The Morning Report - December 13, 2000

Bouncing On Bad News

By Chris Nerney

Internet ad services market leader DoubleClick wasn't the biggest gainer
Tuesday among members of internet.com's Internet Stock Index - that honor
belonged to PSINet, which soared 49% after announcing another round of
layoffs and on rumors that Sprint may be interested in buying the
beleaguered access provider.

But the fact that DCLK gained at all after issuing a warning for Q4 after
Monday's market close is almost shocking, given the current bearish
outlook for online advertising growth.

Surely no other Internet company is more vulnerable to a downturn in Web
ad spending than DoubleClick, whose business plan from Day One was based
on becoming the premiere provider of services for companies advertising on
the Internet.

DoubleClick certainly has achieved that goal, but the company still has no
profits to show for it. And with concerns about the future of online
advertising intensifying throughout the year as one 'Net firm after
another lowered their ad-revenue forecasts, DCLK has become one of the
biggest losers among large-cap 'Net players. Even with Tuesday's 16% gain
(to $13.88), DoubleClick is down 89% this year.

So why the post-warning spike? Perhaps investors feel DCLK shares already
have been discounted enough. With a market capitalization of $1.7 billion,
DoubleClick is valued at 3.2x trailing 12 months' revenue of $433 million.
Not a bad price for a company that dominates its sector.

Or it could be Wall Street expected worse than DoubleClick's Q4 advisory,
which warned that revenues will be 8% to 10% below expectations and that
the bottom line will range from break-even to a net loss of 3 cents per
share.

While those latter numbers may be well short of consensus Q4 estimates
calling for a net profit of 2 cents per share, they hardly are indicative
that the sky is falling on DoubleClick. Yet.

It looks as if investors will have to wait at least until April for
evidence that DoubleClick can turn a profit. Until then, don't expect many
days like Tuesday for DCLK shares.

Getting back to PSINet, its nearly 50% gain (or 53 cents) on Tuesday
helped slash its year-to-date loss to 94.7% from 96.5%. The layoff of 300
workers clearly is intended to help position the company for a sale. In
November, PSINet said it had hired Goldman Sachs to explore strategic
options.

As a group, the 50 members of the Internet Stock Index, or ISDEX, gained
6% in the week of trading ended Tuesday, closing at 501. For the year, the
ISDEX has fallen 41.8%.

/-------------------------------------------------------------------\

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just goe your email.  all go well?  415.782.7822.


Return-path: <VKaminski@aol.com>
From: VKaminski@aol.com
Full-name: VKaminski
Message-ID: <f6.12f1f346.2934497d@aol.com>
Date: Mon, 26 Nov 2001 20:42:21 EST
Subject: Fwd: kiedy sie zobaczymy
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Date: Sat, 24 Nov 2001 17:05:55 EST
Subject: Fwd: kiedy sie zobaczymy
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From: "Zofia Grodek" <zofiagrodek@hoga.pl>
To: <VKaminski@aol.com>
Subject: kiedy sie zobaczymy
Date: Sat, 24 Nov 2001 22:37:34 +0100
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Drogi Wicku! Czy wiesz ze mam na wykladzie syna Janusza Szyrmera, czyli bratanka Jacka! A mnie sie wciaz wydaje ze to wszysto byla tak nie dawno. Chlopak przyjechal na studia do Polski z USA. A Ty ! Ja zasmakowalam w wyjazdach do Stanow. Niestety moge tylko turystycznie. Chcialabym pojechac z moja starsza corka , ona jeszcze nie byla za Oceanem. Tylko ze my strasznie pracujemy! Poza tym mam klopoty ze zdrowiem, a to jest   troche uciazliwe i czasochlonne.  Napisz co u Was. Czekam. Zofia

______________________________________________________________________
Znajd? sobie nowe mieszkanko !!!
http://www.hgn.pl


That's a great idea, and I think that it would be useful to meet with her.
In fact, I think it's important to meet one-on-one with as many legislators
as possible, because I agree that the facts are pretty darned friendly.  I'll
look into setting up a meeting with her.

Bowen in particular is being advised by enviros who think de-regulation is
still the best way to go.  And if it weren't for the for the
"undercollection/refund" issues, I think that she'd be pushing to move
ahead.

Unfortunately, while she may not be focused principally on a hanging, that's
likely to be where the hearing goes.  She's been unable in past to control
Peace at her hearings.

Best,
Jeff

	Steven J Kean
	11/12/2000 02:35 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: California Senator Bowen Calls for Electricity Hearing in CA on
Monday

Does she have any interest in meeting one-on-one or is she just looking for a
public hanging?  I remain convinced that if we can just get the facts in
front of people they will modulate their approach.

	Jeff Dasovich
	Sent by: Jeff Dasovich
	11/10/2000 12:21 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Alan Comnes/PDX/ECT@ECT, Ginger Dernehl/NA/Enron@ENRON, James D
Steffes/NA/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Karen
Denne/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Maureen
McVicker/NA/Enron@ENRON, Mona L Petrochko/NA/Enron@ENRON, mpalmer@enron.com,
Paul Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@ENRON, Sandra
McCubbin/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, skean@enron.com,
Susan J Mara/NA/Enron@ENRON
		 Subject: Re: California Senator Bowen Calls for Electricity Hearing in CA on
Monday

Given the short notice, we will politely decline to participate at the
hearing on Monday, but will let the good Senator know that, in general, we
intend to engage actively in the process and plan to help California find a
solution that works for everybody.  Amen.


Mark

I will not deactivate anyone till I hear from you or Louise this morning.

Savita
Savita Puthigai


Molly,

We would like to bring this student as a summer intern (the last one,
we are running out of space).

I shall send you another message regarding his proposed dates.

Thanks. I hope you have a very Happy Easter.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/13/2001 10:03 AM ---------------------------

Zhendong Xia <dengie@isye.gatech.edu> on 04/12/2001 03:58:25 PM
To:	Vince.J.Kaminski@enron.com
cc:
Subject:	my resume

Hi, Dr. Kaminski:

    Glad to get your reply. Here is my resueme. If you wanna know more
about me, please feel free to contact me. Thanks.

Zhendong Xia
Georgia Institute of Technology
School of Industrial and Systems Engineering

Email:   dengie@isye.gatech.edu
         dengie@sina.com
Tel  :   (H)404-8975103
         (O)404-8944318

 - cv.doc


Torrey, the 2 deals with  Sempra should not be terminated.  Only terminate
the 7 deals w/NJR Energy.  Thanks.   DJ

Torrey Moorer
07/07/2000 03:34 PM
To: Tana Jones/HOU/ECT@ECT
cc: Sheri Thomas/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT
Subject: Terminate EOL Trades

Hi Tana,

I have nine EOL transactions which Dick Jenkins needs to have termination
agreements done up on. The terminations arise from mutual agreement after
some bad prices were traded each way. Please feel free to call me if you have
any questions, or if there is any additional information you may need. Thanks!

Torrey Moorer
x36218


GARY AND GARY PLEASE ENTER YOUR FREE AGENTS ON THE WEB SITE SO I CAN APPROVE
THEM, I AM LEAVING EARLY TOMORROW

Gary Lamphier
P. Holmes  31
J. Allen   21
S. Jefferson  36
D. Ward   11

Gary Taylor
J. Plummer  19
Howard    7


They should be!!!

                                         To:  John D. Williamson@ANDERSEN WO
                                         cc:
                  Paul.T.Lucci@enron.c   Date:        10/24/2001 04:09 PM
                  om                      Subject:   RE:

I'm sure those Anderson Houston folks are real concerned about this SEC
investigation.

-----Original Message-----
From: john.d.williamson@us.andersen.com
[mailto:john.d.williamson@us.andersen.com]
Sent: Wednesday, October 24, 2001 2:57 PM
To: Lucci, Paul T.
Subject: RE:

I know that you are not broke.  Its probably one of the reasons your
stock
is taking a dive.  ENE goes down, Lucci estate goes up.  I think
Andersen
hired a bunch of Enron-Houston people lately.
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given nor endorsed by it.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/19/2001
04:28 PM ---------------------------

Jeff Gray@EES
04/17/2001 12:30 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Michael Moore/HOU/EES@EES
Subject: EES revenue through customer DSM projects

Vince:

Have you or a member of your group had a chance to look over the forwarded
e-mail yet?  We have a meeting on Thursday with another potential client who
plans to use his own capital.  His capital budgeting issues are similar to
those of the client who prompted my original e-mail.

The more DSM projects that we can help the client get approved, the more DSM
savings we can share with the client.  These DSM projects can turn a retail
commodity contract with low profitability into a substantially more
profitable contract for us.

Would one of your GARCH analyses provide us with a quantitative solution?
One of your experts in differential equations might have devised something.
We'd really like to have something quantitative if you think it's at all
possible.

