Subject: Phillips Petroleum warns over Timor Gap Treaty impasse

Australian Boradcasting Corporation April 20, 2001

Phillips Petroleum warns over Timor Gap Treaty impasse

Phillips Petroleum has warned that if the impasse in Timor Gap Treaty negotiations is not resolved quickly, major developments in the Timor Sea will not go ahead.

Phillips Petroleum's Jim Godlove says it is up to the Federal Government to resolve the matter and give investors some certainty.

He says if the company does not get legal and fiscal certainty by the end of July, it will not be able to approve a pipeline to bring gas onshore.

"We are prepared to make very significant investments within the next [few months], or commit to those investments within the next few months," he said.

"Not only Phillips, but El Paso and Methanex and Woodside and Shell and numerous companies are prepared to do that, but none of us are prepared to do that in a legal and fiscal void with regard to gas and only governments can give us that."

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