New Zealand O&G acting chief takes permanent role amid ‘strategic changes’
- Business & Finance
New Zealand Oil & Gas (NZOG) has named acting chief executive officer (CEO) Andrew Jefferies as the company’s permanent chief executive.
NZOG said on Friday that Jefferies, who was previously the company’s Vice President of Exploration and Production, has been the acting CEO since August.
Chairman Rodger Finlay welcomed Jefferies’ skillset as the company progresses through considerable change. He said: “Andrew’s strong record and industry experience make him ideal to lead the company as it cuts costs, returns cash to shareholders and replaces its production assets.”
The company said that his top priority would be setting a new direction following the sale of its 15 percent share in the Kupe gas field to Genesis, which shareholders passed at Friday’s special meeting.
“Now the sale is approved, the company intends to return $100 million of capital to shareholders by May 2017,” said Jefferies.
“We are engaged in negotiations to acquire further producing assets, and we announced on Wednesday we had received an offer for our Tui asset. Talks are advanced with potential partners in our major deepwater exploration interests off Canterbury.
“NZOG is at a time of considerable strategic change, with a sound cash base and the ability to return cash to shareholders as well as acquire new sources of production income.”
Jefferies joined New Zealand Oil & Gas in 2013. He started his career with Shell in Australia after graduating from the University of Sydney in 1991. He got an MBA in technology management from Deakin University in Australia, and an MSc in petroleum engineering from Heriot-Watt University in Scotland.
He is also a graduate of the Australian Institute of Company Directors (GAICD), and a Certified Petroleum Engineer with the Society of Petroleum Engineers.
His oil and gas career led him to jobs in Australia, Germany, the United Kingdom, Thailand, and Holland. He came to New Zealand with OMV in 2007.