IPIC secures strategic investment in Oil Search Limited

Notes and media contacts

About IPIC

IPIC is wholly owned by the Government of the Emirate of Abu Dhabi. Its mandate is to invest in the hydrocarbon sector outside the Emirate of Abu Dhabi. IPIC looks to earn a commercial rate of return on its investments and is a long‐term equity investor. IPIC has become one of the leading companies in the field of petroleum and energy investment since its inception in 1984. It plays an active role in the development of petrochemical sector in Abu Dhabi through facilitating joint ventures, which benefit from the technology and Operating resources of companies in IPIC's portfolio and Abu Dhabi's feedstock advantages. IPIC holds equity stakes in Borealis & OMV in Austria and Germany (1998 & 1994, respectively), Aabar in Abu Dhabi (2008), Hyundai Oilbank in South Korea (1999), Gulf Energy Maritime in Dubai (2004), CEPSA in Spain (1988), Oman Polypropylene in the Sultanate of Oman (2006), PARCO Refinery in Pakistan (1995), SUMED Company in Egypt (1995), Energia De Portugal in Portugal (2008), COSMO Oil in Japan (2007), MAN Ferrostaal in Germany (2008) and Oil Search in Australia (2008). Its estimated net worth is more than $14bn.

About Papua New Guinea LNG

The Papua New Guinea LNG Project is operated by Esso Highlands Limited, a subsidiary of exxonmobil Corporation, on behalf of the joint-venturers which include Oil Search, Santos, Nippon Oil, and Mineral Resources Development Company (MRDC) and Eda Oil.

The Project is currently undertaking front end engineering design and securing LNG sales and project financing. It is also consulting with the government and community on plans to address social and environmental impacts.

The preliminary schedule indicates a final investment decision in late 2009 with a target of first LNG cargo in 2013-2014. Once fully constructed, the Project lifetime or production phase is expected to be around 30 years.