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

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To: Greywolf who wrote (1218)	7/30/1999 8:23:00 AM
From: Tomas	Read Replies (1) of 2742

Financial Times Friday: Demand grows for PNG pipeline By Stephen Wyatt in Sydney The A$5.5bn ($3.5bn) Papua New Guinea to Queensland gas pipeline, Australia's second largest resource development after the North West Shelf, moved a step closer to reality this week with the successful negotiation of sales contracts between the Papua New Guinea upstream gas producers and Queensland gas customers. Chevron, Oil Search, Orogen Minerals and Exxon/Mobil, the main upstream operators of the three Papua New Guinea gas fields - Kutubu, Gobe and Hides - have agreed to 20-year supply agreements with four Queensland foundation customers for 130 petajoules of gas a year. The customers - Comalco, aluminium producing subsidiary of global mining house Rio Tinto, Sithe Energies and the Queensland government-owned electricity generators Tarong Energy and CS Energy - were represented in negotiations by Queensland power utility Energex. Another gas supply agreement is expected to be signed shortly between the PNG gas producers and North Queensland utility Egon for about 50 petajoules. The natural gas pipeline was originally planned to end at Gladstone, but the Energex contract for gas consumers in Brisbane, means it will most likely be extended to Brisbane. The pipeline will be built and owned on the Australian side of the border by a joint venture between the Australian Gas Light Company and Malaysia's state owned oil company Petronas. However, construction, funding and ownership of the PNG pipeline is not as clear. The owners of the upstream assets are expected to set up a separate vehicle to own and operate this infrastructure and analysts suggest that this could ultimately go public itself.

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