Tamboran CEO Joel Riddle departs fracking company as Scott Sheffield joins board
Joel Riddle has stepped down as CEO and managing director of Tamboran Resources after 12 years in the role.
Tamboran has fracking operations in the gas-rich Beetaloo Basin, and last year inked a contract with the NT government to supply gas to the territory from 2026.
About 80 per cent of the territory's energy is supplied by gas-fired power stations, which have depended on emergency deals with exporters since 2020.
Mr Riddle's sudden departure from Tamboran's top job is not the only change at the company, with two new appointments and one further exit from the boardroom.
Texan oil and gas man Scott Sheffield has been named a non-executive director.
The Sheffield Group, which includes privately held US-based company Sheffield Holdings LP and Scott Sheffield's billionaire son Bryan Sheffield, is a major shareholder in Tamboran.
Energy analyst Saul Kavonic said he believed differences of opinion were behind the sudden departure of Tamboran Resources.
"The nature of his leaving, which was very abrupt, to my mind does suggest that there's been a misalignment between [Mr Riddle] and Sheffield," Mr Kavonic told NT Country Hour.
"What we've seen here with the installation of Scott Sheffield onto the board is a sign that the Sheffields are taking control of Tamboran and are going to be more much hands-on with driving things forward.
Scott Sheffield has a long history in the United States' fossil fuel sector as head of oil and gas company Pioneer, which was acquired by ExxonMobil in 2024.
He has also made moves into Australia's gas industry, serving as a director from 2014 to 2017 with Santos, which has significant gas projects underway in the NT.
In a statement to the ASX, Tamboran chair and interim CEO Dick Stoneburner said the company remained committed to delivering gas out of the Beetaloo.
Last year, the NT government signed a nine-year deal with Tamboran to buy fracked gas from its Beetaloo Basin project.
At the time, Mr Riddle said the company would prioritise the NT's gas needs first, ahead of supply to the east coast and international gas markets.
In March, the NT government scrapped targets to achieve 50 per cent renewable energy generation by 2030.
NT Chief Minister Lia Finocchiaro said she was not concerned that the change in leadership at Tamboran would affect the gas supply deal.
"We are continuing to look to how we can diversify and shore-up gas security for territorians into the future," she said.
"We remain very committed to the Beetaloo being a really important resource."
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