Thanks,

Jeff

---------------------- Forwarded by Jeff Gray/HOU/EES on 04/17/2001 12:16 PM
---------------------------

Jeff Gray
04/09/2001 04:41 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Michael Moore/HOU/EES@EES, Jay Sparling/HOU/EES@EES
Subject: DSM projects as real options

Vince:

Could you spare a few moments to look over the attached three-page Power
Point presentation?  At a minimum, we're trying to demonstrate the
following:  In high-volatility electricity environments, for those EES
customers who employ their own capital, their usual capital-project IRR
hurdles may be lowered slightly in the special case of DSM projects, to allow
for the extra value derived from reduced risk exposure stemming from reduced
power consumption/dependence.

I'm pushing the boundaries of real-option theory (and good sense) and viewing
a DSM project as a series of options, the values of which are additive.
First is the option to engage in the DSM project itself; which, if we
exercise the option immediately, can be valued intrinsically through a simple
NPV analysis.  Second is a strip of put options to generate "negawatts,"
extending over the useful life of a DSM installation, the cumulative value of
which is an extrinsic value associated with the DSM project.  These options
are exercised sequentially--over the life of the DSM installation--whenever
the customer experiences a dramatic, stochastic spike in electricity price,
associated with a lognormal price distribution.  I'm calling the value of
this strip a "residual time value" associated with the original DSM option.
If we can add this residual time value to the NPV and derive a total value
that is quantitatively higher than a simple NPV alone,  we may be able to
help the customer get more projects approved, even at the original high IRR
hurdle.

Alternatively, and more feasibly, we'd like to give these same customers a
"qualitative" tool with which they can convince their finance gatekeepers to
lower--for DSM projects--their standard capital-project IRR hurdle .  The
attached presentation is a first attempt at this qualitative argument.

We intend to use this only as a sales and marketing tool, to allow at least
one of our customers who has an onerously high hurdle rate to manage around
his company's internal capital-budgeting requirements.  He has set aside a
large sum of money for DSM projects, but will only be able to spend a small
portion of it under his company's current capital budgeting methodology,
which does not take into account forward commodity price volatility.

In your opinion, is there any hope in devising a quantitative justification,
or will we have to stick with the qualitative argument as described in the
attached presentation?  In other words, is it possible to quantify "residual
time value" as I've defined it above? Or, even better, are you aware of a
more practical way of conceptualizing this problem?

Thanks,

Jeff Gray

Vince J Kaminski@ECT
01/05/2001 03:26 PM
To: Jeff M Gray/NA/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Alex
Huang/Corp/Enron@ENRON, Gary Hickerson/HOU/ECT@ECT, Michelle D
Cisneros/HOU/ECT@ECT
Subject: Power Plant Model

Jeff,

A few comments on the model:

1. We have a few reservations about some features of the model but would like
to
discuss it internally and make the improvements without giving the benefit of
our insights to the consultant.
In general, the model is not unreasonable but the devil is always in the
details and in the inputs and
calibration. The same model may produce drastically different results
depending
on the quality of inputs.

2. We don't have a separate pool of programmers in the Research  Group. We
were told that you
would provide an IT resource. Alex would supervise this person.

Vince


I have a heavy meeting/conference call schedule.  To be honest with you, I'm
a bit unclear on who is doing what with this.  Any advice/insight?

Kay

John Schwartzenburg@ENRON_DEVELOPMENT
08/23/2000 01:28 PM
To: Kay Mann/Corp/Enron@ENRON, Scott
Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: Invitation - Westinghouse/Gleason iss (08/24/2000 12:30:00 PM
CDT)

Yeh, finally figured it out. I am trying to get out of town tomorrow, and
this is on top of some other hurry-up stuff, so I will likely miss. Scotty
will be there. Any chance youguys cna talk and geton the same page, or define
differences, before then?

To: John Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Invitation - Westinghouse/Gleason iss (08/24/2000 12:30:00 PM CDT)

Couldn't tell if you saw this...
---------------------- Forwarded by Kay Mann/Corp/Enron on 08/23/2000 01:24
PM ---------------------------

John.Normand@enron.com@enron.com on 08/23/2000 11:47:29 AM
Sent by: Arlene.Chapman@enron.com
To: Mitch.Robinson@enron.com, Kay.Mann@enron.com,
John.Schwartzenburg@enron.com, Scott.Dieball@enron.com, Bob.Greene@enron.com,
Dennis.Alexander@enron.com, Brian.D.Barto@enron.com, Gavin.Gaul@enron.com,
Mark.Dobler@enron.com, Ross.Newlin@enron.com
cc:

Subject: Invitation - Westinghouse/Gleason iss (08/24/2000 12:30:00 PM CDT)

  (superscript: New meeting request from John Normand)

                08/24/2000 12:30 PM Local Time
                08/24/2000 02:00 PM Local Time

  Title:        Westinghouse/Gleason issues CR#5C1 - Lunch served
  (J.Normand, M.Robinson, K.Mann, J.Schwartzenburg, S.Dieball, B.Greene,
  D.Alexander, B.Barto, G.Gaul, M.Dobler, R.Newlin))
  Location:     -No room information available-

  Chair:        John Normand/ENRON_DEVELOPMENT

  To (required):   Mitch Robinson/Corp/Enron
  cc (optional):

     John Normand/ENRON_DEVELOPMENT wants you to attend a meeting.

On        08/24/2000 12:30:00 PM CDT
For       1 hour 30 minutes
With:          John Normand/ENRON_DEVELOPMENT (Chairperson)
          Mitch Robinson/Corp/Enron (Invited)
          Kay Mann/Corp/Enron (Invited)
          John Schwartzenburg/ENRON_DEVELOPMENT (Invited)
          Scott Dieball/ENRON_DEVELOPMENT (Invited)
          Bob Greene/ENRON_DEVELOPMENT (Invited)
          Dennis Alexander/ENRON_DEVELOPMENT (Invited)
          Brian D Barto/ENRON_DEVELOPMENT (Invited)
          Gavin Gaul/ENRON_DEVELOPMENT (Invited)
          Mark Dobler/NA/Enron (Invited)
          Ross Newlin/ENRON_DEVELOPMENT (Invited)

   Westinghouse/Gleason issues CR#5C1 - Lunch served (J.Normand,
M.Robinson, K.Mann, J.Schwartzenburg, S.Dieball, B.Greene, D.Alexander,
B.Barto, G.Gaul, M.Dobler, R.Newlin))


-----Original Message-----
From:  Hendon, Brian
Sent: Friday, May 11, 2001 10:48 AM
To: Barry & Pam Hendon (E-mail); Candice Hendon (E-mail); Carolyn Hendon
(E-mail); Kemp Tullier (E-mail)
Cc: 'hendob@hotmail.com'
Subject: Japan Trip

If my Japan business trip goes through (75% chance), this is where I'll be
living for 1 month (July/August timeframe) - not too shabby...

http://www.palacehotel.co.jp/index_e.html

Brian Hendon
Enron Global Markets
Finance & Structuring
direct: 713-853-6301
cell: 713-502-5021
fax: 713-646-3203


Gerald,

Please review the attached CA to discuss with Bruce.

Thanks,

Will
 - ampa _ca.pdf


Attached is termination revised with Mary's changes.  Per Mary's conv.
w/Fred, if the Counterparty failed to make payments hereunder, the contract
would not be void ab initio, but instead, any payments to the counterparty
would be offset against any amounts owing to us.

	Larry Joe Hunter
	09/15/2000 11:31 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Partial Termination Doc - Central Resources

Tana,

Fred wanted to be very specific about the amounts due.  Can you have a look
at the attached and let me know if it will fly?  See Brant's e-mail for
numbers.

Thanks,
Joe


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We hope you enjoyed receiving this message. However, if you'd rather
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Please note that this message was sent to the following e-mail
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brapp@enron.com


Week of Jan. 4 - 7th

No Issues with Y2K @ any Enron Office Facilities
Gary Fitch to Europe to negotiate with Litton (fixed base operator that will
crew and maintain our London based Hawker)
Working on setting up Azurix to be partial owner/lessee of all seven aircraft
in our fleet.  Considering charging Azurix cost of 3rd party legal expenses
related to transactions.
Had 29 laptop computers stolen from EB and 3AC in 1999.  Working with IT
groups on tracking techniques however everything discussed appears too
intrusive.
Added $600K of spend to our minority sourcing efforts (all Houston copy paper
now purchased and delivered through minority firm - Lee Office Supply)
ECI has moved into EB level 44 this weekend.  All looks good.
Terry Thorn will consolidate his staff onto level 21 of 3AC (former EI
executive floor).  Minor renovation is planned to improve density.  Kurt
Huneke's group is anxious for Terry's group to get off of 3AC level 15 so he
can expand.
We had our highest volume of meals ever served in the Energizer last Tuesday
(1st day back of new year)
EES is asking that we move Accounts Payable out of the Enron Building (on EB
level 12) so they can take over space.  EES would also like Accounts Payable
to move to 600 Jefferson to help mitigate their lease obligations.  I've
placed call into Rick Causey to get his thoughts.  Have not heard back.
ECI is interested in setting up a NOC (network operations center) @ Ardmore
Facility.  They'll need 1/2 of the available space.  Working with Corp. IT to
determine feasibility and facility cost sharing.
Meeting this week with Drayton McClane and Astros management to finalise
business points regarding construction of a Garage at Enron Field.


count us in
---------------------- Forwarded by Hunter S Shively/HOU/ECT on 08/04/2000
11:48 AM ---------------------------

	Clayton Vernon @ ENRON
	08/03/2000 10:21 AM

To: Hunter S Shively/HOU/ECT@ECT
cc: Carmen Ayala/HOU/ECT@ECT
Subject: f/up solicitation

Hunter-

Thanks for letting me show you the Gas Model. I want you to know I will
always go out of my way to help you and your traders develop and use good
models.

