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Sydney startup Tamboran first hired an American EonMobil and Chevron veteran as its CEO in 2013
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In 2014, Texas oil legend Scott Sheffield joined the board of Aussie natural gas player Santos.
Key facts
- The Beetaloo’s rock closely resembles the Marcellus Shale of Pennsylvania and West Virginia, though the Beetaloo is 1.3 billion years old versus the Marcellus’ nearly 400 million
- Amid the global pushback to fracking, the Northern Territory imposed a moratorium from 2016 to 2018
- In January, Tamboran hired Houston-based Todd Abbott—a 15-year veteran under Scott Sheffield’s Pioneer and a friend of Stoneburner
- Parsley suffered in the pandemic and was sold to Scott’s company, Pioneer Natural Resources, for $4.5 billion
Summary
As the U.S. shale oil and gas revolution took off two decades ago, Australia took notice and wondered whether the boom could be replicated down under. In September, the effort began to pay off, thanks to the arrival of American oilmen. Sydney startup Tamboran first hired an American EonMobil and Chevron veteran as its CEO in 2013. Sheffield saw the Beetaloo’s upside, and its similarity to the Appalachia’s Marcellus Shale. “I remember feeling deflated,” Bryan Sheffield told Fortune.