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Eni creates new business groups for energy transition

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PETROCHEMICALS

Eni creates new business groups for energy transition

Eni announced the creation of two new business groups: Natural Resources, to develop the upstream oil & gas portfolio sustainably, promoting energy efficiency and carbon capture; and, Energy Evolution, dedicated to supporting the evolution of the company’s power generation, product transformation and marketing from fossil to bio, blue and green. Source: Fuels and Lubes

The new organization is a milestone towards the implementation of Eni’s strategy to 2050, which combines value creation, portfolio sustainability and financial strength.

The key and unique element of this strategy is the combination of growth objectives with financial value creation as well as environmental sustainability, which will lead to a significant reduction in full life-cycle carbon emissions.

The two business groups will maintain close links in the hydrocarbon value chain, with the objective of best managing the different phases of the energy transition and jointly developing decarbonization processes to supply bio, blue and green products.

Eni’s central corporate functions will be organized to support the company’s CEO in his integrated compliance, control and risk management responsibilities, and the business groups in meeting their objectives.

This new structure reflects Eni’s pivot to the energy transition. An irreversible path that will make us leaders in decarbonized energy products.

Claudio Descalzi, Chief Executive Officer, Eni

Natural Resources will continue to build up the value of Eni’s oil & gas upstream portfolio, with the objective of reducing its carbon footprint by scaling up energy efficiency and expanding production in the natural gas business, and its position in the wholesale market. Furthermore, it will focus its actions on the development of carbon capture and compensation projects. Continuous technological development, and increased efficiency will allow the maximization of cash generation, even in challenging scenarios.

The business group will incorporate Eni’s oil & gas exploration, development and production activities, natural gas wholesale via pipeline and LNG. In addition, it will include forestry conservation (REDD+) and carbon storage projects, and sustainability which will continue to integrate across all Eni’s activities. The company Eni Rewind (environmental activities), will also be consolidated in this business group.

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