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

To: Dennis Roth who wrote (90)	2/20/2004 9:28:47 AM
From: Dennis Roth	Respond to of 919

Total Eyes Joining 2 LNG Import Terminals biz.yahoo.com Friday February 20, 4:14 am ET LONDON -(Dow Jones)- Total SA Friday said it's in talks to join in two liquefied natural gas import terminal projects. Chief Executive Thierry Desmarest said Total is keen to develop its role in the fast-growing LNG business, adding one or two import or regasification terminal deals could be signed in the coming months. "We are working on one project in Asia and one in the U.S.," Desmarest told reporters in London. The CEO wouldn't say where in Asia the terminal would be located or which company Total is in talks with. "We are in advanced negotiations to join a project in Asia together with another company," Desmarest said. He added that Total is in talks with a number of companies regarding the possibility of joining in a regasification terminal project in the U.S., probably in the gulf of Mexico. Total currently holds a 25% stake in the Royal Dutch/Shell (NYSE:RD - News; RD, SC) -led Altamira Terminal in Mexico. Desmarest noted there are around 24 LNG import projects on the drawing board in the U.S., where a shortfall in domestic supplies has rejuvenated interest in gas imports. He said it would make more sense for Total to join in one of these than to develop a 100%-owned project of its own. LNG is a method of cooling natural gas until its volume shrinks and becomes a liquid, which can then be transported to market on ships. Total has interests in upstream gas projects for LNG in Angola, Nigeria, Qatar and in the Barents Sea off the Norwegian coast. Desmarest also said nailing down a place in the Pars LNG project in Iran was a greater priority for Total than joining a Japanese consortium in the giant Azadegan oil field. Total is in discussions with state-run National Iranian Oil Co. to develop Phase II of the massive South Pars natural gas development, called Pars LNG. On Wednesday, a Japanese consortium, including Tomen Corp. , Inpex Corp. and Japan Petroleum Exploration Co. (JPE.YY), signed a deal with Iran to be involved in the development of the onshore Azadegan oil field for about 16 years. The Japanese companies were initially given exclusive rights to the development of the field, but, under pressure from the U.S., which has accused Iran of trying to develop nuclear weapons, Tokyo last year backed off from inking a deal. The talks resumed after Iran signed an additional protocol to the Nuclear Non- Proliferation Treaty late last year, allowing unfettered inspections of its nuclear sites. In the meantime, foreign oil companies such as Norway's Statoil ASA (NYSE:STO - News) and Total said they would be interested in helping develop the field, which holds oil reserves of around 30 billion barrels. But now, "Azadegan is not our priority target in Iran," Desmarest said. "If the Japanese are looking for some partners, we will look to it, (but) it's not the top of our agenda." The U.K.'s BG Group (BRG) has carved out a leading role in the LNG market around the Atlantic Ocean, and has long been flagged as a takeover target for the likes of Shell or Total. Desmarest said BG is "very clever" in developing its business, but he batted aside suggestions that Total is targeting BG for acquisition. "BG is extremely expensive," Desmarest said, adding he believed it was preferable for Total to concentrate on developing its own LNG assets. Company Web site: total.com -By Mark Long, Dow Jones Newswires; +44 (0)20 7842 9356; mark.long@dowjones.com [ Glad to see the thread picked up another bookmark yesterday - DPR ]

To: Dennis Roth who wrote (90)	2/28/2004 9:45:50 AM
From: Dennis Roth	Read Replies (2) \| Respond to of 919

US Abraham Stresses Need For LNG Projects On Calif Visit biz.yahoo.com Friday February 27, 7:05 pm ET LOS ANGELES -(Dow Jones)- In the wake of a protest by state regulators over permitting jurisdiction, U.S. Energy Secretary Spencer Abraham on Friday met with state and energy industry representatives in Los Angeles to discuss governance and safety of liquified natural gas, or LNG, projects. Talks focused on permitting issues, on ensuring LNG terminals are safe, and on how to make the public aware of safety issues, Abraham told reporters after the meeting. Residents who live near proposed LNG terminals are often concerned about safety, and more so in light of last month's explosion at an LNG complex in Algeria that killed 23 people. Protests against a proposed LNG plant in Long Beach, Calif., have picked up since that incident, local media have reported. "(The Energy Department's) goal is to minimize safety challenges and address problems," Abraham said. "We want to make sure if there are safety challenges we preemptively and proactively address them and at the same time build public confidence." Abraham met with representatives of Royal Dutch/Shell (NYSE:RD - News) Group (RD SC), Sempra Energy (NYSE:SRE - News) , Calpine Corp. (NYSE:CPN - News) , Mitsubishi Corp. , ChevronTexaco Corp. (NYSE:CVX - News) , BHP Billiton , Crystal Energy, the Port of Alaska, and the state of California, he said. The energy secretary's visit followed a filing to federal regulators this week by the California Public Utilities Commission saying that the state agency has authority to review LNG proposals - including a plan by Mitsubishi to build a $ 400 million terminal in Long Beach, the Los Angeles Times reported Thursday. The move could presage a clash between the state agency and the Federal Energy Regulatory Commission, who sparred during the energy crisis over jurisdictional issues. Recent results from a survey commissioned by the Department of Energy show a great need for more natural gas in the U.S, Abraham said. Because of pipeline limitations, it would be "optimal" for some of those projects to be built on the West Coast, Abraham said. "In terms of imports, the goal is to diversify where we bring gas from," Abraham said. "One goal is to bring it from Indonesia and Australia to the West Coast." The department's natural gas survey suggested a need to build at least nine more LNG terminals in North America in the next 20 years. Currently, there are four operating terminals; none are on the West Coast. -By Jessica Berthold, Dow Jones Newswires; 323-658-3872; jessica.berthold@dowjones.com