01/10/2019 - 10:43

Oil Search names Botten successor

01/10/2019 - 10:43

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Former Buru Energy managing director Keiran Wulff will replace outgoing Oil Search managing director Peter Botten, with the long-serving leader to hand over the reins in February.

Oil Search names Botten successor
Keiran Wulff is currently the president of Oil Search Alaska.

Former Buru Energy managing director Keiran Wulff will replace outgoing Oil Search managing director Peter Botten, with the long-serving leader to hand over the reins in February.

Perth-based Mr Botten, who has been the managing director of the PNG-focused gas producer for 25 years, had flagged his retirement at the company's annual general meeting in May. 

Mr Wulff is currently the president of Oil Search Alaska, and worked at Oil Search from 1993 to 2008, holding several senior roles, before re-joining the company in 2015.

He will retain his Alaskan responsibilities until mid-December when the transition period will commence.

During this seven period away from Oil Search he held managing director roles at Aligned Energy and Buru Energy.

Mr Wulff is a geologist by training and received undergraduate and postgraduate qualifications from Curtin University in Perth.

He will receive a base salary of $1.7 million per year, compared to Mr Botten’s annual base remuneration of $2.37 million.

Oil Search chairman Rick Lee said the board had been preparing Mr Botten’s potential departure for several years.

"(We) have agreed unanimously that Dr Wulff is the best person to succeed Peter, with the necessary experience, leadership skills and vision to take Oil Search into the future," Mr Lee said.

Mr Botten was appointed a Companion of the Order of Australia in January for his services to PNG-Australia relations.

He will leave the company altogether in August next year and has been issued a non-compete clause until August 2021. 

Bruce Dingeman, who is currently serves as the chief operating officer of the Alaska business unit, will take over Dr Wulff's role as president of Oil Search's Alaska operations.

The company recently reported a $US161.9 million ($A239 million) profit after tax for the six months to June 30.

Shares in Oil Search were down 1.9 per cent to trade at $7.18 each at 11.35am AEST.

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