Energy Central Daily Gas News

Message-ID: <17888112.1075860866207.JavaMail.evans@thyme> Date: Tue, 19 Feb 2002 17:55:53 -0800 (PST) From: gasnews@mail.energycentral.com To: khyatt@enron.com Subject: Daily Gas News - 2/20/02 Mime-Version: 1.0 Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: 7bit X-From: gasnews@mail.energycentral.com X-To: khyatt@enron.com X-cc: X-bcc: X-Folder: \Kevin_Hyatt_Mar2002\Hyatt, Kevin\Deleted Items X-Origin: Hyatt-K X-FileName: khyatt (Non-Privileged).pst Energy Central Daily Gas News

WEDNESDAY, FEBRUARY 20, 2002

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TOP STORIES

El Paso Corp raises precious cash from asset sale
NEW YORK, Feb 19 (Reuters) - Energy firm El Paso Corp, struggling with a heavy load of debt, raised some precious cash on Tuesday by selling some of its natural gas transportation assets to El Paso Energy Partners for $750 million.

PetroChina in talks for Husky Energy assets
SINGAPORE/CALGARY, Alberta, Feb 19 (Reuters) - Top Chinese oil firm PetroChina is working on a multibillion-dollar bid for Husky Energy Inc.'s exploration and production assets, a deal that could end months of takeover speculation surrounding Canada's No. 5 integrated oil firm, senior Chinese industry sources said on Tuesday.

Australian govt hopes gas sales aid PNG project
CANBERRA, Feb 19 (Reuters) Australian Resources Minister Ian Macfarlane said on Tuesday he hoped an early agreement to build a natural gas pipeline from Papua New Guinea to Australia would lead to gas sales in Australia and secure the project.

Enron Debacle

Employees Committee Could Alter Dynamic of Enron's Efforts to Rebuild
By Eric Berger, Houston Chronicle, Feb. 19 During another withering hearing in a New York bankruptcy court last week, in a rare personal moment, Enron's lead attorney explained what he tells those who ask how the case is going:

Advocates Say Energy Regulatory Commission Members Unfairly Tarnished by Enron
By Frank Reeves, Pittsburgh Post-Gazette, Feb. 19 Patrick Wood and Nora Brownell, President Bush's appointees to the Federal Energy Regulatory Commission, haven't been getting the best press lately.

Florida Is Rejected As Lead Enron Plaintiff
By Helen Huntley, St. Petersburg Times, Fla., Feb. 19 A federal judge has bluntly questioned Florida's effort to sue Enron and its accountants for securities fraud in the loss of more than $300-million from the state's pension funds.

E-mail from Chicago to Houston Could Hold Key to Enron Shredding
By Cam Simpson, Chicago Tribune, Feb. 19 It didn't carry a computer virus that wiped out every Enron file, but an extraordinary e-mail from Chicago to Houston may have produced similar results.

Williams `Not Enron,' CEO Says
By Russell Ray, Tulsa World, Okla., Feb. 19 Long before the collapse of Enron Crop., when the stock was prized by investors, Williams Cos. Inc. couldn't escape doubting analysts who wondered why the Tulsa company hadn't adopted the trading style of its more successful peer, the chief executive of Williams said Monday.

Rivals Battled Enron In Energy Lobbying
Feb 19, 2002 - washingtonpost.com Just weeks after Enron Corp. Chairman Kenneth L. Lay wrote checks for $175,000 to the Republican Party in April 2000, executives and lobbyists from one of his arch rivals hosted a fundraiser in Alabama for Sen. Frank H. Murkowski (R-Alaska), then chairman of the Senate Energy Committee.

Senators, Former Employees Still Upset about Enron Debacle
By Jerry Zremski, The Buffalo News, N.Y., Feb. 18 Senators pushed the weight of the world onto Kenneth L. Lay's shoulders Tuesday, saying he shares the blame for the loss of his employees' jobs and retirement savings, not to mention the energy crisis in California and the corruption of the American political system.

