SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Tomas who wrote (1241)8/18/1999 9:55:00 AM
From: Tomas  Read Replies (1) of 2742
 
Chevron eyes other gas sources for PNG line

BRISBANE, Aug 18 (Reuters) - Chevron Corp said on Wednesday it was investigating additional sources of natural gas in order to ensure a security of supply for customers down its proposed A$3.7 billion Papua New Guinea to Australia pipeline.

Project head John Powell said there were opportunities along the pipeline corridor in the Gulf of Papua for additional gas entry, should there be a disruption at the Kutubu or Hides gas fields in the Southern Highlands of PNG.

``It will be an open access pipeline and we'll be looking at getting additional gas supply ... to provide additional security for the customers,' Powell told a breakfast meeting.

``We don't anticipate any disruptions but if there was and we had sources of gas coming in from the Gulf you can overcome that disruption immediately,' Powell said.

Powell did not name any likely gas sources in the Gulf of Papua but gas had been discovered in six Pandora, Pasca and Uramu wells in the past. None of the discoveries has been developed.

Chevron had been producing oil from Kutubu since 1992 and had not lost a day of production as a result of land owner disruption, Powell said.

He said the project had provided for land owner equity of between two and four percent through Petroleum Resources Kutubu, which would offer additional security of supply.

Provincial PNG governments would also have a stake in ensuring the continuum of gas through their equity in National Gas Corporation. ``Why would they (disrupt the project), it would cut off their revenue as well as ours,' Powell said.

Chevron recently reached baseload capacity when it secured markets for 180 petajoules of gas a year through the initialling of contracts with two Queensland state government-owned electricity retailers, Ergon Energy and Energex. Powell said financial close for the project was expected in 12 to 14 months.

biz.yahoo.com
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News