LIQUEFIED NATURAL GAS INDUSTRY – PAPUA NEW GUINEA

PNG hits Santos with log of claims over Oil Search merger

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 & 22 : 6-Aug-21

The proposed merger between Santos and Oil Search would have to be in Papua New Guinea’s national interest, says Prime Minister James Marape. He has outlined a number of conditions that may have to be met for his government to approve the deal. They include a commitment to retaining corporate offices in PNG and to continue to employ and train PNG nationals. Saul Kavonic of Credit Suisse says the PNG government may seek to leverage its veto power to secure a better merger deal.

CORPORATES
SANTOS LIMITED – ASX STO, OIL SEARCH LIMITED – ASX OSH, PAPUA NEW GUINEA. OFFICE OF THE PRIME MINISTER, CREDIT SUISSE (AUSTRALIA) LIMITED

Santos could sell PNG gas stake to thwart rival bid: analysts

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Original article by Perry Williams
The Australian – Page: 17 : 4-Aug-21

Santos will have a 42.5 per cent stake in the Papua New Guinea LNG project if its proposed merger with Oil Search proceeds. Tom Allen of UBS has flagged the possibility that Santos could reduce its current stake of 13.5 per cent in the project by 10 per cent; he notes that this would align Santos with its joint venture partners and reduce the risk of that a counterbid for Oil Search will emerge. PNG LNG partners ExxonMobil and Total have been touted as potential bidders for Oil Search.

CORPORATES
SANTOS LIMITED – ASX STO, OIL SEARCH LIMITED – ASX OSH, UBS HOLDINGS PTY LTD, EXXONMOBIL CORPORATION, TOTALENERGIES SE

Oil Search taps Wulff as legend Botten retires

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 16 & 22 : 2-Oct-19

Oil Search’s incoming CEO Keiran Wulff has downplayed suggestions that the Papua New Guinea-focused LNG producer may become a takeover target after Peter Botten steps down. Wulff says that succession planning has been in the works for some time, given that Botten has been at the helm for 25 years. Wulff, who currently heads Oil Search’s operations in Alaska, will succeed Botten in February. However, Botten will remain at Oil Search until August to ensure a smooth transition.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, CREDIT SUISSE (AUSTRALIA) LIMITED, RBC CAPITAL MARKETS, ALLAN GRAY AUSTRALIA PTY LTD, EXXONMOBIL CORPORATION

Oil Search says gas output will double in PNG

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Original article by Perry Williams
The Australian – Page: 22 : 20-Feb-19

Oil Search has posted a 2018 net profit of $US341.2m, which is 13 per cent higher than previously, with revenue up six per cent to $US1.535bn. A sharp rise in the price of LNG and crude oil during the year helped offset a decline in full-year production due to an earthquake in Papua New Guinea early in the year. Oil Search still aims to double LNG production in PNG by 2024. Shareholders will receive a final dividend of $US0.085 per share, and a full-year payout of $US0.105 a share.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, EXXONMOBIL CORPORATION, TOTAL SA, RBC CAPITAL MARKETS

Warning over gas glut: Oil Search

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Original article by Andrew White
The Australian – Page: 23 : 22-Aug-18

Oil Search has posted a 2018 interim net profit of $US79.2m ($107.7m), which is 39 per cent lower than previously. Production fell by 31 per cent to 10.24 million barrels of oil equivalent after its Papua New Guinea operations were disrupted by an earthquake in February. Oil Search expects full-year output of 24 million to 26 million boe. Meanwhile, CEO Peter Botten has questioned whether all four of the proposed LNG import terminals in the eastern states would be economically viable.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, AGL ENERGY LIMITED – ASX AGL, FORTESCUE METALS GROUP LIMITED – ASX FMG, EXXONMOBIL CORPORATION

Oil Search buries ego and drops InterOil bid

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 & 20 : 22-Jul-16

Oil Search will not seek to match ExxonMobil’s takeover bid for InterOil. MD Peter Botten says it would not be in shareholders’ interest to increase the offer, and he adds that they will still gain most of the benefits of the deal with none of the associated risks. Oil Search has stakes in both of the two major LNG projects in Papua New Guinea, and Botten says greater co-operation between the two ventures will generate value for investors. Meanwhile, Oil Search has reported that its sales fell by seven per cent in the June 2016 quarter, to $US267.7m.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, EXXONMOBIL CORPORATION, TOTAL SA, MORGANS FINANCIAL LIMITED

Exxon tops Oil Search with bid for InterOil

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 1 & 11 : 19-Jul-16

Australian-listed Oil Search is not expected to exercise its right to match ExxonMobil’s $US2.48bn ($A3.26bn) takeover bid for InterOil. It has three days to match the bid. having made its own $US2.2bn ($A2.9bn) offer for InterOil in May. Some analysts suggest that the ExxonMobil deal would benefit all parties with exposure to the Papua New Guinea LNG sector, including Oil Search. Shareholders of InterOil were slated to vote on the Oil Search offer in late July.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, EXXONMOBIL CORPORATION, TOTAL SA, MORGANS FINANCIAL LIMITED, DEUTSCHE BANK AG

Oil Search could be crushed in InterOil battle

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 20 : 15-Jul-16

Proxy adviser ISS has endorsed Oil Search’s $US2.2bn takeover bid for InterOil, with the target’s shareholders scheduled to vote on the deal on 26 July 2016. However, ExxonMobil is believed to be poised to outbid Oil Search with an offer that is about 10 per cent higher. ExxonMobil – which is Oil Search’s partner in the Papua New Guinea LNG project – has not been officially confirmed as the rival suitor for InterOil.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, EXXONMOBIL CORPORATION, TOTAL SA, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED

Oil Search sweetener needed for InterOil

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Original article by Angela Macdonald-Smith, Sarah Thompson
The Australian Financial Review – Page: 1 & 11 : 12-Jul-16

ExxonMobil is believed to be the unnamed company that is seeking to trump Oil Search’s $US2.2bn ($A2.9bn) takeover bid for InterOil. The target has commenced negotiations with the as-yet identified suitor, which made an initial approach in late June 2016, and is understood to have made a scrip-based offer that is 10 per cent higher than the Oil Search bid. All three players have exposure to Papua New Guinea’s LNG sector.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, EXXONMOBIL CORPORATION, CITIGROUP PTY LTD, TOTAL SA

InterOil AGM voting stirs deal worries

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 & 20 : 16-Jun-16

InterOil’s former CEO Phil Mulacek has failed in his bid for a board spill, although he received a high level of support at the takeover target’s 2016 AGM. Some 31 per cent of votes cast backed his stance, and Oil Search’s $US2.2bn takeover bid will fail if 33 per cent of InterOil shareholders vote against it on 28 July. Oil Search CEO Peter Botten intends to hold further meetings with InterOil’s shareholders in the lead-up to the vote.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, TOTAL SA, CAPITAL GROUP COMPANIES INCORPORATED, EXXONMOBIL CORPORATION