enron mentions companies bg group buys assets india enron u k company extends reach bargain price wall street journal europe 10 04 01 world watch wall street journal 10 04 01 world business briefing europe britain petroleum purchase new york times 10 04 01 companies finance uk bg expand assets india financial times u k edition 10 04 01 cisco extreme networks surge technology stocks lead rally wall street journal 10 04 01 enron sell assets oil gas india houston chronicle 10 04 01 edison rates remain high utility deal state associated press newswires 10 04 01 india press enron unit defaults interest payment dow jones international news 10 04 01 bg pays enron pounds 263 indian oil gas independent london 10 04 01 india bg india buy enron gas oil assets business line hindu 10 04 01 former enron executive head homeland security houston chronicle 10 04 01 british gas buy enron oil gas assets 388 business standard 10 04 01 companies bg group buys assets india enron u k company extends reach bargain price michael wang sri jegarajah dow jones newswires 10 04 2001 wall street journal europe 5 copyright c 2001 dow jones company inc london bg group plc extended reach indian subcontinent expanded exploration production portfolio purchase offshore indian assets u energy group enron corp 388 million 422 million euros analysts applauded purchase u k oil gas company saying acquiring promising assets inexpensively price works less 2 30 per barrel oil equivalent given proven probable reserves 170 million barrels oil equivalent enron oil gas india ltd value indian oil gas reserves 2 90 assuming oil price 18 bg appears paid good price said abn amro research note bombay based energy analyst reckoned enron probably undersold noting earlier year indian state owned oil natural gas corp partner enron indian unit 400 million offer assets rejected enron experienced mixed success integrated energy operator india attempting exit controversial dabhol power project india largest private power plant 65 controlling stake indian unit assets comprise 30 stake tapti gas field panna mukta oil gas field 62 64 interest cb os 1 exploration license gulf cambay western india enron unit designated operator developments equity production fields amounts 20 000 barrels oil equivalent day representing 6 7 bg total output year ended march 31 enron indian unit posted pro forma profit tax 60 million revenue 160 million acquisition complements bg fledgling refining marketing interests india include holdings western indian distributors gujarat gas co 65 mahanagar gas 50 also driving force behind project pipe liquefied natural gas iran tap india growing appetite gas copyright 2000 dow jones company inc rights reserved international world watch compiled david oyama 10 04 2001 wall street journal al 7 copyright c 2001 dow jones company inc bg buy enron assets offshore india british oil natural gas company bg group agreed acquire offshore indian assets u energy company enron 388 million purchase enron oil gas india proven probable reserves 170 million barrels oil equivalent valued 2 30 barrel bargain international standards analysts said enron mixed success integrated energy company india attempting unwind 65 stake dabhol power india largest private sector power plant copyright 2000 dow jones section w world business briefing europe britain petroleum purchase suzanne kapner nyt 10 04 2001 new york times page 1 column 4 c 2001 new york times company bg group britain agreed buy oil natural gas fields enron india 388 million operations include 30 percent stake tapti gas field panna mukhta oil gas fields plus 63 percent untapped deposit country west coast bg said assets held 170 million barrels oil gas include enron dabhol power project entangled nine month payment dispute maharashtra state electricity board enron looking sell 64 percent stake project 1 2 billion cover cost investment tata power bses india indicated interest people close talks said suzanne kapner nyt copyright 2000 dow jones company inc rights reserved companies finance uk bg expand assets india matthew jones 10 04 2001 financial times u k edition c 2001 financial times limited rights reserved bg gas oil group stepped efforts develop india one core markets 388 262 purchase assets owned enron us energy trading group deal latest sign enron retreat region comes group separately attempting withdraw 2 8 bn dabhol power plant following payment dispute maharashtra state bg placing particular emphasis developing markets operated india 10 years far concentrated gas distribution 65 per cent interest gujarat gas company joint venture gas authority india mumbai david mcmanus bg executive vice president responsible eastern hemisphere business said transaction would give opportunity develop indian gas market company view creating demand imported liquefied natural gas bg planned pipavav lng terminal gujarat india second fastest growing gas market china see core place use expertise said agreement subject confirmation enron partners bg able take operating fields consent indian government analysts said acquisition logical next step bg appeared good value market expectations 600 price assets iain reid ubs warburg said either bg extremely good negotiators element risk attached speed production increased c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved abreast market cisco extreme networks surge technology stocks lead rally robert brien dow jones newswires 10 04 2001 wall street journal c 2 copyright c 2001 dow jones industrial average ended 9123 78 real nice tone market today said pat davis head nasdaq trading ubs warburg said think say heard bad news going hear past three weeks wall street analysts systematically