Special CEO Feature
What makes a strong board?
“It needs to have very strong individuals with a lot of expertise in the fields you need to have expertise in. And it needs people with enormous integrity who are capable of saying no to the management team when they feel that what is being done is not in the interests of the shareholder.”
… P re Ju e ier ngls CB E, C a mn, R k opper Ex or t hir a oc h =============================================== When you look to 2012, what concerns do you have, and what excites you?
“I’m an economist, so what concerns me and excites me overlaps – it’s the economic environment and question of if we go along this rocky path of economic adjustment to lower growth, whether there will be a moment when higher oil and energy prices will become an impediment to recovery. That will be the time when the industry finds itself in a tight spot; that’s my worry.
What excites me is the contribution of the energy sector to this necessary catching up of the economic growth of developing countries – how fast they are, what they can accomplish, the whole dynamism that you see that wouldn’t be possible without the contribution of the international energy sector.
In energy data you see this development more clearly than in standard economic data – I find that quite extraordinary.”
… Chrisof R h ru t o ü l,G pChie =============================================== Looking back on 2011, what lesson(s) will you take into your business planning for 2012?
“What we learned in 2011, especially in the Middle East, is that change will come. No matter how long it takes, eventually change will come and things will be better; there are plenty of opportunities.
The space of opportunities for an E&P company like us was huge. Especially since we are an indigenous company and know how to manage risks in all the places we are operating now. Our job now is to find out how to capture these opportunities and how to rank them, pick the best, and develop them.
The thing to do in 2012 is to capture those opportunities and build on them. We are very positive and optimistic. The long term view is great.
The lesson we learned is about risk management and emergency plans, and the importance of learning how to put those plans into action properly; that’s a huge learning for a company like us. To have it on paper is one thing, but to prove it, put it into action, and to succeed, is another thing. Emergency response and risk management is the highlight of what we learned.”
Why have you come to The Oil Council Assembly today?
“What I hope is to interact with other CEOs here and share my experiences as well. It’s important to share your views with colleagues and the industry; that’s how we build knowledge and relationships.” … S
a ra Ak a E a Looking back on 2011, what lesson(s) will you take into your business planning for 2012?
“Clearly you have to take it into consideration – the Eurozone debt crisis, the Arab Spring, that kind of unpredictability of a lot of events. How do you prepare for those? Of course you can’t, because you can’t forecast them. But there’s something about resilience, portfolio management.
f Eco m , B no ist P pl aion
b r, C O, Kuw it Energ my Co pany
Drillers and Dealers :::
::: December 2011 Edition
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