All posts tagged petroleum people


PRESS RELEASE/Lekan Akinyanmi Leads a “Mass Resignation” of Directors from Lekoil Cayman

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Lekoil Nigeria, in which Lekoil Cayman, a Cayman Islands-registered AIM-listed holding company holds a 40% equity holding, announces that a number of its directors and senior executives have resigned with immediate effect from the Board of Lekoil Cayman.

Aisha Muhammed-Oyebode, Chair of Lekoil Nigeria, has resigned as a non-executive Director of Lekoil Cayman. Lekan Akinyanmi, CEO of Lekoil Nigeria, has resigned as an executive Director of Lekoil Cayman. Gloria Iroegbunam, Company Secretary of Lekoil Nigeria, has resigned as Company Secretary of Lekoil Cayman. All three will remain in their current positions at Lekoil Nigeria.

The resignations have been prompted by the recent behaviour and actions of the of the Board of Lekoil Cayman. In particular, Mr. Akinyanmi vigorously disputes his unilateral termination as CEO of Lekoil Cayman and all of the statements made by Lekoil Cayman in connection with his employment contract and the loan agreement between him and Lekoil Cayman.

Mrs Muhammed-Oyebode commented: “The Board and management of Lekoil Nigeria remains committed to its vision of developing the company’s assets and we wish to assure our numerous stakeholders, especially our shareholders, partners and colleagues, that the strategic national assets under our purview will be protected by all legitimate means available to us.  This in turn will ensure the restoration of value for all shareholders, both in Lekoil Nigeria and Lekoil Cayman.

“The Board of Directors of Lekoil Cayman continue to show a blatant disregard for the Shareholder Agreement, a legally binding agreement which governs the relationship between Lekoil Cayman and Lekoil Nigeria and which was implemented at the time of Lekoil Cayman’s listing to meet the requirements in Nigerian law in respect of control of indigenous strategic assets.

“The continuous breaches of due process and corporate governance by the Board of Lekoil Cayman has left us with no option but to resign collectively from the Board of Lekoil Cayman.  Meanwhile, Lekoil Nigeria has separately written to Lekoil Limited’s advisers and to the AIM authorities requesting them to investigate the behaviour of the current Board of Lekoil Limited.”

 


Tim Woodall Walks Out on FAR

FAR has announced Timothy Woodall’s resignation from its Board, one day to his proposed re-election as a director.

The exit, announced by the company June 21, 2021, was “effective immediately”. 

Mr. Woodall has been a Director since August 2017 and an Executive Director since September 2019.

He was FAR’s commercial director, overseeing the company’s upstream asset sales and purchases and overall deal making. 

Prior to taking executive role at FAR, Woodall, an Australian national, was managing director of Miro Advisors for six years, chief executive of oil and gas technical consulting firm RISC and chief financial officer of New Orleans based intermediate E&P company, Energy Partners.

His resume says he has worked as an executive director in the energy division at UBS’ London offices and spent three years in the Credit Suisse oil and gas team in New York. He was also head of corporate development at Woodside Energy, Australia’s largest E&P firm.

FAR said of Woodall’s decision to quit: “As a result of Mr.Woodall’s resignation, the resolution to re-elect Mr. Woodall as a director (Resolution 2) to be voted on by shareholders at the Company’s Annual General Meeting has been withdrawn. The Annual General Meeting will be held tomorrow, 22 June 2021. FAR advised on 7 May 2021 and in the Notice of Meeting dated 21 May 2021 that Mr. Woodall’s executive role would cease on 2 July 2021”.


Lekan ‘Remains CEO of Lekoil Nigeria’, Fights Termination by Lekoil Cayman

Lekoil Nigeria, has reacted to the termination of Lekan Akinyanmi’s contract as Chief Executive of Lekoil Limited, the AIM listed company which is actually Lekoil Cayman.

It says that the decision, announced June 3, 2021, is the culmination of the efforts of the consortium led by Metallon Corporation to take control of Lekoil Cayman as foreshadowed in the circular to shareholders of Lekoil Cayman dated 11 December 2020. 

Lekoil Cayman had said that the sack of Lekan Akinyanmi, with immediate effect, was due to a corporate governance breach. “The Company will commence a search for a new CEO and, in the interim period, Anthony Hawkins will act as interim Executive Chairman of the Company”.

