Nabucco pipeline Issue

May 2007

	mWELCOME
	mSTORY
	mTRAIN
	mPRICES
	mPHASIS!
	mPATHY
	mFEATURE

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The Nabucco Pipeline

Reinhard Mitschek, Head of OMV Gas International, introduced delegates at last years EAGC to the Nabucco pipeline as ‘a missing link between giant gas sources and their potential markets’. This month in MZINE we are going to take a look at this ambitious project and discuss how Nabucco can offer a possible solution to the rising European gas demand.

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mWELCOME

Hello and welcome to the May issue of MZINE, our free monthly e-newsletter.  

This month we are taking a look at the Nabucco project and how that might benefit Europe as a whole, see MSTORY. MPRICES  looks at the spot Oil Forward Curve, whilst at MPHASIS Derek offers his view on pipelines to Europe! Don't forget to check out our thought of the month at MPATHY.

Our public course dates for 2007 have now been published and can be seen at http://www.energytrainingnetwork.com/public_courses.htm  The next few months can be found at MTRAIN.

Please feel free to contact me about this newsletter and let me have your thoughts, what you like and don't like, I am open to your suggestions.

And if you have enjoyed reading this newsletter and think you know someone who might also enjoy it then feel free to forward it on.

Kind regards.

Paul Cassar
Editor

mTRAIN

All of our training courses can now earn, participating solicitors, CPD points from the law society. Attendance at any of our events may also contribute to meeting accountancy CPD requirements under the terms of the ICAEW’s CPD policy. Please visit www.icaew.co.uk/cpd for the ICAEW's CPD policy details.

Over the next few months the following one-day events are being held in London, UK. For an at a glance view of our 2007 public training dates please visit:
http://www.energytrainingnetwork.com/2007_pcg.htm

More information about these courses can be found by clicking on the course title or visiting energytrainingnetwork.com and clicking on public courses. Alternatively you can contact me by email or phone +44 (0) 1235 553917, fax +44 (0) 1235 553917.

Any of our public courses can be held at your location, for your company, or they can be tailor made to your requirements. If you want to find out more contact our Training Manager Nick White  +44(0) 1235 211161 and get ahead of the rest.

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mPRICES
Forward Oil Curve

THE FORWARD CURVE

High stocks at Cushing – the inland delivery point for the Nymex light sweet crude futures contract – are depressing prompt prices, decoupling WTI from the rest of the world oil market. Inventories in the area rose sharply following a fire at Valero’s McKee refinery in February, forcing the front end of the forward curve into a deep contango as storage filled up. However, gasoline stocks are now below normal seasonal levels, opening up a wide crack spread as refiners come out of spring turnaround.

Medium-term prices moved up towards $70/bbl last month, bolstered by continuing friction with Iran, improved output compliance by OPEC and the tightening gasoline market. Yet the back end of the curve is now downward sloping, with prices below $66/bbl by 2015. The balance of Calendar 2007 WTI is $65.5/bbl, lower than Brent because of the distortion at Cushing makes it difficult to compare with the new OPEC basket of crudes, which is currently trading at the same level as prompt WTI.

CGES Monthly Oil Report, 23 April 2007 www.cges.co.uk

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mPHASIS!
for the lighter side of life!

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mPATHY
thought of the month

The thing with high-tech is that you always end up using scissors.

David Hockney 1937-

mFEATURE

The Challenges of Security and Liberalisation of Gas Supplies in Central Europe 

The 13th Central European Gas Conference travels to Berlin in 2007, as the region comes to grips with unprecedented change and new challenges. The region is traditionally dependent on Russian gas but new pressures and requirements from the EU are forcing the countries to ponder diversification of supplies. New possible solutions and alternative routes may affect the patterns of deliveries to Central Europe but the region will continue to be the most important transit corridor for gas supplies to the rest of Europe. 

Join us for an in-depth look at how the region’s gas sector players are coping with their new environment and responding to pressure from the EU to introduce fully liberalised markets.  The CEGC’s expert participants will analyse the status of liberalisation across the region; the emergence of new competitors; new requirements and the lessons being learned as incumbent players respond to market shifts. 

RWE Transgas are this years’ event hosts, and sponsors include VNG, JKX Oil & Gas and Alphatania. 

Various Central European nations will be represented by the following top level speakers: 

Georg Boomgaarden, State Secretary, Federal German Foreign Office, Germany

Martin Herrmann, Chairman of the Board of Directors, RWE Transgas, Czech Republic

Laszlo Varro, Chief Economist, MOL, Hungary

Christophe Poillion, Chairman of the Board of Directors, SPP Preprava, Slovak Republic

Uwe Fip, Senior Vice President, Gas Supply Division East, E.ON Ruhrgas, Germany

Kostyantyn Gryshchenko, Vice Chairman, Republican Party of Ukraine

Matthias Warnig, Managing Director, Nord Stream, Switzerland

Igor Wasilewski, President, OGP Gaz-System SA, Poland

Tomislav Jurekovic, Senior Project Manager, Croplin, Croatia 

This year, we have restructured the programme in an effort to move away from the formal lecture based design to a more interactive forum, where debate and analysis and even confrontation will provide a fascinating insight into the Central European Gas market.  

Full details on the programme, social events and registration information is all available on the event website at www.thecegc.com or you can call +44 (0) 20 8275 5198 for further details. 

We hope to see you in Berlin!

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MJMENERGY LTD have provided all the information in this newsletter free of charge to anyone who wishes to read it. We cannot be held responsible for any inaccuracies although all information is believed to be correct at time of publication. Whilst articles published in this newsletter often carry a particular  point of view, publication of them does not imply that we necessarily agree with them. Anyone wishing to contact the editorial team with regards to any of the above articles should email: editor@mjmenergy.com, or phone +44 (0) 1235 553917

Copyright © 2007, MJMENERGY LTD. All rights reserved (but feel free to copy, post, quote, think about or forward on)