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    PNG pipeline project in advanced gas sales talks, ExxonMobil

    BRISBANE, Aug 19 AAP - United States energy giant
    today said it was in advanced negotiations for sales of Papua New
    Guinea gas which, if successful, will provide the volumes required
    for the $US3.5 billion ($A6.42 billion) pipeline project to
    proceed.
    Shares in Oil Search Ltd, which owns a 37 per cent interest in
    the long-delayed gas pipeline project between Queensland and the
    PNG highlands, lifted 4.11 per cent or three cents to 76 cents at
    1308 AEST.
    In a statement ExxonMobil today said it was confident the PNG
    gas project's pricing structure and commercial arrangements would
    make PNG gas the most competitively priced gas supply available in
    Queensland.
    AGL, Australia's largest gas retailer, has a conditional
    agreement with the PNG gas project to take between 40-50 petajoules
    per annum (125 million cubic feet per day) over a 20-year period,
    starting in 2006.
    ExxonMobil also today hit out at pundits who claim a consortium
    linked to the PNG pipeline lost the bid to supply the new baseload
    Townsville gas-fired power station because of cost.
    In the ABARE report "Gas Supply and Demand Balance to 2019-20",
    released last Friday, ExxonMobil said key assumptions were flawed
    and made without consulting ExxonMobil.
    "The recent announcement that the proposed Townsville gas fired
    power station will be supplied by the Enertrade - CH4 consortium
    and not from the PNG pipeline illustrates the competitiveness of
    coal seam methane as an alternative source of supply in eastern
    Australia," the ABARE report said.
    "This assumption ... fails to recognise that there are factors
    other than price which can, and in the case of Townsville did,
    influence government decisions," ExxonMobil said.
    "PNG gas was a commercially competitive option for the
    Townsville Power Station.
    "However, the Queensland Government saw the requirement for gas
    fired power generation to commence in 2005 as a deciding factor."
    The PNG gas project expects to make its first deliveries in
    2006.
 
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