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Oil Search Managing Director Resigns

by PNG Business News - July 21, 2021

Photo Credit: Geelong Advertiser 

After 17 months in charge, Oil Search managing director Keiran Wulff resigned owing to concerns about his behaviour and bad health.

Dr Wulff has been dealing with a long-term medical problem that has lately worsened.

According to Oil Search chairman Rick Lee, the board met with Dr Wulff after receiving recent concerns and accusations about him.

According to Lee, the board believed Dr Wulff had acted in a way that was inconsistent with the board's expectations in terms of his managerial style.

Dr Wulff has taken on a large number of duties since his appointment as managing director in February, according to Lee, and the board recognizes the difficulty he has faced as a result of his recent health concerns.

“This period has been marked by extreme challenges including global lockdowns associated with the Covid-19 pandemic, a plunge in oil prices, crisis measures to protect the company’s financial position and developing a clear strategy to steer a path to a sustainable future through the energy transition.

“It is a tribute to all staff that Oil Search is now in a solid position with record levels of production in PNG, a strengthened balance sheet and our Alaskan development plans meeting milestone targets.”

Dr Wulff praised all Oil Search employees for their efforts, especially since the epidemic began and the firm began putting plans in place to protect its facilities in PNG and Alaska.

“It has been a great privilege to work at Oil Search and I believe the company is very well-positioned for the future.

“It has, however, become apparent to me that due to my health challenges, it is becoming increasingly difficult for me to perform at the level required of the position,” he said. 

Peter Fredricson, who joined the firm as chief financial officer earlier this year, has agreed to take over as interim CEO with immediate effect.

Interviews with internal and external applicants will commence soon in the hunt for a permanent managing director/CEO.

Lee said the board was looking forward to working with Fredricson to keep PNG production projects on track and on budget, as well as development efforts in both PNG and Alaska.

 

Reference:

The National (20 July 2021). “Wulff resigns from Oil Search”.



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