I need tools, and Kevin has been fantastic supporting with these. He's alread
bought a $25,000 Sun server to be dedicated to real-time mathematical models.

Can  I can tentatively count you "in" on the SAS software. Our current
license expires Sep. 14 (ie, soon), and I need to knowing where a total of
$40,000 is coming from. As it turns out, I "need" to count on Gas for around
$15,000, which I note is a lower price to you for unlimited user access than
you would pay for a single-workstation SAS PC license. Remember, not only are
many of the calculations you need  too big for Excel, my own Gas Model will
run in SAS and will be available to you. And, Carmen Ayala in Contract
Administration, will support you every step of the way here, since her
assignment is to wean Enron from an obscenely expensive emerging addiction to
SAS-PC

I'm sorry to have to bug you like this, but I have a deadline staring me in
the face.

Clayton


Debbie,

Attached are drafts for two GISBs for Engage Canada and Engage America.  Upon
your review, please give me a call to discuss.    Also,  I await  our credit
dept. for numbers to initate a Master but anticipate same today or tomorrow.

Regards,
Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


George/Sandy,
Are you guys nominating/confirming this gas on Tennessee Passkey and Transco
Transit for December or are we?
Are there going to be two sets of tickets for each deal (one for the firm
volume and one for the swing)?  We'll need those deal numbers when you have
them..
Are you scheduling this internally in Unify or are we?
Please let me know as soon as possible as noms for December 1 are due to the
pipelines by 11:30 this Thursday morning!  THANKS!

	Enron North America Corp.

	From:  George Weissman                           11/27/2000 04:37 PM

To: Sandy Olitsky/HOU/ECT@ECT
cc: John Griffith/Corp/Enron@Enron, Melissa Graves/HOU/ECT@ECT, Jill T
Zivley/HOU/ECT@ECT, Linda Roberts/NA/Enron@Enron, Bob M Hall/NA/Enron@Enron,
Victor Lamadrid/HOU/ECT@ECT, Shawna Flynn/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT
Subject: Re: Cabot Oil & Gas Marketing Corporation

Turtle Bayou Field
Continental Land & Fur 58 #2 Well
Terrebonne Parish, LA
Facility 514800, Transco Zone 3

Kent Bayou Field
Continental Land & Fur 11 #1, 24 #1 & 28 #1 Wells
Terrebonne Parish, LA
Facility 820010, Tennessee La. Zone 1

Sandy,

Attached are the tickets we intend to submit to document the two (2) deals
with Cabot for December.  Once you and John have had an opportunity to review
these tickets, Melissa and I would like to come down and walk them through
the system.  Thanks.

Cabot has agreed to do the December deals at index minus $0.01 for 80% of
their volume and gas daily minus $0.01 for the remaining 20% of their
volume.  We expect that they will soon execute the long term paper providing
for index minus $0.005 for the 80% firm traunch and gas daily minus $0.005
for the 20% spot traunch; a set of new long term tickets will be prepared and
submitted upon execution of the long term paper.

If this mechanism of documenting our deals works, we intend to submit all
future deals in a similar manner.

George x3-6992

---------------------- Forwarded by George Weissman/HOU/ECT on 11/27/2000
04:12 PM ---------------------------

	Enron North America Corp.

	From:  Sandy Olitsky                           11/27/2000 11:07 AM

To: George Weissman/HOU/ECT@ECT
cc:
Subject: Cabot Quotes Dec Only

George:

Scott Neal gave me the following quotes for your December only volumes:

Transco Zn3 WH: Index +.01 minus IT feeder to Ste. 65
Tenn. ZL500:  -.01

Let me know if you need anything else.
Thanks.
Sandy


Saudis Set to Select Firms for Gas Projects
The Wall Street Journal, 05/14/01

Cheney task force seeks input from interest groups
Associated Press Newswires, 05/14/01

COMPANIES & FINANCE UK: Independents drill deep to strike rich seams: A new
generation of smaller oil companies is emerging; a group that has discovered
how to be competitive, writes David Buchan: Financial Times; May 14, 2001

Bush energy team covers all the bases
Chicago Tribune, 05/14/01

QATAR: UAE's Dolphin may seek new partners if Enron exits.
Reuters English News Service, 05/14/01

UAE: UPDATE 1-Saudi expected to name gas race winners on Tuesday.
Reuters English News Service, 05/14/01

Saudi Oil Council To Meet Tue On Gas Projects -Sources
Dow Jones Energy Service, 05/14/01

RFID chip will help speed up business
The New Straits Times, 05/14/01

India: Godbole panel report may suggest MSEB bifurcation
Business Line, 05/14/01

Tertiary will be primary
Business Standard, 05/14/01
Acegas shares, potential for growth (Acegas, le potenzialita di crescita del
titolo)
La Repubblica, 05/14/01
Roundabout to the Oval Office
The Washington Post, 05/14/01
Largest LNG 13 Conference Opens Today
Korea Times, 05/14/01

International
Saudis Set to Select Firms for Gas Projects
By Bhushan Bahree
Staff Reporter of The Wall Street Journal

05/14/2001
The Wall Street Journal
A16
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -- After more than two years of talks, Saudi Arabia is about to
announce its choice of international oil companies for three huge natural-gas
projects that will mark a reopening of the kingdom's energy sector to Western
investment, a quarter century after it was nationalized.
But the announcement, and the signing of memorandums of understanding early
next month, will mark only the beginning of serious negotiations on terms for
the three ventures, which together will need investment of some $25 billion.
It will be months before final agreements are signed.
"We expect to have an agreement -- a final agreement -- signed somewhere at
the end of the year, or, hopefully, the first quarter of next year," said
Saudi Oil Minister Ali Naimi in an interview last week.
Saudi Arabia's 11-member Supreme Petroleum Council is expected to meet today
to endorse the companies recommended by a ministerial committee led by
Foreign Minister Prince Saud al-Faisal. In the following week, Saudi Arabia
is expected to communicate its decision to the oil companies from both sides
of the Atlantic that have been vying for a role in the three projects. By the
end of the month, the chosen consortium members and Saudi officials are
expected to agree on which three companies will lead the projects. This will
be a prestigious role in a country that is the world's largest oil exporter,
has more than a quarter of the world's oil reserves and has the fifth-largest
reserves of natural gas.
As with any negotiations for such huge projects, industry rumors abound. All
three so-called oil supermajors -- Exxon Mobil Corp., Royal Dutch/Shell Group
and BP PLC -- have been mentioned as project leaders, particularly for the
plum Ghawar project, named after the world's largest onshore oil field, whose
environs are expected to yield large volumes of gas. The Ghawar project,
known as Core Venture 1, is projected to require about $15 billion in
investment. Core Venture 2 is on the Red Sea coast. The third project is in
Shaybah, a recently developed oil field in the kingdom's Empty Quarter, a
southeastern region bordering the United Arab Emirates.
The companies say they have no idea who will be named to the consortia, or
who the Saudis will choose from a short list of 11 companies -- Exxon Mobil,
Shell, BP, Chevron Corp., TotalFinaElf SA, ENI SpA, Enron Corp., Occidental
Petroleum Corp., Marathon Oil Canada Inc., Conoco Inc. and Phillips Petroleum
Corp. -- to lead each project. But they all have their hopes.
"We would be very disappointed if we are not the lead operator" for the
Shaybah project, said Archie Dunham, Conoco's chairman and chief executive.
Since Saudi Crown Prince Abdullah invited major oil companies to return to
the kingdom in October 1998, negotiations have focused on such broad issues
as the scope of the projects and their integrated nature -- from exploration
and production of gas to the making of petrochemicals and electricity -- as
well as the notion that the companies will need adequate returns on their
investment.
Soon, the project leaders will have to start the bargaining on such issues as
the roles to be played by national champions Aramco and petrochemicals
company Saudi Basic Industries Corp.
---
Alexei Barrionuevo in Houston contributed to this article.
--- Population Pressure

Saudi Arabia is opening up its energy sector, in a bid to bolster the
economy as population grows

-- Population
21.3 million (growing over 3.5% per year)

