03/04/2012 - 14:50

Della Martina appointed Nexus CEO

03/04/2012 - 14:50

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Nexus Energy has selected a new chief executive, appointing former Woodside Energy executive Lucio Della Martina to head up its operations.

Mr Della Martina, who has led Woodside’s Pluto project since it was discovered in 2005, will join Nexus mid-May.

Nexus said Mr Della Martina’s remuneration package includes a market-based salary and short-term and long-term incentives, focusing on performance.

“On behalf of the board I welcome Lucio to the company and look forward to working with one of the recognised leaders of the Australian petroleum industry as we work to crystallise the value of our assets for our shareholders,” chairman Michael Fowler said.

Mr Della Martina joins Nexus shortly after it confirmed last month it had been approached by a number of large energy companies seeking a stake in its Crux joint venture in Western Australia’s far north.

Nexus in January agreed to hand 80 per cent of the stalled project to Shell for nothing, leaving the Melbourne-based firm with a 17 per cent stake.

It also has a 12-month option to sell two per cent of its interest to Shell for $75 million.

Shell plans to send gas from Crux to its $US12 billion ($A11.41 billion) Prelude floating LNG project in the Timor Sea.

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