European Traders Take Bonuses in Wake of Enron's Collapse
Daily Mail, London, Feb. 18 A hundred traders shared bonus bonanzas of UKpound 24 million to help close the books at the European operations of US energy giant Enron, which collapsed under debts of UKpound 20 billion.

Denver-Area Experts Offer Scenarios on Where Enron Scandal May Lead
By Tom McGhee, The Denver Post, Feb. 18 Top Enron executives could find themselves stripped of their fortunes and reading stock reports behind bars, some Denver-area experts say.

Former Enron Workers Look for Life after Company Collapse
By Bill Murphy, Houston Chronicle, Feb. 18 They were the best, the brightest, the cream of the crop.

Andersen Almost Ready to Wrap Up Its Own Investigation into Enron Case
By Delroy Alexander, Chicago Tribune, Feb. 19 Faced with speculation about a promised internal report into how its employees went about destroying documents relating to client Enron Corp., accounting giant Andersen and its law firm were hurriedly putting the finishing touches to their investigation Monday.

Democratic National Chairman Has Two Enron-Type Skeletons Lurking
By Ralph Z. Hallow, The Washington Times, Feb. 18 Democratic National Chairman Terrance M. McAuliffe, who has been trying to tie the Enron debacle to the Bush administration, has two Enrons in his closet.

House Democratic Whip Pelosi Ties Enron to Picking Regulatory Chief
By Joyce Howard Price, The Washington Times, Feb. 17 House Democratic Whip Nancy Pelosi said yesterday that she suspects Enron was involved in choosing the chairman of the Federal Energy Regulatory Commission.

Jarvis Entertainment wants to buy Enron subsidiary
HOUSTON, Feb 19 (Reuters) Jarvis Entertainment Group, Inc., an Internet technology and entertainment holding company, said on Tuesday it has initiated an offer to buy Enron Broadband Services from the bankrupt energy giant Enron Corp.

Canada reviews policy to avoid Enron replica
OTTAWA, Feb 19 (Reuters) The Canadian government has begun examining financial and accounting regulations to make sure no replica of the Enron debacle occurs in Canada, cabinet ministers said on Tuesday.

There's plenty to learn from Enron
By Steve Butler Knight Ridder Newspapers, Feb 19, 2002 (Knight Ridder Newspapers - Knight Ridder/Tribune News Service via COMTEX) -- "If Enron was able to hide this the way they did, why couldn't other companies do it too?"

Enron Scandal Not Funny to Accountants
By John Taylor, Omaha World-Herald, Neb., Feb. 18 Did'ja hear the joke about the Arthur Andersen accounting firm and its audit of Enron Corp.?

FEATURE-Do-good mutual funds did not escape Enron fall
By Martha Slud, NEW YORK, Feb 19 (Reuters) The Pax World Balanced fund, which prides itself on its ethics, is one of the biggest mutual funds that promotes investing in good corporate citizens.

Enron investigation reveals Oklahoma losses
By Heather Lepley, STILLWATER, Okla., Feb 18, 2002 (Daily O'Collegian, U-WIRE via COMTEX) -- Oklahoma Attorney General Drew Edmondson's investigation into several state agencies to determine losses from the financial collapse of Enron Corp. is showing millions of dollars lost.

Wisconsin state investment board pursues Enron lawsuit
By Anna Vanderloop, MADISON, Wis., Feb 18, 2002 (Badger Herald, U-WIRE via COMTEX) -- The bankruptcy filing by the former energy giant Enron Corp. is causing serious repercussions for investors nationwide.

ENRON MELTDOWN FORCES A SECOND LOOK AT THE ROLE OF CORPORATE DIRECTORS
By Nick Snow in Washington, Feb 18, 2002 (Petroleum Finance Week/PBI Media via COMTEX) -- The repercussions of Enron Corp.'s spectacular collapse are so wide that they have extended to the corporate board room.