reducing earnings projections better reflect deterioration economic conditions past several days begun focus valuations saying instances stock prices looked attractive even projecting weaker earnings lehman brothers example jumped defense software names number marked improvement shares peoplesoft gained 3 14 15 23 68 nasdaq 50 improvement sept 27 52 week low 15 78 bmc software added 74 cents 5 8 13 60 number storage products makers marked sharp improvements dain rauscher wessels insisted high quality names sector would able realize earnings targets mcdata example rose 2 11 26 10 15 qlogic shot 5 89 33 23 96 nasdaq several sectors market including suffered days since attacks sept 11 managed mount recoveries shares delta air lines gained 2 27 8 4 29 36 continental airlines advanced 1 93 11 19 32 amr parent american airlines rose 1 45 7 22 12 shares several insurers moved higher prospects higher rates ace climbed 5 41 19 34 31 everest added 5 24 7 6 73 80 xl capital advanced 5 05 6 2 86 45 nortel networks punished warnings would report much wider loss third quarter analysts anticipating nevertheless stock finished 25 cents higher 4 7 5 54 l 3 communications added 4 22 4 7 93 60 reaching 52 week high new york maker defense communications products signed agreement acquire canadian aviation services provider spar aerospace sun microsystems moved 99 cents 12 9 nasdaq palo alto calif networking products developer said received two year 100 million sourcing pact news corp qwest communications slumped 52 week low tuesday gained 1 60 10 17 20 cibc world markets talked stock citing valuation eli lilly fell 3 62 4 4 79 25 drug maker warned sales blockbuster antidepressant prozac eroded faster expected lost patent protection two months ago shares several independent energy marketers moved higher helped comments salomon smith barney said recent selloff group left stocks attractive valuations enron gained 2 88 9 4 33 49 dynegy added 1 66 4 3 39 96 duke energy gained 37 cents 0 9 39 60 best buy rose 3 70 9 2 48 80 proved strong session retail credit suisse first boston called minneapolis retailer best name hardline consumer electronics retailing shares real estate investment trusts weakened following skeptical comments earnings ubs warburg boston properties fell 1 48 3 9 36 37 simon property indianapolis eased 20 cents 0 7 26 90 apartment investment management denver lost 1 56 3 5 42 80 idec pharmaceuticals advanced 2 12 4 1 53 74 upbeat comments dain rauscher made drug developer copyright 2000 dow jones power plant still market michael davis copyright 2001 houston chronicle british natural gas company bg group struck deal buy enron corp offshore oil natural gas properties india 388 million cash companies said wednesday properties last oil gas producing properties houston based enron retained spun enron oil gas named eog resources deal marks another step houston based enron away owning large physical assets company wants focus trading making markets variety commodities another significant step enron selling assets integrated wholesale retail energy businesses company said written statement enron assets sale india include controversial dabhol power project india largest private power plant enron holds 65 percent controlling stake reports surfaced wednesday enron might willing sell stake 3 billion project discount analysts said months enron would like exit project unable find buyer willing make right offer tata power co india largest private electricity firm acknowledged held preliminary talks dabhol oil natural gas reserves sale includes 30 percent stake tapti natural gas field panna mukta oil natural gas field 60 miles northwest mumbai 62 6 percent interest offshore block cb os 1 exploration license west coast india production fields 70 million cubic feet gas 8 200 barrels oil per day reserves field estimated 170 million barrels oil equivalent bg paid 2 30 per barrel oil equivalent partners tapti panna mukta offshore operations oil natural gas corp holds 40 percent reliance industries 30 percent stake partners cb os 1 license hindustan oil exploration co 17 36 percent tata petrodyne 10 percent oil natural gas corp 10 percent enron acquired natural gas reserves india eye using fuel dabhol plant august houston based enron said foreign partners ready sell stakes dabhol less 1 billion amount estimated sufficient cover costs direct financial investment project dabhol facing problems nearly year high tariffs payment defaults maharashtra state electricity board sole customer forced shut 740 megawatt plant india west coast june board stopped buying power john ambler enron spokesman would comment specifically possible negotiations sell dabhol project said company favors selling stake continue believe quickest best approach solving issue government india indian financial institutions acquire foreign stakeholders plant ambler said continuing pursue legal remedies available us power purchase agreement seeking recovery costs shutdown stalled expansion program almost complete would raised generating capacity project 2 184 megawatts partners dabhol include general electric bechtel construction firm 10 percent remaining 15 percent held maharashtra state electricity board nearly bankrupt power distribution monopoly state plant located bg existing interests india include holdings western indian natural gas distributors gujarat gas co mahanagar gas company also working project move liquefied natural gas iran via pipeline india india gas demand projected grow 50 percent next 10 years gas production declining edison rates remain high utility deal state karen gaudette associated press writer 10 04 2001 associated press newswires copyright 2001 