But Lekoil Nigeria Limited declares, in a counter release: ”Mr. (Lekan)Akinyanmi remains on the Board of Lekoil Nigeria Limited and also its Chief Executive Officer. Mr. Akinyanmi created and executed the vision of an independent indigenous Nigerian energy company that is Lekoil, for this generation and in this emerging market and he has always worked with the best interest of Lekoil shareholders in mind”. It then says that “Lekoil Nigeria remains committed to the vision of developing Nigeria’s energy sector’.

Does it look complicated?

Lekoil Cayman is the investment vehicle which raises money on the Alternative Investment Market (AIM) of the London Stock Exchange, for the property acquired by Lekoil Nigeria. Lekoil Nigeria owns the assets, the more substantial of which are, 40% of the Otakikpo Field onshore (producing roughly 5,500 Barrels of Oi Per Day gross) and 17% equity in the undeveloped Ogo field, in shallow to deep water Benin Basin offshore Lagos. The estimated reserves, unproven is stated as in excess of 500 Million Barrels of Oil Equivalent.  Lekoil Cayman has 10% of Lekoil Nigeria in equity, but may have up to 90% of the economic interest. This part is not clear.

Back to the issue at hand.

Lekoil Cayman’s notice of termination had added that Anthony Hawkins became interim non-executive chair only in April 2021, after Michael Ajukwu resigned, after having been in the chair since January 2021. 

But Lekoil Nigeria’s response argues that “recent additions to the board of Lekoil Cayman by Metallon Corporation and its collaborators should have been vetted (as is the practice of LekoilCayman) and due diligenced as required by the AIM Rules and as would be normal for listed companies”.

It notes that “seasoned oil sector executives such as George Maxwell, and former directors with deep knowledge of the continent, such as Mark Simmonds, have resigned and been replaced with directors lacking industry expertise, knowledge of the continent, impartiality and objectivity and appointed to secure for Metallon Corporation and its collaborators, the full takeover of Lekoil Cayman”. 

Lekoil Nigeria contends that “the procedure leading to the termination of Mr. Akinyanmi’s service is not compliant with the company’s corporate governance policies. Together with the appointment of unvetted new appointments to the board of Lekoil Cayman by the Metallon Corporation consortium, it is clear that the majority of the board of Lekoil Cayman is failing persistently to comply with its corporate governance code, yet the board of Lekoil Cayman determines on this ground to terminate the service of Mr Akinyanmi”. 

Conclusion, for now, by Lekoil Nigeria: “While we take legal counsel regarding this decision by Lekoil Cayman, we wish to assure our numerous stakeholders, especially the Nigerian people that the strategic national assets under our purview will be protected by all legitimate means available to us”

Conclusion, for now,  by Lekoil Cayman: “Lekoil is the lender under a loan agreement with Mr. Akinyanmi, of which outstanding balance, as of May 31 2021, was approximately $1.5Million. The company will commence proceedings to recover the Loan”.


Dorothy Thompson Eased out of Tullow’s Chair

Tullow Oil plc announced, June 3, 2021, that Dorothy Thompson CBE, Non-Executive Chair, had decided to step down from the company’s board of directors.

She hadn’t spent three years on the seat; having joined the Tullow Board in April 2018 and become Chair in September of the same year.

So, was she eased out or did she leave on her own?

The former, more likely, although Tullow didn’t respond to our query.

At the time of her appointment, Tullow had noted that Ms. Thompson was bringing executive leadership to the table, as well as public company governance and leadership, investor relations, corporate finance, accounting and audit, business development, risk management, technology and innovation.

15 months into her tenure, in December 2019, the company experienced a headlong crash in stock price as a result of poorly managed perception around production challenges in its Ghanaian assets, the jewel in the Tullow crown.

Tullow Board, under Ms. Thompson, saw off the company’s Chief Executive and its ‘legendary’ exploration director, then turned to the shareholders, pleading that the company had failed the market, with hardly any upbeat tone in the messaging. 

The statement made too much fuss of the gas offtake in Ghana, which is not one of Tullow’s main revenue earners; it expressed too much worry about Tullow’s debts, which had not yet reached unmanageable territory (no near-term debt maturities), and most crucially, it struggled to show that what had happened in the course of the second to third quarter operations were very minor slips in an otherwise smooth journey. Tullow’s story was far better than was painted in the December 9, 2019 statement.  Ms.Thompson had acted, at the time, like someone deeply uncomfortable with the day-to-day risks of the E&P game.

In the view of Africa Oil+Gas Report, the sharp crash in stock price came about as a result of an unnecessary own goal. 

