November 11, 2012 / 11:21 PM / in 5 years

Oil Search shares fall as PNG LNG costs rise

SYDNEY, Nov 12 (Reuters) - Shares in Australia’s Oil Search Ltd, a partner in Exxon Mobil’s Papua New Guinea LNG (PNG LNG) project, fell 5 percent on Monday after the costs of the massive gas export development were revised sharply higher.

In a letter published on Monday, Exxon told its partners costs would rise 21 percent to $19 billion due to foreign exchange impacts and delays from work stoppages and land access issues.

Shares in Oil Search fell as low as A$6.96 and last traded down 5.2 percent to A$6.98, while shares in Santos Ltd, another partner in the project, fell 2.4 percent in a broader market down 0.3 percent.

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