OSLO, NORWAY: Genel Energy plc announced the appointment of Paul Weir as Chief Executive Officer, and as a member of the Board of Directors, with immediate effect.
Paul Weir, who was previously Chief Operating Officer before being made Interim Chief Executive Officer in June this year, joined Genel Energy in January 2020. Paul had worked for more than 30 years in upstream E&P with experience in the North Sea, South East Asia and Africa.
Before joining Genel Energy, Paul Weir was Group Head of Operations and Safety at Tullow Oil. Prior to that he had spent 13 years at Talisman Energy, ultimately as VP Production and Exploration. He has also worked in a variety of roles at Total, Occidental, Elf and Nippon Oil.
David McManus, Chair, said: “I am delighted to confirm the appointment of Paul as Chief Executive Officer. He has the experience and vision to deliver Genel’s strategy, as we focus on positive performance from our current portfolio and utilising our material financial strength to grow the Company for the benefit of all stakeholders.
Paul has already brought energy and clarity to the business, giving us confidence that value delivery will follow.”
Paul Weir, CEO, said: “I am excited to be leading Genel as we move on to the next chapter of our growth story. We have built a fantastic team that I am confident will turn our significant growth potential into value for shareholders. My highly experienced team is focused on both operational delivery – our production remains robust, and our material dividend is well supported – as well as exploring opportunities for putting our balance sheet to work to enhance our position by adding assets.
As we look to do so, we will not lose our firm focus on the central pillars of our business model – mitigating risk and ensuring the ongoing financial strength to support our dividend in the long-term.”
Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange. The Company is one of the largest London-listed independent hydrocarbon producers, with an asset portfolio that positions us well for a future of fewer and better natural resources projects. Genel has low-cost and low-carbon production from the Sarta, Taq Taq, and Tawke licences in the Kurdistan Region of Iraq, providing financial resilience that allows investment in growth and the payment of a material and progressive dividend. Genel also continues to pursue further growth opportunities.