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

To: Alan Greenspan who wrote (688)	8/5/1998 8:35:00 PM
From: Tomas	Respond to of 2742

Pipeline closer to fruition. "The most exciting project for PNG and Queensland in a generation." The National, Port Moresby, Thursday August 6 BRISBANE: The Chevron project for a pipeline to carry gas from PNG to Queensland came closer to fruition yesterday with the signing of a memorandum of understanding (MoU) between the PNG Government and Queensland. The signing came after Prime Minister Bill Skate signed an MOU with his Australian counterpart John Howard in Canberra on Monday. After the signing of the MoU, Mr Skate said the signing meant the project was "all go". "At this time of economic crisis, a project such as this is going to provide economic stability and provide job opportunities for both countries... and if investors invest in both countries we can make it," Mr Skate said. Queensland premier Peter Beattie said the signings represented a milestone in the progress of the proposed PNG-to-Gladstone gas pipeline project, which would create about 2,500 jobs and accelerate development. "The project still has to gain necessary permits and approvals from both governments, but the processes will be fast-tracked," Mr Beattie said. The proposed pipeline would run 2,600 km from the Highlands to Gladstone on Queensland's central coast. A "spur line" into Townsville would take power to industrial users. Chevron had signed a cooperation agreement with Comalco, which was considering building a huge alumina refinery in Gladstone. The refinery would help make the pipeline viable. Mr Beattie said the Queensland government was committed to the project with or without Comalco's support, and the project would be delivered "as quickly as is humanly possible". "If there are problems in relation to Comalco, my commitment and the government's commitment to this project remain," Mr Beattie told reporters after the signing of the MoU. The premier said the project was the most exciting for PNG and Queensland in a generation. "Many of you have never seen a project like this. It's natural gas, it helps reduce greenhouse gas emissions, it's clean energy, it does all the right things," he said. "This is a once in a lifetime opportunity, and that's why it's so important." Meanwhile, the Queensland state parliament was told yesterday that a Labour Party Senate amendment to the Native Title Act had effectively exempted the Chevron project from the right to negotiate process under the Native Title Act. However, other projects had been ignored, Opposition state development spokesman Mike Horan said. He said the Labour Party's amendment meant one private infrastructure project in Queensland had been protected from the right to negotiate provisions while other projects, including major mining ventures in the northwest minerals province, had been ignored. Mr Beattie said he had made sure the amendment was put up by the federal Labour Party. "Let me tell you they had my full support," Mr Beattie said. "I made sure it happened in the Senate. "I didn't sit around here gazing at my navel. I made certain it happened in the Senate because this is the most significant project in a lifetime for this state." -AAP wr.com.au

To: Alan Greenspan who wrote (688)	8/6/1998 8:48:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

The Falklands: From AFX Europe, Thursday In a news conference in London, Royal Dutch Shell said it has only just begun explorative drilling offshore the Falkland Islands and although it has obviously carried out seismic studies of the area, managing director Phil Watts poured scorn on recent speculation that the group is close to making a discovery. ''I don't know where people get these stories from,'' Watts said. He said the company has a platform for 3-4 months offshore Falklands and has only just begun drilling. He pointed out that on average only one in ten of the group's explorations make a discovery and only one in fifty actually end up being commercial. Bearing this in mind, he described the offshore Falklands as ''real frontier territory and we are going out elephant shooting. The question is whether there are any elephants out there.'' The fire of speculation was stoked recently by Sodra Petroleum AB chairman Ian Lundin who told a Swedish news agency in late July that ''according to what we have heard, Shell has found good signs of the existence of oil but it is too early to say if there are commercially viable amounts'' Sodra is one of several companies with exploration tranches offshore theFalklands Islands. Also involved in the area are Westmount Energy PLC, Greenwich Resources PLC and Desire Petroleum PLC. Shell moved quickly to deny the report at the time, but speculation is still rife about the region. Watts said today that the group has no indications about the success of its drilling yet and will not have for some time. rdw/zax/