Experience - Curriculum Vitae



David Ledesma




Southcourt Ltd


Tandridge Lane

Oxted, Surrey


United Kingdom












BA (SS) Economics and Geography 2:1, Exeter University, 1979




David is an independent strategy and LNG consultant focusing on strategy along the business value chain. This includes the structuring of commercial arrangements, supporting financing, analysing markets as well as the analysis, review and commenting on the pricing of oil and gas globally. He is an experienced commercial manager with hands-on experience of developing company strategy, analysing and closing commercial transactions. David also gives numerous commercial training courses on gas and LNG in the UK and overseas, facilitates strategy and scenario workshops and writes on gas and LNG, presenting regularly at conferences.


During thirty years in the energy and utility sector David has worked on strategy and the development of complex integrated gas and LNG projects, negotiations at government level, and in the management of joint ventures. While with Shell, David worked overseas in Malaysia for five years, the Netherlands for two years and travelled extensively to Oman and Asia. He was a key member of the team that closed a major LNG project in the Middle East. From 2000 to 2005, as Director of Consulting then Managing Director of the Gas Strategies Group (formally EconoMatters Ltd), David worked on and managed LNG and gas consulting assignments in Europe and around the world. In May 2013 David was appointed Non-Executive Director of Pavilion Energy, a subsidiary of the Singapore investment firm Temasek Holdings.


David is a Research Fellow of the Oxford Institute Energy Studies and is one of the authors for the Institute’s book “Gas in Asia” published in June 2008, “Natural Gas Markets in the Middle East and North Africa” in March 2011 and the “Price of Internationally Traded Gas” published November 2012. David has also published research papers "The Changing relationship between NOCs and IOCs in the LNG chain" in July 2009 and in March 2013 "East Africa - Potential for Export" and is currently co-authoring a paper on Australian gas and LNG exports. He has also co-authored a book on project financing, which was published by Gower Publishing in April 2012. David also works with companies facilitating workshops and strategy discussions and has worked with the UK government on scenarios for the Horizon Scanning Centre.


David has a degree in Economics and Geography from the University of Exeter, UK.


He is married to Fiona and has one Daughter, Catherine who is fifteen years old.



April 2005 – To Date

    • Independent Consultant and Research Fellow for the Oxford Institute for Energy Studies
    • Advice to a Japanese company on European hubs, pricing of gas (and LNG) using hub related pricing and advice on the liquidity of each hub my country
    • Non-Executive Director of Pavilion Energy, a subsidiary of the Singapore investment firm Temasek Holdings
    • Support to Indian company on global gas and LNG pricing. Development of a structure for gas pricing in India
    • A member of the LNG17 and LNG18 industry papers committee
    • Analysis of the development of gas on gas competition in Europe and the growth and future of European gas hubs
    • Support to the UK gas regulator, Ofgem, on security of UK gas supply and UK Government on gas price forecasting
    • Support to a South American regulator on structuring and sourcing LNG supply
    • Commercial support to an LNG terminal developer on potential back-loading and trading opportunities and optimising the use of its assets.
    • Commercial and strategic support to a planned mid-scale LNG liquefaction project
    • Analysis of gas price and LNG market and potential LNG supply for the developer of a new LNG regasification project in Southern Europe
    • Commercial advice and support to a small scale liquefaction project developer and shipper
    • Preparation of a global LNG report and presentation to their internal annual LNG workshop for a major LNG buyer and trader
    • Analysis and report on the potential establishment of an LNG futures exchange, including global LNG pricing and the interrelationship between gas pipeline and LNG prices
    • Commercial advice to an LNG regasification terminal developer. Advice includes project development, LNG supply, company processes and general LNG advice.
    • Market due diligence analysis and report for Qatargas II and RasGas II/III projects, presentations to and meetings with the rating agencies and commercial lenders. Focus on UK, Southern Europe, Asian and USA markets.
    • Development of strategic options, entry strategy and LNG sourcing options for a potential entrant into the LNG market.
    • Market due diligence analysis and report for the Yemen LNG project including the impact of LPG extraction on LNG quality.
    • LNG commercial training, focusing on the challenges facing the LNG industry today, LNG supply, markets and pricing
    • Strategy Facilitation and Education
      • Facilitation of a European industry group strategy session to ascertain threats and opportunities for action in a particular business and a similar meeting for a European Bank
      • Development of workshops and facilitation of strategy workshops for UK government and international companies

1st August 2002 – 31st March 2005

Managing Director, EconoMatters Ltd (Parent company of Gas Strategies Consulting Ltd, Alphatania Ltd, Gas Matters Ltd and Overview Ltd)