-- Unemployment rate*
27%-35% of males

-- Real GDP Growth Rate
7.6%

-- Oil Production
9.3 million barrels per day

-- Natural-Gas Reserves
204.5 trillion cubic feet

-- Natural-Gas Production/Consumption
1.68 trillion cubic feet

*Unofficial estimate for 1999

Note: Figures are estimates for 2000 except natural-gas production,
which is for 1999

Source: U.S. Energy Information Administration

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Cheney task force seeks input from interest groups
By SHARON THEIMER
Associated Press Writer

05/14/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

WASHINGTON (AP) - The White House team developing a national energy plan has
met with more than 130 interest groups, from environmentalists and unions
often at odds with Republicans to major Bush supporters given private
sessions with Vice President Dick Cheney.
The vice president, Cabinet secretaries and others on a special task force
have solicited ideas behind closed doors, hoping the privacy would encourage
a free exchange of ideas.
The White House has declined to provide names of participants - even to
Congress.
But interviews with participants detail a massive outreach where diverse
interests have met with task force executive director Andrew Lundquist.
Cheney's time has been reserved for meetings with more select participants
such as power wholesaler Enron Corp. and the Edison Electric Institute, both
GOP donors.
Houston-based Enron is the world's top buyer and seller of natural gas and
electricity.
"The way the task force is set up, they don't have the staff or time to have
a huge host of companies come through the door. They have told us to work
through our associations to the extent we can," said Don Duncan, vice
president of government relations for Phillips Petroleum Co.
Participants said the meetings, typically 20 minutes to 45 minutes, included
about a dozen to 100 interest group members and a few task force members and
staff.
No details were disclosed. Instead, administration representatives summarized
the nation's energy problems or listened as groups briefly offered background
and proposals. Many sent detailed materials to the task force outlining their
priorities.
At a half-hour meeting in late March with White House strategist Karl Rove
and Bush economic adviser Larry Lindsey, nuclear energy executives tried to
make sure the two knew about the production records the industry has set over
the past few years. At one point, Rove asked if anyone was looking to build a
nuclear power plant. An executive with Exelon replied that his company was
thinking about it, meeting participants said.
Energy Secretary Spencer Abraham has attended several meetings, including one
with Teamsters President James Hoffa and an hourlong session in California
with Democratic Gov. Gray Davis, who contends the administration has done
little to help the power-strapped state.
Like other governors, Davis was asked to provide one page on the state's
power crisis, including a description of the problem, an anecdote about it
and possible solutions.
"They're asking for a one-page memo on possibly the biggest crisis ever
affecting the state, with a massive ripple effect for the nation," Davis
spokesman Steve Maviglio said. "I think it demands more attention than a
one-page memo."
Cheney spokeswoman Juleanna Glover Weiss said the task force has been
studying the California problem almost daily.
At a meeting between Abraham and about 100 coal industry representatives in
late April, task force staffers handed out a briefing packet that outlined
national energy needs, and then they listened to industry proposals.
"I thought the purpose was one, to reassure people in the coal industry that
coal was going to play a large role in the energy mix, and essentially when
the plan is unveiled that they're going to be looking to people to help
martial this through Congress," said Bill Banig, a lobbyist for the United
Mineworkers Union.
White House officials said the meetings are not designed to encourage
lobbying and that task force members were carefully instructed on what was
permissible under federal law.
Cheney's meetings included Enron, Edison Electric Institute, California
Republicans, and the senators from Nevada, home to the proposed Yucca
Mountain federal nuclear waste site. The vice president plans to meet with
the renewable-energy industry this week.
Enron ranked among Bush's top 10 presidential campaign contributors, giving
more than $110,000, and helped sponsor a $7 million party fund-raiser last
month.
The Edison Electric Institute gave Republican candidates more than two-thirds
of its $193,000 in contributions last year. Edison International, whose
holdings include the Southern California Edison electric utility, is also a
major donor, giving $535,000 to Republicans last year and $330,000 to
Democrats.
Enron spokesman Mark Palmer said Cheney met with Enron executives because the
power wholesaler is a respected member of the industry, not because it was a
contributor. Enron wants the administration's energy plan to ease electricity
transmission bottlenecks, give companies incentives to invest in new
transmission and make the wholesale power market as open as possible, he
said.
Tom Kuhn, the institute's president, said it is "totally ludicrous" to think
political donations played a role.
Cheney's meeting with Edison board members, held at the institute's
invitation, lasted 15 minutes to 20 minutes. Cheney spoke about the task
force process, Kuhn said. He said Cheney's remarks were consistent with the
vice president's public statements.
Edison wants to see new generation and transmission systems built, including
coal, natural gas and nuclear and hydroelectric power, Kuhn said.
Democrats in Congress sought a list of participants in the meetings, but
Cheney's office responded by only listing broad categories and no names. That
has left fodder for political attack.
"You can't just take advice from one interest group or set of interest groups
when you do these things," said Dave Albersworth of the Wilderness Society,
whose group has met with Lundquist but was denied its request to talk with
Cheney.
Weiss countered that the energy task force has collected information from
more than 130 groups since January in an "almost Herculean effort" to draw
input from all sides.
"People deserve the right to petition their government and not expect a full
laundry list of who's called to be announced," she said.
Enron spokesman Palmer said he is not seeking such privacy. "I'm happy to
tell people what we're advocating for. I'd rather be talking about policy
than about politics," he said.
---
On the Net:
White House Energy Task Force:
http://www.whitehouse.gov/news/usbudget/blueprint/bud10.html

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

		COMPANIES & FINANCE UK: Independents drill deep to strike rich seams: A new
generation of smaller oil companies is emerging; a group that has discovered
how to be competitive, writes David Buchan: Financial Times; May 14, 2001
By DAVID BUCHAN

		The UK's listed small oil companies may have dwindled in number. But they can
rightly say, echoing Mark Twain's words, that reports of their collective
demise are exaggerated.
		Indeed, many in the UK-based exploration and production companies, dubbed
"independents" in the sense of being untied to any refining and marketing,
believe they have more of a role than when their kind first started operating
in the North Sea 30 years ago.
		After the takeovers in recent years of Lasmo, Monument and British Borneo,
there may only be about a dozen significant UK-based "independents" left. Yet
they amount to virtually the entire European E&P sector: the only significant
exception being Lundin Oil of Sweden.
		Many of the UK independents began life as local partners of US companies in
the 1970s when the Labour government of the period gave preference to
consortia with a local flavour.
		But this rationale disappeared when the Thatcher government took a more
free-for-all approach to letting anyone develop the North Sea - though at the
same time it did create the biggest UK independent by floating off British
Gas' oil interests as Enterprise Oil. Enterprise is the only UK independent
that is more than a niche or regional player. As such its E&P assets would be
a significant addition to an oil major, hence the persistently rumoured
interest in taking it over.
		As the North Sea became more competitive and difficult, some of the UK-based
independents began to look elsewhere. "Unlike US independents which have
always tended to be less interested in drilling outside North America, those
in the UK have always tended to be more sympathetic to exotic parts of the
world", says Mark Redway of Teather and Greenwood.
		Unfortunately, the obvious exotic new province that happened to open up in
the early 1990s was the former Soviet Union. One company, Ramco Energy,
dipped in and out very successfully, recently selling its 2 per cent stake in
the Azerbaijan International Oil Consortium for Dollars 150m (Pounds 104.8m).
		Other UK independents - Aminex, Soco and Dana Petroleum - ventured into
Russia and got stuck. While Aminex finds it hard to downplay Russia (because
it has little elsewhere), Soco these days stresses its Mongolia and Vietnam
operations. Another UK independent, JKX Oil & Gas, went into Ukraine, a
country notorious for non-payment of energy bills. With diplomatic help from
Tony Blair, the prime minister, JKX has just survived a legal attempt to rob
it of its Ukraine assets.
		Two other independents have sunk more fruitful roots in Asia. "Cairn Energy
now has as big a stake in Bangladesh's gas production as Shell, and it would
be left, if Enron (the US energy company) were to quit India, as the biggest
foreign player in India," says Iain Reid of UBS Warburg. Premier Oil is now a
substantial Asian gas company, with production in Burma, Indonesia and
Pakistan and long term contracts in Thailand and Singapore.
		But there are risks in these Asian ties. The obvious political one concerns
Burma. Last year the UK government asked Premier to quit Burma because its
presence was helping the military regime. Premier refused, and said it would
carry on.
		The other risk, according to Mr Redway, is economic and it applies also to
Cairn. Because there is no real world market for gas, Cairn and Premier are
"very dependent on the strength of the local economies". But then, Mr Redway
is an analyst who believes that independents' competitive edge lies in
exploration rather than production. He therefore rates Fusion Oil & Gas
highly as "the purest exploration investment opportunity in the E&P sector".
		Dana similarly vaunts its exploration expertise, but to a different end. Its
goal, according to Tom Cross, chief executive, is to find oil and then swap
exploration for production assets. "This avoids the expensive development
stage of building platforms and pipelines and so on". Then at the other end
of the spectrum are production-focused companies, such as Paladin, Tullow Oil
or Venture Production. Roy Franklin, Paladin's chief executive, makes no
bones about his company's scavenger strategy, spotting rich pickings
overlooked by the majors.
		The majors are not always ready to sell, particularly recently when the oil
price rise has widened the gap in price expectations between buyers and
sellers.
		But Paladin was last year able to buy PetroCanada's assets in Norway, and is
this year interested in bidding for some of what the Norwegian state is
selling off.
		As its name suggests, Venture Production, a private Aberdeen-based company
with North Sea and Trinidad operations, is focused on extraction, not
exploration. And so are other private companies such as Intrepid, Consort
Energy and Highland Energy, formed in the past three or four years. This new
generation of company tends to be more cautious than the older one.
"Exploration has probably been the best way to destroy shareholder value,"
says one executive.
		The other risk the new oilmen want to avoid is the vagaries of the stock
market. "By focusing on production, the new companies are more predictable in
terms of cash flow and earnings," says Mike Wagstaff, Venture's finance
director.
		Copyright: The Financial Times Limited

