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

To: Tomas who wrote (1671)	5/23/2000 8:54:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Queensland Govt Says Natural Gas Must Be Used to Generate Power By Stephen Wisenthal Brisbane, Australia, May 24 (Bloomberg) -- Queensland's state government said it will require natural gas to be used to generate electricity, as part of a strategy to reduce greenhouse gas emissions, and to promote a project to pipe gas from Papua New Guinea. Electricity retailers will be forced to buy 15 percent of their power from generators fired by gas or renewable energy by Jan. 1, 2005, State Premier Peter Beattie said. The government will also develop a large gas-fired power station at Townsville to use gas from the proposed US$3.5 billion PNG Gas project, which will bring gas 3,000 kilometers from the Papua New Guinea highlands to Queensland state. ``This is the sort of sensible strategy that I think should be a national model,'' Beattie told reporters. Queensland currently produces most of its power from coal- fired power stations, many owned by the state government. Oil Search Ltd. and Chevron Corp. said last month they reached an agreement that will make Exxon Mobil Corp. and Santos Ltd. full participants in the PNG Gas project, one of the largest energy developments currently being planned in Asia.