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

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To: Tomas who wrote (1152)	6/20/1999 8:47:00 PM
From: Tomas	Read Replies (2) of 2742

Papua New Guinea: Gas market decision soon The National, Monday June 21 By KEVIN PAMBA PORT MORESBY: Market for the PNG gas in Queensland is set to firm up in the next four to six weeks while financing for the project is targeted to be put together by mid next year, a Chevron executive told The National on Friday. Public Affairs manager for Chevron Services Australia Pty Ltd, Cliff Leggoe said here that the PNG-to-Queensland gas project proponents were putting a "concerted effort" to confirm gas buyers in the North Queensland area including discussions on expanding the market further south-east to the Brisbane region. Mr Leggoe said sourcing finance would be "carefully coordinated" by stakeholders. He said "there's a lot of work to be done on financing and we will ensure we get the best money available. "That (sourcing of finance) will be a progression for the next six to eight months." Mr Leggoe said the demand further south-east is there and this will necessitate the extension of the pipeline. He said after securing the market a detailed engineering feasibility study worth US$80 million would follow while at the same time working with the PNG Government to ensure regulatory aspects are met. Mr Leggoe said the project partners are working with the departments of Petroleum and Energy, Environment and Conservation including Treasury and Planning among others, to ensure all legal obligations are met. He said after the detailed engineering feasibility study is completed within about eight months from commencement, application for a petroleum development licence (PDL) will be filed with the PNG Government. Construction is planned to begin at the end of next year with first gas to flow by end of 2002. Meanwhile, Japanese sources told The National there is a keen interest from Japanese firms to participate in the steel supply and construction component of the project. The sources said because of the recession in Japan, companies there are exploring opportunities for major job contracts around the world and the PNG-Queensland Gas project is one they are keen to participate in. wr.com.au

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