Message-ID: <16571879.1075860865055.JavaMail.evans@thyme> Date: Wed, 13 Feb 2002 18:31:18 -0800 (PST) From: gasnews@mail.energycentral.com To: khyatt@enron.com Subject: Daily Gas News - 2/14/02 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
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    HOME | GAS NEWS | EVENTS | JOBS | BUSINESS CENTERS | DIRECTORIES | DATA CENTER THURSDAY, FEBRUARY 14, 2002

 
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TOP STORIES
Michigan State Senate Votes to Ban New Drilling under Great Lakes
Feb 13, 2002 - Canadian Press The Michigan state Senate voted Wednesday to ban new drilling for oil and natural gas from the shoreline of the Great Lakes.

Ottawa To Discuss Opening Coast To Oil Drilling
Feb 13, 2002 - E&E Publishing Ottawa regulators said this month they are prepared to consider a proposal to remove the long-standing moratorium on offshore oil and gas drilling in British Columbia if Canadian Premier Gordon Campbell makes the request.

Putin, Ukrainian official meet amid debate over alternative gas pipeline to Europe
Feb 13, 2002 - Associated Press Russian President Vladimir Putin met Wednesday with Ukraine's presidential chief of staff in the Kremlin amid heated debate over a proposed pipeline to transport Russian natural gas to Europe that conspicuously bypasses Ukraine.

Press Release
Excelergy and Algorithmics Combine to Deliver Advanced Trading and Risk Management System to Energy Industry
TORONTO, Ontario and LEXINGTON, Massachusetts (February 13, 2002) Excelergy Corporation, the world's leading provider of high performance software products in the global energy and utility industry, and Algorithmics Incorporated, a leader in enterprise risk management with more than 120 global clients in 26 countries, today announced a strategic alliance that will deliver the industry's most advanced energy trading and risk management system to energy traders and generators.

SOLARC NAMES DALE ST. DENIS AS VICE PRESIDENT OF PRODUCT MARKETING
TULSA, Okla. (February 11, 2002) SolArc, Inc., a leading provider of enterprise trade management solutions for global commodity businesses, announced today that Dale St. Denis joined the company as vice president of product marketing.

Enron Debacle
Enron Executives Will No Longer Handle Company's Retirement Plans
By Dale Lezon, Houston Chronicle, Feb. 13 Control of Enron's retirement plans will be taken from company executives and given to an independent fiduciary appointed by the Labor Department under an agreement reached Tuesday.

Enron Executives Profited by Unloading Stocks as Units Failed
By Gregg Fields, The Miami Herald, Feb. 12 Some of Enron's top executives made millions of dollars selling the company's stock, even as the company divisions they headed posted massive losses.

Documents Show Enron Executives Repeatedly Briefed Board on Activities
Chicago Tribune, Feb. 13 Enron Corp. executives repeatedly briefed the company's board of directors about the suspect partnerships and murky accounting that later brought down the energy giant, internal Enron documents show.

Former Enron Chairman Takes Beating from Senators but Pleads Fifth at Hearing
By Patrice Hill, The Washington Times, Feb. 13 Former Enron Corp. Chairman and CEO Kenneth L. Lay, one of Congress' most generous benefactors over the years, looked like a wayward child being forced to endure the scolding of a dozen schoolteachers.

Six Directors to Resign from Enron's Board
By Katie Fairbank, The Dallas Morning News, Feb. 13 Six directors of Enron Corp. will resign from the bankrupt company's board within 30 days, following in the footsteps of former chairman and chief executive Kenneth Lay.

Creditors of Enron Subsidiary Want Changes in Cash-Management System
By Eric Berger, Houston Chronicle, Feb. 13 A U.S. bankruptcy judge is expected to rule today on whether Enron can continue its practice of collecting money from its subsidiaries and distributing it as needed.

