REGISTRATION & CONTINENTAL BREAKFAST

The Battle for Gas Supplies in the Atlantic Basin
Venkie Shantaram, partner, McKinsey and Co, London
In the context of growing gas demand and dwindling domestic gas production in both sides of the Atlantic, customers are looking to new sources of supply - particularly LNG - to address demand. A number of factors - Russian behavior, the Kyoto protocol in Europe, delays in LNG projects, Middle East domestic redirection, to name a few - are all conspiring to create a challenging environment for sourcing gas in the Atlantic Basin. This presentation provides a view from Europe of how players from "across the pond" view the gas sourcing challenge and what they are doing about it.

The Weather Forecast for 2007: How will the developing El Nino affect the U.S.?
Lance Wood, Science and Operations Officer, National Weather Service (NWS) Houston/Galveston, National Oceanic and Atmospheric Administration (NOAA)
Water temperatures across the tropical Pacific have steadily warmed since July as an El Nino strengthens. The eventual strength and duration of the El Nino is critical to accurately predicting temperature and rainfall patterns, as well as tropical cyclone activity across the Atlantic basin. What will be the major U.S. impacts? Which areas are most at risk for extreme weather?

North American Gas Demand: How Gas & Power Markets Are Reacting to Higher Prices and the Effect of Weather
Richard Levitan, president, Levitan & Associates
North America got lucky with a mild winter in 2005/2006. How much does weather affect national gas demand and prices? Power is viewed as the great demand driver for North American natural gas markets. Have residential and commercial markets shown any reaction to higher gas and electricity prices? Should LNG forecasters rethink their views on future gas demand from power producers?

LUNCH

The Future of Gas Demand from U.S. Industry over the coming decade
Skip York, associate principal, CRA International
CRAI has completed a recent study that examines interfuels competition and the threats to LNG growth, which considered natural gas demand, costs, and the effects of sustained high prices on demand. York has been asked to review the North American natural gas marketplace's response to higher natural gas costs and how it is reacting currently to the recent drops in prices, especially in relationship to heating oil and resid.

LNG Shipping Economics: Who Is at the Back of the Pipeline and What Price Differentials Will Prompt N.A. Bound Cargoes
Per Christian Fett, analyst, Fearnleys
Trade of cargoes across the Atlantic and soon Pacific is not negligible cost. It is commonly believed U.S. prices must be $0.50 per MMBtu higher than Europe to attract Middle Eastern cargoes, but LNG carrier charter rates have also varied from as low as $20,000 per day to above $100,000 per day. Fett has been asked to discuss the dynamics of cargo transport economics.

How Is Unconventional Gas Production Affecting U.S. LNG Demand?
Paul Ziff, CEO, Ziff Energy
Unconventional gas supply, including tight sands, coal-bed methane and shale has been an amazing success for U.S. gas producers. Some question, however, whether it can compete head-to-head with LNG on a cost basis. What are the cost parameters for unconventional gas, how might these markets behave should prices trend downward, and how has this production performed in the past during downturns?

Long-Term Prices: Who Wins & Who Loses
Art Gelber, president, Gelber & Associates
Gelber & Associates works with both consumers and suppliers of natural gas. Gelber will discuss various scenarios for the natural gas markets and their implications for LNG imports.

WRAP-UP