Oil Search has completed its search for a new managing director with Peter Botten to step aside next year after 26 years with the company.
Oil Search unveiled Keiran Wulff as Botten’s successor on Tuesday, with Wulff to take up the position on 25 February when Botten steps down from the company’s board ahead of his retirement from the company on 25 August.
Wulff currently serves as president of Oil Search Alaska and worked at the company initially between 1993 to 2008, holding several senior technical, operational and executive roles, and re-joined the company in 2015.
Oil Search revealed Wulff had been appointed chief executive designate on 30 September to ensure a smooth transition, however it added that Wulff would continue as the head of the company’s Alaskan operations until mid-December.
This will ensure he remains in place to manage the front-end engineering and design for the company’s Pikka Unit development on Alaska’s North Slope.
After this, the current chief operating officer of the Alaska business unit, Bruce Dingeman, will take over Wulff’s current role in Alaska.
Oil Search chairman Rick Lee noted Botten’s dedication to the company over the past 26 years which he said had seen Oil Search grow from a small exploration and production company to a regionally significant oil, gas and liquefied natural gas producer and exporter.
“Peter has decided that as Oil Search embarks on its next phase of growth, with major expansion projects in both PNG and Alaska, now is the right time to transition the leadership,” Lee added.
“He does this with the full support of the board. The board has been preparing for Peter’s potential departure for several years. Keiran’s appointment as successor is the culmination of a comprehensive and rigorous executive development and global search process, which has considered a range of highly qualified internal and external candidates.”
Oil Search said in the lead up to his departure Botten will primarily focus on the company’s LNG expansion projects in Papua New Guinea which are heading towards a final investment decision.
Namely the ExxonMobil-led PNG LNG expansion which will be underpinned by the Total-led Papua LNG development and ExxonMobil’s P’nyang development.
“I am committed to ensuring a smooth and progressive transition of duties to Keiran and helping guide Oil Search as it moves into FEED and towards a final investment decision on the key expansion projects in PNG and Alaska,” Botten said Tuesday.
“Oil Search has an outstanding platform to deliver further shareholder value and continue to play an important role in social and economic development in its areas of operations. I have known Keiran for almost 30 years and I am very confident that he has all the necessary attributes to lead the company successfully on the next stage of its exciting long-term growth path.”
Botten will maintain an association with Oil Search after his departure through his roles as chairman of the Oil Search Foundation and the Hela Provincial Health Authority, as well as a member of the Australia Papua New Guinea Business Council Executive Committee. Oil Search noted that Botten would be carrying out those roles pro-bono.
Botten will also be subject to a non-compete clause after he leaves Oil Search until August 2021, and will be compensated nearly A$2.4 million, equivalent to his current 12 months fixed renumeration, which will be paid monthly for complying with the non-compete.
