Well, OSH was up 2% last night in Australia to an all-time high, and this is much more positive for IOC than it is for OSH. Power moving from Kavo, Duma, etc.. to O'Neill is a good thing for PNG business, and especially for IOC. BHP took an arrogant approach.
Although this news was expected and previewed by the prime minister for months (and BHP made the error of taking a hostile approach, which led to yesterday's outcome), it has two important implications for IOC IMO. First, it shows just how powerful O'Neill has become in PNG in being able to pass this legislation through parliament without much discussion. Second and relatedly, it shows that the provincial demands (in this case the Western province) are easily overwhelmed in Parliament by O'Neill's wishes. One of O'Neill's greatest wishes is the move LNG projects ahead quickly, and as he recently said, move IOC's deal with XOM ahead. This should take away any concern that the Gulf province somehow could slow down the approval process. In fact, there's a good chance government approval happens almost as soon as the deal is announced.