Andrew

Rising global demand for natural gas and steep decline rates in many fields mean the industry needs to drill more, Schlumberger CEO Andrew Gould told a New Orleans audience last week. Other challenges facing exploration and production companies include growing resource nationalism by national oil companies and a crippling shortage of skilled workers, particularly engineers, he said.

Rising global demand for natural gas and steep decline rates in many fields mean the industry needs to drill more, Schlumberger CEO Andrew Gould told a New Orleans audience Monday. Other challenges facing exploration and production companies include growing resource nationalism by national oil companies and a crippling shortage of skilled workers, particularly engineers, he said.

Despite price weakness at the end of 2006, cold weather in early 2007 depleted gas storage levels more than expected, and Schlumberger Ltd. CEO Andrew Gould told analysts last week that the company believes “fundamentals are clearly in place for reinforced natural gas activity later this year.”

Despite price weakness at the end of 2006, cold weather in early 2007 depleted gas storage levels more than expected, and Schlumberger Ltd. CEO Andrew Gould told analysts Monday that the company believes “fundamentals are clearly in place for reinforced natural gas activity later this year.”

Andrew Fastow, who as CFO guided Enron Corp.’s finances to the heights of success and then to its spectacular fall, was sentenced Tuesday to six years in prison and two years of community service. Fastow, 44, had faced a maximum 10 years in prison under a plea agreement he made with prosecutors two-and-a-half years ago (see NGI, Jan. 19, 2004).

Andrew Fastow, who as CFO guided Enron Corp.’s finances to the heights of success and then to its spectacular fall, was sentenced Tuesday to six years in prison and two years of community service. Fastow, 44, had faced a maximum 10 years in prison under a plea agreement he made with prosecutors two-and-a-half years ago (see Daily GPI, Jan. 15, 2004).

Ex-Enron Corp. CFO Andrew Fastow, who was sentenced to six years in prison last month (see NGI, Oct. 2), will be given a day pass through October to allow him to participate in a deposition to prepare for a trial against several of Enron’s former banking partners. Also on Friday, Dynegy Inc. agreed to pay Enron $44 million to resolve litigation issues, a bank settled with Enron for another $20 million, and Enron’s former corporate secretary received probation for helping prosecutors convict Enron founder Kenneth Lay and ex-CEO Jeffrey Skilling.

Ex-Enron Corp. CFO Andrew Fastow, who was sentenced to six years in prison last month (see Daily GPI, Sept. 27), will be given a day pass through October to allow him to participate in a deposition to prepare for a trial against several of Enron’s former banking partners. Also on Friday, Dynegy Inc. agreed to pay Enron $44 million to resolve litigation issues, a bank settled with Enron for another $20 million, and Enron’s former corporate secretary received probation for helping prosecutors convict Enron founder Kenneth Lay and ex-CEO Jeffrey Skilling.

A former employee of ex-Enron Corp. CFO Andrew Fastow testified Tuesday that backdating company documents within some of the company’s special purpose entities (SPEs) was so common it was jokingly called “time travel” in the office. Chris Loehr, one of the few government witnesses not under indictment to testify at the trial of Enron founder Kenneth Lay and ex-CEO Jeffrey Skilling, appeared to bolster Fastow’s claims about financial shenanigans within LJM partnerships, which were used to keep Enron’s poorly performing assets off the balance sheet.