Re-route Pipeline And Get $34mln

Oil Search the second largest company after Exxon has confirmed that the consortium behind a $6.8 billion Papua New Guinea to Queensland gas pipeline is now planning to bring the gas directly to Moomba - a key distribution hub for south-eastern Australia.

The decision of the re-routing of the pipeline, which was originally planned to go down the Queensland coast, came as the Exxon Mobil-led pipeline consortium continues negotiations to firm up potential customers.

The update on the PNG gas pipeline project came as Oil Search yesterday revealed that first-half profit had more than quadrupled to $33.6 million.

A stronger realised crude oil price of $US22.78 a barrel - a 50 per cent improvement - was a big contributor to the stronger result after Oil Search reduced its hedging costs.

Oil Search's share price are closely tied to the fortunes of the gas pipeline.


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