Oil Search boss got raise in 2016

Oil Search managing director Peter Botten earned total remuneration of $US5.51 million in 2016, up from $US4.69 million in the previous year.

Oil Search boss Peter Botten has received a 17 per cent raise in his 2016 pay packet after returning the Papua New Guinea-focused oil and gas producer to profit.

Mr Botten, whose company operates the massive Papua New Guinea LNG project, received total remuneration of $US5.51 million ($A7.31 million) in 2016, up from $US4.69 million in 2015, according to the company's annual report for the year.

His pay included a steady base salary of $US1.78 million ($A2.36 million), a near-trebling of non-monetary benefits to $US2.1 million and short-term incentives of $US1.47 million, the annual report, released on Friday, showed.

Oil Search swung to a net profit of $US89.8 million in 2016, helped by a lift in sales, lower costs and gains from a break fee it received from ExxonMobil after losing its bidding war with the energy giant over InterOil.

It had reported a net loss of $US39.4 million in 2015.

Chief financial officer Stephen Gardiner also saw his 2016 earnings rise, taking home $US1.24 million, up from $US1.15 million in the previous year.


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Source: AAP



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