OSH 0.00% $7.40 oil search limited

breaking newspaper item

  1. 934 Posts.


    PNG Gas not dead: Oil Search
    Wednesday 18 December 2002, 16:05PM




    The $6-7 billion Papua New Guinea gas project is not dead after rival gas suppliers effectively locked up Australia's southern markets, according to project partner Oil Search.

    Shares in Oil Search - which holds a 44 per cent interest in the long-delayed project - fell 27 per cent or 22 cents to 55 cents at 1425 AEDT.

    The project's foundation customer Australian Gas Light Co - which had conditionally committed to taking 40-50 petajoules per annum (PJPA) over 20 years from 2006 - on Wednesday decided to source alternative gas to meet its current commitments.

    Mr Botten told AAP the PNG project will now focus on the Northern Territory and Queensland markets.

    "The project is far from dead, in fact the efforts of ExxonMobil have actually increased in both engineering and marketing terms and will be very substantial through January," Mr Botten said.



    advertisement

    advertisement

    Project operator, ExxonMobil has consistently said it had to commit to the front end engineering and design (FEED) phase - which is expected to cost "tens of millions" in early 2003 to meet AGL's gas delivery date of 2006.

    AGL's plans to source elsewhere effectively allows the project more flexibility in terms of its timing.

    Mr Botten said he was personally "shocked" by AGL's announcement given the project was making material progress to meet AGL's own deadline.

    "It was disappointing but I suppose it is up to AGL where it wants to go but ... they may not have been quite as confident as we are as where the project is going," he told AAP.

    "We had made some serious strides to bringing our project to a positive conclusion in the last couple of weeks.

 
watchlist Created with Sketch. Add OSH (ASX) to my watchlist
(20min delay)
Last
$7.40
Change
0.000(0.00%)
Mkt cap ! $11.28B
Open High Low Value Volume
$7.40 $7.41 $7.35 $17.14M 2.322M

Buyers (Bids)

No. Vol. Price($)
1 6331 $7.39
 

Sellers (Offers)

Price($) Vol. No.
$7.40 160786 9
View Market Depth
Last trade - 16.10pm 12/11/2019 (20 minute delay) ?
(live)
Last
$7.39
  Change
0.000 ( 0.09 %)
Open High Low Volume
$7.39 $7.41 $7.35 381844
Last updated 15.59pm 12/11/2019 (live) ?
OSH (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.