Enron Europe's creditors told to expect 25pc or less
Feb 20, 2002 (The Australian Financial Review - ABIX via COMTEX) -- Creditors of Enron Corporation's European arm will only receive, at best, $US0.25 in the dollar.

Denbury Sells Enron Claim for $9.2M
Feb 18, 2002 - United Press International Denbury Resources Inc. said Monday it has sold its claim in Enron Corp.'s bankruptcy for $9.2 million.

Enron Scandal Will Touch Everyone
Feb 19 - Dayton Daily News Americans who aren't employees or shareholders of Enron Corp. may think the massive corporate scandal doesn't touch them.

Enron Witness Is Genuine Hero, Oklahoma Family Says
By Adam Wilmoth, The Daily Oklahoman, Feb. 16 Enron's collapse has affected thousands of people worldwide, but few were paying more attention to Thursday's congressional oversight committee hearing than Edmond resident Julie Reagan.

Enron's Collapse to Affect Accounting Rules for Tech Companies
By David A. Sylvester, San Jose Mercury News, Calif., Feb. 18 The Enron scandal is sparking a broad reform movement to tighten financial and accounting practices -- and some of the key benefits won by Silicon Valley technology industries during the 1990s are caught in the crossfire.

National Energy Policy

Agencies Told to Save All Records from Energy Task Force
By Bennett Roth, Houston Chronicle, Feb. 17 The Bush administration said Saturday that it had ordered agencies to preserve all records pertaining to Vice President Dick Cheney's energy task force in response to an admonition from a federal judge.

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Mergers, Acquisitions & Divestitures

Reliance seeks BG joint bid for Enron India-source
AHMEDABAD, India, Feb 19 (Reuters) - British oil and gas major BG Group Plc has been asked to join Reliance Industries Ltd, the flagship of India's powerful Reliance Group, in bidding for bankrupt Enron Corp's $2.9 billion power project near Bombay, an industry source said on Tuesday.

BP hopes to sell Thailand JDA gas stake by year-end
SINGAPORE, Feb 19 (Reuters) Oil major BP hopes to sell a 25 percent stake in a petroleum exploration block in the Gulf of Thailand by the end of 2002, a company executive said on Tuesday.

E.ON's, Austria's OFG acquisition of Czech co JCP Cleared by EU
BRUSSELS, Feb 19, 2002 (AFX-Europe via COMTEX) -- The European Commission said it cleared the acquisition by E.ON AG and Oberoesterreichische Ferngas AG (OFG) of joint control of Jihoceska plynarenska as (JCP) of the Czech Republic.

E.ON's Hartmann does not see US acquisition plans affected by Ruhrgas takeover
DUESSELDORF, Feb 19, 2002 (AFX-Europe via COMTEX) -- E.ON AG chairman Ulrich Hartmann said the company's planned acquisition of a majority stake in Ruhrgas AG, and any future strategic expansion plans with the gas company, will have no effect on E.ON's plans for further acquisitions in the US.

E.ON, Ruhrgas consortium only bidder for Lithuanian gas utility
VILNIUS, Lithuania, Feb 19, 2002 (AFX-Europe via COMTEX) -- A joint venture between E.ON AG and Ruhrgas AG is the only potential investor to submit an initial bid for a strategic 34-pct stake in the Lithuanian gas distributor Lietuvos Dujos by today's deadline, the Lithuanian State Property Fund said.

Germany Utility Appeals Deal Block
Feb 19 - Associated Press German utility conglomerate E.On said Tuesday it has sought government approval for its acquisition of a 25.5 percent stake in Ruhrgas AG, the nation's main natural gas distributor, despite opposition from German antitrust authorities.

Gas Pricing/Hubs

Canadian spot natgas prices jump with NYMEX rally
CALGARY, Alberta, Feb 19 (Reuters) Spot natural gas prices in Canada were carried higher on Tuesday by stronger U.S. physicals and futures as well as predictions of colder weather coming to Alberta, industry sources said.

