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  • Job reference: RMS0213957

Chief Economist

  • Sector: Oil & Gas
  • Location: London
  • Job type: Permanent
  • Date posted: 18/07/2019
  • Duration: permanent
  • Time left:
    d h m s
    (29/08/19)
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About our client:
Our client is a leading independent FTSE 250 international oil and gas exploration and production company, headquartered in London.

About the Role
The purpose of the role is twofold;

1) To provide a Petroleum Economics service to the organisation. This involves the management of field economics forecasts across the group and the running/functional assurance of economics for new projects.
2) To act as conduit within the Planning & Economics team to provide analytical and modelling support to the company's Corporate Financing team for;
* Refinancing the current revolving credit facility arrangements in the next twelve months
* Developing long term financing plans, including bank and other debt, bonds, equity etc
* Providing support for the financing aspects and implications of any proposed acquisitions and disposals
* Supporting the Corporate Modelling Analyst with Lender Compliance reporting

The role is expected to produce accurate and timely information requiring little or no review. This is in contrast to a similar role in a larger organisation where there would be a large team performing this service.

Key Accountabilities
Economics :
1) Co-ordinate and organise internal economic processes:
* Organise, update and communication of the bi annual CAD (Corporate Asset Database)
* Provide regular production, costs and cash flow data to the corporate modelling process.
* Liaise with and advise reserve and exploration auditors on fiscal modelling and valuation of the company's reserves.
* Provide and maintain standards of the company's Peep modelling and be responsible for the development of economic models within these standards.
* Provide Peep and economic modelling support (including audit) to the Business Units.
2) Functional Management and Assurance:
* Provide functional guidance in support of acquisition opportunities and internal investment decisions.
* Act as a functional head to provide assurance over work and results produced by Economists in the BU's and provide oversight and management of functional staffing issues.
3) General :
* Provide economic support and fiscal models for business decision making, including; exploration prospect valuations, development scenarios, asset and portfolio sensitivity analysis, new business activity and divestments.
* Provide economic advice and areas of focus to the Commercial function in their negotiations with governments, partners and other stakeholders on PSCs and licenses.
Financing :
1) Support refinancing processes, including that of current debt facilities and a new corporate structure.
2) Principle responsibility to run sensitivity to the Group financial model underpinning refinancing, revolving credit facilities and reserve bank lending structures, rating exercises to support HY bonds and other future debt instruments
3) Working to support members of the team and EXCO, with valuations, commercial negotiations and presentations
4) Client-interaction, a front-facing role where contact with lending banks and external stakeholders is essential
5) Valuations and modelling using DCF and Excel
6) Support Corporate Modelling Analyst with ongoing Reserve Base Lending compliance reporting once the group switches to an RBL
7) Support for Business Development and M&A especially in relation to the financing implications of any proposed acquisitions and disposals

Major Challenges
* Quickly get up to speed on status of group assets to be able to co-ordinate the YE19 CAD process
* Quickly get up to speed to assume responsibility for all analytical and modelling of refinancing the current corporate facilities through Q419

Reporting and management relationships
Reporting to:
* Group Planning Manager
Direct reports (internal employees / external parties):
* None
Indirect (internal employees / external parties):
* Staff and managers within Exploration, Development, Business Development & Finance departments, external banks, advisors, auditors and consultants.

Qualifications
* Degree education and/or professional qualification in Economics, Finance or similar field.
Candidate Profile
Skills / experience:
10 years job related experience, ideally in a bank or another oil & gas company is required for this specialist role which requires significant experience in both Petroleum economics and corporate financing/lending. In particular;
* Strong economic and financial modelling skills
* Comfortable in a front-facing role where contact with the client is essential
* Fast-learner, able to work autonomously across different workstreams
* Articulate and a capable presenter
* Attention to detail

Knowledge (e.g. systems, software, procedures, regulations):
* Understanding economics of oil and gas projects together with the fiscal terms and the commercial arrangements. An overall understanding of the oil and gas exploration, appraisal, development and production cycle including typical costs and production profiles.
* In depth and hands on knowledge of excel and PEEP economic modelling software
Complexity
* Often the role will be the only source of an in-depth understanding of a problem
* Intricacies of production sharing contracts, understanding of gas sale agreements
* The role has autonomy to make decisions within established procedures and operates within the strategy defined by others.
Leadership
* The role requires co-ordination of project team personnel, both internal and external

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