Centralisation of technical and non-technical expertise in London
Tullow Oil, reeling from a $1.7 Billion loss after tax, the largest since the 2014 crude oil price crash, announced several changes in its executive committee, with the Chief Executive the only position not yet filled.
Mark MacFarlane, (until now Executive Vice President) who fielded the difficult technical questions during the company’s emergency in December 2019, has been appointed as Chief Operating Officer with responsibility for the operated and non-operated businesses, including production operations and forecasting, with direct control of development, exploration and technical excellence across the Group
The company also hired Wissam Al-Monthiry, formerly of BP, as Ghana Asset Director, to manage integrated operations and commercial planning.
The new Head of Exploration is Amalia Olivera-Riley, formerly of Repsol and Exxon Mobil. She was Director of Technical Services and Director of Geosicence Specialists, E&P at Repsol, but, perhaps more crucially, she was Caribbean Basins Exploration Manager at the same company, just about three years ago.
In the new organisation, production of Ghana’s resources and sub-surface management will be centralised in London. MacFarlane, reservoir engineer by training and career trajectory, apparently ants to keep a close tab on the company’s most important asset.
“Executive Management of the Company changed; focused management structure put in place”, the company says in its 2019 Annual Report released March 12, 2020. “The recruitment of a new CEO is well under way with a final short-list being considered by the Board”