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

To: Tomas who wrote (732)	9/6/1998 8:54:00 PM
From: Tomas	Respond to of 2742

The Falklands: "Large gas find and a large number of hydrocarbon shows" Message 5681778

To: Tomas who wrote (732)	9/7/1998 9:08:00 PM
From: Tomas	Respond to of 2742

Papua New Guinea: Gas project poised to go, has reached its critical mass Post Courier, Tuesday September 8 THE proponents of the PNG gas pipeline project ''are well on the way to putting reality into that dream'' of piping dry gas from PNG to Queensland, said project director Dr John Powell. Addressing the North Australia/PNG Gas summit last week, Dr Powell said the ''project has ostensibly reached its critical mass in the marketplace''. ''We are rapidly securing the foundation volumes of gas required to breathe life into this bold and exciting project,'' he said. He said the recent signing of a Memorandum of Understanding (MOU) with Comalco to supply natural gas (about 27 peta joules per year) to their proposed alumina refinery in Gladstone. ''While the MOUs are not yet bankable paper, they are a very strong vote of confidence in the PNG Gas project and provide the basis to conclude firm sales contracts in the months ahead. Apart from Comalco, MOUs have also been signed with Stanwell-Dynegy which will require 48 peta joules per year for its proposed Townsville power station, and NRG Asia Pacific which is planning a power station in Gladstone which will consume 20 peta joules a year. Dr Powell said they are also continuing discussions with Queensland Alumina Ltd and Queensland nickel industries for the possible supply of about 20 peta joules per year and 25 peta joules per year respectively. ''We (now) have 140 (peta joules) of potential supply contracts, well over the 100-120 peta joules per year that we have maintained is required as foundation volumes to get this project underway,'' said Dr Powell. He said the project will not only tap a major gas resource but could also be the catalyst for ''potentially the most significant period of new industrial and commercial development in PNG and Queensland. Dr Powell told the conference that although initial customers were in Queensland, its horizon was not limited and the current matrix of pipelines in Western Australia show that there are developments which will happen if the pipeline project gets off the ground. ''The WA experience tells us that the availability of infrastructure to supply a secure energy source for the long term will, in effect, create a market for the product it delivers. ''The outlook represents something of a comfort zone for the PNG Gas developers. We will go ahead with hard nosed negotiations with potential buyers that produce long term gas supply contracts written to three decimal places. ''But the WA experience confirms that the PNG Gas project can flourish on the unseen economic activity, which surfaces at the same time as the gas,'' Dr Powell told the conference. 203.22.79.35