Shares in Australia's Oil Search
Ltd, a partner in Exxon Mobil's Papua New Guinea LNG
(PNG LNG) project, fell 5% today (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% to $19 billion due to foreign
exchange impacts and delays from work stoppages and land access
Shares in Oil Search fell as low as A$6.96 and last traded
down 5.2% to A$6.98, while shares in Santos Ltd,
another partner in the project, fell 2.4% in a broader
market down 0.3%.