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HOME | GAS NEWS | EVENTS | JOBS | BUSINESS CENTERS | DIRECTORIES=
| DATA CENTER THURSDAY, JANUARY 24, 2002 =09
=09 THIS ISSUE BROUGHT TO YOU BY Competitive Intelligence now avai=
lable. Identify potential suitors, those who threaten your position across =
the value chain or those who demonstrate best practices with Company Profil=
e Reports from Datamonitor. These reports are the definitive intelligence r=
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ttp://www.energycentral.com/sections/research/default.cfm?cpane=3D23003&rpu=
blisher=3D11408&rtype=3Dall TOP STORIES Norway's PGS sells unit=
to Sinochem for $215 mln OSLO, Jan 22 (Reuters) - U.S.-Norwegian seismic =
specialist Petroleum Geo-Services removed the main obstacle to a planned me=
rger with U.S. rival Veritas on Tuesday by selling an oil unit to Chinese o=
il trader Sinochem. US seeks industry interest in Alaska natgas drillin=
g WASHINGTON, Jan 22 (Reuters) The U.S. Interior Department asked energy f=
irms on Tuesday whether they would be interested in drilling for natural ga=
s in about 25 million acres located in Alaska's northern Bering Sea. Of=
fshore Contractor GlobalSantaFe Remains Optimistic about Gulf of Mexico By=
Nelson Antosh, Houston Chronicle, Jan. 22 Sharp declines in the output of =
gas wells, plus prospects for an improved U.S. economy, are giving offshore=
drillers hope for a turnaround in the Gulf of Mexico. Iran formally be=
gins gas exports to Turkey through new pipeline ISTANBUL, Turkey, Jan 22,=
2002 (AP WorldStream via COMTEX) -- The energy ministers of Iran and Turke=
y on Tuesday formally opened a new natural gas pipeline that will help meet=
a fast-growing need for energy in Turkey and could smooth sometimes troubl=
ed ties between the neighbors. National Energy Policy Expert Stop=
s in Wilkes-Barre, Pa., on Tour to Urge Renewable Energy Use By Jerry Lyno=
tt, The Times Leader, Wilkes-Barre, Pa., Jan. 22 Drilling new wells won't g=
et to the bottom of the nation's energy troubles -- it will only increase t=
he dependence on oil, says an energy expert with the Union of Concerned Sci=
entists. Bush energy plan said to help industry, not public WASHINGTO=
N, Jan 22 (Reuters) - The Bush administration's energy plan will make the U=
.S. economy more dependent on oil and was designed to help Enron and oil co=
mpanies, not the American public, a Democratic senator said on Tuesday. =
Bush Promotes Energy Plan, Jobs By SCOTT LINDLAW Associated Press Write=
r, BELLE, W.Va., Jan 22, 2002 (AP Online via COMTEX) -- Touring coal countr=
y, President Bush said Tuesday that passage of his energy strategy is a mat=
ter of national security and economic health, and insisted coal is crucial =
to weaning the country from foreign fuel dependency. Mergers, Acquisit=
ions & Divestitures Economic affairs minister examines E.ON applicatio=
n Jan 22, 2002, (Frankfurter Allgemeine Zeitung /FT Information via COMTEX=
) -- German minister for economic affairs Werner Muller is to examine an ap=
plication by E.ON AG, the energy group, for permission to acquire a majorit=
y stake in gas supplier Ruhrgas AG. Merged energy group may become tak=
eover target By Brett Clegg, Jan 23, 2002 (The Australian Financial Review=
- ABIX via COMTEX) -- A merger of Australian resources groups, Orogen and =
Oil Search, could interest foreign predators. ADVERTISEMENT ENE=
RGIZE YOUR CAREER - The Energy Central Job Center has a new look, new featu=
res, premier employers and is updated daily! Visit the energy industry's la=
rgest on-line job center today: http://www.energycentral.com/sections/jobs =
Legislation/Regulation US Congress gears up for high-profile =
Enron hearings By Kevin Drawbaugh, WASHINGTON, Jan 22 (Reuters) Congress i=
s planning six hearings over the next four weeks into the spectacular colla=
pse of Enron Corp., with Democrats searching for links between the fallen e=
nergy trader and the Bush administration. Bush says Enron duped his mo=