Admittedly, Ms. Thompson has done a lot of work in the last one year on strategy. Tullow is laser focused on Ghana now; it plans to invest $2Billion into operations in the country over the next 10 years, hoping to reach peak production of 275,000 Barrels of Oil Per Day (close to double current production) and 150Million standard cubic feet per day from the investment. But the mistakes of 2019 were so expensive and had rattled the company badly. They had also been ill timed: happening unfortunately just before the year of the great crash. 

A search process to find a new Chair has been launched and is expected to conclude towards the end of the summer. Ms. Thompson will remain Chair of Tullow until the new Chair is appointed and an appropriate handover has taken place.


Schlumberger Appoints Siemens’ Vice President as its New Chief of Strategy

Schlumberger has announced the appointment of Katharina Beumelburg to the position of Chief Strategy and Sustainability Officer, Schlumberger Limited, reporting to Olivier Le Peuch, Chief Executive Officer. The appointment is effective Monday, May 17, 2021.

Ms. Beumelburg was Senior Vice President, Global Transmission Services at Siemens Energy, a subsidiary of Siemens, a global technology company, headquartered in Germany.

She took a doctorate degree from the University of Stuttgart in 2005, after earning her first engineering qualification at Universität Siegen, over a five-year period (1995 to 2000), during which she also trained in industrial engineering at the University of Tulsa (1997-1998), 

“As a member of the executive team, Dr. Beumelburg will oversee corporate strategy, sustainability, marketing and communications activities across the Company”, Schlumberger says.

“Dr. Beumelburg has held various leadership positions in Siemens, including strategy development incorporating sustainability; management consulting; business excellence; and operationsmanagement”. 


Kaine Cliffe is Oilserv’s New GCOO, Replacing Gbite Falade

Oilserv Limited, the Nigerian gas pipeline contractor, has appointed Celestine Kaine Cliffe as the new Group Chief Operating Officer, [GCOO], of the company.

He replaces Gbite Falade, who left the company in February to become the CEO of Niger Delta Petroleum, an oil producing company.

“Cliffe is a 1990/1991 session First Class graduate of Chemical/Petrochemical Engineering from the Rivers State University of Science and Technology who is widely recognized as a highly accomplished Oil & Gas industry executive”, Oilserv Limted says in a release.

Mr. Cliffe has his work cut out. This company is quite busy.

Oilserv was one of the two main contractors which constructed the Oben to Obiafu-Obrikom (OB-OB-OB) pipeline, currently in commissioning. It is, as we write, building half of the 614 kilometre long Ajaokuta Kaduna Kano (AKK) Gas Pipeline.

The company says of its new GCOO, effectively its No 2 man, after founder/ CEO Emeka Okwuosa: “Cliffe has exceptional leadership skills and esteemed international exposure”. Oilserv explains: “Throughout a career that spans over 29 years, Cliffe has garnered a reputation as an innovative, result-oriented visionary leader in the global Upstream Oil & Gas industry. In close to three decades in the industry he has held various roles that span four continents and 14 countries including prime energy markets such as the United States of America (Gulf of Mexico), United Kingdom (North Sea), Nigeria, Angola, Equatorial Guinea, Ghana, Congo, Gabon, Cameroun, Ivory Coast, Chad, Sao Tome and Yemen”.


Osa Owieаdolor, Platform Petroleum’s CEO, Elects Early Retirement

Osa Owieadolor, Platform Petroleum’s Chief Executive Officer, is leaving the company at the end of May, 2021.

He will hand over to Longfellow Atakele, the company’s General Manager Asset and Deputy CEO.

“It has been 14 years of very fulfilling career Journey with Platform, laced with unique, broad and diverse experiences”, Owieadolor told the Africa Oil+Gas Report in a valedictory interview.  “I cherish all the relationships I have made while here and would hold on to the many accomplishments that are part of my history with Platform”.

A Fellow of the Nigerian Society of Engineers, Owieadolor spent seven years working for Shell and has had close to half of his 29-year postgraduation experience at Platform Petroleum, a marginal field operating company in which he has risen from production operations, served as pioneer technical lead, been chief operations manager and risen to Chief Operating Officer, before becoming the CEO six years ago.

