FLNG Backer New Age Names CEO

New Age, the Jersey-based privately-held Africa-focused independent, has appointed David Stoopin as CEO with effect from June 16. 

Founder Steve Lowden, who remains chairman, previously held both roles. Stoopin joined New Age in June 2008 and has been executive vice-president for commercial and business development. He was formerly with Premier Oil, and at BP as commercial manager for its Angolan developments. 

New Age company has made 12 discoveries in the past decade, with four fields now in production.

It plans to reach over 70,000 barrels of oil equivalent per day by 2022 from future developments, and aims to leverage its minority interests offshore West Africa into three floating liquefaction projects, each for 1mn mt/yr, at the Eni-operated Marine XII offshore Congo-Brazzaville (for planned start-up 2022), Cameroon (Etinde, start-up 2023) and Nigeria (Aje, 2025). None of the three however has yet reached an investment decision and each relies on partner approvals. Eni however has said it is not opposed to such a Congo FLNG scheme.

New York-based private equity fund EIG Global Energy Partners says it has been an investor in New Age since June 2016. 

Mark Smedley