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

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To: Tomas who wrote (837)	11/18/1998 7:16:00 PM
From: Tomas	Read Replies (1) of 2742

Australian Foreign Minister: "Boost" for the PNG-Queensland gas pipeline project. Lundin Oil's Pandora field mentioned. The National, Thursday November 19 Downer welcomes passage of gas act By KEVIN PAMBA PORT MORESBY: Australian Foreign Minister Alexander Downer yesterday welcomed the passing of the oil and gas bill by PNG Parliament on Monday. Mr Downer described the passage of the bill by an absolute 62-0 vote as "boost" for the the PNG-Queensland gas pipeline project. He said the Australian Government looked forward to continue working with its PNG counterpart to advance the project. "I welcome this encouraging step from the PNG Parliament towards what could prove one of our two countries' largest ever joint venture," Mr Downer said in media statement. "The A$3.1 billion (K4.1 billion) project is expected to generate more than 5,500 jobs in Australia and PNG during the two year construction period and about 300 permanent jobs in the longer term." He said the project could also generate significant investment opportunities for companies in both countries. He gave an example that in Australia, energy consuming projects already under consideration in the Townsville and Gladstone areas in Queensland have the potential to create more than 2,400 permanent positions with capital expenditure in excess of A$5 billion. Mr Downer said "PNG will also benefit from the potential establishment of industrial developments by large-scale energy users and further regional development opportunities including the possible development of the Pandora gas field in the Gulf of Papua". "Much work remains to be done to bring the project to fruition but the decision by the PNG Parliament to pass the new legislation is a welcome reminder of the high priority the PNG government attaches to this important commercial opportunity," Mr Downer said. "The Australian Government looks forward to continuing work with the PNG Government to advance the PNG-Queensland gas pipeline project." The passage now puts to rest the anxiety expressed by project proponents lead by operator Chevron earlier this month that, the project would held back by a year if a workable legislation was not passed by Parliament. Participants in the project are: Chevron Niugini Ltd, Mitsubishi Oil Co Ltd, Mobil Exploration and Producing (Australia) Pty Ltd, Oil Search Ltd, Orogen Minerals Pty Ltd and Petroleum Resources Kutubu Pty Ltd. wr.com.au

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