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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1679)5/24/2000 4:18:00 PM
From: Tomas  Read Replies (1) of 2742
 
Queensland Announces New, Cleaner Energy Strategy - Asia Pulse & Orogen

BRISBANE, May 24, Asia Pulse - Electricity retailers will have to source 15 per cent of power sold in Queensland from alternative energy sources, under the state governments energy policy released today.

Queensland Premier Peter Beattie said under the state government's Cleaner Energy Strategy no new power generating licences would be granted for coal fired power stations unless there was a clear and demonstrated need.
He also announced a new base-load gas fired power station for the Townsville region.

"To this end the government will work with developers of the PNG gas pipeline to advance the construction of the Townsville to Gladstone section of the pipeline," he said.

Coal is the fuel source for around 97 per cent of the electricity produced in Queensland and the state's electricity sector now accounts for about 37 per cent of Queensland greenhouse gas emissions.

"The cleaner energy strategy is estimated to cut greenhouse gas emissions by more than 30 million tonnes over 10 years which is the equivalent to removing the greenhouse gas emissions of one million cars," Mr Beattie said.

"In the world of legally binding greenhouse emission targets, this initiative could save the Queensland economy about $A80 million ($US45.56 million) a year." ASIA PULSE
___________________________________________________

Orogen Minerals Ltd - Re Cleaner Energy Policy
RNS, May 24
Release of Cleaner Energy Policy by Queensland Government

Orogen Minerals Limited welcomes the initiatives of the
Queensland Government included in the Cleaner Energy Policy announced this
morning by Premier Beattie at the Queensland Gas and Power Conference.
These initiatives included:

Electricity retailers in Queensland will have to source 15% of power sold
in Queensland from alternative (to coal) energy sources such as gas;

A new base-load gas fired power station will be built for the Townsville
region;

The Queensland government will "work with developers of the PNG gas pipeline
to advance construction of the Townsville to Gladstone section of the
pipeline"; and

No new power generating licences would be granted unless there was a clear
and demonstrated need.

The policy release represents another major milestone in the development
of the broad economic framework required to enable the world class
PNG-QLD Gas Project to proceed to development. It paves the way for work
to accelerate the negotiation of binding Gas Sales Agreements to replace
the conditional Gas Sales Agreements signed with two Queensland
Government owned corporations, Energex and Ergon in July and August of
1999.

Today's policy announcement closely follows the accord recently reached
between the PNG producers on gas supply certainty and, subject to
confirmation of final feasibility, the decision by Comalco to locate its
proposed alumina refinery at Gladstone.

Orogen is a founding partner in the consortium formed to evaluate the
feasibility of the PND-QLD Gas Project. Orogen currently holds
interests in the Kutubu (25.4375%) and Gobe Main (30.1875%) gas fields
as well as an option to acquire a 20.5% interest in the Hides Gas field.
As such, Orogen will be a significant participant in the PNG-QLD Gas
Project as it evolves.
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