ther-in-law By KATHY A. GAMBRELL, UPI White House Reporter, WASHINGTON, Ja=
n 22, 2002 (United Press International via COMTEX) -- President George W. B=
ush on Tuesday expressed outrage that Enron Corp. stockholders did not know=
the facts about the company before its financial collapse and vowed that t=
he federal government would take action to protect shareholders -- like his=
mother-in-law. Lawmaker says set to subpeona Andersen in Enron case =
WASHINGTON, Jan 22 (Reuters) The head of a House of Representatives panel s=
aid Tuesday he was set to subpoena testimony if necessary from Arthur Ander=
sen LLP, the fired auditors of collapsed Enron Corp. FACTBOX-US congre=
ssional hearings schedule on Enron issues WASHINGTON, Jan 22 (Reuters) Fol=
lowing are the six hearings which Congress has firmly scheduled on the coll=
apse of Enron Corp. and related regulatory issues over the next four weeks.=
Congress could hamper Justice in Enron case-experts By Susan Cornwel=
l, WASHINGTON, Jan 22 (Reuters) As Congress pursues a raft of investigation=
s into the collapse of Enron Corp., some experts warn that lawmakers' zeal =
could trip up the Justice Department's criminal probe. Bush Enron stra=
tegy may backfire By MARTIN SIEFF, UPI Senior News Analyst, WASHINGTON, J=
an 22, 2002 (United Press International via COMTEX) -- President George W. =
Bush is hanging tough and not giving an inch on growing Democratic demands =
to open the records on the energy giant Enron and its links with his admini=
stration. Former Treasury, Commerce Officials Comment on Government Ro=
le with Enron Case By James Rosen, The Sacramento Bee, Calif., Jan. 21 For=
mer treasury and commerce secretaries from both parties, fascinated from af=
ar by the Enron Corp. saga, say they see nothing wrong in the Bush administ=
ration's response to the dramatic fall of the energy giant. SEC advise=
s better disclosure on Enron-like deals WASHINGTON, Jan 22 (Reuters) Feder=
al regulators told companies on Tuesday as they prepare their annual report=
s that better disclosure is needed for off-balance sheet deals and other ac=
counting methods associated with fallen energy trader Enron Corp. Gas =
Pricing/Hubs Canada natgas prices gain in West on cool weather CALGAR=
Y, Alberta, Jan 22 (Reuters) Canadian spot natural gas prices were higher i=
n the West on Tuesday, with Alberta prices supported by cool weather and a =
tighter supply balance on a major pipeline, industry sources said. NYM=
EX Hub gas ends down on mild weather forecasts NEW YORK, Jan 22 (Reuters) =
NYMEX Hub gas mostly ended lower Tuesday in moderate trade, pressured by a =
soft physical market and fairly mild weather forecasts for this week and ne=
xt in key Northeast and Midwest consuming regions, sources said. U.S. =
spot natural gas dips on weather, NYMEX SAN FRANCISCO, Jan 22 (Reuters) U.=
S. day-ahead natural gas prices traded lower again on Tuesday amid mild wea=
ther blanketing many regions of the nation and continued weakness in NYMEX =
Henry Hub futures. Drilling/Exploration Seoul Gas to put $13 mln =
in overseas oil projects SEOUL, Jan 22 (Reuters) Seoul City Gas plans to i=
nvest $13 million this year to explore and develop oilfields abroad in an e=
ffort to move to more upstream activities from retail services, a company o=
fficial said on Tuesday. Futures February Futures Slides to 4-Mon=
th Low on Unrelenting Mild Weather Jan. 22 (Btu's Daily Gas Wire) February=
natural gas futures settled down 13 cents at $2.106 as persistent mild wea=
ther limiting heating demand and overly abundant gas in storage continues t=
o prompt a heavy sell-off. Special Offer from this Publisher! Leases/=
Acreage PRODUCERS SUE TO RECOVER INVESTMENTS IN SOUTHERN CALIFORNIA FE=
DERAL OCS LEASES By Nick Snow in Washington, Jan 21, 2002 (Petroleum Fina=
nce Week/PBI Media via COMTEX) -- Nine oil and gas producers have notified =
the federal government that they're tired of waiting and would like their m=