Enron Executive to Discuss Now-Famous Warning Memo before Congress
By Patty Reinert, Houston Chronicle, Feb. 13 Sherron Watkins, the Enron vice president who in August told Chairman Ken Lay she feared their company might "implode in a wave of accounting scandals," will testify on Capitol Hill Thursday, her lawyer said.

Former SEC Chairmen Warn Congress about Depth of Enron-Type Problems
By Frank James, Chicago Tribune, Feb. 13 Five former chairmen of the Securities and Exchange Commission warned Congress Tuesday that some of the problems revealed by Enron Corp.'s collapse are pervasive in corporate America, requiring new legislation, tougher government and private-sector oversight, and greater integrity in the accounting profession.

Enron Put Markets At Risk, American Stock Exchange Chief Says
By Patrice Hill, The Washington Times, Feb. 13 The chairman of the American Stock Exchange said yesterday the Enron scandal was undermining confidence on Wall Street and called for swift action to punish wrongdoers and adopt legislation and regulations to prevent future abuses.

Volcker sought Enron funds for accounting board-memo
By Susan Cornwell, WASHINGTON, Feb 13 (Reuters) Former Fed Chairman Paul Volcker called the chairman of Enron Corp. last year to solicit a $500,000 contribution for the foundation of the International Accounting Standards Board, according to a memo released by a senior Democratic senator on Wednesday.

FACTBOX-Congress hearings schedule on Enron/Andersen
WASHINGTON, Feb 12 (Reuters) The following are the hearings that the U.S. Congress has scheduled on the collapse of Enron Corp., the role of its auditor Andersen and related regulatory issues over the coming weeks.

Stricter rules for Enron-type deals proposed
NEW YORK, Feb 13 (Reuters) - U.S. accounting rulemakers on Wednesday proposed stricter rules on how companies can keep complex financing arrangements off their books as the accounting industry seeks to prevent future Enron-like debacles.

NYSE forms committee to evaluate listing standards
NEW YORK, Feb 13 (Reuters) The New York Stock Exchange on Wednesday said it set up a committee to review its listing requirements and corporate governance issues for Big Board companies.

 
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National Energy Policy
US judge orders White House to keep energy records
By Peter Kaplan, WASHINGTON, Feb 12 (Reuters) A U.S. federal judge on Tuesday directed the White House to preserve records from meetings of its energy task force, which critics suspect was heavily influenced by Enron Corp. and other major energy companies.

Competition & Deregulation
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PTT to set up 3 new subsidiaries ahead of natural gas liberalization
BANGKOK, Feb 12, 2002 (AFX-Asia via COMTEX) -- The Petroleum Authority of Thailand (PTT) plans to set up three new subsidiaries by the beginning of 2003 ahead of plans to liberalize the natural gas business industry, Business Day reported, citing Prasert Bunsumpun, PTT senior executive vice-president.

Mergers, Acquisitions & Divestitures
Embattled Dallas-Area Electric Co-Op to Sell Gas Subsidiary
By Dan Piller, Fort Worth Star-Telegram, Texas, Feb. 12 CoServ, the bankrupt electric cooperative that serves Denton County, put its gas subsidiary on the market Monday on what it said would be an "expedited basis."

FERC OKs Enron's $1.8 billion sale of Oregon utility
WASHINGTON, Feb 13 (Reuters) The Federal Energy Regulatory Commission on Wednesday approved Northwest Natural Gas Co.'s $1.8 billion acquisition of Portland General Electric Co., the Oregon utility owned by bankrupt Enron Corp.

Top Russian Executive Predicts More Mergers in Oil Industry
By Michael Davis, Houston Chronicle, Feb. 13 The major Russian oil companies will continue to combine over the next few years until only one or two world-scale companies remain, a top Russian oil executive predicted Tuesday.

Gas Pricing/Hubs
Canadian natgas prices ease with weaker U.S. cash
NEW YORK, Feb 13 (Reuters) Canadian spot natural gas prices weakened on Wednesday, taking cues from lower U.S. cash in forecasts for warmer weather, industry sources said.

