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

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To: Tomas who wrote (2398)	5/11/2001 10:18:30 AM
From: Tomas	Read Replies (1) of 2742

PNG-Australia gas pipeline backers committed to project Dow Jones, May 11 Brisbane - Key backers of a planned gas pipeline from Papua New Guinea to Queensland said Friday they are committed to making the long-delayed project happen. A spokesman for US energy giant Exxon Mobil Corp. (XOM) said meetings were held in Brisbane this week to "reinvigorate" negotiations with potential customers after Exxon Mobil assumed control of the A$6 billion project from Chevron (CHV) last month. "We need commercial arrangements that are acceptable to both parties," the spokesman said. "All of the owners are committed to making the project happen." The negotiations were focussed on locking in contracts with the state's major energy companies, Energex and Ergon Energy, as well as other potential customers. Senior representatives from Exxon Mobil and Australian groups Oil Search Ltd., Orogen Minerals Ltd. and Santos Ltd. (A.STO) were involved in the talks. When it is completed, gas will flow through the 3,000-kilometer pipeline down Queensland's east coast from the companies' jointly owned Hides and Kutubu gas fields in the mountains of Papua New Guinea. The pipeline - which will be built and operated in a joint venture between Australian Gas Light Co. Ltd. and Malaysia's Petronas (P.PET) - is nearly three years behind schedule. If contracts with Energex and Ergon Energy cannot be sealed, developers behind the project will have difficulty convincing financiers to put up the capital required to build the pipeline. - Dow Jones busrep.co.za

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