Wulff to be new Oil Search boss

OIL Search managing director Peter Botten, who has served in the position for 25 years, will retire next Aug 25.
He will be succeeded by Dr Keiran Wulff, pictured, on Feb 25, when Botten steps down from the Oil Search board.
Oil Search chairman Rick Lee, who made the announcement yesterday, said to ensure a smooth transition of responsibilities, Wulff was appointed chief executive officer designate on Monday.
Wulff is currently Oil Search’s executive vice-president, Alaska and Oil Search Alaska president.
He worked at Oil Search from 1993 to 2008, holding several senior technical, operational and executive roles, and re-joined the company in 2015.
“With extensive knowledge and operating experience in Oil Search’s core business units of PNG and Alaska, demonstrated leadership skills and strong and relevant relationships both within Oil Search and with key stakeholders, the Oil Search board believes that Wulff is the ideal successor to lead the company through its next phase of growth,” the company said in a statement.
The company said Botten would remain managing director until Feb 25 and would continue to be employed by Oil Search until Aug 25, focusing primarily on the LNG expansion projects as the co-venturers move towards a final investment decision (FID), as well as assisting in other matters as required.
Botten would also be subject to a non-compete clause until August 2021.
The company said Botten would continue his association with Oil Search and PNG through his roles as chairman of the Oil Search Foundation and the Hela health authority and as a member of the Australia-PNG Business Council executive committee. Botten joined Oil Search in 1992 and is currently one of the longest-serving CEOs in the ASX 200.
Botten said he was privileged to have led the company for 25 years.
“Over that time, the company has grown from a small exploration player, with a market capitalisation of around A$200 million (K455.9mil), to a regionally significant operator, with world class producing assets in PNG and outstanding development opportunities in both PNG and Alaska,” he said.
“We have expanded from a dozen staff to approximately 1,700 employees, we operate all PNG’s oil fields and now also a major oil development in Alaska.
“Oil Search has played a pivotal role in expanding oil production in PNG and in developing the world class PNG LNG project.
“We have also built a portfolio of outstanding growth projects that are now maturing to development decisions.”
The company said Botten would remain employed until August, 2020 and would continue to be paid his current annual total fixed remuneration of A$2,374,751 (K5.41mil).
With effect from Feb 25, 2020, Wulff will receive a total fixed remuneration, paid monthly, of A$1,700,000 (K3.87mil)per annum.
This salary will be renewed annually in accordance with Oil Search’s remuneration policy.