Oil Search Says Second PNG Greenfield Project May Not Proceed

Updated on
  • Profit plunges 89% after lower commodity prices cut revenue
  • Managing Director Peter Botten says oil has likely bottomed

Oil Search 1H Profit Drops 89% on Energy Slump

Oil Search Ltd. said development of a second standalone liquefied natural gas export terminal in Papua New Guinea is unlikely with Exxon Mobil Corp. and Total SA expected to favor cooperation to expand the existing PNG LNG project.

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