News
Bush energy team covers all the bases
Sharon Theimer, Associated Press

05/14/2001
Chicago Tribune
North Sports Final ; N
13
(Copyright 2001 by the Chicago Tribune)

The White House team developing a national energy plan has met with more than
130 interest groups, from environmentalists and unions often at odds with
Republicans to major Bush supporters.
Vice President Dick Cheney, Cabinet secretaries and others have solicited
ideas behind closed doors, hoping the privacy would encourage a free exchange
of ideas.
The White House has declined to provide names of participants even to
Congress.
But interviews with participants detail an outreach program where diverse
interests have met with task force executive director Andrew Lundquist.
Cheney's time has been reserved for meetings with more select participants
such as power wholesaler Enron Corp. and the Edison Electric Institute, both
GOP donors.
"The way the task force is set up, they don't have the staff or time to have
a huge host of companies come through the door. They have told us to work
through our associations to the extent we can," said Don Duncan, vice
president of government relations for Phillips Petroleum Co.
Participants said the meetings, typically 20 minutes to 45 minutes, included
a dozen to 100 interest group members and a few task force members and staff.
No details were disclosed. Instead, administration representatives summarized
the nation's energy problems or listened as groups briefly offered background
and proposals. Many sent detailed materials to the task force outlining
priorities.
Energy Secretary Spencer Abraham has attended several meetings, including one
with Teamsters President James Hoffa and an hourlong session in California
with Democratic Gov. Gray Davis, who contends the administration has done
little to help the power-strapped state.
Like other governors, Davis was asked to provide one page on the state's
power crisis, including a description of the problem, an anecdote about it
and possible solutions.
"They're asking for a one-page memo on possibly the biggest crisis ever
affecting the state, with a massive ripple effect for the nation," Davis
spokesman Steve Maviglio said. "I think it demands more attention than a
one-page memo."
Cheney spokeswoman Juleanna Glover Weiss said the task force has been
studying the California problem almost daily.
At a meeting between Abraham and 100 coal industry representatives in late
April, task force staffers handed out a briefing packet that outlined
national energy needs, and then they listened to industry proposals.
"I thought the purpose was one, to reassure people in the coal industry that
coal was going to play a large role in the energy mix, and essentially when
the plan is unveiled that they're going to be looking to people to help
marshal this through Congress," said Bill Banig, a lobbyist for the United
Mineworkers Union.
White House officials said the meetings are not designed to encourage
lobbying.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

QATAR: UAE's Dolphin may seek new partners if Enron exits.
By Kedar Sharma

05/14/2001
Reuters English News Service
(C) Reuters Limited 2001.

DOHA, May 14 (Reuters) - Dolphin Energy Ltd (DEL) may invite new foreign
investors to join its project to route Qatari gas to the United Arab Emirates
as U.S. Enron Corp looks set to bow out, industry sources said on Monday.
"New partners are a possibility," Khaldoun al-Mubarak, project manager for
DEL, majority owned by the UAE's Offsets Group (UOG), told Reuters.
"But at the moment we are in the midst of finalising the formal (development
and production sharing) agreement with Qatar which should be done by
September at the latest."
Qatar and DEL in March signed a "commercial term sheet agreement" which
outlined the conditions of the upstream agreement for the long-awaited $3.5
billion project.
UOG currently owns 51 percent of DEL, with the remainder held equally by
France's TotalFinaElf and Enron.
"Enron is going through major global restructuring," Mubarak said. "(But)
they haven't officially notified us about their intention to pull out."
Enron officials declined comment.
Mubarak said interest in DEL was running high.
"Everyone is asking for a stake," he said.
The gas deal would entitle DEL to develop a tract of Qatar's giant North
Field and produce up to two billion cubic feet per day (cfd) of gas.
UOG is to invest $2 billion in developing the North Field tract, drilling and
setting up production facilities.
The remaining $1.5 billion would be invested to lay a pipeline and set up
receiving terminals at Dubai's Jebel Ali and Taweelah in Abu Dhabi.
First gas is targeted to reach the UAE capital Abu Dhabi by late 2004 or
early 2005. About one billion to 1.5 billion cfd of Qatari gas would be
consumed by utilities in Abu Dhabi with the remainder supplied to Dubai.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

UAE: UPDATE 1-Saudi expected to name gas race winners on Tuesday.
By Peg Mackey

05/14/2001
Reuters English News Service
(C) Reuters Limited 2001.

DUBAI, May 14 (Reuters) - Saudi Arabia's Supreme Petroleum Council (SPC) is
expected to meet on Tuesday and announce the oil majors chosen for its
multi-billion dollar gas investment opening, industry sources familiar with
the negotiations said on Monday.
The sources said the SPC is expected to name ExxonMobil and Royal Dutch/Shell
as lead players in three so-called core projects involving the kingdom's
upstream gas sector - off-limits to foreign oil firms since nationalisation
in 1975.
Signing of memoranda of understanding (MOUs) would most probably take place
in early June, the sources said.
The anticipated announcement would mark the biggest advance in the kingdom's
gas initiative, valued at an initial $25 billion, since Riyadh unveiled its
energy investment opening over two years ago.
But the hard work has yet to start on the opening of Saudi Arabia's gas
sector, the world's fourth biggest. "The fiscal regime and regulatory details
have not been developed," said one source.
FINAL CUT
Riyadh is expected to trim back its original shortlist of 11 potential
foreign investors revealed last summer. Those companies had been grouped
under three core venture consortia - South Ghawar, Red Sea and Shaybah.
For ExxonMobil and Royal Dutch/Shell, securing the lead role in Saudi
Arabia's core ventures would entitle them to operate the package and get the
biggest slice of the projects, analysts said.
Other industry sources said ExxonMobil, the world's biggest energy company,
was tipped for the top slot in core venture 1 (South Ghawar) as well as in
core venture 2 (Red Sea).
Royal Dutch/Shell was in pole position for core venture 3 (Shaybah), the
sources added.
Both oil supermajors already have significant foreign investment in the
kingdom and feature as top customers of Saudi oil, the analysts said.
ENERGY DRIVERS
An urgent need to create jobs and grow the economy are driving Saudi Arabia's
landmark energy opening.
And analysts said big oil companies were prepared to help the kingdom achieve
those aims even if the return on their investment was relatively low.
"Major oil companies just cannot miss this opportunity," a source said. "The
gas projects will show profits."
But just how much revenue oil companies will generate by selling water and
electricity in the Saudi domestic market remains to be seen.
On paper, at least, the kingdom's domestic gas sector looks set for
impressive growth.
Domestic gas demand, now running at about 3.4 billion cubic feet per day, is
forecast to grow at more than seven percent a year over the coming decade.
Saudi Arabia has meanwhile made clear that its prized oil sector, the world's
biggest, remains off limits.
Even so, oil companies still hold out hope for eventual involvement in oil,
the kingdom's lifeblood.
"The companies are just as happy with gas, but oil remains the ultimate
objective," a regional analyst said.
"Saudi Aramco is still putting up strong defence barriers, but eventually
they could open up the oil sector once they feel comfortable working with the
majors."
The Saudi gas initiative seeks foreign oil companies' help in developing the
kingdom's known gas reserves as well as investment in downstream projects fed
by gas supplies, such as power and desalination.
The following companies have been shortlisted for the gas projects:
Core venture 1 (South Ghawar Area) - ExxonMobil, Royal Dutch/Shell, BP ,
TotalFinaElf , Chevron and ENI .
Core venture 2 (Red Sea Area) - TotalFinaElf, ExxonMobil, Marathon , Enron
/Oxy , Conoco , Royal Dutch/Shell.
Core venture 3 (Shaybah Area) - Royal Dutch/Shell, ExxonMobil, Marathon,
Conoco, TotalFinaElf, Phillips and Enron/Oxy.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Saudi Oil Council To Meet Tue On Gas Projects -Sources