Platform is an exemplary operator in the annals of Nigerian marginal oil field development and to be its CEO counts for a lot. It was the first to reach first oil, out of the 24 operating companies granted marginal fields in 2003/2004. With its JV partner Newcross Petroleum, Platform constructed a crude evacuation pipeline and a gas processing plant on the field. Since first oil in 2007, Platform has extracted 10Million barrels -with a remaining 10Million barrels left – in a field whose estimated reserves at the time of award was less than 10Million barrels. Owieadolor has been with the company sine the year of first oil.

“My learning has been very steep”, he says. “In a small company, you have a lot of responsibilities, you have to be involved in so many things, unlike what you’d typically have in a place like Shell. It’s been a very fulfilling experience, and we’ve also seen a lot of value creation”, he testifies. “I am extremely grateful to the Chairman, Vice Chairman, Board members, Management team and entire staff whom I worked very collaboratively with to achieve our board objectives as a family”.

The outgoing CEO explains that Platform is fortunate to have a robust succession plan in place. “This was carefully designed and we have taken time to ensure it was nurtured and implemented over the years”. Atakele’s ascension to the top job fits the plan. “The current GM Asset who is also my deputy is well groomed and matured to seamlessly fill the role”.

Asked what he would be doing next, Owieadolor demurs.

Austin Avuru, deputy chairman of Platform Petroleum’s board of directors, says he and Dumo Lulu-Briggs, the company’s Chairman of the Board, were hoping that Owieadolor would change his mind when he initially informed the board he was leaving. “We were expecting him to come forward with a request for his second term of three years”, Avuru recalls. “It (the renewal) would have been automatic. Just a formality. Instead, Owieadolor, who turned 51 two weeks ago, came up with the information that he was electing early retirement.

On his part, the chairman says he “felt a great trepidation” when Owieadolor told him in a zoom conference that he desired to go on early retirement, adding that the outgoing CEO “had a meteoric rise”, in the company’s career ladder. “Nothing prepared me for such absence from the Platform Petroleum Ltd family”, Mr. Briggs explains, especially after he had read Owieadolor’s “Forward Looking“ new year message to staff .

“He had done a good job”, Avuru says.


Elohor Takes Over SNEPCO From Bayo Ojulari

By Sully Manope

Elohor Aiboni has taken over from Bayo Ojulari as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).

She is the first woman to take the job, which has become increasingly important as AngloDutch Shell increases its focus on deep-water, hub-scale opportunities.  

Mrs. Aiboni’s chief immediate task is to find a way to achieve Final Investment Decision (FID) for the pending Bonga SouthWest Aparo (BSWA) project, a job that Ojulari laboured over in the last three years. If she is lucky, she might even witness, on her watch, the 150,000BOPD (peak production) project from construction to first oil.

A 1999 bachelor of science degree holder in Chemical Engineering from the University of Benin, and Masters’ degree in Integrated Environmental Management from the University of Bath in the United Kingdom, Aiboni has moved through the ranks, serving as operations support engineer in Shell’s Eastern Nigeria Division and team leader on the relatively large Obigbo oil field (around 160Million barrels reserves as of 2008), straddling two Oil Mining Leases (OMLs) 11 &17. 

Her first look-in into Upper Management philosophy was as Business Analyst to the Executive Vice President Shell E&P Africa. She then moved on cross posting to Kazakhstan, where she was part of the Kashagan project, returning to assist in overseeing the divestment of Shell’s onshore eastern assets(OMLs 18, 24 & 29) in 2014/2015.

Aiboni’s first work on a Nigerian offshore asset was as operations manager of the Floating Production Storage and Offloading (FPSO) facility on the shallow water EA field, which is a SNEPCO asset, in 2015. She moved into deeper waters three years ago, when she was appointed Asset Manager for the Bonga project, Nigeria’s flagship deepwater field.

That appointment can now be interpreted as the training opportunity for Elohor Aiboni to take the reins of SNEPCO.


Angola’s Onshore Kwanza Basin offers an underexplored basin with a world class petroleum system.

By Matt Tyrrell and Alessandro Colla, Trois Geoconsulting BV; Mike Oehlers, Tectosat Ltd

Seasoned explorers of Africa and the Atlantic margins will be familiar with the quandary of choosing between offshore and onshore acreage. Offshore acreage typically offers large, inexpensive seismic datasets with which to identify prospects, but the costs of drilling and developing these require significant inward investment. Conversely, onshore acreage allows numerous wells to be drilled at a low cost, but the ability to locate and de-risk prospects is limited by the expense and paucity of exploration datasets, particularly seismic.

