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

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To: Tomas who wrote (1012)	4/15/1999 6:41:00 PM
From: Greywolf	Read Replies (1) of 2742

MELBOURNE, April 15 The interesting thing in this is the BHP play and the fact that few if only the companies have thought too much of the whole project - until now. The energy need's of the Aussi north are extensive and only matched by the country itself. Once the energy is in place the closeness to Asia will become self evident on more levels than the geographical .... Vision my friend's - Vision! Woodside Petroleum Ltd could be seeking investment opportunities in the Papua New Guinea to Queensland gas pipeline as part of its strategy to boost its position in eastern Australia, energy analysts said on Thursday. Analysts said there was market talk that Woodside was seeking an investment in Oil Search Ltd as a way of becoming involved in the A$5.5 billion gas project. "It is not critical to them in terms of competitive threats, but it is a major new project, it is gas and it is the eastern states," one analyst said. "If they do want to play a role in the eastern states gas market it is something that would make sense for them to get a nose in." But one analyst said Woodside typically did not take minority positions in other petroleum and gas producing companies, and may be more interested in direct investment opportunities. He suggested a more likely possibility was that Woodside could move to acquire the 9.7 percent production licence stake held in the PNG gas fields by The Broken Hill Pty Co Ltd , if that comes on to the market. BHP said last year it would no longer fund a feasibility study for the PNG-Gladstone pipeline, but still holds PNG production and exploration interests. "I don't think anyone expects them to be there in the longer term," the analyst said. Oil Search holds a 27.5 percent interest in the Papua New Guinea Hides field which will supply gas to the pipeline, along with the Kutubu field. Oil Search earlier this year reduced its Hides interest selling a 25 percent stake to Santos Ltd which analysts said saw a direct threat from the pipeline due to its position in central Australia's Cooper Basin. Woodside indicated in its last annual report that it was seeking a greater involvement in the eastern states. Since March the company has paid a total of A$36 million to take a position in Bass Strait fields which are seen as potential major new sources of east coast gas supplies. Woodside acquired a 20 percent stake in the Kipper field and a 47.06 percent interest in the nearby Basker-Manta-Gummy blocks. It already has exploration interests in four permit areas in Papua New Guinea. The ambitious PNG-Gladstone gas pipeline project is yet to secure customer contracts to guarantee its construction, but this week a deal was wrapped up to ensure adequate gas supplies to meet demand over 30 years.

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