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

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To: Tomas who wrote (2472)	6/1/2001 8:22:11 AM
From: Tomas	Read Replies (1) of 2742

PNG gas pipeline - Upstream, June 1 Woodside contract trumps PNG Gas By Amanda Battersby Woodside Petroleum and its partners in the Timor Sea Sunrise gas scheme have stolen a march on the rival Papua New Guinea Gas Project by signing an exclusive letter of intent outlining key commercial terms to deliver gas to QNI's Yabulu nickel and cobalt refinery at Townsville, Queensland. However, a PNG Gas Project spokesman was quick to contrast this letter with the Queensland government's initiative for a competitive tender to supply gas to a power station at the same location. He said the Sunrise agreement would not stop PNG from pushing ahead with its endeavours to supply gas to the Townsville power plant. The letter proposes supplying gas for a 20-year term from the Woodside-operated Sunrise gas project to QNI's refinery. Initial volumes of 12.5 petajoules per annum would be increased to 19 petajoules within the first two years. "The gas would be used for power generation and process feedstock, providing QNI with a long-term secure and clean energy source capable of supporting future expansion at the refinery," said the Australian oil company. Meanwhile, the PNG Gas Project argued it can still secure deals to supply gas to Queensland that will enable the grassroots pipeline project to see the light of day. "We believe that we can provide a highly competitive product and we will be actively competing for the contract to supply gas to the Townsville power station," said secretariat co-coordinator Doug Schwebel. The letter is conditional on receiving the necessary regulatory approvals, obtaining gas purchase commitments from other potential gas customers and concluding pipeline arrangements to transport gas from the Timor Sea to Townsville.

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