Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Tomas who wrote (867)	12/1/1998 6:58:00 AM
From: Tomas	Read Replies (2) \| Respond to of 2742

Oil Search Says To Extend Papua New Guinea Gas Pipeline To Brisbane Nihon Keizai Shimbun - Nikkei English News SYDNEY (Dow Jones) December 1, 1998 -- Oil Search Ltd.'s (A.OSH) managing director, Peter Botten, Monday said the partners in a proposed US$2.6 billion natural gas pipeline between Papua New Guinea and the north of Australia's Queensland state are trying to extend the project to deliver gas to Brisbane. Signing major industrial power customers in Brisbane will lessen the need for the pipeline partners to secure aluminum concern Comalco Ltd. (A.CMC) as a foundation customer. "Comalco believe they are pivotal to our project. We are working very hard and have had substantial success in removing their pivotal position," Botten told reporters after addressing a Papua New Guinea mining and petroleum conference in Sydney. Comalco is deciding whether to site a A$1 billion alumina refinery at Gladstone in north Queensland or in Malaysia. If based in Queensland the refinery would provide the pipeline project with substantial base demand of about 27 petajoules a year, Botten said. Comalco has long been weighing up its decision but Botten said the pipeline partners are running out of time. They must commit to a marine study in the next few weeks and negotiate terms between themselves for the integration of the various partners' natural gas reserves from fields in Papua New Guinea into a single supply pool. "We are definitely ahead of our competitors now but given uncertainty, and any length of uncertainty, the project may well disappear for a long period of time," Botten said. Apart from Papua New Guinea-based oil and gas company Oil Search, other partners in the 2,600 kilometer pipeline project are Chevron Corp. (CHV), Mitsubishi Oil Co. (J.MBO or 5004), Mobil Corp. (MOB), Orogen Minerals Ltd., and Petroleum Resources Kutubu Pty. Ltd.