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

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To: Tomas who wrote (1237)	8/13/1999 12:43:00 PM
From: Tomas	Read Replies (1) of 2742

PNG: A new sales deal has strong ramifications. Chevron Ties Down Deal For $5.5Bh Gas Pipeline Australasian Business Intelligence - Abix: The Australian Financial Review 13-Aug-1999 A new sales deal has strong ramifications. The $A5.5 billion Chevron gas pipeline from Papua New Guinea has been given a major impetus. On 12 August 1999 Chevron reached an agreement with the Queensland Government-owned electricity seller, Ergon Energy. The sales agreement means that the project can move to the next stage. The key operator is Chevron Services Australia Pty Ltd. It explained that it will supply Ergon with up to 50 petajoules (Pj) of gas per annum over 20 years. One of the customers could be the proposed $A500 million power station near Townsville in Queensland. The massive project includes a $A2 billion pipeline owned by the Australian Gas Light Company Limited and Petronas of Malaysia. ________________________________________________________ PNG Gas Pipeline Closer To Go-Ahead ABIX - Australasian Business Intelligence, August 13 A second Queensland Government energy group has signed up for gas supplies by pipeline from Papua New Guinea (PNG). Ergon Energy signed on 12 August 1999 for 50 petajoules of gas a year. In July 1999, Energex contracted to buy 130 petajoules a year from PNG. The orders take the PNG-Queensland gas pipeline project another step closer to reality. In floating the pipeline concept a few years ago, the PNG pipeline project partners estimated they would need orders for at least 100 petajoules before they could underwrite the costs involved. Australian Gas Light Company (AGL) md, Len Bleasel, says it seems the pipeline is now justified. AGL and Petronas of Malaysia are standing by to build the Australian section of the 2,500km pipeline.

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