Chevron plans unit for alternative energy sources

Chevron oil business

Chevron announced the creation of a new unit to manage the second largest U.S. oil producer’s low-carbon investments, with an initial focus on alternative energy sources like hydrogen and technologies including carbon capture.

Jeff Gustavson will head the New Energies unit from August 2. The company said it will provide more details on the unit in a presentation on Sept. 14.

“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,” Chevron CEO Mike Wirth said.

Gustavson, 49, is currently vice president of North America upstream oil exploration business and oversees the mid-continent unit.