This quandary is particularly apparent in the coastal basins of West Africa, where the Mesozoic sedimentary successions, including salt, extend into the onshore domain. In this basin, seasoned explorers will be tantalised by the opportunity to drill salt-induced prospects within a proven petroleum system and will be seeking the necessary datasets with which to de-risk them.

There are, however, onshore basins where this quandary is not so apparent; where extensive high quality datasets are available and early exploration has suitably de-risked proven pre- and post-salt petroleum plays. One such example is the Onshore Kwanza Basin of Angola – a Mesozoic salt basin with numerous undeveloped fields, a library rich in accessible yet low-cost exploration datasets and local refineries and markets for hydrocarbons once they are produced.

Furthermore, a licence round that opens towards the end of 2020, supported by new oil and gas laws and fiscal incentives, provides the opportunity for oil companies to secure rights to this acreage, appraise discovered fields and potentially fast-track commercially viable hydrocarbon production.

Underexplored Pre-Salt

To understand the future potential of the Onshore Kwanza Basin, we must first understand its exploration history.

A key milestone occurred in 1955 when the post-salt Benfica oil field was discovered just south of Luanda, after which exploration drilling peaked; by the late 1970s 133 wells had been drilled. This era of activity saw the discovery of 11 oil fields, as well as a few gas fields, with the largest containing more than 200 MMboe, made possible by the availability of 11,500 line-km of dynamite 2D seismic data. The last onshore field discovery was in 1972 and the last well was drilled in 1982, from when on interest in the onshore declined, in part due to socio-political stability risks but more likely due to the early successes of offshore exploration. Only nine oil fields have ever been reported as having been put onto production, which include the Cacuaco and Puaca fields, both with pre-salt reservoirs.

Although at first it appears that the Onshore Kwanza has been considerably drilled, analysis of well penetrations and results tells a story of high success rates in post-salt wildcats contrasted with a prospective yet significantly underexplored pre-salt succession. Of the 237 wells drilled, just 28 penetrated beneath the salt; four pre-salt fields were discovered prior to 1971 (Cacuaco, Uacongo, Puaca and Morro Liso) despite only three wells testing a meaningful section of pre -salt stratigraphy. When our seasoned explorers analyse the results of these pre-salt wells they must be left pondering what might have been found had the operator drilled a little deeper.

An initial observation is that the majority of pre-salt penetrations were drilled from wellheads located for post-salt prospects with only a handful of wells spudded with a pre-salt objective. Furthermore, assumptions about 1960s and 1970s technology and know-how suggest that modern field appraisal methodologies could reveal where discovered fields may actually be commercial, whilst advanced well stimulation techniques could lower the commercial threshold.

Updated Datasets Support Exploration

In 2010 and 2011, 2,581 line-km of high quality 2D seismic data was acquired followed by the acquisition of high resolution aeromagnetic data. A new GIS GeoDatabase named KMAP-2020, commissioned by Sonangol in 2015, was then completed as part of the reassessment of the remaining oil potential ahead of licence rounds. This product, available for the whole onshore basin or for individual blocks, includes outcrop information, petrographic studies and palaeontological reports from recent field trips together with seismic profiles, well stratigraphy panels and geosections.

The KMAP-2020 database has recently been further refined by the inclusion of modern satellite imagery supplied by specialist, Tectosat Ltd. Using Landsat imagery, SRTM DEM, ASTER and PALSAR Radar data*, the whole basin has been remapped at a much more comprehensive 1:50,000 scale involving interpretation at 1:25,000 scale, with additional integration of lithological detail from some 3,000 field sample points.

The resulting updates to the surface geology maps within the KMAP-2020 database have positive implications for de-risking the underlying petroleum systems. Halokinetic activity is evinced in anomalous domes and basins showing salt withdrawal and folding adjacent to the main bounding faults of the Tertiary troughs.

Fault expressions mapped at surface have been used to understand structural controls related to various tectonic episodes. Where it is shown that many of the Tertiary-aged faults are soft-linked to deeper syn-rift structures, the charge of post-salt reservoirs with pre-salt oil can be de-risked.

Similarly, areas of Tertiary uplift are observed in the vicinity of Blocks 11 and 12 where present-day river systems are seen to have incised; this uplift may have hinged to the north at the Cabo Ledo fault. These details are key in determining long-distance migration paths from known source kitchens, including the offshore, into pre-salt and post-salt structures; indeed, the presence of basin margin oil seeps together with the pre-salt Cacuaco Field north-east of Luanda suggest that the sub-salt section should be suitably charged.


