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

To: Tomas who wrote (1672)	5/23/2000 10:30:00 PM
From: Tomas	Read Replies (2) \| Respond to of 2742

Brisbane, Australia, May 24 (Bloomberg) -- Queensland, Australia's third-most-populous state, currently produces almost all of its power from coal-fired power stations. About 80 percent of the state's generating capacity is owned by the government. The Queensland government said it will work with the Australian Gas Light Co., Australia's largest natural gas distributor and utility, and Petroliam Nasional Berhad, or Petronas, the Malaysian state oil company, the companies developing the 2,000 kilometer Queensland leg of the proposed pipeline. The cooperation aims to speed construction of the Townsville to Brisbane section and bring gas to Townsville before the section to Papua New Guinea is built. The government may provide financial support in return for a share of the eventual profits from the Brisbane to Townsville section, a government spokesman said. Acceleration ``We've got to have urgent discussions with the government about accelerating it. We think we can get the (Townsville to Gladstone) pipeline built by mid 2002,'' said Bill Armitage, chief general manager of commercial devlopment at AGL. The government also said it won't approve new coal-fired generating stations unless a clear need can be demonstrated. Earlier this month, Powerlink Queensland, the government's electricity transmission company, said the state's surplus power capacity will nearly double by 2003 after three new coal-fired power stations are completed. The Queensland government's strategy will allow the PNG Gas partners to conclude final contracts to sell the gas, said Peter Botten of Oil Search Ltd., the largest holder of oil and gas reserves in Papua New Guinea. ``Without an energy policy it's been very difficult for any of our customers and ourselves to finalize the contract terms,'' said Botten. Full article: Queensland Seeks Natural Gas for Power Generation (Update 1) quote.bloomberg.com