Santos exec to lead Beach Energy

Experienced oil and gas executive Brett Woods will lead Beach Energy from next year following the immediate departure of the company’s current chief executive.

The Santos executive will lead Beach Energy from February 2024 following the exit of the current chief Morne Engelbrecht.

Today's announcement comes shortly after Seven Group Holdings boss Ryan Stokes was appointed to the Beach board as non-executive director in July.

Seven Group Holdings is the largest shareholder in Beach, with a 30 per cent stake in the oil and gas company.

It also comes at a time when Beach is still grappling with delays and cost blowouts at its half-owned Waitsia gas development in the Perth Basin. 

During Mr Wood’s decade long stint with Santos he held the roles of chief operating officer, vice president of development and vice president of the eastern Australian business unit.

He commenced his career with Woodside Energy in its graduate program and held senior technical roles in Australia and Africa, before becoming managing director of start-up Rialto Energy.

In the same ASX announcement, Beach revealed Mr Engelbrecht had immediately ended his tenure, but the company offered no explanation.

Beach’s non-executive director Bruce Clement will take on the interim chief executive role until Mr Woods joins the company in February 2024.

“Brett is an experienced oil and gas executive with a track record in strong leadership, delivering operational excellence, project delivery and value creation for shareholders,” Beach chairman Glenn Davis said.

“He is a very experienced technical oil and gas leader with the skills and background to continue to strengthen our performance culture and operational delivery.”

Mr Woods said Beach was in a great position with a strong portfolio of assets.

“I am excited to join at a time where I can help the team deliver the current projects, drive operational excellence and grow the business,” he said.

Mr Davis thanked the outgoing chief executive for his service.

“Morne excelled in his role as chief financial officer and stepped into the chief executive role at an uncertain time and has since guided the company through a number of operational challenges,” he said.

“Despite those challenges our project delivery continues to advance and Morne should be proud of his contribution to Beach.”

At market close, Beach shares were down 1.5 per cent to $1.64.