associated press rights reserved san francisco ap consumer advocates warn southern california edison customers already saddled last spring record rate increase 2003 could face even rate hikes months ahead deal secretly negotiated state public utilities commission week settles lawsuit filed edison last november designed keep utility following pacific gas electric state largest utility bankruptcy lets edison pay 3 billion 3 9 billion debt part forcing ratepayers continue paying higher rates imposed last may least next two years consumer advocates however said wednesday consequences state power crisis could send rates higher still state power buying agency yet announce exactly much money needs utility customers repay state billions dollars spent buying electricity year pay 43 billion long term power already contracted delivery prospect continuing pay higher rates possibly enduring even price hikes future dismayed edison customers stay business said william ho general manager top hat cleaners west hollywood monthly electric bill gone 600 state energy crisis nearly 1 200 would raise prices already heading recession ho said top hat tried cut back electricity use shutting display lights windows added press clothes dark unclear much money ratepayers called upon contribute without knowing much state needs pay billions dollars power buying costs said nettie hoge executive director utility reform network san francisco based consumer advocacy group hoge consumer advocates said week deal amounts ratepayer bailout edison supported state failed deregulation plan like saying going beat harder hurt said john bryson edison international president chief executive officer said settlement would help utility restore good credit repay creditors edison owes nearly 4 billion hundreds power companies ranging energy marketing giant enron corp state independent system operator manager state power grid agreement means stability predictability said conference call reporters wednesday means preserving enhancing infrastructure electricity makes economy region work puc said agreement would help state begin pulling away role power buyer commission president loretta lynch said agency little choice figuring way let edison repay debts avoid bankruptcy think balanced compromise clearly allow ratepayers pay back debt said state department water resources far spent 9 billion buying electricity customers edison pacific gas electric co san diego gas electric co shareholder owned utilities suffered huge losses unable pass along soaring wholesale power costs ratepayers state 1996 deregulation law imposed price cap energy rates paid customers price cap focal point edison lawsuit puc utility contending state right prevent utility passing cost energy customers deal struck week edison also must direct available cash estimated 1 2 billion would issued shareholder dividends toward paying debt utility could due refunds ordered federal energy regulators money also would help pay debt agreement goes u district court judge ronald w lew los angeles could rule week right judge lew hands pockets ratepayers pull 3 3 billion edison protect working men women california least afford pay superfluous bailout tax said douglas heller santa monica based foundation taxpayer consumer rights organized protest rally wednesday outside federal courthouse los angeles heller estimated settlement could cost edison ratepayers 750 next four years net http www sce com http www cpuc ca gov http www turn org copyright 2000 dow jones company inc rights reserved india press enron unit defaults interest payment 10 04 2001 dow jones international news copyright c 2001 dow jones dow jones newswires 91 11 461 9426 himendra kumar dowjones com copyright 2000 dow jones company inc rights reserved business bg pays enron pounds 263 indian oil gas city staff 10 04 2001 independent london foreign 21 copyright 2001 independent newspapers uk limited bg buy enron oil gas assets india west coast 388 pounds 263 move make uk based oil gas producer largest foreign investor country upstream energy market deal add 5 per cent bg total output 19 000 barrels oil equivalent day 60 per cent gas according david mcmanus bg executive vice president earnings accretive day one currently deficit supply gas currently indigenous gas need gas within india mr mcmanus said analysts see demand doubling next 10 years making india one world fastest growing energy markets assets sold us group enron include 30 per cent stake tapti field panna mukta field north west bombay bg shares closed 2 5 p 261 p mixed oil sector news mark redway analyst teather greenwood said logic good paying quite low multiple six seven times last year earnings 11 september attacks us lot investor nervousness moment exposure part world copyright 2000 dow jones company inc rights reserved india bg india buy enron gas oil assets 10 04 2001 business line hindu fin times info ltd asia africa intel wire business line hindu copyright c 2001 kasturi sons ltd rights res new delhi oct 3 bg india entered conditional agreement acquire enron offshore interests country consideration 388 million contract signed tuesday night enron oil gas india ltd involves purchase latter 30 per cent stake tapti gas field panna mukta gas oil fields besides 62 64 per cent interest cb os 1 exploration block addressing press conference wednesday mr nigel shaw bg india chief executive officer said sale contingent stakeholders agreeing bg operator exploration fields rider approval stakeholders comes backdrop oil natural gas corporation ongc 40 per cent stakeholder panna mukta tapti fields besides 10 per cent stake cb os 1 exploration block seeking operatorship fields contacted ongc chairman