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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Razorbak who wrote (2023)2/19/2001 8:04:12 AM
From: Greywolf  Read Replies (1) of 2742
 
PNG field breaks its chains,

Full production has kicked off at the Moran oilfield in Papua New Guinea's Southern Highlands Province. Local petroleum and energy minister Chris Haiveta signed the partners' petroleum development licence PDL 5 on Friday after he was given the blessing of the Huli indigenous landowners.

Mr Haiveta said the full opening of Moran showed the country's commitment and ability to get major mining projects processed.

The field, with expected reserves of 80 million barrels, adds to the operator Chevron's nearby Kutubu oil and gas field, whose 300 million barrel reserve is fading. The Moran partners are Oil Search (47%) and ExxonMobil subsidiary Esso Highlands (53%). Moran has been churning out some 12,000 barrels per day for the past two years in testing. A Chevron spokesman said output would ramp up to 24,000 bpd over the next 18 months as pipeline, roads and gas-injection infrastructure were installed.

The opening of Moran also adds impetus to the $4.5 billion PNG-to-Queensland gas pipeline project. Queensland Premier Peter Beattie has said he wants the project to go ahead so that gas can replace some of the state's coal-fired energy networks. Prime Minister John Howard has also expressed interest in the project and his government is expected to reveal at the end of March whether it will help fund the PNG government's $US500 million shareholding.
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