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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1193)	7/15/1999 8:52:00 PM
From: Tomas	Respond to of 2742

Papua New Guinea. PostCourier, July 16: Development in the Queensland energy market have highlighted the need for PNG to vigorously pursue the gas pipeline project, commentators said yesterday. Queensland Premier Peter Beattie this week gave the go ahead for a $1.4 billion electricity project powered by coal. The Millmerran Power Project will burn coal from a new coal mine near Toowoomba, and has been hailed by the Queensland labor government as creating 1300 new jobs, many of them in the coal mine. Gas from PNG is seen by many as competing with coal, which is a traditional Queensland energy source. While PNG Gas has the advantage of being cleaner, and more plentiful, the Queensland coal industry remains a fierce competitor. Queensland's minister for State Development, Jim Elder, said electricity demand in Queensland was growing at 3 per cent annually. ''That is why coal projects such as this are needed, but also why the government is doing everything possible to facilitate the PNG Gas pipeline and other gas projects that will give Queensland more power, and alternative clean energy sources,'' Mr Elder said. PNG Gas Project director Dr John Powell said that the Millmerran coal fired electricity project was not a surprise, and had been factored into the overall energy market. ''Healthy competition in the market to supply energy is good for consumers. ''There is also substantial benefit in the greenhouse gas advantages deriving from the PNG Gas Project,'' Dr Powell said. Mr Beattie said the coal project would not derail the PNG gas pipeline. ''The PNG project is now at the stage where they are seeking customers for the gas that they are wanting to export from Papua New Guinea, and if that stacks up the PNG gas pipeline will go ahead. Coal projects including Millmerran and the PNG gas pipeline should be ''compatible'', he said. Chevron, Oil Search, Orogen and partners are keen to impress the new PNG government with the need to keep the pressure on the Australian market, to achieve customer sign-up and a go-ahead for PNG's largest-ever resource development. Incoming Prime Minister Sir Mekere Morauta told parliament in his acceptance speech that projects vital to the health of the economy, such as the gas project, will be given top priority. postcourier.com.pg