Atlantic Petroleum elects new three-person board

  • Business & Finance

Atlantic Petroleum, a Faroese oil and gas company with assets in the North Sea, has elected a three-person board of directors during its Annual General Meeting (AGM) held on April 28 in Torshavn, Faroe Islands.

Atlantic Petroleum’s current board proposed that Charles Hendry, Birgir Durhuus, and Ben Arabo, the CEO of Atlantic Petroleum, be elected to the new three-person board of Atlantic Petroleum.

The General Meeting elected the board members proposed by the board which constituted itself with Birgir Durhuus as chairman and Charles Hendry as deputy chairman.

Birgir Durhuus is currently CEO at Moma Advisors A/S in Copenhagen. After spending his early years as a fixed income and derivatives analyst, he has been mainly focused on alternative investments for the last ten years. Durhuus was the chairman of the board for Atlantic Petroleum from 2009 to 2015.

Charles Hendry was the UK Minister of State for Energy from May 2010 until September 2012. Since leaving ministerial office, he took on a wide range of roles including as President of the British Institute of Energy Economics and the chair of the Forewind Consortium from 2013 to 2015. In 2016, he was appointed by the UK Government to lead a review into the strategic case for tidal lagoons and their role in the UK energy mix.

As a result of London Oil and Gas (LOG) providing Atlantic with £8 million through a loan agreement signed in May 2016, LOG was given the right to nominate one Atlantic board member. In accordance with that right, LOG chose Hendry as its nominee.

Ben Arabo CEO said: “I am very pleased to welcome Birgir Durhuus and Charles Hendry to the board of Atlantic Petroleum. The company will be facing exciting times ahead with near term cashflow from revenue from the UK Orlando field and many business development opportunities.”

Charles Hendry added: “I have always advocated that our energy policy needs to be a balance of nuclear, renewables, and gas. It is in our energy security interest that we should maximize the recovery of assets from the North Sea, and this is a very exciting time to be joining Atlantic Petroleum which is showing a very positive approach at a challenging time for the industry.”

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