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

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To: Tomas who wrote (1426)	12/10/1999 11:14:00 PM
From: Tomas	Read Replies (1) of 2742

Chevron sees PNG pipeline on track to close financing in October 2000 MELBOURNE, Dec 10 (Reuters) - Chevron Corp (NYSE:CHV - news) said on Friday the proposed A$3.7 billion gas pipeline from Papua New Guinea to Australia was on track to close financing in October 2000 with an expanded stake for Orogen Minerals Ltd (Australia:OML.AX - news). ``We're working towards a financial close in October of next year,' said Chevron spokesman Cliff Leggoe. PNG government-controlled Orogen became a bigger partner after agreeing to buy all of the PNG oil and gas stakes owned by The Broken Hill Pty Co Ltd (Australia:BHP.AX - news), including interests in the Kutubu and Gobe fields which would feed the pipeline to Australia's Queensland state. Orogen will now own 25 percent of the Kutubu field permit and 30 percent of the main Gobe field permit. BHP Petroleum withdrew its support for the pipeline feasibility study last year as it moved to focus on other areas in its oil and gas portfolio. While BHP had said it would supply gas to the PNG to Queensland pipeline, Chevron and Orogen said Orogen's expanded role gave the project more certainty. ``We feel we are adding to the prospect of getting the project going,' Orogen managing director Charles Lepani told Reuters. Chevron's Leggoe said having a strong PNG influence involved as a partner in the pipeline increased the project's value. Recent announcements by the Queensland government that one of the state-owned power stations, Tarong, would build two gas-fired units and two smaller plants would convert to using gas had firmed up the market for gas from the pipeline, he said. But the project still needed to secure financing and several license approvals in Papua New Guinea to go ahead. ``There are no show-stoppers there. Just a lot of work,' said Leggoe. Chevron also planned to resume talks shortly with the newly merged Exxon Mobil Corp (NYSE:XOM - news) about tapping into its Hides gas field in the highlands of Papua New Guinea as another source of supply for the pipeline to Australia, he said. biz.yahoo.com

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