Two oil interests join forces
Post-Courier (PNG), Copyright 2000
November 15, 2000
InterOil, developer of Papua New Guinea’s first commercial oil refinery, has built a closer relationship with the country’s largest oil explorer, Oil Search Ltd.
InterOil has appointed Oil Search chief financial officer Nigel Hartley as a member of its board, effective December 20.
The move was seen as beneficial to both companies, bringing Oil Search closer to InterOil’s value-adding oil refinery expertise, and at the same time adding Mr Hartley’s extensive PNG experience to InterOil’s upstream exploration and operating activities.
Mr Hartley joined Oil Search Ltd in 1991, and has considerable financial expertise and experience of successful financing of oil projects in PNG. He has significant experience in dealing with the PNG Government and the Bank of Papua New Guinea.
Oil Search Ltd is PNG’s largest oil producer and explorer and is a joint venture participant with InterOil.
InterOil is currently the second largest holder of oil exploration acreage in PNG. Commenting on the appointment, the chairman and chief executive officer of InterOil Phil Mulacek said: “This enhances value for both companies, as there are natural synergies between the nation’s largest producer of oil, and the nation’s largest commercial refiner. The InterOil board is delighted to have secured the appointment of such a seasoned resource sector professional to our board.
“Mr Hartley brings an extensive knowledge of Papua New Guinea and its petroleum sector to InterOil,” Mr Mulacek said. Mr Hartley’s appointment is seen as another step in InterOil’s commitment as an integrated oil and gas producer and refiner in the region.
InterOil is focused on PNG and the surrounding region, initially developing an oil refinery and petroleum exp-loration and production activities in the region.