mr subir raha said ongc position remains unchanged still pressing operatorship fields currently talks bg issue talks government well ongc issue contemplating situation operatorship denied mr shaw replied queried issue stressed case parties agree deal fall walk away event said legality ongc claim mr shaw said agreement point change control enron bg stakeholders object transfer operatorship bg however contract clear deadlock mr shaw hopeful transfer shares would take place end month currently tapti panna mukta gas fields reliance industries ltd holds 30 per cent stake ongc holds 40 per cent equity case cb os 1 exploration field hindustan oil exploration company holds 17 36 per cent tata petrodyne 10 per cent ongc 10 per cent bg vision bg plans double gas production capacity tapti gas fields 2004 according mr shaw though willing reveal quantum investment future said bg would committed share expansion fields besides exploration efforts cb os 1 field three wells scheduled drilled december opportunity significant investment fields one frustrations lack bg honouring present gas sale agreement gas authority india ltd gail involves sale gas base load level life asset exploration field however venture free find new markets sale incremental gas recovered fields currently fields yield 70 million standard cu feet gas per day 8 200 barrels oil per day bg 50 per cent stake mahanagar gas ltd gas supply company mumbai process setting lng regassification terminal pipavav bg interested buying enron upcoming lng regassification facility dabhol since setting lng regassification terminal pipavav gujarat mr shaw said mr shaw said given vast market potential dwindling recovery domestic fields would conflict interest gas sold lng terminal exploration fields pricing front tapti panna mukta fields enjoy fixed price contract till 2004 beyond period pricing internationally linked deal completed bg india plans initiate talks reliance industries ltd ril ongc second personnel operating level exploration venture according mr shaw would minimise involvement parent company london well keep number expatriates joint ventures minimum bg far invested 150 million ventures country bureau copyright 2000 dow jones company inc rights reserved oct 4 2001 houston chronicle former enron executive head homeland security copyright 2001 houston chronicle army secretary thomas white former houston energy executive picked serve defense department top official homeland security white work closely pennsylvania gov tom ridge named president bush wake sept 11 attacks head new cabinet level office homeland security new office coordinate efforts 40 government agencies tightening domestic security rooting terrorist threats white named serve pentagon liaison secretary defense donald rumsfeld tuesday white retired army brigadier general became army top civilian executive may nominated army post bush white vice chairman houston based enron energy services wake terrorist attacks sept 11 homeland security emerged paramount national priority white said department defense executive agent homeland security look forward working closely gov tom ridge leads vital effort 23 year veteran army white served executive assistant gen colin powell powell headed joint chiefs staff former president bush powell currently secretary state british gas buy enron oil gas assets 388 corporate bureau new delhi 10 04 2001 business standard 1 copyright c business standard british gas india today announced reached agreement buy assets enron oil gas india ltd 388 million assets include 30 per cent interest tapti gas field panna mukta oil gas fields well 62 64 per cent interest licence explore cb os 1 block three located west coast india operated enron however british gas india chief executive officer nigel shaw said deal subject condition british gas gets operational control fields operator walk away deal said deal signed london last night would require clearance indian government shaw revealed british gas india already initiated dialogue government deal seems run roadblock even ink dried state owned oil natural gas corporation ongc 40 per cent interest fields expected try operatorship oil gas fields earlier operated enron oil gas however petroleum minister ram naik said issues sorted due course enron today wrote go ahead deal examine issue said according oil industry sources operatorship based consensus _ percentage shares held _ among shareholders proposed sale enron assets mean automatic transfer operatorship shareholders come consensus ongc sources claim ongc earlier unsuccessfully bid 350 million enron oil gas assets ongc first right refusal according ongc official ongc chairman raha unavailable comment shaw admitted contract three existing partners lay course action case deadlock emerges issue operating oil gas fields active discussion ongc reliance hopeful wrapping end month shaw said ongc official however said state owned company aware development informed officially enron shaw also disclosed british gas willing make investments ramp production tapti panna mukta fields investments happened partners could agree looking possibility doubling production 2004 said asked would investment required exercise shaw said would run hundreds millions dollars three oil gas fields together produce around 300 million cubic meters gas 29 000 barrels oil day enron spokesman refused comment issue operatorship reliance spokesman enron oil gas 30 per cent interest tapti gas panna mukta oil gas field ongc 40 per cent interest reliance remaining 30 per cent case cb os 1 partners hindustan oil exploration company 17 36 per cent tata petrodyne ongc 10 per cent copyright 2000 dow jones company inc rights reserved