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PNG LNG expansion project delayed as new prime minister seeks more taxes

  • New Papua New Guinea Prime Minister Marape used Oil Search's (OTCPK:OISHF) 90th anniversary celebration to press for more taxes from the country's biggest company and partners Exxon Mobil (NYSE:XOM) and Total (NYSE:TOT).
  • "We will not be asking much of you in terms of community service obligation, but we will be asking you to pay your fair share of tax," Marape said in a speech at the event in Port Moresby.
  • Oil Search says it is revising the timeline for front end engineering and design work on the Exxon-operated PNG LNG expansion project after the new government decided to review a related gas agreement.
  • The expansion is due to be fed by gas from Total's Papua LNG project, the P'nyang gas field and existing fields, and Oil Search says PNG LNG work has been delayed because talks with the government on developing P'nyang have been placed on hold while the new government reviews the Papua LNG agreement, signed in April.
  • The company also trims its full-year capex guidance by $45M to $500M-$600M due to the delays.

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