InterOil was a young and vibrant young home grown Papua New Guinean company that was serious in its ventures in every aspect with prudent management under the very competent and able stewardship of the founder, previous chairman and chief executive officer from humble beginnings under very trying conditions, weathering all the storms, financially, logistically and any volatility in oil & gas prices to achieve the success it once had, much to the amazement of everyone including the government and oil & gas industry players in and around the world.
The meteoric rise and success of InterOil is fairy tale in the corporate sector in Papua New Guinea. And will be unmatched for a long time to come. Some of us placed our lives, dreams and future aspirations with InterOil. We worked with passion and pride with feeling of ownership of this baby Petroleum Company only to be disappointed in the last few years following the management change.Former Employee - MP,
What people are saying...
Incompetence of current CEO
I might also add that the new Team Leader (current CEO), despite his qualifications and experiences appears to be a con man as we say in PNG. It is clearly evident from many bullshit statements to staff and media that he has been making as of late. It is surprising that there is no media statements on the massive redundancy and sale-off of all InterOil assets that have happened so far. Unlike many well established petroleum companies InterOil do not have wider global operations and capital back-up. As we all know it is a baby company that just came about in few years with all operations based here in PNG. Such operations require special people who have the necessary background, are flexible and able to get their hands dirty on the front-line of the operations and possess the appropriate skill and experience. Rather we opted for novices without such attributes, operating from the comfort of their conditioned offices and receiving advises and reports from equally incompetent pack of cronies below him.Former Employee - JK,
There was a sudden upsurge of activity when the new management took over. More than 4 drilling operations simultaneously while the seismic had to do multiple surveys at once with different phases running concurrently in trying to keep pace with management directions and timelines. We had 2 fatalities within months and on the seismic front I have seen fresh labourers with no experience and exposure becoming foreman overnight to run the lines. It was as if the new management of InterOil was competing to set world records.
In my opinion, that decision to rush everything at one time was another major contributing factor in the disappointment we have today. With the hectic program, InterOil left itself in a position where it was not able to adequately and effectively monitor and control what was going on. I am sure we all know some of the consequences. That is what happens during rush hour. There was 3 failed attempts on 1 drill site, 1 dry well on another as well as 2 fatality cases on seismic as mentioned.Former Employee - MP,
The deal is also good news for Hession personally, since change of control of InterOil will trigger as much as $US39.3 million in termination payments largely from the vesting of restricted stock units, according to InterOil documents.
I wonder if anyone from the old boys club will ever feel guilty of telling lies to the ex InterOil employees from PNG and the local people like those in the photo. Money easily earned from someone else's investments and hard work can be a great motivator for greedy people to do what they do best.Former Employee - E.,