"Andrew Benitz: The Man Steering Jersey Oil and Gas Through Turbulent Waters"

In the ever-shifting landscape of the oil and gas industry, one name stands out as a beacon of experience and strategic acumen: Andrew Benitz, the CEO of Jersey Oil and Gas. With over 20 years of experience in financial markets and company management, Benitz has navigated the complexities of the energy sector with a steady hand, guiding Jersey Oil and Gas through both highs and lows.

Benitz's journey to the helm of Jersey Oil and Gas is a testament to his vision and leadership. Prior to founding the company, he served as the CEO of Longreach Oil and Gas Ltd, where he oversaw the company’s growth by building a significant portfolio of oil and gas assets in Morocco. This experience equipped him with the skills to lead ambitious and focused oil and gas businesses, a trait that has been instrumental in Jersey Oil and Gas's success.



One of the most significant challenges Benitz has faced in recent times is the termination of the agreement with NEO Energy for the FPSO vessel. This setback has naturally linked the Buchan joint venture's ability to recommit to the acquisition of the FPSO to the satisfactory conclusion of ongoing fiscal and regulatory consultations and the completion of required pre-handover works on the vessel. Despite this hurdle, Benitz remains optimistic, stating, "The route to unlocking the Buchan development continues to depend on achieving satisfactory conclusions in respect of the on-going fiscal and regulatory consultations. The fiscal consultation was kicked off yesterday and encouragingly, while the details are yet to be fleshed out, it was apparent that the government has heard many of the concerns of the industry."

Benitz's leadership is not just about navigating challenges; it's also about seizing opportunities. The company's strategy of unlocking the organic value of its GBA assets, combined with the pursuit of asset acquisitions, has positioned Jersey Oil and Gas as a key player in the UK's energy transition. As Benitz noted, "Whilst demand for hydrocarbons continues during the energy transition, developing homegrown energy provides the UK with a cleaner and more secure solution than relying on carbon-intensive imported fuels."

However, the road ahead is not without its challenges. The political and fiscal landscape for UK offshore oil and gas is uncertain, particularly following the election of the new Labour government. The government seeks to further hike onerous tax terms on British oil and gas production, which could impact the profitability of the Buchan project. As Benitz acknowledged, "The so-called ‘windfall tax’ implemented when crude oil and gas prices soared in the wake of the war in Ukraine is expected to be increased by the new government, despite the normalisation of commodity prices to substantially lower levels."

Despite these challenges, Benitz's leadership and the collective experience of the Board of Directors at Jersey Oil and Gas have positioned the company to make informed strategic decisions that drive its performance in the oil and gas sector. The company's strategy of seeking "compelling" M&A opportunities to add cash flows and diversification, with "a wider lens than its historic focus on purely UK oil and gas assets," demonstrates its commitment to growth and resilience.

In conclusion, Andrew Benitz's leadership at Jersey Oil and Gas is a testament to his vision, experience, and strategic acumen. As the company navigates the challenges and opportunities in the oil and gas sector, Benitz's steady hand and forward-thinking approach will continue to guide Jersey Oil and Gas through turbulent waters, ensuring its success and contribution to the UK's energy transition.