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To: Douglas V. Fant who wrote (70745)	8/11/2000 7:40:38 AM
From: kormac	Respond to of 95453

EOG's Papa on US gas supply constraint will linger. ogj.pennnet.com "And he pointed to the risk of economic recession, which would slash industrial demand for gas." That is the only thing that will stop this boom cycle. Economy & Business: Asia Iraq warns UN delays threaten oil production levels ..........BAGHDAD (August 10) : A senior Iraqi oil official said on Wednesday new delays in approving contracts designed to upgrade its dilapidated oil industry were threatening its production levels. .........."What is being done at the United Nations and by the 661 (Sanctions) Committee is not encouraging Iraq to keep on producing at these rates and eventually increasing them," Faleh Khayat, head of the planning and studies department at the oil ministry, told a news conference. ..........He said the US and British delegates of the Sanctions Committee were continuing to obstruct many oil sector contracts for equipment and material required to sustain oil production and export. .........."This was compounded lately by the long delays in contracts processing by the Office of the Iraqi Programme (OIP) for periods ranging from one month to one year," Khayat said. ..........He added that there were also delays in opening letters of credit of the holding bank of the Iraqi account, BNP Bank, "for periods ranging from two weeks to five months." ..........Iraq said last month that it was planning to raise its production to between 3.3 and 3.4 barrels per day (bpd) by the end of the year from its current 3.1 million bpd. .........."The rates of production and exports are related and coupled to the equipment and materials actually received...as well as prospects for improving that," Khayat said. .........."Obstructing or delaying the receipt of this equipment will definitely lead to the diminishing of the oil sector capabilities to fulfil its obligation in production and exports and would adversely affect the record rates achieved lately," he said. ..........IRAQ WILL NOT DAMAGE RESERVOIRS: Khayat said Iraq would not abandon yet its aim to lift production but would not jeopardise its oil reservoirs in its efforts. .........."One thing we will not do, we will not damage irreversibly our reservoirs just to achieve a production level," he said. ..........He said as of August 7, the total of contracts registered with the OIP numbered 2,718 worth a total $1.53 billion, of which 1,313 contracts worth $790 million were either held or delayed. ..........Of those contracts, 256 valued at $214 million were being processed and evaluated by the OIP. Contracts on hold with committee 661 numbered 494 worth $278 million, while contracts awaiting opening of credits totalled 563 at $273 million. ..........Khayat said Iraq had thus far received equipment and material worth $306 million, or 20 percent of the total of registered contracts. ..........Iraq, under stringent economic sanctions imposed after it invaded Kuwait 10 years ago, is allowed to sell oil for food and other essential material including spare parts for its dilapidated oil industry. ..........Under the rules of the UN pact, all contracts must be passed to the Sanctions Committee in New York before shipments can be made.-Reuters ..........Copyright 2000 Reuters (Published under arrangements with Reuters) .......... best, Seppo

To: Douglas V. Fant who wrote (70745)	8/11/2000 7:44:42 AM
From: warren harris	Respond to of 95453

Here's some general info on the Chavez visit to Iraq. I don't post often but read the board frequently, and would like to thank everyone for the insightful inputs and thoughts on this industry and market. I've learned a lot. BAGHDAD (Aug. 11) XINHUA - Visiting Venezuelan President Hugo Chavez said here late Thursday night that his visit to Iraq has been fruitful. During the short visit, the first by a head of state to Iraq since the 1991 Gulf War, Chavez discussed with Iraqi President Saddam Hussein on the issues of common concern, including the oil prices, the relationship between the oil-producing countries and oil-consuming nations, as well as the unity among the members of the Organization of Petroleum Exporting Countries (OPEC). At a press conference, Chavez expressed belief that the visit will surely improve the bilateral relations, adding that the two countries signed two agreements of cooperation. Chavez invited Saddam to attend the OPEC summit meeting due to be held in the Venezuelan capital of Caracas in September, but he did not say whether Saddam had accepted the invitation. The Iraqi president has not left Iraq for the past 10 years. As to the oil prices, Chavez said that they should range from 22 to 28 U.S. dollars. Chavez, the current OPEC president, told reporters that he will make a proposal at the OPEC summit meeting that when the oil prices are below 22 dollars or over 28 dollars, the OPEC should automatically increase or decrease oil production by 500,000 barrels a day. Chavez made clear at the press conference that the United States can not dictate its foreign policy. "We are an independent country and have our independent foreign policy," he said. Chavez's trip has been under U.S. criticism. U.S. State Department spokesman Richard Boucher said on Tuesday that Washington could not understand the visit and would be raising the issue with "relevant" Venezuelan officials. "We do think it is a rather dubious distinction to be the first democratically elected head of state to go and meet with the dictator of Iraq," the spokesman said, adding that Chavez is making the visit without the approval of the U.N. Sanctions Committee. Venezuelan Foreign Minister Jose Vicente Rangel has rejected the criticism by declaring that there is no U.N. resolution banning dignitaries from visiting Iraq. He said that the only interest Chavez has in visiting Iraq is that it is an OPEC nation, of which Venezuela is also a member. Chavez arrived at the border point overland from Iran, and was received upon arrival by senior Iraqi officials including Vice President Taha Yassin Ramadan and Oil Minister Amir Muhammad Rashid. Aboard an Iraqi military helicopter, Chavez arrived in the Iraqi capital Baghdad at 15:53 local time (1153 GMT) and Izzat Ibrahim, vice chairman of the Iraqi Revolutionary Command Council, has been waiting for his arrival at the Saddam international airport. The key objective of Chavez's ongoing 10-nation tour is to personally invite all OPEC members to attend the OPEC September summit meeting. Chavez will leave Baghdad on Friday morning for Iran and from Iran he will head for Indonesia for a visit. In addition to Indonesia, the trip will also take him to Libya, Nigeria and Algeria before returning to Caracas on August 15. Besides Iraq, Chavez has visited Saudi Arabia, Kuwait, Qatar, the United Arab Emirates and Iran. Copyright XINHUA NEWS AGENCY -0-

To: Douglas V. Fant who wrote (70745)	8/11/2000 9:54:21 AM
From: isopatch	Read Replies (1) \| Respond to of 95453

Doug. Re: The Denver Conf. Would appreciate your overview. Specifically did any company presentations strike you as interesting? Specific points in those pitches, if any stand out? And anything else you feel like sharing would be appreciated. TIA. If I may be so bold, (and have said same to several friends via email or PMs) would like to see you post here more often. And BTEW, 40/7 when the snow flies sounds like a plan<g>. Just hope the burgers don't storm the Castle Frankenstein with pitchforks & torches if we get those prices. Best regards Isopatch