  |  |  | 398 |  |  |  |  |
In 2018 , the exposure to the exchange rate risk deriving from securities denominated in U.S. dollars included in the strategic liquidity portfolio amounting to € 1,154 million was hedged by using, in a fair value hedge relationship, negative exchange differences for € 35 m illion resulting on a portion of bonds denominated in U.S. dollars amounting to € 1,140 million. The breakdown of the underlying asset or liability by type of risk hedged under cash flow hedge is provided below:
|  | December 31, 2018 |
(€ million) |  | Change of the underlying asset used for the calculation of hedging ineffectiveness |  |  | CFH reserve |  |  | Reclassification adjustments |
Cash flow hedge |  |  |  |  |  |  |  |  |  |  |  |
Commodity price risk |  |  |  |  |  |  |  |  |  |  |  |
- Forecast sales |  |  | (389 | ) |  |  | (13 | ) |  |  | 642 |
|  |  | (389 | ) |  |  | (13 | ) |  |  | 642 |
Eni’s results of operations are affected by fluctuations in the price of commodities. In order to manage commodity price risk, Eni uses derivatives traded on the organized markets MTF, OTF and derivatives traded over the counter (swaps, forward, contracts for differences and options on commodities) with the underlying commodities being crude oil, gas, refined products, electricity or emission certificates that are not settled through physical delivery of the underlying asset but are designated as hedging instruments in a cash flow hedge relation. The existence of a relationship between hedged item and hedging instrument aimed to compensate its changes in value and the relating hedging capability not affected by the level of credit risk of the counterparty are verified for qualifying the operation as hedge. The definition of the relationship between the quantity of the hedged item and the quantity of the hedging instrument (the so-called hedge ratio) is defined consistently with the entity’s risk management objectives, under a defined risk management strategy. The hedging relationship is discontinued when it ceases to meet the qualifying criteria and the risk management objectives on the basis of which it was qualified as for hedge accounting. More information is reported in note 27 — Guarantees, Commitments and Risks — Risk factors. Effects recognized in other operating profit (loss) Other operating profit (loss) related to derivative financial instruments on commodity was as follows:
(€ million) |  | 2018 |  |  | 2017 |  |  | 2016 |
Net income (loss) on cash flow hedging derivatives |  |  |  |  |  |  | 12 |  |  |  | (1 | )
Net income (loss) on other derivatives |  |  | 129 |  |  |  | (44 | ) |  |  | 17 |
|  |  | 129 |  |  |  | (32 | ) |  |  | 16 |
Net income (loss) on cash flow hedging derivatives related to the ineffective portion of the hedging relationship on commodity derivatives was recognized through profit and loss in the Gas & Power segment. Net income (loss) on other derivatives included: (i) the fair value measurement and settlement of commodity derivatives which do not meet the formal criteria to be treated in accordance with hedge accounting under IFRS as they related to net exposure to commodity risk and derivatives for trading purposes and proprietary trading amounting to a net income of  € 129 million (net loss of  € 44 million in 2017 and net income of  € 36 million in 2016) ; and (ii) the fair value valuation at certain derivatives embedded in the pricing formulas of long-term gas supply contracts of the Exploration & Production segment amounting to a net loss of  € 19 million in 2016 . Effects recognized in finance income (loss) Finance income (loss) on derivative financial instruments consisted of the following:
(€ million) |  | 2018 |  |  | 2017 |  |  | 2016 |
Derivatives on exchange rate |  |  | (329 | ) |  |  | 809 |  |  |  | (494 | )
Derivatives on interest rate |  |  | 22 |  |  |  | 28 |  |  |  | (12 | )
Options |  |  |  |  |  |  |  |  |  |  | 24 |
|  |  | (307 | ) |  |  | 837 |  |  |  | (482 | )
Net income from derivatives was recognized in connection with fair value valuation of certain derivatives which do not meet the formal criteria to be treated in accordance with hedge accounting under IFRS as they are entered into for amounts equal to the net exposure to exchange rate risk and interest rate risk, and as such, they cannot be referred to specific trade or financing transactions. Exchange rate derivatives were entered into in order to manage exposures to foreign currency exchange rates arising from the pricing formulas of commodities in the Gas & Power segment. Finance income (expense) with related parties is disclosed in note 36 — Transactions with related parties.

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