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Enron Mail |
Point: Millennium Approved (Almost)
Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: "Robert E. Brooks" <rebrooks@earthlink.net<@ENRON X-To: 'GPCM Distribution' <rebrooks@rbac.com< X-cc: X-bcc: X-Folder: \Vincent_Kaminski_Jan2002_1\Kaminski, Vince J\Deleted Items X-Origin: Kaminski-V X-FileName: vkamins (Non-Privileged).pst Happy HolidayWishes from RBAC The energy industry has seen enormous change in 2001. The year is ending on an ominous note with the collapse of Enron and collateral damage to people and firms doing business with it. Unfortunately, many people have had their lives turned upside down in just a few weeks. We wish them luck in finding new positions in other firms, energy-related or not. In spite of these unfortunate events, we hope that they, as well as those of you who haven't had that misfortune, take the opportunity to enjoy the good cheer that family and friends can bring during the holiday season. We have enjoyed working directly with many of you. Others of you, we have had the great fortune to meet, to discuss the issues of the day, to show you our wares. We are thankful for all of this and looking forward to an even more exciting year in 2002. Happy Holidays everyone! From http://www.enerfaxgold.com : VenezuelaSeeks LNG Deal Venezuelahopes to sign a 4 million tonneper year LNG deal with ajoint venture by Exxon Mobil, Shell, Mitsubishi and state-owned Petroleosde Venezuela, which was formed to capitalize on growing demandfrom the AtlanticBasin. The country's 1st LNG exports could occurwithin the next 6 years if the project moves forward quickly enough. Venezuelahas tried for over a decade to make a deal to exportnatural gas from its offshore Pariaregion near Trinidad. The Venezuelan project has languished because of rapidly growing LNG exportsfrom countries such as Trinidadand Nigeria. Some say predictionsof rising demand in Europeand US has given Venezuelan LNG exports a small window of opportunity. However, if Venezuela latcheson to a partner with power generation capabilities, it would createan integrated project with a guaranteed market. The South American nation is also considering building a large industrial hub nearGuiriato link natural gas from the offshore Pariaand nearby Deltanaareas to a LNG plant, from which it could travel west for domesticuse and fuel proposed petrochemical and chemical plants. Husky's White Rose Oil Project Gains Governmental Approval Husky Energy has gained governmental approval for the $1.5 billionWhite Rose oil field off Newfoundland, making it the province's3rd major offshore project. Husky said it would review 38 conditionsattached to the approval before making its own decision to proceed, probably within 3 months. The company is the operator and owns72.5% of the 230 million barrel project, which is about 220 mileseast of St. John's. Petro-Canada owns the remaining share of White Rose. If the companies decide to proceed, production would beginin late 2004. Output is expected to climb to 100,000 bpd. Current plans call for the field to be developed using a floating production, storage and offloading vessel. The project would follow thenearby Hiberniaproject, which began operation in 1997, and Terra Nova, scheduled to start soon following delays and cost overruns. As partof the 38 conditions, Husky must provide a more complete analysisof oil and natural gas reserves in sections of White Rose by 2007. The floating production, storage and offloading vessel must alsoallow room for a possible natural gas processing plant, because thefield contains major reserves of natural gas which are not part ofthe current development plan, regulators said. Husky estimates the naturalgas reserves at 2 Tcf, while the Canada-Newfoundland Offshore Petroleum Board puts the number at 3.1 Tcf. From http://www.enerfax.com : ------------------------------------------------------------- AGA Natural Gas Storage Report Week Prev Ending Prev Prev Year | Region |12/14/01 | Week | Diff | % Full | Year | % Full| | Prod | 881 | 883 | -2 | 92% | 524 | 55% | | East | 1742 | 1779 | -37 | 95% | 1285 | 70% | | West | 438 | 444 | -6 | 87% | 304 | 60% | | Total |3061 | 3106 | -45 | 93% | 2113 | 64% | ------------------------------------------------------------- FERC Won't Block LNG Plant Reopening The FERC says it will not rescind the operating certificate for a LNG plant located near the Calvert Cliffs nuclear power plant in southernMaryland. The FERC says the Coast Guard has adequate safety measuresin place for the plant. Last October, approval was given for restartingthe plant despite concerns that the facility could allegedlybe subject to sabotage that would threaten the nearby nuclearplant. Several congressmen and activists had asked for a reviewof the national security concerns raised over the LNG plant whichWilliams wants to reopen and expand. Williams wants to resume LNG shipments to the Cove Point plant next Springand also plans to builda 5th storage tank at the site that could hold up to 2.5 Bcf. From http://www.gasdaily.com : FERC Approves Millennium - Almost The FERC has approved the Millennium Pipeline project, except for the last two mile stretch in Mount Vernon, New York. The 442 mile, 700 mmcfdproject is designed to terminate at a high pressure interconnect with Consolidated Edison near Mount Vernon. FERC has given Millennium's sponsors, including Columbia Gas, 60 days to work out an agreement with WestchesterCountyofficials for those disputed last two miles. When and if such agreement is achieved and final approval is given by FERC, the project's Canadian piece must still be approved by the National Energy Board. Bob Brooks GPCM Natural Gas Market Forecasting Systemhttp://gpcm.rbac.com
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