Pertamina Appoints M&P Chairman

Pertamina executive Aussie B Gautama was appointed the new chairman of Maurel and Prom (M&P) April 10, following the resignation of Jean-Francois Henin who sold his stake in the firm last summer. Indonesian state Pertamina acquired control over the French upstream independent earlier this year.

Africa-focused M&P’s board re-confirmed Michel Hochard as CEO; he was previously finance chief from 2007 to mid-2014.

Gautama has advised Indonesian state Pertamina's CEO on exploration and production matters since 2015 and has over 35 years’ experience, of which 30 for France’s Total in Indonesia, Norway, Libya and Nigeria, said M&P. In 2014-15, he worked for Indonesian upstream regulator SKKMigas.

Maurel and Prom's new chairman Aussie Guatama (Photo credit: Seputar Blok Mahakam blog)

As well as appointing Gautama to its board, M&P also noted the resignation of three existing independent directors and decided to co-opt Maria R Nellia and Pertamina upstream subsidiary PIEP, represented by Huddie Dewanto, as directors.

It's understood that Pertamina nominees now have four out of M&P's eight directorships, with Gautama holding any casting vote.

When it announced annual results on April 3, M&P said it was 72.65%-owned by PIEP. It reported it made a net loss of €50mn last year, versus a loss of €95mn in 2015, but said its production share in Tanzania (gas) and Gabon (oil) increased by 37% to 25,202 barrels of oil equivalent/day in 2016. M&P operates the Mnazi Bay gasfield in Tanzania.

However about half of M&P's loss last year – €28mn –  was attributable to subsidiaries, primarily Seplat in Nigeria where it has a 21.37% stake and which was unable to export owing to a force majeure at the Shell-operated Forcados crude oil export terminal that has lasted since mid-February 2016.

Mark Smedley