PNG pipeline vote postponed

Oil Search has postponed a vote on the future of the PNG Highlands gas scheme after a potential buyer told the project owners it would be running a review of its supply agreement.
PNG pipeline vote postponed PNG pipeline vote postponed PNG pipeline vote postponed PNG pipeline vote postponed PNG pipeline vote postponed

Oil Search had previously said a vote on a Front End Engineering and Design (FEED) decision by the owners was imminent after the group successively confirmed all requirements to enter FEED had been prepared.

However, further time is now required for one gas buyer to complete its shareholder review and obtain approvals for a conditional agreement for purchase of gas.

The Highlands Gas Owners will remain in ‘FEED ready’ status, pending confirmation of this conditional agreement. Immediately following an approval decision being made, it is the Highlands Gas Project Owners’ intention to vote on entering FEED.

In anticipation of a positive outcome, the owners will maintain their engineering and planning activities, to preserve the current status of operations.

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