Eni Restructures Company to Lead Energy Transition

Italian oil major Eni announced Thursday it will undergo a structural transformation in the coming weeks, to become “a leader in the energy transition,” 

The integrated energy producer will create two new business groups: Natural Resources and Energy Evolution. The first will develop the upstream O&G portfolio “sustainably,” promoting energy efficiency and carbon capture.

The second will be dedicated to supporting the evolution of the company’s power generation, production transformation, and marketing “from fossil to bio, blue and green,” the firm said in a statement.

The restructuring is a milestone towards the company’s transformational strategy to 2050, said CEO Claudio Descalzi, describing it as “an irreversible path that will make us leaders in decarbonized energy products.”

The company wants to integrate exploration, deforestation, refining, and renewables in a sustainable and profitable manner. Decarbonized through carbon capture, gas-to-power, and gas-to-hydrogen projects will allow to add value to gas resources and provide customers with entirely sustainable energy, it explained.

Eni’s CFO Massimo Mondazzi will lead the Energy Evolution segment, leaving his current role on Aug. 1, 2020. The Natural Resources segment will be led by Alessandro Puliti. Both executives were named by Descalzi and approved by the board.

Further changes and central functions will be soon streamlined and reorganized, the company said.

Descalzi noted that the fight against climate change and the promotion of sustainable development is recognized by governments, civil society, investors, and businesses alike as priorities for global development.

“Only those who pursue these in an innovative way will create value in the long term. We want to be main actors in a Just Energy Transition, in which we believe, and is central to Eni’s transformation,” he said.