SYDNEY: Australian firm Oil Search on Tuesday accused Papua New Guinea of backtracking on a deal to build a new liquefied natural gas project and set an Aug 31 deadline to resolve the dispute.
"While initially indicating that the government had decided, in principle, to stand behind the agreement, more recently it has signalled its desire to renegotiate some of the agreed terms," Oil Search said in a profit statement. Although Papua New Guinea's government is desperate to increase revenue and help develop one of the poorest countries in the Pacific, the new LNG project remains politically contentious.
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