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

To: Tomas who wrote (535)	4/8/1998 8:30:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Lundin Oils' Pandora Project: Chevron gets PNG Govt invitation PORT MORESBY: The developer of the proposed PNG/Queensland gas pipeline, Chevron Niugini, has received a formal invitation from the National Government to present a proposal for development of the US$2.8 million (K5.51 million) gas pipeline project. Chevron deputy managing director and PNG Gas Commercialisation director Moseley Moramoro yesterday confirmed the receipt of the formal invitation from the Government through Petroleum and Energy Minister Masket Iangalio. The minister had recently told journalists that the government had invited the consortia led by Chevron and BP to submit project proposals. Mr Iangalio said that detailed discussions would be held with the two consortia on terms and conditions. "Other companies may submit their proposals for consideration by the National Government," Mr Iangalio said. Dr Moramoro said, "This is a milestone in our efforts in putting this project together. This will also help in providing considerable comfort to our joint venture partners, potential foundation customers and the market place in general." Dr Moramoro said some of the standard requirements for approval of such a large project would include environmental, financial and marketing plans as well as engineering design. Chevron Asiatic Corporation, on behalf of the pipeline project consortium, has made considerable progress with a feasibility study on the market. The feasibility study covers negotiation of the multi-jurisdictional agreements between PNG and the Australian federal and state governments. A go ahead decision for the gas project hinges on contracts with several important Queensland gas customers. The ability of the consortium to deliver gas at a competitive price over a long contract period remains the key to signing these contracts and to a go ahead for the project. Dr Moramoro also said that the Department of Petroleum and Energy had been given the task of holding preliminary discussions on a gas agreement with the developers. He said that these discussions would be held simultaneously with the drafting of oil and gas legislation which would include downstream oil and gas legislation, pipeline legislation, landowner benefits legislation and minor amendments to the Petroleum Act. wr.com.au