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

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To: Razorbak who wrote (991)	4/11/1999 10:42:00 PM
From: Tomas	of 2742

Papua New Guinea: Chevron confident of gas go-ahead in the near term PostCourier, Monday April 12 BRISBANE: The operator of the multi-billion dollar Papua New Guinea gas pipeline project said it expected a resolution on the integration of the reserves in the near term. A Chevron Corp spokesman said he could not comment on media reports that Sydney-based Oil Search Ltd was on the verge of taking over from Exxon Corp in negotiations to integrate the Hides reserves with the project. The Australian Financial Review reported that Exxon and fellow US-based energy giant Chevron were deadlocked after four months of intense negotiations. ''Discussions between the two joint ventures are continuing and we're confident of a positive outcome in the near term,'' the spokesman said on Friday. He said the negotiations were between the partners in the two joint venture production licences, PDL 1, covering Hides, and PDL 2, which covered the adjacent Chevron-operated Kutubu reserve in PNG's southern highlands. Santos managing director Ross Adler was reported as saying the project still had only a 50 per cent chance of proceeding. Santos has a 25 per cent stake in the Hides reserves. postcourier.com.pg

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