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

To: Tomas who wrote (1691)	6/1/2000 11:31:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Timor gas a threat to pipeline project - PostCourier, June 1 Timor gas is threat to the billion-kina PNG to Queensland gas project, the fourth PNG Petroleum Convention was told on its last day yesterday. The project's external affairs manager Cliff Leggoe said that every day lost brings the likelihood of Timor gas into the Queensland market. Mr Leggoe said three main proponents were needed to make the project work and these were reserves, a dedicated market and final arrangements including engineering, financing and approvals to get the project starting and gas into the market. He said reserves and the market had been identified but final arrangements, agreements and approvals were still pending, and these are important to get at as soon as possible. Mr Leggoe said recent progress include the completed marine survey project, the Comalco announcement of the Gladstone market, the reserve integration and recently, the Queensland government announcement of the "cleaner energy strategy''. He said the market was very important and PNG had to move ahead with its finalisation of agreements and approvals because the Timor Sea gas might pose problems for the PNG gas project. Mr Leggoe said the Queensland government's real objectives were to diversify the states energy uses whether the gas came from PNG or from the Timor project. Mr Leggoe said the Timor Sea gas was a real threat to PNG gas and the current challenges include among others the timely close of gas agreements, timely and precise facilitation of approvals and understanding the wet gas proposal. "Every day lost now brings the likelihood of Timor Sea gas into the Queensland market," Mr Leggoe said. He said outstanding issues, which needed to be finalised include sales contracts with customers, landowner agreements and financing, et cetera. Mr Leggoe ended with the message that the PNG gas project has an 18-month lead on the Timor Sea, but that we will have to move forward or it will "catch up with us''. Petroleum and Energy Minister Dr Fabian Pok when officially opening the conference on Monday said that initial discussions had already started on the gas agreements between the State and the proponents of the gas project. The project was boosted recently with several major announcements, the key one being the Queensland government's energy policy. postcourier.com.pg