05/14/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

DUBAI -(Dow Jones)- International oil companies vying for a stake in Saudi
Arabia's downstream gas projects, expect to be notified soon on whether they
have been selected to participate, industry sources in the kingdom said
Monday.
Saudi Arabia's Supreme Petroleum Council is set to meet Tuesday and shortly
after, announce its final selection for each of the three core ventures on
offer, the sources said.
The Saudi Arabian committee negotiating with international oil companies on
the Gas Initiative, submitted its proposals for consortium members and
leaders to the country's Ministerial Council in April. These were then passed
on to the SPC for final approval.
Saudi Arabia's Crown Prince Abdullah, who heads the SPC, is in Bahrain Monday
attending a Gulf Cooperation Council leaders' summit along with Saudi
Arabia's foreign minister, Saud Al Faisal, who heads the gas negotiating
committee.
Saudi Arabia invited international oil companies in October 1998 to
participate in proposals for downstream gas projects and upstream gas
enhancement.
After a series of meetings between the negotiating committee and IOC's in the
past year, the following companies were shortlisted for each project.
Royal Dutch/Shell Group (RD), BP PLC (BP), Exxon Mobil Corp. (XOM), Chevron
Corp. (CHV), Total Fina Elf S.A. (TOT) and ENI SpA (E) for Core Venture 1,
the $15 billion South Ghawar Area Development.
For Core Venture 2, the Red Sea Development, Enron Corp. (ENE) and Occidental
Petroleum Corp. (OXY) are bidding jointly and Exxon Mobil, Total Fina Elf,
Marathon Oil Canada Inc. (T.M), Shell and Conoco Inc. (COCA) were listed.
And for Core Venture 3, the Shaybah area, Total Fina Elf, Conoco, Phillips
Petroleum (P), Enron and Occidental, Exxon Mobil, Shell and Marathon Oil were
listed.

With all those shortlisted expected to play some role, the immediate and
essential question for each of the IOC's is whether they will be selected to
lead and operate a project, with Core Venture 1 the most sought after,
industry sources said.
Exxon Mobil and Shell have been tipped as frontrunners for this venture.
The operator's role will be more crucial than ever here as it will be
responsible for directing further negotiations on the projects at hand which
will lead to final deals probably by year end.
Also, operators are expected to decide and direct how the project's
individual and large components will be developed, details the Saudis haven't
finalized, sources said.
The three ventures have been estimated at a combined value of about $25
billion.
-By Dyala Sabbagh, Dow Jones Newswires; 9714-331-4260;
dyala.sabbagh@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Business
RFID chip will help speed up business

05/14/2001
The New Straits Times
Main/Lifestyle; 2*
26
(Copyright 2001)

THE combination of recently developed "stick-on" Radio Frequency
Identification (RFID) chip technology with a global positioning system (GSP)
will transform and quicken the pace of doing business in the oil and gas
industry.
And Malaysia must adapt to this shift to maintain her global positioning.
Global management and technology consultant Global Energy Strategy Practice
which is working in partnership with Accenture Sdn Bhd wants to promote this
idea locally.
Global Energy Strategy Practice partner Paul Spence said that applying this
latest combined technology, car owners can fill up a petrol tank without
resorting to human contact or to the use of a credit card.
Relevant personal data embedded in the RFID chip would be machine read and
the required quantity of petrol delivered, as if right out of a science
fiction movie.
This surreal development is made possible through the application of
ubiquitous-commerce (u-commerce) whereby computers and machines communicate
with each other to affect an impression of an omnipresent intelligence.
Such technology is economically available today. "There are technology
suppliers who are offering these capabilities."
The technology also has applications outside the oil and gas industry.
Communications between machines can now allow or deny access of individuals
to restricted zones.
In an interview in Petaling Jaya recently, Spence said: "A lot of my clients
now are asking, whether that same technology can be used to restrict access
into hazardous areas, plants or production sites.
"Can a warning alarm be fitted to the individual or to an assistant? There
are lots of safety, health and environment applications around that."
"Guru in the field" is another potential application where a combination of
RFID chips, video cameras, personal digital assistants (PDA) and personal
computers can deliver distant technical advice on- site.
"An industry client operating in the North Sea oil fields has a prototype
mounted on a workman's helmet which sends snap-shots to experts on the other
side of the world.
"The effect of this new combined technology on global financial and commodity
markets is to lock them in tighter correlation.
"The days of being able to arbitrage for profits between geographical markets
are shortening within the energy industry. Enron which is the biggest oil
trader in the US is now hedging on weather derivatives."
Accenture partner Lim Beng Choon said that to compete globally, the oil and
gas industry in Malaysia would have to implement this new technology to
remain connected to global markets.

Caption: Lim ... connected.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

India: Godbole panel report may suggest MSEB bifurcation

05/14/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

MUMBAI, May 13. THE second part of the Dr Madhav Godbole committee report is
expected to be submitted to the State Government on May 15.
While the first part of the report recommended renegotiation of the power
purchase agreement with Enron's Dabhol Power Company, the second part is
expected to suggest bifurcation of the Maharashtra State Electricity Board,
sources said. The committee, which has been given the mandate to negotiate
with Enron officials to make DPC power more acceptable, had a marathon
meeting on May 11 to finalise the second half of the report.
"The committee has been considering the bifurcation of MSEB," a source said.
"The idea is to try and separate the distribution from generation and
transmission." While generation and transmission can be controlled by the
State, there may be a suggestion to privatise the distribution arm. Over 1.5
lakh MSEB employees had gone on a strike to oppose a Bill to unbundle the
board into three divisions - generation, transmission and distribution - due
to fear of privatisation.
MSEB, the State's leading power company, has been facing huge losses due to
delay in payments and theft of power. The second part of the report is
expected to address the problem in detail.
Part one of the report submitted on April 10 had said: "...none of the
solutions espoused for independent power producers, in general, and DPC, in
particular, is tenable without the reforms of MSEB, especially its
distribution business, which it shall address in part II of the report."
The report is expected to "suggest appropriate measures to ensure that the
interests of the State, MSEB and electricity consumers of the State of
Maharashtra are properly and adequately considered, evaluated and
safeguarded," according to the terms of reference laid down when forming the
committee.
The committee originally consisted of Dr Madhav Godbole, Mr Deepak Parekh, Dr
E.A.S. Sarma, Dr Rajendra Pachauri and the State Energy Secretary, Mr Vinay
Mohan Lal. The MSEB Chairman, Mr Vinay Bansal, has been inducted as part of
the panel after the submission of the first part and before the beginning of
negotiations with Enron.
Archana Chaudhary

