US LNG firm Tellurian said it had appointed investment banker Simon Oxley as its new chief financial officer to help it with securing financing for the first phase of its Driftwood LNG export plant in Louisiana.
Oxley will join Tellurian’s executive committee on June 1, 2023 as executive VP and CFO, with responsibility for accounting, finance, risk, and investor relations functions, according to a statement by Tellurian.
Tellurian said that Oxley will replace Khaled Sharafeldin, who has been serving as the interim CFO since March 3, 2023 and will remain the company’s chief accounting officer.
The firm said in a separate filling with the US SEC that Oxley will receive an annual base salary of $525,000, 200,000 shares of common stock of the company, and eligibility to participate in the Tellurian incentive compensation program.
In addition, he will receive a grant of 200,000 shares of restricted stock of the company that will vest upon a final investment decision with respect to the Driftwood project, and 200,000 shares of restricted stock units that will vest in equal one-third increments upon FID and the two anniversaries thereof, according to Tellurian.
Oxley was formerly a managing director and co-head of oil and gas investment banking for Europe, the Middle East, and Asia (EMEA) with Barclays Investment Bank in London.
“Simon brings a wealth of global finance and liquefied natural gas experience to Tellurian at a pivotal time, as we fund our cornerstone project, Driftwood LNG,” Tellurian president and CEO ,Octávio Simões, said in the statement.
“We look forward to leveraging his investment banking expertise and welcoming him to the Tellurian family,” he said.
Costs to reach $14.5 billion
Tellurian is now expecting the development costs for the first phase of its Driftwood LNG export plant in Louisiana to reach $14.5 billion.
Under the first phase, Tellurian aims to build two LNG plants near Lake Charles with an export capacity of up to 11 mtpa.
The US LNG firm issued a limited notice to proceed to compatriot engineering and construction giant Bechtel in March last year and recently released a drone footage showing the activities at the Driftwood LNG site.