Tony Hayward's Genel snaps up Ben Monaghan for chief financial officer

 
Guy Bentley
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Genel is set for a new chief financial officer (Source: Getty)

Genel Energy has snapped up one of the City's most respected bankers in the oil and gas sector.

Sky News' Mark Kleinman reports the company will make a statement tomorrow that Ben Monaghan will replace Julian Metherell as the company's chief financial officer.

Monaghan was managing director and head of EMEA oil and gas at JP Morgan prior to accepting the role at Genel. Metherell will step down at the company's annual meeting, says Kleinman.

Genel, which is led by former BP chief executive Tony Hayward, recently revised its revenue guidance from $500m (£331m) to $600m at a Brent price of $80 a barrel, to $350m to $400m at $50 a barrel. Guidance on capital expenditure was also cut by 30 per cent to $200m to $250m, down 70 per cent on 2014.

The company put the revision down to the falling price of oil. Genel has a particular focus on Kurdistan, which leaves it more exposed to geopolitical risks associated with the middle east. However, Hayward said he was confident about the security situation:

We have no concerns whatsoever about the territorial integrity of the Kurdish region.

Genel managed to achieve increases in production of 58 per cent year-on-year to 69,000 barrels of oil equivalent per day, with “significant further growth expected in 2015”.

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