Tag Archives: Oil Search

When you’re handed a lemon – make lemonade. The PNG Oil Search shares saga.

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By PNG Echo. Prime Minister, Peter O’Neill has defended his government’s position on the controversial UBS loan in the wake of an article published by Fairfax Media saying: The cost of losses we suffered to the Arabs are far worse than the cost we pay on the loan from UBS.” He went on to explain: PNG paid $8.20 when the Somare government agreed to pay $8.50 to the Arabs, Oil Search is our country’s biggest tax payer and one of the largest employers of our citizens so why is it wrong for us to be a stable shareholder in that Continue reading When you’re handed a lemon – make lemonade. The PNG Oil Search shares saga.→

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Let the courts decide (again)

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By PNG Echo The National Court’s decision (June 11) to stay the directive from the Ombudsman’s Commission (OC) forbidding the repayment of the UBS loan until the results of a Judicial Review is heard – is yet another instance of a country that is becoming unnecessarily litigious and overly reliant on the judicial system.  Excessive legalism One could be forgiven for thinking that a punitive ‘legalism’ is standing in the stead of sound judgement in PNG. So concerned are the populace with law enforcement that it serves as a smokescreen for other urgent and relevant questions that so often go Continue reading Let the courts decide (again)→

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