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

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To: Tomas who wrote (2544)	6/20/2001 10:36:31 PM
From: Tomas	Read Replies (1) of 2742

ExxonMobil to kickstart its PNG gas pipeline project Co-operation between major pipeline parties PostCourier, June 21 BRISBANE: United States oil giant ExxonMobil has bought in the big guns to kickstart its $6 billion PNG gas pipeline with a senior executive meeting with Papua New Guinea Prime Minister Sir Mekere Morauta on Tuesday. The move signals a more cooperative relationship between the pipeline’s backers and the government after recent criticisms levelled at the PNG government. ExxonMobil director and senior vice president Harry Longwell discussed a range of issues with Sir Mekere, with the pipeline at the top of the agenda. In a statement, the company said Mr Longwell told Sir Mekere that since assuming operatorship of the project it had been in active negotiations with potential customers in Australia. He also reiterated ExxonMobil’s commitment to assisting PNG in developing its oil and gas reserves. “I am pleased to see the governments of PNG and Australia working closely together to assist the progression of this important project,” he said. “International co-operation on projects of this magnitude is required and will ensure significant benefits to both nations.” He also said he was pleased to see the PNG government’s renewed emphasis on oil and gas development. “The administrative structure that has been put in place will facilitate the resolution of outstanding issues related to the project,” he said. Gas for the 3000 kilometre pipeline down Queensland’s east coast will be sourced from the Hides, Moran and Kutubu gas fields in the PNG highlands, which are jointly-owned by ExxonMobil, Oil Search, Orogen Minerals, Santos, and Chevron. ExxonMobil is the largest stakeholder in the project with an interest of about 30 per cent with Oil Search holding a 26 per cent interest. The project is over two years behind schedule with backers unable to lock in contracts with key customers or secure funding for the PNG’s government’s portion of infrastructure development. postcourier.com.pg

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