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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Razorbak who wrote (987)4/7/1999 7:13:00 PM
From: Tomas  Read Replies (1) of 2742
 
Razor, I remember your words of wisdom back in 1997: <<This is a gas project, and gas projects tend to move a lot slower than oil projects.
I have worked on enough of these gas development contracts to know that things do not typically go as planned, and one must be realistic when assessing project development schedules.

To be specific, I worked on one gas development project in Malaysia in 1995, and another in Australia in the same year, both of which showed similar signs of progress and both of which harbored lights at the end of the their own respective development tunnels, but both projects have still not reached financial closure, despite a world of good intentions and continual focus by eager project personnel.>>

Have any of these projects reached financial closure yet?

The last remaining issue is how Exxon and Chevron would divide up the integration of the project's gas reserves. As the project manager puts it: "the problem has been finding an appropriate way to cut up the proposed pipeline's financial "cake" while the partners were still trying to define exactly what the cake was."

Oil Search still claims a deal is close, they say "Chevron and Esso just need to pool mutual gas reserves, that's the last hurdle". They expect a final deal before summer.
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