Oil Search welcomes IPIC as investor

Business, Normal

The National, Monday March 3rd, 2014


OIL Search Ltd has welcomed the International Petroleum Investment Company (IPIC) after it opted to keep the shares lent to it by the PNG government in 2009. 

Managing director Peter Botten (pictured) said last Thursday: “The maturity of the bonds is now coming to a close and IPIC had indicated to the government and ourselves (Oil Search) that it wished to aquire its proportionate shares of Oil Search.”

Botten said that Oil Search had a new shareholder owning more than 13% in the company, which in turn, had welcomed the new shareholder.

“Our experience with IPIC is that, it is extremely supportive of what we are doing and how we are going about with things, supported by the government through the LNG in PNG.