NYMEX Hub gas ends up with firm cash, cold forecasts
NEW YORK, Feb 19 (Reuters) NYMEX Hub gas ended higher Tuesday in fairly active trade, lifted by a firm physical market, some technical buying and forecasts for colder weather next week after a brief mild spell this week, sources said.

Overview: Monday, February 18, 2002
Feb. 18 (Natural Gas Weekly Update) Spot prices at many market locations finished the week on Friday, February 15 with sharp decreases that reversed most of the gains from earlier in the week.

Drilling/Exploration

Methane-Gas Drilling Boom in Trinidad, Colo., Draws Kansas Firms in Support
By Mike Garrett, The Pueblo Chieftain, Colo., Feb. 18 Western Las Animas County's booming methane gas exploration and drilling is providing an extra boost to the economy with the attraction of peripheral companies that serve the industry.

Futures

March Gas Futures Rallies to $2.405 amid Technical Run-up
Feb. 19 (Btu's Daily Gas Wire) March natural gas futures settled up 19.1 cents at $2.397 as the market achieved a bullish technical goal today in surpassing $2.40 and climbing 19.9 cents to post a $2.405 daily high.
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LNG

Pertamina ready to offer El Paso gas stake
JAKARTA, Feb 19 (Reuters) Indonesian state oil company Pertamina said on Tuesday it was ready to offer energy firm El Paso Corp a stake in upstream gas operations as part of negotiations to supply liquefied natural gas (LNG) to the United States.

Petronas unit signs additional LNG supply agreements with Japanese consortium
KUALA LUMPUR, Feb 19, 2002 (AFX-Asia via COMTEX) -- Petroliam Nasional Bhd (Petronas) unit Malaysia LNG Tiga Sdn Bhd signed a sale and purchase agreement with a consortium of three Japanese companies to supply a collective 1.6 mln tonnes of liquified natural gas (LNG) a year for 20 years beginning 2004.

Pipelines

BP's Gas Pipeline Dreams Go On Hold
By Tony Hopfinger, Anchorage Daily News, Alaska, Feb. 16 BP remains interested in a proposed Alaska natural gas pipeline to the Lower 48, but the estimated $15 billion and $20 billion is not financially feasible at today's gas prices, said chief executive John Browne.

Italian energy company says first of two gas lines completed
Feb 19 - Associated Press The first of two lines of the dlrs 2.3 billion gas pipelines that connect Russia to Turkey via the Black Sea has been completed, Italian oil and gas group Eni SpA said Tuesday.

Interest Wanes in California Pipeline Projects with Slide of Natural Gas Prices
Feb 19, 2002 - Oil & Gas Journal When natural gas prices spiked to more than $60/Mcf in California last winter, pipeline companies rushed to fill a perceived capacity shortage.

Rates
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Winter Heating Comes Cheaper in Boulder County, Colo.
By Matt Branaugh, Daily Camera, Boulder, Colo., Feb. 17 Residents and business owners in Boulder County and Colorado are likely paying at least 20 percent less for heating bills this winter compared to the unprecedented prices seen last year.

Storage

ADVISORY-US EIA, API, AGA reports delayed by holidays
2002-02-19 (Reuters) The following is the schedule for the release of key U.S. oil and natural gas supply and inventory reports for the week of Feb. 18.

Trading/Marketing

MODERATE TEMPERATURES TO SEE COOL PULSES
Feb. 19 (GasTrader) According to a top weather forecaster this week is expected to see mostly normal to above normal temperatures, significant preciptitation, and periodic incursions of short lived cool air.
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People

Chairman of Houston-Based Oil Exploration, Production Firm Exits Post
Houston Chronicle, Feb. 19 The chairman and co-founder of Houston-based Transmeridian Exploration has stepped down from his post for personal reasons, the company said Monday.

Labor/Human Resources

Strike threatens thermo generation
Chile, Feb 19, 2002 (BNamericas.com via COMTEX) -- The strike by workers in the Argentine oil and gas industry could cut natural gas supplies to the Gasatacama and Norandino pipelines to northern Chile, threatening thermoelectric generation in Chile's northern grid (SING).

