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

To: Tomas who wrote (1676)	5/24/2000 8:58:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

PNG Gas agreement a major boost for project - Pok PostCourier, May 24 PLANS are afoot to build a separate gas pipeline from the Gulf province to Port Moresby to source energy for electricity to power industries as well as for general development purposes, Petroleum and Energy Minister Fabian Pok told parliament yesterday. Dr Pok said the PNG Gas Project took another step forward towards realisation, with the recent signing of a heads of agreement between major partners of the Kutubu and Hides gas fields. Dr Pok said the decision by Chevron and Exxon to sign the heads of agreement moved forward plans to send gas to Queensland. Chimbu Governor Louis Ambane had said that while PNG would be exporting between 500 million and 600 million cubic feet of gas to Australia, he wanted to know if there was any plan for use of gas domestically as a cheap source of energy for industrialisation purposes at home. Dr Pok said to clear the minds of Members of Parliament and the public at large, there were two types of gases. One was solid gas and the other was Liquefied Petroleum Gas (LPG). The solid gas is for power generation while LPG is used for cooking. Dr Pok said options were being looked at to set up a LPG factory in Port Moresby to supply the local markets as well as for export. Imbongu MP Peter Peipul, in a supplementary question, asked what assistance the government would provide to the National Gas Corporation to acquire equity in the project. The NGC was set up by an act of parliament. Dr Pok said since he took up the portfolio only recently and has yet to sit with all affected parties including NGC, landowners (within the gas fields and along the pipeline route), Midland Oil and the National Government. He said the gas field developers had agreed that all these parties would own 30 per cent of the shares in the project. Dr Pok said each group needs to raise their own funds to purchase shares and they all had to sit down and discuss how best to do this. postcourier.com.pg