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Oil Search, largely through MD Botten and executive director Gerea Aopi, has an almost symbiotic relationship with corrupt PNG Governments going back many years, first through the Government of Michael Somare between 20 and then with the O’Neill Government from 2012 to date.
The precursor Oil Search deal was arranged during the Somare years, as part of a $A1.7 billion Government borrowing from Abu Dhabi’s International Petroleum Investment Corporation to buy the State’s share in the PNG LNG Project.
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It is also highly likely that UBS may have dipped into the State’s share of the LNG sales revenue, which is held in a Singapore account as collateral for the loan.
Total revenue for sales so far is about $US5 billion, of which PNG is entitled to 19.5% less project and financing costs.
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Now the contribution of Oil Search’s own questionable dealings with the O’Neill Government has come under public scrutiny.