Santos and Oil Search PNG LNG facilities to close for 8 weeks

Company News

by Anna Napoli

Australian oil and gas companies Santos (ASX:STO) and Oil search (ASX:OSH) say it will take about 8 weeks to repair the liquefied natural gas project which they have stakes in following last weeks earthquake.

The LNG facilities were damaged during a 7.5 magnitude quake that struck the Papua New Guinea highlands on February 26.

Oil Search will provide the market with revised production guidance as well as 2018 earnings and capital outlook when more details on the progress of repair works are known.

Oil Search has committed US$5 million  in cash to support disaster relief efforts, while Santos will donate US$200 000. 

Shares in Oil Search(ASX:OSH) are trading 0.55 per cent lower to $7.18. While shares in Santos (ASX:STO) are trading 1.02 per cent lower to $4.87.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.