IPIC to acquire 17.6% interest in Oil Search

Wed. November 26, 2008; Posted: 08:25 AM

Nov 26, 2008 (Datamonitor via COMTEX) -- OISHY | Quote | Chart | News | PowerRating -- The government of Papua New Guinea and Abu Dhabi's state-owned International Petroleum Investment Company have entered into an agreement, under which the latter will acquire exchangeable bonds over the Papua New Guinea government's 17.6% shareholding in exploration and production company Oil Search. The principal amount of the bonds is A$1.68 billion.

This money will be used to fund the Papua New Guinea (PNG) government's equity share of capital costs for the PNG liquefied natural gas (LNG) project.

The state will retain its full direct equity entitlement in the PNG LNG project, estimated to be about 19.4%.

Keeping its full interest will maximize the potential value for the state and the people of PNG of this long term legacy project and will provide the state with flexibility in accommodating legitimate equity ownership claims by other PNG stakeholders.

Peter Botten, managing director of Oil Search, said: "This is a very important transaction for both the PNG government and the PNG LNG project. The deal has secured the funds required by the PNG government to finance its full equity component of the PNG LNG project development cost, estimated to be around $1 billion. Having the government equity funding in place is an essential part of the total financing package for the project."

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