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

To: Tomas who wrote (1076)	5/12/1999 10:10:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

First buyers of Papua New Guinea gas to sign on soon The National, Thursday May 13 By NIKINTS TIPTIP PORT MORESBY: The Department of Petroleum and Energy announced yesterday that the first buyers of PNG gas in Australia will sign on within the next two weeks. Department of Petroleum and Energy Secretary Joseph Gabut said the signing of customers in Australia or Queensland was a concern after major partners Exxon and Oil Search reached an agreement recently on the availability of gas reserves to back the PNG-Queensland gas project. Mr Gabut did not name the buyers saying "you will know shortly," but he said there were one or two other customers who have also shown interest. He also praised Comalco for returning to the negotiation table as a major player in the development of the gas project. Ownership and financing of the gas infrastructure development from PNG to Queensland was well underway with the state taking up "substantial equity," he said. Papua New Guinea based companies will be engaged to take up the infrastructure development up to the international border and Australian companies would work on the other side, he said. Mr Gabut said he was pleased with the current progress and as soon as the market is fully secured, the joint venture partners will launch an application for a licence to formally operate the project. He said the infrastructure part of the project will be owned and developed by different companies from PNG and Australia depending on their boundaries while the project itself will be decid4ed among major partners. wr.com.au