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Gold/Mining/Energy : ABC - Abacan Resources, Nigerian Oil $$$ -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (2490)	2/17/1999 5:36:00 AM
From: SDR-SI	Read Replies (1) \| Respond to of 3156

As a significantly long ABACF investor, I am somewhat reluctant to bring up a negative query, but wonder if anyone has seen or knows about the following item which appeared on page 12 of the January issue of *OFFSHORE: > > >Chevron's 620-mile offshore West Africa Gas Pipeline Project* is planned for completion in 2001. The pipeline is planned to transport 180 MMcf/d of gas from Nigeria to power plants in Ghana, Benin and Togo. The project is expected to bring upwards of $1.8 billion in investment and up to 20,000 new jobs to the region. The project would also end gas flaring by the Nigerian oil industry by creating a market for their gas.< < < In view of the fact that the description of this project is very similar to that of the much-anticipated Enron project involving ABACF, and the fact that the Chevron project is apparently well underway, as opposed to still in the never-ending signature/approval stage, and the fact that it apparently is configured to serve power plants in the same countries (Benin and Togo) as the Enron/ABACF project, one must wonder out loud whether our Enron project has been end-run (sorry, couldn't resist). Does anyone know the comparative details of these projects to make some inference as to whether or not they are competing or complementary, or whether or not one effects the success of the other? Conceivably, there is need for gas supply from both a Chevron pipeline and an Enron pipeline, but on the surface it does look a bit concerning and that we might be a candidate for coming in second in an only-one-winner race. I hope my concern is just from my personal lack of knowledge. TIA for any helpful input. Steve