Underexplored Area in New Licence Round

An integration of past exploration results, available seismic and well datasets with the KMAP-2020 database (which includes the satellite imagery interpretation) demonstrate that the Onshore Kwanza Basin is a world class petroleum basin that in recent decades has been considerably underexplored.

The post-salt section has numerous anticlinal closures that are untested; where these have been drilled the structures exhibit good reservoir qualities and host viable oil fields, such as those at Quenguela and Benfica. Where sampled, the pre-salt is shown to exhibit good quality carbonate reservoirs formed by coquina.

Exploration 

shoals with vuggy porosities as well as fluvial-deltaic sandstones. The hydrocarbons encountered here are light oils with gas and with no known encounters of CO2 or high sulphur content.

When the results of the updated ArcGIS geological study are combined with available seismic and well datasets, conclusions can be drawn that suggest that the upcoming licence round may be the trigger for the first commercial production of oil from onshore Kwanza.

Recent announcements by the newly formed ANPG (National Agency of Petroleum, Gas and Biofuels) have defined a strategy for the allocation of petroleum concessions including open acreage within all of Angola’s basins. Concessions will be awarded through a process of public tender, restricted public tender and direct negotiation over a period of seven years, starting in 2019 and culminating in 2025. 

The blocks offered by public tender are those that are deemed exploration blocks that have not formerly been abandoned and restored to the state. The blocks of the Onshore Kwanza Basin have been announced as a part of the 2020 licensing round, which will open in the fourth quarter of 2020. Blocks KON5, KON6, KON8, KON9, KON17 and KON20 are offered by public tender and these blocks all offer excellent potential for exploration as well as opportunities to appraise and develop discovered fields.

In August this year, the ANPG held a Clarification Session as a precursor to the opening of the round; during this session senior members of ANPG gave informative presentations and clarified the timeline for the submissions of bids and signature of the contracts.

Exceptional Opportunity 

The history books of exploration bear witness to a multitude of junior exploration companies that secured onshore acreage, within a known petroleum province, yet were unable to successfully demonstrate to investors and potential farm-in partners that they could cost effectively de-risk a drilling location.

The Onshore Kwanza Basin is different in that it offers the opportunity to secure acreage containing a post-salt field or prospect that can potentially be appraised and brought into production, providing cash-flow to fund further pre-salt exploration where the prize may be bigger. The 2020 Angola Licence Round, which kicks off April 30, 2021, should therefore be in the plans of all junior and mid-sized oil companies. 

* SRTM DEM (Shuttle Radar Topography Mission – Digital Elevation Mapping), ASTER (Advanced Spaceborne Thermal Emission and Reflection Radiometer), PALSAR (Phased Array type L-band Synthetic Aperture Radar)

This paper was first published in the October 2020 edition of GEOExPro magazinehttps://www.geoexpro.com/articles


Andrew Mackenzie Is the Next Chairman of Shell

The Board of Directors of Royal Dutch Shell plc has announced the appointment of Sir Andrew Mackenzie as the new Company Chair with effect from the conclusion of Shell’s 2021 Annual General Meeting, scheduled for May 18, 2021.

He will succeed Chad Holliday who will step down on May 18 having served as Chair for six years and as a Board Director since September 2010.

Mackenzie, a British national, joined Shell’s Board in October 2020, after a distinguished career in the energy, petrochemicals and resources sector, latterly as Group CEO of BHP from 2013 to 2019. From 2004 to 2007, at Rio Tinto, he was Head of Industrial Minerals and Diamonds. Prior to this, over a 22-year career at BP, he held senior leadership roles in exploration, research and development, and chemicals.

“His contributions to geochemistry and earth science led to his appointment as a Fellow of the Royal Society in 2014”, Shell says in a statement, “and he received a knighthood in 2020 for his services to business, science and technology”.

The statement adds that Mackenzie is bringing to Shell “his experience of leadership, his global outlook, and a deep understanding of the energy business and climate action”.

The search for the new Chair was led by Euleen Goh, Deputy Chair and Senior Independent Director. The thorough and robust process included engagement with some of Shell’s larger investors, seeking input on the skills, attributes and sector knowledge that they considered important for the role. In addition to proven experience of leading a large, complex international organisation, the requirement was for someone with significant experience in capital discipline and with the ability to balance, and judge the timing, of the transformational changes that Shell needs to make.

 

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