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

To: Tomas who wrote (1317)	9/20/1999 12:22:00 AM
From: Tomas	Respond to of 2742

In the annual report on Friday, AGL noted that the Papua New Guinea to Queensland natural gas project was continuing to build momentum. ``A number of regulatory hurdles have been cleared, sufficient gas reserves have been committed to the project, very competitive tariffs on the pipeline have been offered and support from the PNG, Queensland and the Federal governments is strong,' AGL said. The proposed 2100 kilometre pipeline is to be built in conjunction with AGL's joint venture partner Petronas (Malaysia). AGL said all that stood in the way of the pipeline was the commitment of foundation customers and final regulatory approval. From PostCourier, September 20 postcourier.com.pg _____________________________________________ Chevron looking at ways of improving its equity stake in the gas venture From The National, September 20 Questioned about the proposal announced by Petroleum and Energy Minister Tommy Tomscoll for the Malaysian state owned oil and gas company, Petronas, to own and operate the PNG section of the gas pipeline to Queensland, senior Chevron Niugini executive, Paul Gazawe,said: "We prefer to be the operator of the infrastructure and we have the necessary technology and capability." Mr Gazawe urged the Government to ensure that the gas pipeline is built by PNG companies, including Chevron Niugini, and the PNG Government, which may be able to obtain concessional finance from the Asian Development Bank and other institutions. He said the Government should "help Chevron and others in PNG" to maximise the local benefits from the pipeline project. Chevron itself was looking at ways of improving its equity stake in the gas venture. Even though it is the project operator, it looks like ending up with less than 10 per cent equity with Oil Search, Orogen Minerals and the government's Mineral Resources Development Corporation (MRDC) holding more than 60 per cent. wr.com.au