Ainsworth was with CSR Ltd for 26 years, including 4 years as Managing Director of Adelaide-based Delhi Petroleum Ltd (1983 - 1987).
From 1988 to 1994 he was Managing Director of SAGASCO Holdings Ltd, over which period market capitalisation and profits grew dramatically, and major positive changes in safety performance and corporate culture were introduced. SAGASCO was then the fourth largest oil and gas company listed on the ASX.
From 1996 to 2000 Ainsworth was Chairman of SA Generation Corporation, which managed the South Australian Government-owned electricity generators, and was privatised in 1999/2000.
He was a Director of Oil Search Limited (2002 - 2010), the leading Papua New Guinea oil and gas explorer and producer and played a role in the financing of the US$19 billion PNG LNG Project.
He was a Director of Envestra Ltd, Australia's largest distributor of natural gas, from 2004 until its takeover by the CKI Group in 2014. He played a significant role in the takeover negotiations.
From 2002 until his retirement in 2015, Ainsworth was Chairman of Horizon Oil Ltd and led the transformation of the company's asset base from a spread of exploration ventures in several jurisdictions to highly profitable producing oil fields offshore New Zealand - the Maari Field - and offshore China - Beibu Block 22/12. These fields today generate over $100 million in revenue annually for Horizon Oil.
In addition to his key management and board roles in the petroleum industry, Ainsworth held a number of positions in other industries.
Notably, from 1996 until 2019, he was Director, Deputy Chairman and then Chairman of Tarac Australia Ltd, a South Australian-based, technology-driven processor of winery residuals. He was heavily involved in several not-for-profit organisations and projects.
Ainsworth received a number of awards, notably the Order of Australia (AM) in recognition of his contributions to the disability sector and to the energy and biotechnology industries in South Australia, and the Australian Government Centenary Medal for his contribution to Australian society, both received in 2003.
In 2015 he was one 5 people to have been inducted into the Australian Institute of Energy (South Australia) Hall of Fame.
Horizon Oil's longstanding and now retired CEO, Brent Emmett, said "Not only has the petroleum industry lost a highly accomplished and principled leader, we have lost a mentor to many inside and outside the industry and a great friend.
Fraser and his mischievous sense of humour will be sorely missed."
A Memorial Service will be held for Fraser Ainsworth at St Peter's Cathedral in Adelaide at 2pm on Tuesday 15 June 2021.
This obituary was published on behalf of Horizon Oil.