NYMEX gas ends mixed after late selloff despite AGAs
NEW YORK, Feb 13 (Reuters) NYMEX Hub gas, lifted early by some short covering ahead of a weekly storage report, ended lower on Wednesday, hit by a late wave of technical selling despite slightly supportive inventory data, sources said.

Most U.S. day-ahead natural gas prices slip
SAN FRANCISCO, Feb 13 (Reuters) Most U.S. spot natural gas prices fell slightly on Wednesday amid forecasts calling for rising temperatures later in the week in the Northeast and Midwest, industry sources said.

Drilling/Exploration
Criticism of Thai Energy-Contract Extension Upsets Prime Minister
Bangkok Post, Thailand, Feb. 13 Criticism of the government's decision to give Harrods Energy Thailand Co another year before it must start drilling in its offshore concession in the Gulf Of Thailand has upset Prime Minister Thaksin Shinawatra.

Enap drills gas exploration well
Chile, Feb 13, 2002 (BNamericas.com via COMTEX) -- Chile's state oil company Enap has begun drilling an exploratory gas well at Brazo Norte in San Gregorio in the XII Region, the company's second well in an exploration agreement with power generator AES Gener, La Prensa Austral reported.

Futures
Late Sell-off Sinks March Gas Futures after Initial AGA Spike
Feb. 13 (Btu's Daily Gas Wire) After a late bout of volatility following the release of the American Gas Association storage report, March natural gas futures settled 6 cents lower at $2.245.
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Gas Reserves
Pengrowth cuts Sable gas reserves estimate
CALGARY, Alberta, Feb 12 (Reuters) Pengrowth Corp., which manages the Pengrowth Energy income trust, said on Tuesday it cut its estimate of gas reserves at the Sable Offshore Energy Project by 14 percent, two weeks after partner Shell Canada Ltd. clawed back its own numbers.

Pipelines
FERC OKs Williams natgas pipeline expansion
WASHINGTON, Feb 13 (Reuters) Williams Cos. unit Transco won approval on Wednesday from the Federal Energy Regulatory Commission for its Momentum expansion project to increase the capacity a pipeline from Louisiana to Virginia.

Russian Oil Company To Supply Gas To Venezuela
Moscow, Russia, Feb 13, 2002 (RosBusinessConsulting via COMTEX) -- The Zarubezhneftegaz oil and gas company is planning to participate in the construction of a Venezuela-Columbia gas pipeline, a source in the press service of the company reported to RosBusinessConsulting today.

Cyprus aims to close deal on natural gas pipeline by September
Feb 12 - BBC Monitoring European Cyprus' Commerce, Industry and Tourism Minister Nikos Rolandis said today that by September the government will have to close a deal on natural gas, to be used in 2006 when a fourth unit is set up by the Cyprus Electricity Authority, adding that due to the delay in constructing a pipeline from Egypt to Syria, Cyprus is also investigating alternative solutions for providing liquefied natural gas.

Alaskan Governor's Pipeline Dream Of $17B in Bonds Goes to Legislature
Feb 13, 2002 - Bond Buyer Alaska Gov. Tony Knowles officially introduced state legislation yesterday to allow the Alaska Railroad Corp. to issue up to $17 billion in tax-exempt bonds to finance a natural gas pipeline built to serve the nation.

Storage
FERC OKs Energy East natgas storage in New York
WASHINGTON, Feb 13 (Reuters) The Federal Energy Regulatory Commission approved on Wednesday a plan by Energy East Corp. unit Seneca Lake Storage Inc. to build a natural gas storage facility in Reading, N.Y.

AGA says U.S. weekly natgas stocks fell 156 bcf
WASHINGTON, Feb 13 (Reuters) The American Gas Association issued the following weekly estimates of U.S. working gas in storage (in bcf):

General
Gas Co. Offers Help to Jobless Customers in Orange County, Calif., Area
By Mary Ann Milbourn, The Orange County Register, Calif., Feb. 13 Help is on the way for laid-off workers and low-income households having difficulty paying their gas bills.

