Italy’s Prime Minister Giorgia Meloni is reportedly set to endorse Eni CEO Claudio Descalzi for a new three-year term, according to sources familiar with the matter. This move would extend Descalzi’s tenure, reinforcing his status as the longest-serving head of the Italian energy giant.

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Claudio Descalzi: Veteran Eni Leader

Claudio Descalzi, 70, has served as Eni CEO since 2014, building a career within the company as an upstream and exploration expert, with extensive knowledge of Africa’s energy markets. Sources indicate that Descalzi is available to take on another term, which will be formalized at Eni’s shareholder meeting scheduled for early May, when the management team’s appointments are voted on.

An Eni spokesperson commented:

“These are decisions that are up to our shareholders, and therefore we do not comment on them.”

The prime minister’s office declined to comment. Meloni’s administration controls a 32% stake in Eni, giving it significant influence over the upcoming appointment.

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Driving Low-Carbon Ventures

Under Descalzi’s leadership, Eni has undertaken significant energy diversification initiatives. Following the geopolitical pressures from Russia’s invasion of Ukraine, Descalzi helped Italy reduce reliance on Russian gas while simultaneously spearheading low-carbon divisions.

These divisions have attracted investments from global partners such as U.S.-based KKR, allowing Eni to share the financial burden of developing:

• Biofuel venture Enilive
• Retail and renewable unit Plenitude
• Carbon capture business

Analysts note that a key challenge for Eni in the next three years will be ensuring that these new ventures deliver promised returns to investment partners while sustaining growth.

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Balancing Oil and Gas with Renewables

Despite progress in low-carbon energy, Eni has continued to protect its oil and gas business, allocating a relatively small proportion of capital to renewable investments. Critics argue that the new mandate should come with a clear strategic vision for electrification and climate risk management.

Matteo Leonardi, co-founder of the climate change think tank ECCO, emphasized:

“The CEO should commit to outlining what actions will be taken to protect the company from climate risk. They should explain how the company intends to achieve net zero within its overall strategy and ensure that the investment plan aligns with these objectives.”

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Strategic Importance for Italy

Descalzi’s potential reappointment is seen as critical for Italy’s energy independence and competitiveness. By combining investment in low-carbon technologies with strategic management of traditional oil and gas assets, Eni aims to position itself as a leader in Europe’s energy transition.

The next term for the CEO will likely focus on:

• Expanding renewable energy investments
• Scaling up carbon capture and biofuel projects
• Strengthening financial partnerships with global investors
• Maintaining profitability in oil and gas operations while aligning with climate goals

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Conclusion

If confirmed for another term, Claudio Descalzi will continue to navigate Eni through a period of energy diversification and low-carbon innovation, balancing shareholder expectations, climate commitments, and Italy’s broader energy security objectives. The company’s focus on electrification, renewables, and carbon capture will be crucial in ensuring its long-term competitiveness in a rapidly evolving energy market.