Australia's Oil Search quarterly revenue misses estimate on planned upkeep [Reuters]
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Source: Reuters
Australia's Oil Search quarterly revenue misses estimate on planned upkeep - Reuters 2 Min Read (Reuters) - Australia’s Oil Search Ltd ( OSH.AX ) on Tuesday posted second-quarter revenue that missed estimates by a wide margin due to a planned maintenance at its main asset, the Papua New Guinea LNG plant. It also lowered full-year investment expenditure guidance to $500 million-$610 million from $545 million-$655 million due to a delayed start to front-end engineering and design work for the expansion of the PNG LNG plant. Oil Search was poised for a $13 billion expansion plan of the PNG LNG project in which it is a partner, but political turmoil in the country has threatened to delay the venture. Commodity and energy firms with projects in the resource-rich archipelago are closely watching new leader James Marape’s agenda for the state to hold a bigger stake in extractive projects and raise more revenue from the resources sector. Oil Search said talks with the government on the P’ny
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