oney back. LNG Shell to Market Output From NLNG IV, V Trains By=
Mike Oduniyi, Jan 22, 2002 (This Day/All Africa Global Media via COMTEX) -=
- The Nigeria LNG Limited (NLNG) is to sign a memorandum of understanding (=
MOU) with Shell International for the marketing of natural gas produced fro=
m the fourth and fifth trains of the Bonny LNG plant. Ministry: Ilo Po=
rt Unsuitable for LNG Terminal Peru, Jan 22, 2002 (BNamericas.com via COM=
TEX) -- Peru's Ilo port is not suitable for construction of a maritime term=
inal to export natural gas to the United States and Mexico, according to a =
report by Bolivia's Foreign ministry, quoted by newswires. Pipelines =
Oben-Ajaokuta to Abuja Gas Pipeline Not Feasible SPDC By Hector Igbik=
iowubo, Jan 22, 2002 (Vanguard/All Africa Global Media via COMTEX) -- SHELL=
Petroleum Development Company (SPDC) has given indications that extending =
the Oben-Ajaokuta gas pipeline to Abuja may not be feasible due to the poor=
integrity of the facility. Storage ADVISORY-EIA, API reports del=
ayed this week by holiday Jan. 22 (Reuters) The following is the schedule =
for the release of key U.S. oil and natural gas supply and inventory report=
s for the week of Jan. 20. General FBI agents investigating alleg=
ed shredding at Enron headquarters By KRISTEN HAYS Associated Press Write=
r, HOUSTON, Jan 22, 2002 (AP WorldStream via COMTEX) -- FBI agents and fede=
ral prosecutors showed up at Enron's Houston headquarters Tuesday to invest=
igate allegations that financial documents were shredded in the face of a f=
ederal probe, the company said. Kansas Public Service to Stop Acceptin=
g Walk-In Payments By Mark Fagan, Journal-World, Lawrence, Kan., Jan. 19 K=
ansas Public Service soon will stop accepting walk-in payments at its Lawre=
nce office, a move the utility says will save the company money on administ=
rative costs. Joint Ventures & Alliances Russian MPs: Eurasian ga=
s alliance may be OPEC equivalent By Ivan Novikov, Robert Serebrennikov, =
MOSCOW, Jan 22, 2002 (Itar-Tass via COMTEX) -- Members of Russia's State Du=
ma, or lower house of parliament, support President Vladimir Putin's initia=
tive to set up a Eurasian alliance of natural gas producers. Woodside =
seeking new agreement with Royal Dutch/Shell SYDNEY, Jan 22, 2002 (AFX-UK=
via COMTEX) -- Woodside Petroleum Ltd and Royal Dutch/Shell group are nego=
tiating a new alliance following Shell's two failed takeover bids for the c=
ompany, the Australian Financial Review reported, quoting Woodside chief ex=
ecutive John Akehurst. Deals/Contracts Tokyo Electric Power to se=
ll natural gas to Nippon Steel TOKYO, Jan 21, 2002 (Kyodo via COMTEX) -- =
Tokyo Electric Power Co. (TEPCO) will annually sell 30,000 tons of natural =
gas to Nippon Steel Corp. starting in 2003, the first deal for the nation's=
top power supplier to retail natural gas, sources close to the deal said T=
uesday. Legal Houston Law Firm Vinson & Elkins Avoids Enron Onsla=
ught By Mary Flood, Houston Chronicle, Jan. 22 Though dozens of lawsuits h=
ave been filed against Enron, its executives and auditors, one party with d=
eep pockets has dodged legal action: Milwaukee Charitable Group Seeks =
Lead-Plaintiff Status in Enron Case By Tom Daykin, Milwaukee Journal Senti=
nel, Jan. 21 A Milwaukee charitable organization could end up being a key p=
layer among the dozens of investment fraud lawsuits filed against scandal-r=
idden Enron Corp. People Enron Chairman Lay Sold Off Company Stoc=
k to Pay Loans By David Ivanovich, Houston Chronicle, Jan. 22 Chairman Ken=
Lay repeatedly sold his Enron stock to pay off lines of credit advanced to=
him by the corporation, not because he had lost faith in the company, an E=
nron spokesman said Monday. Tulsa, Okla.-Based Energy Giant Names New =
CEO By Russell Ray, Tulsa World, Okla., Jan. 22 Steven J. Malcolm, preside=
nt and chief operating officer of Williams Cos. Inc., was named chief execu=