Financial

Stock in Britian's Innogy Surges as Suitors Seek a Good Connection
Evening Standard, London, Feb. 18 Shares in Innogy, the company behind the power household energy brand, soared to a record high today as potential bidders for the business broke cover.

Financial - Results

El Paso Partners sees 2002 net income at $94 mln
NEW YORK, Feb 19 (Reuters) El Paso Energy Partners said on Tuesday it expected its net income for 2002 to be about $94 million, or 69 cents per unit, and expected capital expenditure for the year to be about $1 billion.

International

Chevron Texaco seeks investments in Korea-official
SEOUL, Feb 19 (Reuters) Chevron Texaco Corp. is seeking investment opportunities in South Korea ahead of the country's planned privatisation of its gas and power sector, an energy ministry official said on Tuesday, after the U.S. group's vice president Patricia A. Woertz met Shin Kook-hwan, Minister of Commerce, Industry and Energy.

Total chases Iran deals despite Bush comments
By Tom Ashby, LONDON, Feb 19 (Reuters) European oil major TotalFinaElf is chasing deals in several Middle East hotspots to fuel production growth and rejects the U.S. "axis of evil" label on Iran, its chief executive said on Tuesday.

TotalFinaElf wants to raise stake in project Dolphin
Feb 19, 2002, (Les Echos /FT Information via COMTEX) -- Franco-Belgian oil group TotalFinaElf confirmed yesterday that it wants to increase its stake in the project Dolphin.

Comgas to receive gas from Bolivia
Brazil, Feb 18, 2002 (Gazeta Mercantil/SABI via COMTEX) -- The operational agreement reached in mid-February between Petrobras, BG South Cone and TBG, the company which controls the Gasbol gas pipeline between Brazil and Bolivia, will permit the suuply of gas to Comgas, the Sao Paulo gas distributor.

Gas Natural denies has valued Enagas unit at 3 bln eur ahead of stake sale
MADRID, Feb 19, 2002 (AFX-Europe via COMTEX) -- Gas Natural SDG SA said it has not yet made a valuation of its fully-owned Enagas unit, denying an earlier report in Expansion.

Libya seeks to develop its gas industry
TRIPOLI, Libya, Feb 19, 2002 (United Press International via COMTEX) -- Libya, an oil-producing country, is planning to develop its natural gas industry through the exploitation of a field expected to produce 250 million cubic feet of gas a day, sources at the oil and gas prospecting company Al Waha said Tuesday.

U.S. investors to bid for gas, power projects in Pakistan
ISLAMABAD, Feb 19, 2002 (Kyodo via COMTEX) -- U.S. investors have approached U.S. Export-Import Bank and the U.S. Overseas Private Investment Corp. (OPIC) for financial assistance in bidding for the proposed privatization of oil, gas and power projects in Pakistan, members of a U.S. government delegation said Tuesday.

Union Fenosa's Reinoso calls for harmonised gas/electricity regulation
MADRID, Feb 19, 2002 (AFX-Europe via COMTEX) -- The regulatory framework governing the electricity and gas sectors needs to be harmonised given the increasingly important links between the two industries, Union Electrica Fenosa SA CEO Victoriano Reinoso said.

Spain new gas sector regulation corrects imbalances of privatisation - Rato
MADRID, Feb 19, 2002 (AFX-Europe via COMTEX) -- The government's new gas sector regulation, effective today, will correct the "imbalances which restrict free competition through a lack of transparency," Economy Minister Rodrigo Rato said.

Gas terminal would have minimal impact on area, hearing is told
Feb 19 - Irish Times The proposed gas terminal for the Corrib Gas Field off north Mayo is to be constructed and operated in such a way as to have minimal environmental impact on the surrounding area, according to representatives of the applicant company, Enterprise Energy Ireland (EEI).

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