Eni Splits Clean Energy Business from Oil & Gas

Eni announced on June 4 it was establishing a new division to focus on renewable energies, in a restructuring move aimed at putting the Italian oil and gas major on "an irreversible path" towards decarbonisation of its products.

The new division will be called Energy Evolution and will be headed by Eni's chief financial officer Massimo Mondazzi, who will maintain his current role until August 1. It will be "dedicated to supporting the evolution of the company's power generation, product transformation and marketing from fossil to bio, blue and green."

Oil and gas exploration and production will meanwhile come under another division, Natural Resources, led by current upstream head Alessandro Puliti.  Natural Resources will seek to reduce the carbon footprint of these activities by increasing energy efficiency, expanding gas production and developing carbon-capture projects.

The new organisational structure will be implemented over the coming weeks, Eni said.

"“This new structure reflects Eni’s pivot to the energy transition. An irreversible path that will make us leaders in decarbonised energy products," CEO Claudio Descalzi said in a statement. "With our new Plan, in February, we have set our path for the next 30 years, as of today it is unique in our industry."