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Infocast =09 [IMAGE]=09 [IMAGE] =09 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= esource on 106 top companies in the energy industry. Reports include: speci= fic business background, history, locations and subsidiaries, products, ser= vices and key employees. View the list of Datamonitor's Company Profiles. h= 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. 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