Eni has announced a restructure of its business into an “integrated operational structure”, under new business units.
The new units will be: exploration; development, operations and technology; upstream; downstream and industrial. These replace the E&P, R&M, Versalis and Syndial business units, and join the existing business units of midstream and retail gas & power. All staff functions will be centralized.
The change has been made as part of Eni’s aim for selective growth in the upstream sector and a turnaround in its mid-downstream segments, the company said.
Claudio Descalzi, Eni’s CEO (pictured), said: “The aim of this new organization is to fully leverage all of Eni’s resources, streamlining structures, avoiding duplications, and transforming Eni into an operational company. This will support efficiency gains in terms of time, costs and investments, and will allow us to respond rapidly and flexibly to the business challenges that we are facing.”
The new organizational structure will be fully implemented in the next few weeks. Consistently with this structure, from the beginning of 2015, Eni will modify its financial reporting segments, and will present results for the upstream, midstream and downstream business segments.
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