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

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To: Bobby Yellin who wrote ()	7/23/1998 8:44:00 PM
From: Greywolf	of 2742

Chevron presents final eco-report on PNG pipeline BRISBANE Another phase in the Papua New Guinea-Queensland gas pipeline project was wrapped up yesterday with the delivery of the final environmental impact statement (EIS) on the project to Environment Australia. Project operator Chevron Services Australia Pty Ltd said the Australian Government department now had 42 days in which to recommend to Resources and Energy Minister Warwick Parer that environmental approval be granted for the Australian leg of the multi-billion dollar pipeline project. The proposed pipeline will pump gas from the Kubutu gas fields in PNG to Townsville in Queensland and possibly further south to Gladstone. The project had made significant progress with Chevron identifying a consortium as the preferred developers for the project sometime back. The delivery by Chevron of the final environmental impact statement to the Aussie Government is yet another achievement. "We are very pleased with the progress of the environmental approvals for the project," said project director John Powell. "While this is an important step towards bringing the project to fruition, we still have a number of major hurdles to clear before we can finally commit to the project. "The most important of these is to secure long-term gas sales agreements with customers in Townsville and Gladstone," Dr Powell said. A Chevron spokesman said negotiations were continuing with Comalco Ltd, which was considering Gladstone for the site of a gas-fired alumina refinery. If the project comes through, it will be a great plus for the pipeline, it is reported. Last month Chevron signed a heads of agreement with joint venturers Stanwell Corp Ltd and US-based Dynergy Power Corp for a planned gas-fired power station in Townsville. If the market was not secured within the next six to eight weeks it may have an impact on the schedule, the Chevron spokesman said. He said detailed engineering work was required before construction could begin on schedule in January next year. The Queensland Department of State Development also received a copy of the EIS yesterday. Participants in the PNG gas pipeline project include Chevron Asiatic, BHP Petroleum, Mitsubishi Oil Co, Mobil, Oil Search, Orogen Minerals and Petroleum Resources Kutubu

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