Eni streamlines portfolio with oilfield solutions spin-off

Versalis, the chemical subsidiary of Italian energy giant Eni, has launched a new company to independently manage its oilfield chemicals business.

The new company, Versalis Oilfield Solutions, has been fully operational since July 1. Its Chairman and Chief Executive Officer (CEO) is Sergio Lombardini.

The Italian major believes the move will enable a streamlined organization and ensure more efficient management, diversification of the client portfolio, and pursuit of new business opportunities in a sector that keeps changing.

Versalis’ oilfield operations encompass research and development of advanced chemical formulations, outsourcing their production and marketing of solvents and additives designed for the oil drilling industry. Products are tailor-made for clients, coupled with services including sales and after-sales support.

The new company hopes to improve sustainability, competitiveness, and operational efficiency across the entire production cycle in order to boost its offering, respond to the challenges of the energy transition, and meet the growing demands of the oil industry.

Versalis Oilfield Solutions provides services to clients spanning markets across Europe, North and South America (U.S., Mexico, Venezuela), Africa (Congo, Côte d’Ivoire, Ghana, Mozambique, Angola), and Asia (China, Turkmenistan).

Other portfolio streamlining options Eni has recently been contemplating include establishing a joint venture with Petronas and selling an interest in Eni CCUS Holding. The latter operates the UK’s Hynet and Bacton projects and the L10 in the Netherlands and holds the future right to acquire the Ravenna CCS project in Italy.

The firm has also been busy with its core business activities. Earlier this week, it completed the drilling operations at the Zohr 6 well offshore Egypt. This added approximately 60 million cubic feet per day of natural gas to the current production rates at the Zohr field.

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