Italian oil major Eni said June 4 it was creating a division to focus on renewable energy as part of a corporate reorganization.
The overhaul, which Reuters reported June 3, follows industrywide upheaval as the coronavirus pandemic has disrupted oil markets and sapped the earnings of oil and gas companies.
The impact adds to concerns about climate change that had already deterred investment in planet-warming fossil fuels.
“This new structure reflects Eni’s pivot to the energy transition. An irreversible path that will make us leaders in decarbonized energy products,” CEO Claudio Descalzi said in a statement.
The new division—called Energy Evolution—will be led by current CFO Massimo Mondazzi, who will maintain his current role until Aug. 1.
Oil and gas activity at the state-controlled company will be in a separate unit, led by Alessandro Puliti, current head of upstream.
The new structure will be implemented over the coming weeks, the statement added.
Jay Graham is back after the successful sale of WildHorse Resource Development to Chesapeake Energy with a new venture—this time in the Permian Basin.
The Alta Mesa transaction represents the sixth acquisition by partnerships between Tom Ward-led Mach Resources and private equity firm Bayou City Energy Management.
Pioneer confirmed today the sale of its remaining Eagle Ford Shale assets to a Warburg Pincus-backed company, finalizing its status as a Permian Basin pure-play company.