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

The Smart Investor
Tertiary will be primary
Indira Vergis

05/14/2001
Business Standard
2
Copyright (c) Business Standard

These are volatile times for world business. There are increasing jitters
that a slowing US economy could dampen prospects for the global economies.
Many developing regions, especially in Asia, are bracing themselves for a
bout of slightly lower growth.
But two countries, India and China which together account for about half the
region's gross domestic product (GDP_ will still continue to see their GDP
grow at six per cent, forecasts the Asian Development Bank.
Many Indian economists agree with ADB's projections. In fact, they view the
prediction of a six per cent growth in India's GDP as benign. Nearly 54 per
cent of India's GDP is delivered by its services sector and a modest
performance by this sector, some economists say, will be enough to hold up
the GDP at six per cent. There are others who hope that better agricultural
performance could prompt the economy to hand in a better scorecard.
However, the Indian industry remains trapped in the doldrums, suffering from
a lack of consumer confidence and investments. Very few economists expect to
see signs of recovery sprouting any time soon.
An interest rate cut is considered vital by many to energise the sector. And,
they argue, there are certain economic indicators that encourage such a move.
Inflation is running at very low levels and the nation's foreign exchange
reserves are currently high enough to provide a strong defence to the Indian
currency. Surprisingly, our trade balance, which threatened to spiral out of
control by surging oil prices last year, has been contained. Since then, oil
prices have retreated and are expected to remain subdued. While a rate cut
may go some way in reviving sentiment and activity in the industrial sector,
stirring up consumer demand will still hinge on a normal monsoon.
Rain, rain, come again
For many economists, the prediction of India clinging to its current GDP
level is heavily contingent on a normal spell of monsoon this year.
"According to our assessment, we believe the Indian economy will grow by
around 6.5 per cent this fiscal year," says Chetan Ahya, vice president at J
M Morgan Stanley Securities.
In 2000-01, agricultural growth withered under a poor monsoon and a
subsequent drought in many parts of the country. For the second year in a
row, growth in the sector sank below one per cent. It stood at 0.9 per cent
compared with 0.7 per cent the previous year. While agriculture accounts for
only 24 per cent of GDP, it remains the most keenly-watched sector by
economists. "The performance of the agricultural sector is important because
of its linkages to the economy both on the supply side and on the consumption
side," says Mohan Nagarajan, chief economist at Credit Analysis and Research
Ltd (CARE). "It would lead to a better performance of agro-based industries,"
he adds.
More significantly, roughly 60 per cent of Indians still depend on
agriculture for their livelihood. "A good crop means that demand for
everything, from everyday use goods like toothpaste to larger items like
tractors will pick up," says Nagarajan. Economists are hoping that a good
monsoon will budge growth in the sector to around 1.5 to 2.5 per cent.
In service of the economy
Another key sector economists will be watching out for will be services.
India's services sector ranging from finance, insurance, hospitality to
transportation and communication slowed its pace in 2000-01. With growth
weakening by a whole per cent to 8.4 in 2000-01, sluggishness in this
important sector has been blamed for dragging down the overall GDP. Most
economists expect the sector to post either relatively flat growth or edge
slightly higher this year. But, it's performance will be vital to ensure that
overall GDP holds at six per cent. "Even if the agriculture and industry
numbers fall again but services sees even seven to eight per cent growth, it
will be enough to keep the GDP around six per cent," says Nagarajan.
Construction activity a services component that includes housing, roads and
other infrastructure projects demonstrated surprisingly good growth of 8.7
per cent and is expected to maintain the pace. Road construction is tipped to
show increasing levels of activity as work on the ambitious highway linking
Mumbai, Delhi, Chennai and Calcutta intensifies.
Chiming in will be the housing industry, benefiting in recent years from tax
reliefs and attractive financing schemes, and which have encouraged more
people to buy houses.
Another segment slated to witness good growth will be IT-enabled services,
says Morgan Stanley's Ahya. "We are emerging as the services workshop of the
world," he says. IT-enabled services like call centres and data processing,
though currently generating tiny revenues, are slated to turn into big money
spinners in the years ahead.
The telecommunications industry will also see improving levels of investment.
"The penetration of services is so low, that it has an intrinsic high growth
rate," says Ahya. For a taste of the market, consider this: out of the 100
Indians, only one uses the Internet and less than three own a telephone.
A good home show
And there could be a pleasant surprise in store for industry amid all the
gloom over its performance.
Adequate liquidity conditions are spurring expectations of a cut in interest
rates. Broad money(M3) a gauge of total money available in the economy
increased 16.2 per cent in 2000-01 against 14.6 per cent last year.
While the Reserve Bank of India had cut the bank rate in March, the belief is
that a further cut of 50 basis points is imminent. The bank rate the rate at
which the central bank lends to commercial banks currently stands at seven
per cent. Aiding the cause is the inflation data which shows the wholesale
price index at a tame 5.84 per cent. With economists betting that oil prices
will remain in the $24-28 a barrel range, inflation is not expected to
exhibit the oil price-inspired gyrations of last year. A cut could coax the
industry to step up activity, though admittedly, much would still depend on
rural demand.
Neighbours' envy
And while many Asian countries watch with increasing nervousness the impact
of an American downturn on their economies, India and China can afford to
remain relatively placid about global developments. That's because they are
less dependent on the US for their own economic health. That is expected to
shield them somewhat from being blown off-course like some other Asian
nations by the ill-wind of an American slump in demand.
With exports making up less than 10 per cent of India's GDP, its economy is
clearly not export-driven. In contrast, nearly 35 per cent of Indonesia's GDP
comes from exports, 57 per cent for Thailand, and 50 per cent for the
Philippines.
Yet, despite claiming only a small percentage of GDP, India's exports
remained a bright spot amid some gloomy economic data. Exports raced ahead 20
per cent to $44.1 billion in 2000-01. It was the second consecutive year of
good exports growth. On the flip side, imports rose, too, during the same
period to Rs $49.1 billion. But non-oil imports, however, declined 15 per
cent to $34.2 billion. That helped narrow the trade gap to $5.74 billion from
$12.79 billion the previous year.
Still, India can ill-afford to ignore completely the risks of an American
slump in demand. The US is India's largest trading partner and, in 2000-01, a
quarter of its exports headed to that nation. Besides, by taking in nearly 70
per cent of India's software exports, it is also India's most important
software exports destination.
Booming software exports accompanied by remittances by Indians living
overseas have been the primary factors exerting a calming influence on
India's balance of payments of position, especially in times of economic
turbulence. For example, last year, while a surging oil import bill
threatened to rattle the nation's trade gap, inflows from
invisibles(including income from software and Indians living abroad) came to
the rescue helping India limit its overall current account deficit.
It's a sobering realisation that has compelled the National Association of
Software and Service Companies(NASSCOM) to lower its exports forecast to
between $8.5 billion to $9 billion from its previous figure of $9.5 billion.
Earlier, it had also revised estimates for 2000-01 lower to $6.2 billion from
$6.3 billion. Still, observers say it isn't a cause for depression.
"They are still talking about growth. It is a decline in the growth rate and
not an actual downturn itself," points out John Band, chief executive
officer, ASK-Raymond James and Associates. And remittances look set to
maintain their pace as well. "Most remittances are still from Indians who
live in the Middle East, and I don't see any slowdown from this segment,"
says CARE's Nagarajan. Remittances totalled $9.8 billion in the nine months
to December 2000. Software exports brought in $4.6 billion during the same
period.
Foreign institutions support
Another recent 'feel-good' sign has been evident in the stock markets too.
Between January and April 2001, eigners poured in Rs 7,368 crore into India's
equity markets - a phenomenal 15 per cent more than what they invested in the
whole of calendar 2000.
Yet, experts aren't reading too much into it. In the past few months,
investors have been fleeing from a shower of profit warnings in the US and
seeking cover in alternative investments. As they rejuggle their portfolios,
some money will inevitably flow into India and other countries, experts say.
Because it isn't affected so much by what's happening externally, they see
India as some kind of a safe haven," says ASK's Band.
Yet some hesitation
Recently, gunning for more foreign direct investments (FDI), the government
opened more sectors for foreign and private participation, including
pharmaceuticals, hotels, banking and astonishingly, even defence. However,
tempting FDI has always been a vexing issue for India.
In 2000-01, FDI did improve slightly, moving 26 per cent higher than the
previous year to $2.4 billion. Yet, China a market India is frequently
compared with in terms of size and potential attracted 20 times more FDI in
the same period. Economists now shrug off FDI as a tool to kick-start
investment in the country. "It's a pittance and it probably will remain
stagnant," says an economist at a foreign research house.
The reasons are not hard to find. Foreigners seeking to invest in India have
many fences to cross. Frequent changes in sector policies, chaotic
infrastructure facilities and nightmarish bureaucratic redtape have often
left foreigners tired and wary of doing business in India.
The stress of investing in India is most clearly visible in the recurring
concerns that have stubbornly dogged US energy giant Enron's 2,148 MW power
project in Dabhol in Maharashtra. After being forced to renegotiate a power
supply deal in 1995 after concluding it in 1992, Enron has hit the headlines
once again.
This time, an almost bankrupt state electricity board (SEB) refuses to pay
its dues for power received and the state government refuses to honour its
commitment to pay in case the SEB defaults.It's led to intense speculation
that, after suffering repeated snags for nearly a decade, Enron might simply
pull out of the project altogether. A disturbing turn of events, since, till
recently, Enron Corp was the biggest foreign investor in India.
It will not be the first time that exasperation will have egged on a foreign
investor to pull out of a project. Earlier, US-based Cogentrix Energy had
also walked out of its $1.5 billion 1,000 MW Mangalore power project citing
endless bureaucratic hurdles.
And there has also been some disappointment over India's much-hyped 300
million middle class which was supposed to be growing rapidly. Many
international firms, inspired by this figure, had scrambled to set up
operations to conquer a huge chunk of this market. Now many are struggling to
break even and still learning to adapt to local tastes a key ingredient for
success. That's why despite all its attempts to open up various sectors,
India still remains a tough sell.
Outlook
With a little help from the rains, India could notch up a growth rate of six
per cent. Many economists have also pointed out that a reforms-studded budget
could also inject some enthusiasm in the patient that is the economy. Strong
measures include plans to reform labour laws and government employment. These
are expected to boost the economy's development, though in the long run.
The recent opening up of various sectors could also revive sentiment,
although whether this will translate into FDI flows is arguable. Still, every
bit helps. The fact remains that it will have to persist in trying to
accelerate the pace of growth if its ambitions of turning into an economic
powerhouse are to be realised. After all, for the second most populous nation
in the world with one of the biggest markets, its economic power is still
nowhere near the figure its size suggests.

