Oil Search

Papua New Guinea seeks bigger stake in PNG LNG project -the Australian

If Santos' proposed takeover of Oil Search goes ahead, the Australian newspaper reported on Friday.

Marape met with Santos CEO Kevin Gallagher and Oil Search CEO Peter Fredericson in Port Moresby on Wednesday to discuss the deal, which the government has said must meet the national interest.

The newspaper, citing unnamed sources, said the cash-strapped Papua New Guinea government, which needs to give permission for the takeover to proceed, would expect to acquire a stake for a low price or potentially via a loan.

PM: Schemes Used State In Deal

James Marape who was the then Finance Minister in the 2014 government and part of the cabinet that approved the controversial K3 billion UBS loan appeared before the inquiry on Wednesday.

The Prime Minister said his views remained that the policy that the policy submission on the UBS loan was “bulldozed” by the then Prime Minister Peter O’Neill on March 6th, 2014 during the cabinet meeting.

“There was no prior policy announcement on this matter. It arrived on the 6th of March and it was processed then,” said PM Marape.

PPL Terminates Power Deal

In a statement, Oil Search says it received a letter from PNG Power Limited (PPL) and is engaging with all key stakeholders, including Markham Landowners and Development Partners to Assess the potential impact of a cancelled PPA.

Oil Search Country Manager, Leon Buskens said it is important that they find a solution to bring the project’s low-cost reliable energy onto the Ramu Grid.

“We intend to work with PPL to find a resolution to move forward together. We are ready to build the power plant and solar farm.

Oil Search reaffirms sponsorship

Leon Buskens, Oil Search Country Manager also announced an Amendment to its naming rights sponsorship agreement in Port Moresby today. 


“This is an Amendment to our sponsorship commitments that were not used last year due to the cancellation of the international calendar. These are being rolled over to this World Cup year,” Buskens said.


OSL supports organisations

The Company presented dry and frozen food to representatives of the organisations on the eve of Papua New Guinea’s 45th Independence Day Anniversary (Tuesday, 15 September 2020).  

Leon Buskens, Oil Search Country Manager, said: “It has been quite a challenging time for all of us and more so for those who provide essential services to the sick, the needy, at risk children and youth, survivors of gender-based violence and persons with disabilities.


OSL resumes trading on PNGX

The injunction against the orders of the Securities Commission of PNG now allows for the recommencement of trading of its shares on PNGX.

On June 2nd, the Securities Commission of PNG issued orders suspending the trading of Oil Search Shares on PNGX, allegations that Oil Search breached the PNG Capital Market Act by failing to obtain approval from the Securities Commission for the PNG Retail component of its recent capital raising.

P'nyang discussions resume

In its March Quarter Report for 2020 Oil Search says it remains committed to progressing the three-train integrated expansion project, a highly cost-effective development, at the appropriate time.

The agreement is required before the LNG expansion project can move into the FEED phase.

Formal negotiations between ExxonMobil, on behalf of co-venturers, and the PNG Government on the P’nyang Gas Agreement were suspended in late January after a failure to reach an agreement on the project.

Western Leaders back PM on Pnyang

Western Governor, Taboi Awi Yoto, and North Fly MP, James Donald, announced in a joint statement their endorsement of the Prime Minister stance to stop negotiations and focus on other resource projects currently in the pipeline.

According to the statement the leaders said PNG was entitled to a fair deal. And after the PNG LNG Project, they expectied ExxonMobil and project partner, Oil Search, to display commercial fairness and reasonableness.

The leaders said the companies chose to discard these core virtues.

Oil Search launches scholarship program

The scholarships worth K5.7million is open to all Papua New Guineans, with priority given to candidates from
Oil Search’s project impact area provinces based on merit and includes support to secondary schools.  

The scheme was launched in Port Moresby (Friday 8 November, 2019) by Dale Rollins, Oil Search Executive Vice President & President PNG and Linda Griffin, Oil Search Senior Vice President for People & Culture. Joining the launch were science students Maureen Alphonse and Longfield Tai, the first recipients of the Internship element of the new program.


Mother, twins rescued from remote location

The 26-year-old mother from Subu 1 village in Gulf Province had gone into labour in the bush before she could reach a health centre.

Little did she know one of her twins was lying in a transverse position that could prove fatal for her and the baby. After the woman successfully delivered the first baby, she went into obstructed labour which lasted for more than 5 hours.