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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: re3 who wrote (45948)	12/13/1999 7:51:00 PM
From: John Hunt	Read Replies (3) \| Respond to of 116764

Re: oil TO 50 bucks by y2k ? Not sure if it will hit $50 by the end of the year, but it's possible. I think Venezuela is the wild card ... Apparently their oil wells require vacuum assist and are highly dependent on electrical power, which is unreliable at the best of times, let alone Y2K. They have a major Y2K test scheduled for Dec 17th and may call a red alert as outlined below. Caracas--Dec 10-- Venezuela's state-owned oil company PDVSA plans to conduct a full system simulation of the turn of the millennium on Dec 17, said a PDVSA source. The source said that although the simulation will allow PDVSA to confirm its systems are 100% Y2K compliant, the company will still not be sure how it could be affected by possible failures in Venezuela's electricity system. * * * PDVSA plans to call a red alert on Dec 31, in which it will tell clients it cannot be held responsible for late oil shipments due to computer bug problems. The red alert will stay in place at least until Jan 5, even if there are no major problems, and the company will also reduce operations to a minimum until PDVSA officials confirm there are no problems due to the bug. PDVSA officials say the company is 100% prepared for the bug, however PDVSA executives continue to meet every day to discuss strategies to assure the least amount of problems possible occur. The country's major power companies finished upgrades and testing in November and are now ready to face the New Year, but power outages remain a concern for most major industries. petroleumworld.com