In 2016, Bruce Clement will step down from his position as managing director and CEO of AWE Ltd., after five and a half years of being in the role.
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Image of Clement. From AWE. |
According to AWE, this is in line with the firm’s succession planning strategy and the search for a new CEO has commenced.
Chairman of AWE, Bruce Phillips says Clement has presided over a period of significant change for the company.
“He has delivered a substantial increase in reserves and resources through a combination of astute asset management. Such as the purchase and sell down of the Ande Ande Lumut oil project in Indonesia, exploration success in the onshore Perth basin in Western Australia, and the significant increase of reserves and production at Sugarloaf in the US,” said Phillips.
“One of Bruce’s major achievements and a lasting legacy has been rebuilding the company’s 2P reserves production ratio, which now stands at 22 years at current production rates, easily the best among our peers. The anticipated first gas production from the Waitsia field in mid 2016 provides an opportune time to institute a succession of leadership,” he added.
Clement said while the time is right in 2016 to hand over the reins, in the meantime, he will remain strongly committed to implementing the company’s strategy. Until he steps down, Clement will continue to drive the development of AWE’s onshore gas projects in Western Australia, plus ensure AWE can advance its growth projects in a lower oil price environment.
In August, Santos also announced that its CEO, David Knox is stepping down after seven years in the role once a successor is appointed.
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Santos CEO steps down, profit slides 82%
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