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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1683)5/25/2000 10:21:00 PM
From: Tomas  Read Replies (1) of 2742
 
Papua New Guinea: Gas Producers Hail State's Energy Policy - The Australian, May 25

Two proponents of the Papua New Guinea gas pipeline hailed the Queensland Government's energy policy. Oil Search and Orogen Minerals have significant interests in the PNG gas fields that start the pipeline.
Oil Search managing director Peter Botten said on 24 May 2000 that the Queensland move provides a favourable environment required to close commercial gas contracts with Queensland customers and provides certainty to project sponsors and their many customers.
The policy ensures that gas-fired generation or renewables will make up at least 15% of the State's electricity market by 2005.
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Premier's Power Plan To Fire Up Gas Market
The Courier-Mail, May 25

The Queensland Government has created a market for gas producers by forcing electricity retailers to increase gas-fired power usage.
On 24 May 2000, Queensland Premier Peter Beattie announced a new licensing system in which electricity producers will have to get 15 per cent of their power from alternative energy resources.
Beattie also wants to use public money to help build a Chevron Corporation gas pipeline between Townsville and Gladstone and a major gas-fuelled power station in Townsville.
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The Courier-Mail, May 25
Queensland's Opposition energy spokesman says Queensland Premier Peter Beattie is condemning the state to high power prices. On 24 May 2000, Jeff Seeney said Beattie's new energy policy, which seeks to lower greenhouse emissions by reducing reliance on coal-generated power, deals a major blow to state consumers and the coal industry.
He also blasted what he called Beattie's favouritism towards Chevron Corporation's gas line project.

Queensland environmental groups disagree. Queensland Conservation Council co-ordinator Imogen Zethoven praised the decision not to grant new coal-fired power generation licences and to have 15 per cent of all power won from alternative energy sources.
Queensland Greens spokesman Drew Hutton says the policy will reduce greenhouse emissions.
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AGL, Oil Search To Benefit Most
The Courier-Mail, May 25

Sydney-based Australian Gas Light is the biggest winner from the Queensland Government's energy policy released on 24 May 2000. AGL is cashed up following its recent pipeline trust spinoff, and will gain a significant contribution from the Queensland Government to assist in constructing part of its pipeline to service customer demand in north Queensland.

It was not surprising to see AGL's share price rise $A0.12 on 24 May 2000 as news filtered through to the market. The Queensland Government policy will also establish an artificial market for gas from which AGL and companies owning the Papua New Guinea gas, such as Oil Search, will benefit.
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