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

To: Tomas who wrote (1790)	8/15/2000 10:49:52 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Chevron vows to stay in PNG 'for a long time'. "The PNG Gas Project is the main reason" The National, August 15 By CHRISTINA KEWA CHEVRON Niugini has promised to remain in Papua New for a "very long time" despite a sharp decline in oil production this year. Speaking at a reception in Port Moresby last week, president of Chevron Overseas Petroleum Inc, Peter R Robertson, said Chevron will remain in PNG for the next 30 years or more. "Oil production has dropped from 140,000 barrels per day to 75,000 barrels per day this year, but we are determined to remain in PNG for a long time," Mr Robertson said. According to Mr Robertson, production has dropped because output at Kutubu, which produces most of the oil, is starting to decline. He said Kutubu remained the major producer among all the oil fields. Despite of the decline, Mr Robertson, who is responsible for directing Chevron's oil exploration and production outside north America, said Chevron was here to demonstrate its commitment to PNG. He also commended the current Tax Review Committee headed by Sir Nagora, saying this would encourage investment in PNG. "We are encouraged by the Tax Review Committee led by Sir Nagora. This review is a step in the right direction for investment," Mr Robertson said. He said the PNG Gas Project was the main reason why Chevron would remain in PNG. "The main thing that will keep us here is the gas project. We would like to continue to work harder because this is a very significant project for PNG, Australia and Chevron," Mr Robertson said. Mr Robertson also urged the Government to provide an environment that was conducive to investment in the country. "We believe we have the experience and commitment to the project and the people of PNG," Mr Robertson said. He also said Chevron was planning to do more exploration in the country. Mr Robertson also paid a courtesy call on Prime Minister Sir Mekere Morauta during his visit at Parliament House. He was accompanied by country manager, oil assets Australasia, Isikeli Taureka, Gas Commercialisation director Dr Moseley Moramoro and Chevron Australasia strategic business unit managing director John Gass. Sir Mekere and Mr Robertson discussed the progress of the gas project.