Tony Hayward’s Genel appoints new chief operating officer
Embattled oil producer Genel announced today that it's appointed a new chief operating officer.
Paul Schofield joins from Hess where he's held a number of senior roles since joining in 2006.
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His last position was as the most senior Hess representative in the management team for the Carigali Hess operating company, a significant Malaysian joint venture company operating in the Malaysia-Thailand joint development area.
Genel recently reported its biggest annual loss since listing four years ago, partly due to a $1.1bn impairment charge on lower production expectations from its Taq Taq oil field in Iraqi Kurdistan.
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Schofield will also have to grapple with oil prices which fell from a high of over $100 per barrel in the middle of 2014 to multi-year lows earlier this year. The black stuff has since recovered somewhat, but is still hovering at around $45 per barrel.
Tony Hayward has chaired Genel since stepping down as chief exec last year. He left BP in the wake of the Gulf of Mexico oil spill, and had led Kurdistan-focused Genel since 2011.