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

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To: Tomas who wrote (772)	10/14/1998 10:11:00 PM
From: Tomas	Read Replies (1) of 2742

Papua New Guinea: Pipeline construction deal sewn up Post Courier, Port Moresby, Thursday October 15 CHEVRON and its joint venture partners have signed a development agreement with the consortium responsible for the Australian section of the PNG to Queensland gas pipeline. The agreement was signed between the PNG partners, Australian Gas Light and Petronas in Brisbane and was witnessed by Petroleum and Energy Minister Sir Rabbie Namaliu and Secretary Joseph Gabut. The agreement finalises all relevant commercial terms associated with the physical development of the Australian pipeline and consummates the relationships first mooted in May this year with the selection of AGL/Petronas as the preferred developer. Speaking from Brisbane yesterday, project director Dr John Powell said the execution of the agreement represented a ''major milestone'' for the project. ''As a result of this agreement, and with the approval of the Queensland Regulator and the (Australian Consumer and Competition Commission), all potential customers will be provided with tariff structure details and pipeline access principles which will enable completion of bankable Heads of Agreement for future gas supply,'' he said. The K4.8 billion pipeline project will take natural gas from the Southern Highlands of PNG to industrial markets in Townsville and Gladstone. It will also provide another major gas source and infrastructure linkage to enhance the reliability of gas services in eastern Australia. The participants in the project are Chevron Niugini Ltd, Mitsubishi Oil Company Ltd, Mobil Exploration & Producing Australia Pty Ltd, Oil Search Ltd, Orogen Minerals Ltd and Petroleum Resources Kutubu Pty Ltd. 203.22.79.35

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