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By Staff Reporter : PNG Today

PNG Prime Minister Peter O'Neill welcomes Oil Search's take over of InterOil

Papua New Guinea  Prime Minister Peter O’Neill has welcomed the agreement on Oil Search taking over 100 per cent of InterOil’s gas interests in Papua New Guinea.
Both Oil Search and InterOil boards have agreed on the transition to be executed under the terms of a memorandum of understanding which they have announced to the Australian Stock Exchange.
Mr O’Neill also highlighted the benefit of the execution of an MoU between Oil Search and France giant Total for a back-to-back sale of Oil Search’s interest acquired to Total following the completion of the InterOil acquisition.
“This acquisition will provide cost savings and efficiencies for our nation’s greatest growth opportunities, which will directly benefit the people of Papua New Guinea,” he said in a statement at the weekend.
“A combined Oil Search-InterOil entity creates a Papua New Guinea oil and gas company of regional significance.
“As a shareholder of this company, the Papua New Guinea Government will benefit from its increased influence and growth opportunities.
“Co-operation between our two large LNG projects, the expansion of the PNG LNG Project and the development of Papua LNG, is in the best interests of our nation.
“These arrangements present a pathway to collaboration and possible integration of the projects, in which both Oil Search and the Papua New Guinea Government would hold influential stakes.
“The memorandum of understanding between Total and Oil Search will see both companies increase their interest in Papua LNG. “This will carry an additional commitment from these companies to develop and commercialise this project in a very timely manner, expediting the inflow of revenue.”O’Neill welcomes Oil Search contract.

Posted by Staff Reporter : PNG Today on 6:00 AM. Filed under , . You can follow any responses to this entry through the RSS 2.0. Share this Article

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