North Sea operator EnQuest (LON: ENQ) has launched “Veri Energy”, a wholly-owned subsidiary covering new energies.
EnQuest said Veri will be responsible for “managing the company’s existing infrastructure” and new energy business with a focused management structure.
It described this as the “logical next step” in EnQuest’s ambiitons to build an infrastructure and new energy business in a capital-light manner “while providing Veri the opportunity to leverage support from financial and strategic partnerships”.
Salman Malik, the current chief financial officer and managing director of infrastructure and new energy, will become CEO of Veri Energy.
© Supplied by EnQuestEnQuest has been engaged in new energy and decarobonisation projects at its Sullom Voe Terminal in Shetland, including carbon capture and storage (CCS), electrification and green hydrogen.
It received offers of four CCS licences in the North Sea Transition Authority’s (NSTA) recent offshore allocation round.
:London-listed EnQuest announced earlier this year that it would seek to reach net zero on its scope 1 and scope 2 emissions by 2040.
Salman Malik said: “I am passionate about energy transition and committed to establishing Veri as a leading infrastructure and new energy company.
“Veri’s initial focus will remain on leveraging EnQuest’s capabilities to progress world scale decarbonisation and new energy projects, including carbon capture and storage, green hydrogen, and electrification at the Sullom Voe Terminal.
New EnQuest CFO
Mr Malik will remain an executive director on the board of EnQuest, while Jonathan Copus will become the new EnQuest CFO from 1 February, 2024.
Mr Copus is the former CEO of Getech Group, which he stood down from earlier this year after seven years at the helm, and spent four years leading South East Asia-focused oil firm Salamander Energy.
He has a background in geology and geoscience, alongside ten years of capital markets experience.
EnQuest CEO Amjad Bseisu said: “Salman has been instrumental in progressing our decarbonisation and new energy ambitions and has been integral to the Group’s successful debt refinancing activities. In his new role as CEO of Veri, I look forward to working together with Salman as Chairman in this important new growth area for the Group and I am excited about the future of Veri Energy as a key contributor on our energy transition path.
“Jonathan Copus brings considerable knowledge to EnQuest, with a broad background in the energy and natural resource sectors built through technical, finance, operational and commercial roles in both large and small organisations. I am excited to welcome Jonathan to EnQuest and look forward to working together to execute our strategy.”
Chairman Gareth Penny added: “Following the announcement of our net zero commitment by 2040, these strategic appointments and the establishment of Veri Energy represent significant milestones in the Company’s continued growth and commitment to a just energy transition.
“I thank Salman for his efforts in his time as CFO and look forward to continuing to work with him as a valued member of the EnQuest Board of Directors. On behalf of the Board, I am also delighted to welcome Jonathan to EnQuest at this important time in the Company’s journey.”
EnQuest reported pre-tax profits of $112.9m in the first half of 2023.
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