Chevron has created an energy transition unit and named company insider Jeff Gustavson its head. Gustavson, who has been vice president of Chevron’s North America Exploration and Production Company, will assume his new position on 2 August, serving as a corporate officer and reporting to Michael Wirth, chairman and chief executive officer.
The new unit, called Chevron New Energies, will manage the supermajor’s low-carbon business prospects, focusing initially on commercialization opportunities in hydrogen, carbon capture, and offsets and supporting ongoing growth in biofuels.
“Chevron New Energies reflects our higher-returns, lower-carbon strategy,” Wirth said. “We believe the dedication of resources in a new organization will accelerate growth in multiple business lines that we expect to be part of a lower-carbon energy system.”
Gustavson has previously served as president of Chevron Canada and has held positions in investor relations, corporate strategic planning, finance, mergers and acquisitions, and supply and trading.
A Chevron press release said additional detail will be provided on during the company’s Energy Transition Spotlight investor presentation on 14 September.