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Italy appoints Descalzi as new Eni CEO in anticipated shake-up

  • Italian Prime Minister Matteo Renzi replaces Eni (E -0.4%) CEO Paolo Scaroni with respected industry veteran Claudio Descalzi, head of E&P at the company; a change at Eni was widely expected by PM Renzi's new government in its pledge for a fresh start for Italy's economy.
  • Descalzi's background in the upstream business suggests his promotion is validation of Eni's current strategy, Heard on the Street's Helen Thomas writes; Eni has discovered 2.5x its production during 2008-13 vs. 0.3x for its peers, and its organic reserve replacement ratio has averaged 130% in the past three years.
  • Under Descalzi, Eni made the largest discovery in its history - a huge gas field off the cost of Mozambique - and has made huge oil finds off the Republic of Congo, but the successes have been tempered by the problems in Kashagan, the huge oilfield in Kazakhstan that has been dogged by cost overruns and delays.
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