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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2548)6/21/2001 9:48:47 AM
From: Tomas  Read Replies (1) of 2742
 
Papua New Guinea trims its take
Upstream, June 21

The Papua New Guinea government may not take 30% equity in the proposed $2.2 billion PNG-to-Queensland gas project.

A spokesman for PNG Prime Minister Mekere Morautu said the government was still committed to taking equity in the long-promised project but the exact stake had not been established, The Australian newspaper reported.

"The extent of PNG equity will be determined by the terms and conditions of the contracts that are signed with Queensland gas customers," the spokesman said.

Sir Mekere met ExxonMobil senior vice president Harry Longwell earlier in the week to discuss the project operator's plans for the project, including efforts to sign up customers.

Sir Mekere's office said the PM was encouraged by "ExxonMobil's strong commitment" to the project. He would present a discussion paper today to his cabinet detailing the results of his discussions.

Mr Longwell said he welcomed the PNG government's "renewed emphasis on oil and gas development".
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