🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Exclusive - Shell's exploration boss Powell to step down

Published 23/01/2017, 10:36
© Reuters. Shell branding is seen at a petrol station in west London
SHEL
-

By Ron Bousso

LONDON (Reuters) - Royal Dutch Shell's (L:RDSa) head of exploration Ceri Powell will step down next month, capping seven years in the role marked by sharp cutbacks in the company's search for new oil and gas reserves amid the industry's deep downturn since mid-2014.

Powell, a geologist who joined Shell in 1990 and a vocal supporter for strengthening female involvement in the sector, will depart on February 13 and become managing director of Brunei Shell Petroleum the following month, according to a Shell spokeswoman.

Her departure is part of a broad reshuffle of senior positions following the completion of Shell's $54 billion acquisition of BG Group in February 2016.

Those include the appointment of Jessica Uhl as chief financial officer, who will replace Simon Henry in March as well as the appointment of Gerard Paulides, who oversaw the BG merger, as head of investor relations.

Powell will be replaced by current upstream strategy vice president Marc Gerrits, who started his career in Shell in 1986 as an exploration geologist in Australia.

In an interview with Reuters last month, Powell described Shell's shift away from complex and costly exploration projects in "frontier" areas such as Alaska to areas closer to the company's existing production such as Malaysia and Brunei.

Last year, Shell angered investors when it wrote down $7 billion after failing to find any oil or gas in the Chukchi Sea off Alaska's northwest coast.

This followed years of complex work and a rig accident that drew heavy criticism from environmental activists.

Following the sharp drop in oil prices since mid-2014, Shell slashed its exploration budget to less than $2 billion a year from around $5 billion.

© Reuters. Shell branding is seen at a petrol station in west London

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.