Oil Search scraps PNG pipeline plans

OIL Search will abandon its troubled $8 billion Papua New Guinea-Queensland gas pipeline project, saying the costs and returns were not attractive when compared to other options, such as liquefied natural gas or petrochemical plants.

Oil Search scraps PNG pipeline plans
Oil Search scraps PNG pipeline plans
Oil Search scraps PNG pipeline plans
Oil Search scraps PNG pipeline plans
Oil Search scraps PNG pipeline plans

“The world has caught up with and passed the PNG pipeline project with new opportunities that offer higher value,” managing director Peter Botten said in a conference call to journalists and analysts.

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