LNG

Oil Search, the Papua New Guinea-focused oil and gas company listed in Australia, reported an 8 percent drop in net profits because of lower prices as Managing Director Peter Botten handed over to his successor while expressing hope that the delay in the PNG LNG expansion project was only temporary.

Papua New Guinea said it was preparing to start talks with ExxonMobil Corp. and partners in one of two feed-gas projects to negotiate better terms for the government and its holdings in the development of the PNG LNG expansion.