png pipeline news?

From the Australian website:

"THE ambitious plan to pipe gas from the Papua New Guinea Highlands to markets in Australia is finally on the verge of securing enough customers to justify the massive $3.5 billion development.

The future of the project - on the drawing board for more than a decade - now hinges on talks to supply Alcan's $2 billion Gove alumina refinery expansion in the Northern Territory.

Alcan's dramatic decision, announced yesterday, to terminate its gas supply agreement with Woodside's Blacktip gas project, follows intensive marketing efforts by PNG project partners to win the contract to supply gas for the Alcan refinery.

The Australian has learned the PNG project is offering Gove significantly lower terms than those originally offered by Woodside for Blacktip gas. " ......

"Project partner Oil Search, controlling most of the gas to be piped to Australia, said earlier this year agreements with customers for 70 per cent of the estimated 110 petajoules in sales needed for a decision to proceed were close to being sealed. A deal with Alcan would give the project partners enough gas demand to move the project ahead. "


Need more good news to keep it going! Oil closes over


$60.00 last nite

R.