Oil Search

ExxonMobil has a reputation for being the finest project manager in the oil industry. The Papua New Guinea LNG (PNG LNG) project, operated by Exxon with Oil Search and Santos as partners, was thought to be immune from the curse of cost overruns. Whatever mystique Exxon once held was lost as it announced a 21% increase in costs, lifting final project costs from US$16bn to US$19bn. Santos and Oil Search will have to stump up a further US$1.4bn for their share of the increase. The stubbornly high Australian dollar accounted for the bulk of the increase but local problems...

ExxonMobil has a reputation for being the finest project manager in the oil industry. The Papua New Guinea LNG (PNG LNG) project, operated by Exxon with Oil Search and Santos as partners, was thought to be immune from the curse of cost overruns. Whatever mystique Exxon once held was lost as it announced a 21% increase in costs, lifting final project costs from US$16bn to US$19bn. Santos and Oil Search will have to stump up a further US$1.4bn for their share of the increase.

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