Oil Search
From Taighde
Oil Search Limited is an energy company in Papua New Guinea. The International Petroleum Investment Company (IPIC) holds a 17.6% stake in the company though convertible bonds. IPIC paid $1.1 billion for the bonds in March 2009. IPIC took the stake in the company because IPIC wanted access to a large gas project being developed by ExxonMobil and Oil Search. Oil Search has around a 30% stake in the project, PNG LNG.
IPIC took out a series of loans to be able to make the purchased, with a split between a $450 million U.S. dollar tranche and a $250 million dirham tranche. Bookrunners are Abu Dhabi Commercial Bank, Calyon, Deutsche Bank, First Gulf Bank, and Natixis. Deutsche Bank is documentation agent and First Gulf Bank is facility agent.
Khadem Al Qubaisi, IPIC's Managing Director, said that they investment might be the start of future investments in the country and region.
The Government Pension Fund of Norway held a 1.23% stake in the company as of December 31, 2009. The stake is valued at $88,180,858.
| Date | Ownership | Voting | Value |
|---|---|---|---|
| December 31, 2009 | 1.23% | 1.23% | $88,180,858 |
| ||||||||
