Oil Search the second largest company after Exxon has confirmed that the consortium behind a $6.8 billion Papua New Guinea to Queensland gas pipeline is now planning to bring the gas directly to Moomba - a key distribution hub for south-eastern Australia.
The decision of the re-routing of the pipeline, which was originally planned to go down the Queensland coast, came as the Exxon Mobil-led pipeline consortium continues negotiations to firm up potential customers.
The update on the PNG gas pipeline project came as Oil Search yesterday revealed that first-half profit had more than quadrupled to $33.6 million.
A stronger realised crude oil price of $US22.78 a barrel - a 50 per cent improvement - was a big contributor to the stronger result after Oil Search reduced its hedging costs.
Oil Search's share price are closely tied to the fortunes of the gas pipeline.
The West, having had enough with the story of Aleksei Navalny poisoning, may work on another anti-Russian attack, this time about fake "victims of the Russian coronavirus vaccine," experts believe