Tuesday, 21 December 2010

BG appoints new Brazilian CEO

BG has appointed Vale's former CEO, Fabio de Oliveira Barbosa, as the new chief of finance. Barbosa will replace Ashley Almanza, CEO for eight years, on March 31st. The appointment was announced shortly after the company boosted estimates for its oil and gas prospects in Brazil.

Almanza is expected to complete ongoing projects before leaving office. Alongside the company's Chief Executive Frank Chapman, Almanza oversaw BG grown into a multinational giant with an estimated market capitalization of £72 billion.

According to a company spokeswoman the departure was “initiated by Ashley and his desire to leave the company in a well-managed manner." She added that Amanza would leave within two years.

BG is expected to spend in the region of several billion to develop its share of offshore fields in Brazil's Santos Basin. In November, the company raised gross resource estimates from the Tupi, Iracema, and Guara fields by 34 per cent to 10.8 billion barrels of oil equivalent.

Barbosa, who stepped down from his position at Vale in June to “pursue new professional challenges”, had previously worked as Brazil's national treasury secretary.

“He has extensive financial leadership experience with one of the world's largest resources companies,” said BG Chairman Sir Robert Wilson.

“Fabio's skills and experience will be invaluable as the group enters its next decade of growth,” Chapman added.

Sources: Bloomberg, The Evening Standard, Dow Jones

For more news and expert analysis about Brazil, please see Brazil Focus.

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