Acegas shares, potential for growth (Acegas, le potenzialita di crescita del
titolo)

05/14/2001
La Repubblica
41
Copyright (C) 2001 Abstracted from La Repubblica in Italian; Source: World
Reporter (TM)

Italian brokers Rasfin SIM have indicated the potential for growth in the
shares of Acegas, the former municipal utility of the Italian city of
Trieste. Acegas closed the first quarter of this year with turnover of L137bn
(+45 per cent). Results attributed in part to the start of production of
Estenergy, a consortium of the utilities of Udine, Trieste, Gorizia and Enron
of the US, which supplies energy and services to parts of Friuli.
Also significant, according to Rasfin, were investments over the period,
which totalled L43bn.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

A Section
IN THE LOOP Al Kamen
Roundabout to the Oval Office
Al Kamen

05/14/2001
The Washington Post
FINAL
A19
Copyright 2001, The Washington Post Co. All Rights Reserved

Sometimes even Cabinet officers can lose their way in the White House. So
there was Health and Human Services Secretary Tommy G. Thompson, clearly lost
Friday at a fork in a corridor near White House spokesman Ari Fleischer's
office.
"How do you get to the Oval Office?" he asked a group of reporters and was
directed to the right door, according to a wire report.
Fleischer, though, told reporters that was the wrong answer.
"How do you get to the Oval Office? First you win the Iowa caucus, then you
lose the New Hampshire primary, then you make a comeback in South Carolina,"
he quipped as he recalled President Bush's early primary campaign last year.
Passport, Please
Meanwhile, folks at Thompson's HHS may be taking to calling him "Tightwad
Tommy." Seems a memo went out March 15 undermining Alaska and Hawaii's claims
to be part of the United States.
Employees "must clear . . . international travel" with the office of the
deputy chief of staff for operations, said the memo from the deputy chief, Ed
Sontag. To clarify, "HHS employees seeking to travel outside the continental
U.S." for meetings and conferences, must get permission and then file trip
reports within two weeks.
This sent officials calling around, asking whether trips to those states were
to go through the international travel approval system just as if they were
going to Russia or the Congo.
Apparently so. The edict would appear to include even the nearby Virgin
Islands and practically next-door Puerto Rico as well. Loop Fans can only
hope this outrage doesn't spread to other agencies. It would make for some
cold winters.
Chewing Out on the Bush Beat
Speaking of Fleischer, the usually affable spokesman is not reluctant to get
tough with reporters when he believes they've stepped out of line.
Sheriff Fleischer was on duty Thursday and upset with Houston Chronicle
reporter Bennett Roth. Bush that morning urged parents to talk more to their
kids about the dangers of drugs.
Roth, at Fleischer's daily briefing, asked: "Ari, the president talked about
parental involvement today. How much has he talked to his own daughters about
both drugs and drinking? And given the fact that his own daughter was cited
for underage drinking, isn't that a sign that there's only so much effect
that a parent can have on their children's behavior?"
Fleischer responded brusquely: "No, I think, frankly, there are some issues
where I think it's very important for you all in the press corps to recognize
that he is the president of the United States; he's also a father. And the
press corps has been very respectful in the past of treating family matters
with privacy, and I'm certain that you're going to do so again. I hope so."
Fleischer later called Roth to chastise him, telling him his question had
been "noted in the building."
Competing to Oversee the Corps
Former Mississippi representative Mike Parker, a Democrat-turned-Republican
who lost a gubernatorial bid a couple of years back, had been seen as the
pick to be assistant secretary of the Army for civil works, overseeing the
Army Corps of Engineers.
Parker, a former undertaker, had support from the barge industry, the various
corps constituencies and fellow Mississippian Trent Lott, the majority leader
of the Senate.
But the Pentagon's choice was Lawrence Izzo, recently retired president of
Enron Engineering and Construction Co. who has been in the mix for several
jobs. Izzo, a West Point grad, had 23 years at the Corps before going to
Enron, former home of Army secretary-designate Thomas White.
The majority leader was said to be most unhappy. The latest word is Parker's
getting the job.
Ex-Reporters Move On
Kenneth J. Klein, a former reporter who has worked for 17 years for Florida
Sen. Bob Graham (D), most recently as chief of staff, is joining the Outdoor
Advertising Association of America as executive vice president for government
relations.
Former Washington Post colleague Thomas W. Lippman, a 33-year national,
foreign and financial reporter and author who became vice president of
communications at the World Wildlife Fund in 1999, is moving next month to be
managing director at communications consulting firm Chlopak, Leonard,
Schechter & Associates.
Confirmation Countdown
Staff writer Michael Grunwald contributed to this report.

http://www.washingtonpost.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Largest LNG 13 Conference Opens Today

05/14/2001
Korea Times
Copyright (C) 2001 Korea Times; Source: World Reporter (TM)

The largest-ever International Conference and Exhibition on liquefied natural
gas (LNG 13) opens today for a four-day run at the Convention and Exhibition
Center (COEX) in southern Seoul.
A total of 125 companies and organizations represented by 2,500 delegates and
exhibitors from 50-odd countries, including Japan, the United States, Britain
and Australia, are participating in the international event, co- organized by
the Korea Gas Union and the Korea Gas Corp. (KOGAS).
Commerce, Industry and Energy Minister Chang Che-shik will be delivering
congratulatory remarks on behalf of Prime Minister Lee Han-dong who is
currently on an official trip to the Middle East. There will be a visual
presentation from Lee during the opening ceremony.
``We have spent more than a year preparing for this international event which
is the largest in terms of the number of participants and exhibitors,'' said
Lee Seung-hwan, chairman of the Korean National Organizing Committee.
LNG 13 is 15 percent larger than the conference and exhibition held in
Australia back in 1998 which reflects the growth of the industry, Lee
explained, adding that the demand for LNG has been increasing rapidly here in
Korea.
A wide range of topics will be presented during the four days of conferences
and exhibitions, helping to showcase the importance of the LNG industry.
Among the numerous papers to be presented at the triennial event are ``Old
World, New World, Tomorrow's World: How LNG Has Changed Since LNG 12'' and
``The Next Generation of LNG Plants.''
``Hosting this meaningful event in Korea will help elevate Korea's image in
the international market, particularly with the sheer scale and size of LNG
13,'' said Kim Myung-kyu, president and CEO of KOGAS and chairman of the
Korea gas Union.
The conference will include paper sessions, workshops, poster sessions and
film presentations while exhibitors will demonstrate their exclusive
technologies for the exploration and production of LNG as well as plant
construction.
The official sponsors of LNG 13 are the International Gas Union, the Gas
Technology Institute and the International institute of Refrigeration while
the major sponsors are Shell Gas and Power, KOGAS, LG-Caltex, SK-Enron, the
Qatari Group, TotalFinaElf, British Petroleum and Exxon Mobile.
In addition to the conference and exhibition, there will be a technical visit
to the Inchon LNG Receiving Terminal in Inchon, about 50 kilometers west of
Seoul, on Friday.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.


My contact at TXU was unavailable, I left him a message and hope to hear from him before I need to leave.  In case you need to talk to him, here is his info...

Jeff Smiron
214-875-5185

Here is also the spreadsheet.  Let me know if you need anything additional.


Sharon, I would like to have lunch with you and these two gentlemen in May or early June.  Please coordindate schedules with   Stephanie Harris.  Thank you. Jim

 -----Original Message-----
From: 	Butcher, Sharon
Sent:	Wednesday, May 16, 2001 7:24 PM
To:	Derrick Jr., James; Fossum, Drew; Haedicke, Mark; Mintz, Jordan; Mordaunt, Kristina; Rogers, Rex; Sharp, Vicki
Subject:	Summer Associates from UT School of Law

Dear General Counsels:

On Monday, May 21, 2001, our two summer associates, Chike Okpara and Reginald Sewell will begin their summer rotation program with Enron.

As you know, both of these gentlemen have just completed their first year of law school at the University of Texas School of Law.

Our summer program is for twelve-thirteen weeks beginning on May 21, 2001 and ending on August 17, 2001.  Since school begins on August 20, 2001, I anticipate that each student may wish to end his rotation during the week of August 13, 2001, thus leaving time for a brief vacation to be taken before school starts.

Mr. Okpara's rotations are:

	May 21, 2001 through June 15, 2001		Corp. Legal/ETS Legal Dept.

	June 18, 2001 through July 13, 2001		Enron Global Finance Legal Dept.

	July 16, 2001 through August 17, 2001		Enron Wholesale Services Legal Dept.

Mr. Sewell's rotations are:

	May 21, 2001 through June 15, 2001		Enron Global Finance Legal Dept.

	June 18, 2001 through July 13, 2001		Enron Broadband Services Legal Dept.

	July 16, 2001 through August 17, 2001		Enron Energy Services Legal Dept.

Mr. Okpara and Mr. Sewell will attend New Hire Orientation on Monday, May 21, 2001.  I will be at New Hire Orientation to meet and greet them.  I will also present the Enron Code of Ethics.  New Hire Orientation ends at noon.  Following New Hire Orientation, I will take Mr. Okpara and Mr. Sewell to lunch.  I anticipate introducing them to their first respective rotations at 2:00 pm on Monday, May 21, 2001.

I have sent their resumes to you under separate cover.

Thanks so much for your participation in this program.

Please call me at 713-853-7224 if you have any questions.

Thank you.

Sharon


My contract is in Kitchen and I have done the drugs test, benefits etc in Nettelton.  can you sort - thanks.

Louise Kitchen
Chief Operating Officer
Enron Americas
Tel:  713 853 3488
Fax: 713 646 2308