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

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To: Tomas who wrote (1942)	12/4/2000 10:49:30 PM
From: Tomas	Read Replies (2) of 2742

Papua New Guinea: Smooth flow for pipeline plan Australian Financial Review, December 5 Partners in the planned $US3.5 billion Papua New Guinea to Queensland gas project hope to press ahead with the development early next year as the negotiation of supply agreements enters the final stages. Enthusiasm for the development was highlighted yesterday at the sixth PNG Mining and Petroleum Investment Conference in Sydney, where PNG's Prime Minister, Sir Mekere Morauta, suggested that Australia could provide financial assistance to ensure the project's development. The project's operator and manager, United States-based oil group Chevron, is fully supporting the PNG Government's plans to seek financial assistance but said the project was already robust enough and had a sufficient customer base to allow development. Negotiations between the project partners and key Queensland energy suppliers Energex amd Ergon Energy are entering the final stages, which are expected to lead to offtake commitments for at least 180 petajoules of gas a year. A Chevron spokesman said the $US350 million package would allow PNG to obtain a direct 30 per cent interest in the infrastructure needed to bring the gas from the PNG Highlands to an offshore terminal. He said PNG Government participation in the infrastructure would lower the project's political risk profile but the priority was to convert letters of intent by key consumers into binding contracts. The spokesman said significant progress had been made since an Australian Competition & Consumer Commission ruling six weeks ago that cleared the way for the joint marketing of the gas to be supplied down the planned 3,250-kilometre pipeline. ACCC approval was needed after US oil multinational Exxon and Australia's Santos became involved in the project.

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