tive officer of the Tulsa-based energy giant Monday, replacing Keith Bailey=
. Labor/Human Resources Laid-Off Enron Workers Hoping for Help fr=
om Funds By Mike Snyder, Houston Chronicle, Jan. 22 After four years worki=
ng for Enron, Crystal Reyna expected a promotion last year. Former Enr=
on Workers Air Complaints on CNN By Julie Mason, Houston Chronicle, Jan. 2=
1 A former Enron Corp. employee who lost nearly $2 million in retirement sa=
vings said Sunday that workers were never informed that their investments w=
ere in peril. New England Gas union turns down contract offer Jan 22 =
- Providence Journal The union representing about 250 construction and main=
tenance workers for the New England Gas Co. yesterday rejected a new contra=
ct offer, effectively locking them out of their jobs. Financial R=
outine 401(k) Decision for Enron Became Costly Flashpoint By Alan Bernstei=
n, Houston Chronicle, Jan. 22 Eleven months ago, Enron began looking for an=
other firm to keep the records of its workers' retirement savings program, =
a bundle of 401(k) accounts then worth about $1.6 billion. Enron creat=
ed hidden structures to inflate profit, enrich executives - lawyers Jan 22=
- AFX Lawyers for Enron Corp shareholders and workers allege that Enron cr=
eated complex, largely hidden financing structures to inflate its revenue a=
nd profit, hide debt from view, delay reporting losses and enrich some exec=
utives who ran them, the Washington Post reported, citing confidential docu=
ments addressed to private investors in Sept 2000. Accounting Firms Ar=
e under Scrutiny after Enron Case, Industry Experts Say By Megan Mulhollan=
d, The Post-Crescent, Appleton, Wis., Jan. 22 The integrity of the accounti=
ng industry is in jeopardy after Enron's bankruptcy cast a shadow on the fi=
nancial sector, say local industry experts. Implications of Enron Deba=
cle Terrify Financial Experts By Miriam Hill, The Philadelphia Inquirer, J=
an. 22 Shredded documents. Congressional investigations. Phone calls to the=
President's men. Billions of dollars vanished. Financial - Results =
PSEG fourth-quarter results fall on weather, economy NEWARK, N.J., Jan =
22 (Reuters) Public Service Enterprise Group, owner of New Jersey's largest=
gas and electric utility, said Tuesday fourth-quarter profits fell 6.7 per=
cent, citing mild weather and the slowing economy. Petro-Canada profit=
falls on weak prices, Enron CALGARY, Alberta, Jan 22 (Reuters) - Petro-Ca=
nada said on Tuesday its fourth-quarter profit sank 75 percent as lower oil=
and gas prices and exposure to collapsed energy trader Enron Corp. ate int=
o the bottom line of the country's No. 3 integrated oil company. Inter=
national Two United Kingdom Energy Groups Press On with Global Expansi=
on Daily Mail, London, Jan. 22 Two UK energy groups are pressing on with i=
nternational expansion while Energy Minister Brian Wilson makes warning noi=
ses about the sale of a third to an Italian bidder. Fox Says Energy Re=
form is Necessary Mexico, Jan 22, 2002 (BNamericas.com via COMTEX) -- Mex=
ican President Vicente Fox has confirmed his support for reform of the coun=
try's energy sector in an address to legislators and businessmen. Russ=
ia to develop oil, gas fields on Arctic shelf By Andrei Baturin, MOSCOW, =
Jan 22, 2002 (Itar-Tass via COMTEX) -- Oil and gas fields on the Russian co=
ntinental shelf, first and foremost, the Arctic one, will make the foundati=
on of Russia's security in the sphere of natural resources in the foreseeab=
le future, experts from the Russian Ministry of Natural Resources said at a=
n international conference on the capacities of the offshore market of Russ=
ia's oil and gas in Oslo on January 21-23. AGL denies it has an eye on=
CitiPower By Rod Myer, Jan 23, 2002 (The Age - ABIX via COMTEX) -- Share=
s in energy group, Australian Gas Light (AGL), rose by 29.5 per cent on 22 =
January 2002. If you are an Energy Central News Subscriber and you h=
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