Trading/Marketing
New post-Enron trading regulations not needed-CFTC
WASHINGTON, Feb 13 (Reuters) Enron Corp.'s swift collapse into bankruptcy had little impact on U.S. energy futures markets and Congress should not rush to impose new trading regulations, the head of the Commodity Futures Trading Commission said on Wednesday.

ADVISORY-NY commodities and energy holiday hours
NEW YORK, Feb 13 (Reuters) In observance of the U.S. Presidents Day holiday, New York commodities and energy markets will be closed on Monday, Feb 18.

EnronOnline Re-emerges into Commodity Trading, But Leading Position Has Been Claimed by Others
By Will McNamara, IssueAlert, Feb. 13 (Scientech) EnronOnline, the collapsed energy giant's Internet trading platform, on Feb. 11 tiptoed back into the energy trading market it once dominated.
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Conference Announcements
Energy Executives Consider Changes in Industry at Houston Conference
By Charlene Oldham, The Dallas Morning News, Feb. 13 Executives are contemplating the new face of risk at a global energy conference in the city where Enron Corp. rose and crashed -- but relegating the corporate titan's collapse to the background.

Financial
BHP approves Mad Dog oil field spend
MELBOURNE, Feb 13 (Reuters) BHP Billiton Ltd/plc, the world's largest diversified miner, said on Wednesday its board had approved spending of up to US$335 million to develop the Mad Dog oil and gas find in the Gulf of Mexico.

FEATURE-Accounting Sherlocks bask as scandals rocket
By Deepa Babington, NEW YORK, Feb 13 (Reuters) An audit gone awry? Hidden debt lurking in your company's books? Time to call your friendly accounting version of Sherlock Holmes.

Financial - Results
Berry Petroleum Co. Announces Drop in 2001 Net Income
By Erin Waldner, The Bakersfield Californian, Feb. 13 Taft's Berry Petroleum Co. announced Tuesday that its net income for 2001 was $21.9 million -- compared with $37.2 million the previous year.

Westcoast profit up in last quarter before takeover
VANCOUVER, British Columbia, Feb 13 (Reuters) Canadian pipeline operator Westcoast Energy Inc, which is set to be absorbed by Duke Energy Corp., said on Wednesday profits jumped in the fourth quarter on sale of its Union Energy and Westcoast Capital units.

International
Fortum sells 35 pct stake in Oman Suneinah concession to Mitsui, associate
HELSINKI, Feb 13, 2002 (AFX-Asia via COMTEX) -- Fortum Corp said it signed an agreement to sell its 35 pct interest in the Suneinah concession, Block 9, and associated gas exploration and production rights in Oman to Mitsui & Co Ltd and its associated company Mitsui Oil Exploration Co Ltd.

PNOC unit says oil firms can retake 10 pct of Victoria project 'at a premium'
MANILA, Feb 13, 2002 (AFX-Asia via COMTEX) -- A group of private oil exploration companies can repurchase up to 10 pct of the Victoria natural gas project but at a premium, Philippine National Oil Co-Energy Development Corp spokeswoman Debbie Diokno said.

Petrobras reduces participation in thermal power plants
Brazil, Feb 13, 2002 (Jornal do Brasil/SABI via COMTEX) -- The Brazilian state owned oil and gas company Petrobras is reducing its participation in the construction of thermal electric power plants in the country.

State, Shell Team Up in Gas Project
By John Fraser, Feb 13, 2002 (Business Day/All Africa Global Media via COMTEX) -- SHELL SA joined forces with government yesterday in announcing their intention to develop a natural gas industry in the Cape region, with the gas being shipped or piped from Namibia.

CNE strives to avoid hydrocarbons export tax
Argentina, Feb 13, 2002 (BNamericas.com via COMTEX) -- The head of Chile's national energy commission (CNE), Vivianne Blanlot, met Argentina's industry minister Ignacio de Mendiguren Tuesday for talks on the 20% tax on hydrocarbon exports that Argentina is considering.

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