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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Timelord who wrote (280)	9/5/1997 12:40:00 PM
From: Tomas	of 2742

The Australian gas pipeline project moves forward, good to see IPC's partner in Malaysia and Sudan, Petronas, on the short list. A very short list indeed, only 2 joint ventures left. Chevron will announce the name of the winner around October 1. This week Ian Lundin said he expects Chevron to take the final decision to start building the pipeline before the end of the year. Chevron names PNG gas pipeline short-list BRISBANE, Sept 5 (Reuter) - Chevron Corp named on Friday two contenders to build, own and operate the Australian section of a proposed A$2 billion gas pipeline from Papua New Guinea to Queensland state. Project director John Powell said in a statement one of the two joint ventures on the short list was between Australian Gas Light Co (AGL.AX) and Malaysian national oil firm Petronas. The other joint venture was between Nova Pacific Capital Ltd (NPC.AX) and British fire protection, security and building products group Williams Holdings Plc (WLMS.L). Powell said all four companies had extensive experience in pipeline construction and operation. The proposed pipeline will move natural gas from the Kutubu field in the Southern Highlands of Papua New Guinea across Torres Strait and down the Cape York Peninsula to Townsville and on to the industrial city of Gladstone. Chevron Asiatic Ltd said in June it had signed agreements for Australian aluminium group Comalco Ltd (CMC.AX) to move its Gladstone projects forward to coincide with the proposed first gas flows in mid-2001. Apart from Chevron, the main pipeline consortium also includes PNG's Orogen Minerals Ltd (OML.AX), Oil Search Ltd (OSH.AX), The Broken Hill Pty Co Ltd (BHP.AX) and Mistubishi Oil Co Ltd (5004.T). Also involved are Mobil Corp (MOB) unit Mobil Exploration & Producing Australia Pty Ltd and Petroleum Resources Kutubu Pty Ltd.

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