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Natural Resources Trust Authority Executive Director Named

Part of several changes aimed at improving oil and gas financial security oversight by the state

Contact: Patrick Courreges, 225-342-0510

BATON ROUGE – Department of Energy and Natural Resources (DENR) Secretary Tyler Gray today announced the hiring of John C. Shiroda as executive director of the recently formed Natural Resources Trust Authority (NRTA) under the oversight of the state Mineral and Energy Board.

Gray made the announcement during the monthly meeting of the Board, for which the NRTA effectively serves as a subcommittee. The NRTA, authorized by the state Legislature in the 2024 regular session and formalized by the Mineral and Energy Board in October, is designed to bring targeted financial expertise to the State’s interaction with oil and gas operators, particularly in using state-backed financial assurances to address orphaned wells.  

Shiroda takes the job after a career in banking and finance in the Baton Rouge area, most recently having served as a senior vice president with Hancock Whitney Bank Corporate Trust since 2015 and having previously been in the banking and finance sector since the mid-1990s.

“John has the kind of background that the NRTA needs for management of financial risk associated with energy and natural resources projects, especially the risks associated with plugging and abandoning oil and gas wells, and doing so in a way that decreases the number of orphaned wells,” Gray said.

The NRTA is a key component of Governor Jeff Landry's Departmental Review for Innovation & Visionary Enhancement (DRIVE) Initiative, launched through Executive Order JML-24-13. During the regular legislative session, the Administration, in collaboration with lawmakers, passed House Bill No. 810 by Rep. Bret Geymann, now Act No. 727, laying the foundation for the first major reorganization of DENR since 1976, including the creation of the NRTA under the State Mineral and Energy Board.

“I am excited to be a part of the transformation to a more financially sustainable framework for managing financial security and encouraging investment in development of Louisiana’s natural resources,” Shiroda said.

Gray said Shiroda’s particular skill set includes public finance, municipal debt, corporate trust administration and public entity investment.

“For too long, our state has handled financial security for oil and gas operations through a flawed and outdated model – calling on geologists and engineers within the Office of Conservation to oversee financial institutions, bonds and financial security mechanisms,” Gray said. “Having the NRTA made up of Mineral and Energy Board members with financial services expertise, assisted by an executive director with experience in the field, is crucial to addressing recognized challenges in the energy exploration industry.”

As part of the continuing revamping of management of financial security issues for oil and gas, Gray also announced that Ben Bienvenu was moving on from his post as Commissioner of Conservation to take a seat on the Mineral and Energy Board and the NRTA.

“Gov. Landry brought Ben aboard first and foremost for his depth of experience in the oil and gas industry, specifically in the finance and investment side of the business,” Gray said. “As the financial oversight aspect of the Office of Conservation is being moved to the NRTA, it only makes sense that he follow the function that we originally sought him out for.”

Gray said that Bienvenu’s experience includes economic decision analysis, major capital projects, financial modeling and a robust background in business development, cultivated during his tenures at Murphy Oil and ConocoPhillips.

“I believe the NRTA model is the right way forward for the issues that have been identified with appropriate financial security for oil and gas projects and controlling the growth in the number of orphaned wells,” Bienvenu said. “We will have the opportunity to encourage operators to invest in our state with the confidence that structures are in place to support their operations, while also protecting the environment and the property of land owners.”

The move will also preserve Bienvenu’s involvement with state’s natural resources management, as DENR will be seeking the Legislature’s approval to abolish the Commissioner of Conservation position entirely in the 2025 regular session as part of the overall reorganization associated with the DRIVE Initiative, Gray said.

The roles and responsibilities of the Commissioner of Conservation are being moved elsewhere within the department as part of the larger effort to update DENR’s approach to natural resources management. This includes the new NRTA with oversight of the Board, where Bienvenu is following those functions so that he can provide continued expertise on economic and financial security matters.

“That office has a long history in our state and, in its time, it was an important one,” Gray said. “But, as we move forward, we need a more streamlined agency that is built on a modern approach to organization and to management of sustainably developing the natural resources of Louisiana.”

Bienvenu’s resignation as Commissioner of Conservation, as well as his appointment to the Mineral and Energy Board and NRTA are effective as of this week. Steven Giambrone, director of the Office of Conservation’s Pipeline Division, will be designated the authority of the Commissioner until the Legislature takes action on the position next year.

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