    • Contributing to assignments, particularly related to areas of expertise, such as Asia and Middle East.
    • Strategy and Focus – Developing and implementing company vision and strategy development, driving the companies global presence across all businesses to ensure maximum growth
    • Business Management - Managing all businesses to ensure business growth within agreed targets
    • Sale of the Company to CRISIL – Positioning the company for sale, hiring advisers, writing an information memorandum, meeting potential buyers, finalising commercial terms and contracts
    • Managing EconoMatters external image, developing client relationships and business for the company
    • Maintaining control on expenditure and debtors to within the budgeted levels. Ensuring internal business processes are in place such that company and shareholders interests are protected.
    • Managing Gas Strategies (until August 2003)

November 2000 – 31st July 2002

Director, Gas Strategies Consulting Ltd

    • Managing the development of Gas Strategies - Through focus, clear strategic direction revenues grew considerably
    • Development of good client relations – Creation of a lasting customer base for Gas Strategies. Day to day contact with clients.
    • Expansion and consolidation of Gas Strategies Associates network – Sourcing the correct skillsets to meet client requirements, Developing a global associate company network
    • Establishment of Gas Strategies processes and contract structures – Creation of the necessary processes as a foundation for growth of the company
    • Development of new databases and on-line gas pricing products – Databases to support the business and create regular revenue
    • Management of Gas Strategies staff – Staff development and, where necessary changes, to form a quality base for growth of the business
    • Working on client assignments related to gas and LNG globally

January 2000 – November 2000

HealingOnline Limited Chief Operating Officer of HealingOnline.co.uk, a business to business internet site in the complementary and alternative medicine sector

    • Managed HealingOnline from a concept to operating company
    • Translated company vision to an operational organisation with results
    • Managed technology implementation
    • Managed company during operational phase

Nov 1998 - Dec 1999

Vice President Azurix International Limited

Azurix was established in mid 1998 by Enron Corp, one of the worlds leading integrated electricity and natural gas companies. Through acquisition of Wessex Water ($2.4bn) and assets in North and South America, Azurix has developed into a multi-billion dollar global water company, listed on the NYSE

    • Opened and expanded the Azurix’s London office from five to fifty persons
    • Generated and managed the implementation of Azurix’s global business strategy within the overall framework of Azurix’s corporate vision. Implemented a portfolio management system
    • Managed development of projects from project inception to final close. Accountable for twelve business developers in China and South-East Asia
    • Managed an organisational structure review of Wessex Water - Initiated an organisational structure review, to ensure that Wessex maximises returns within the OFWAT regulations

Nov 1996 to Nov 1998

Business Development Manager, Shell EP International Ventures B.V. (Netherlands)

    • Change Management-Key member of Shell Board sponsored change management activities including organisational redesign and cultural change programmes. Skills and confidence gained by company staff resulted in $200 mln. savings
    • Strategy Management-Generated, developed and managed Shell Exploration’s new business gas and pipeline strategy, and portfolio system. Effective communication with all relevant stakeholders.
    • Project Development Manager- Co-ordinated, sponsored and governed new business projects. Appraised business performance vs. milestones and financial targets

June 1994 to Nov 1996

Business Development, Shell International Gas

    • Project Development – Evaluated, developed and project managed the multi-billion Oman LNG gas project to financial close.
    • Project Financed – Managed a team to liaise with shareholders, lenders and Export Credit Agencies to ensure a bankable project was finalised within the required timetable
    • Project Negotiation – Led negotiations with the Government of Oman on a 25 year multi-million dollar gas supply agreement, including pipeline gas pricing for the LNG project. Focal point for other shareholders
    • Relationship management - Developed excellent relationships with joint venture partners. Built trust and close relations with Government and other shareholders

Aug 1992 to May 1994

Natural Gas Manager, Shell Malaysia Ltd

    • Project Development - Malaysia LNG Dua project from financial close to first cargo. Development of close relationships with MLNG and MLNG staff in Bintulu and Kuala Lumpur.
    • Project and Financing Negotiation - Focal point for Shareholders for commercial & third party project financing. Negotiated key corporate agreements (operating and supply agreements), including gas and LNG pricing, and maintained the vital relationship with the State oil company (Petronas)
    • Operations management - Governed Shell’s interests in an operating joint venture
    • Management – Reduced staff numbers in sensitive cultural circumstances

April 1989 to August 1992

Supply Manager, Shell Malaysia Trading

    • Oil supply management - Managed all trading/ supply operations and contracts. Optimised the supply marketing interface and developed successfully joint venture relationships with the State oil company
    • Refinery balanced all oil products, including LPG, buying and selling pressurised and refrigerated cargoes and optimising domestic shipping and road transportation of products.
    • Contract negotiation - Negotiated and implemented short and long-term oil, gas and shipping projects

1979 – 1989

Shell International Marine and Trading Co. and Shell UK Oil, Marketing

    • Oil Trading - Face to face national and international deal negotiations. Used futures trading techniques. Responsible for Asia oil trading portfolio.
    • Product purchasing - Acquired $150 mln. fuel p.a. for Shell's fleet of ships
    • Marketing – Sold $500m aviation fuel to UK and international airlines. Managed accounts.