Setbacks fail to put off Oz player's search for treasures in PNG

Oil Search continues to be one of the main investors in Papua New Guinea's upstream activity, despite facing adversities that might deter lesser-spirited companies.

12 January 2007 0:01 GMT Updated 12 January 2007 0:01 GMT

The Australian independent had high hopes of fully developing the Hides gas field via the ExxonMobil-operated PNG to Australia pipeline project.

However, this already-delayed project suffered a major setback in August when Australian Gas Light and Petronas, owners of the Australian pipeline, scaled back front-end enginering and design work against a backdrop of spiralling costs and the upstream partners' failure to secure foundation gas contracts.

Oil

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Setbacks fail to put off Oz player's search for treasures in PNG