The True Story Behind William Duma Sacking
PNGBlogs It is evident that last week’s turn of events by Oil Search have arguably put PNG government a long way out of the chess game and resulting in the removal of William Duma as PNG long term Petroleum and Energy Minister. * The new arrangement entered by PNG government to directly purchase 10% equity in Oil Search Limited was due to the fact that IPIC could not re-sell the exchangeable bonds that was borrowed in 2008 to finance PNG LNG project equity and that it expires in Mar 16 2014. * Since IPIC is a long term investor, it was apparent that a take-over from Oil Search by the Arabs was eminent. Hence, the only way to prevent a take-over was to keep the PNG government in play by offering them 10% equity into Oil Search. Oil Search MD Peter Botten foresee an acquisition of Pac’s 23% stake in the Elk/Antelope gas field will provide the opportunity for PNG government to buy into the company and also give Oil Search the pre-emptive rights to decide on the future of the development o