Swedish explorer Lundin Petroleum has appointed a new CEO after long-serving CEO Ashely Heppenstall announced he is to step down, as of 1 October.
Alex Schneiter will resume the role of President and CEO, which Heppenstall (pictured) has held since 2002, as of that date. Heppenstall will remain on the board of directors.
Heppenstall, who says the move allows a new leader to see the company through its next phase of growth, led Lundin's growth over 14 years, with a more than 40-fold increase of the company’s share price in that period. The firm was involved in the discovery of one of the two fields which were since found to be connected and now comprise the giant 1.7-3 billion boe Johan Sverdrup development project. The firm has also moved into south-east Asia and this year saw first production from the Bertam field offshore Malaysia via and FPSO.
Alex Schneiter has been executive vice president and COO of Lundin since its inception in 2001. Lundin says he has been instrumental in growing Lundin Petroleum’s business in Norway over the last 11 years. Schneiter has been working for companies associated with the Lundin family since 1993.
Nick Walker, who recently joined Lundin as senior vice president development and operations, will assume the role of COO, as of 1 October 2015.
Heppenstall says: “I have decided to step-down from my executive position with Lundin Petroleum at a time when the company is well positioned for its next phase of growth. Lundin Petroleum is generating strong cash flow, the Edvard Grieg project is close to first oil and the Johan Sverdrup development (concept pictured) is about to commence. I have worked with Alex Schneiter for over 20 years and I know that he will do an excellent job in guiding the company through its next phase of development. I will remain on the board and in this capacity look forward to a continued involvement in this success story.”
Schneiter says: “We will continue to focus on growing value in our Norwegian and South East Asian core areas through increasing our resource and production base. Our historical organic exploration growth strategy which led to the discoveries of Edvard Grieg and Johan Sverdrup will continue. Our financial position is strong and our asset base will deliver sufficient cash flow going forward not only to develop our existing discoveries such as Johan Sverdrup and fund exploration expenditure, but also to allow us to consider a sustainable dividend policy. The continuation of the creation of shareholder value will be my key focus.”
Image: Top, Ashley Heppenstall, image from Lundin. Bottom, the Johan Sverdrup concept, image from operator Statoil.
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