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

To: Tomas who wrote (2259)	4/6/2001 12:45:50 PM
From: Tomas	Read Replies (2) \| Respond to of 2742

Chevron Shunted From Stewardship Of PNG-Australia Pipe CANBERRA (Dow Jones) April 6 --Participants in a plan to pipe natural gas from Papua New Guinea along the east coast of Australia's Queensland state announced Friday a new management structure for the project. An Australian unit of Chevron Corp. (CHV) has operated the project to date but will be replaced by a management committee representing each of the owners. The management committee will be chaired by ExxonMobil Corp. (XOM) executive W.F. Threlfall. The committee will provide strategic guidance to a dedicated gas marketing group based in Brisbane city. "Support for all other aspects of the project will be provided by the owner companies, significantly increasing the resources available to deal with the many complex issues being addressed by the project," the owners group said in a statement. "The original PNG project team has completed all the technical work necessary," they said. The owners group includes ExxonMobil Chevron, Oil Search Ltd. (A.OSH); Santos Ltd. (STOSY); MRDC, which represents PNG landowner interests; and Japan PNG Petroleum PNG. The ambitious US$3.5 billion natural gas pipeline will travel under Torres Strait to a string of Queensland cities and ports, electricity generators, minerals processors and industrial sites along the state's decentralized eastern seaboard. The project has been in development since the mid-1990s. Chevron aimed to commence operations in the second half of 2004 after construction of a 3,250 kilometer pipeline. A formal start to the pipeline hasn't been announced. The project will include stripping condensate at a rate of 15,000 barrels a day and liquefied petroleum gas from the gas at a site near PNG's south coast. More than 1 million metric tons of LPG could be stripped from the gas in total, making it a major LPG operation.