Sign in Subscribe
Petroleum

Energy and Technology Updates: Amoco, Lucent, and Wurth Make Key Announcements

Strategic Insights

— 1 min read

As part of its ongoing review of its worldwide portfolio, Amoco Corporation has announced plans to sell its 24.5 percent stake in the Liuhua oil field in the South China Sea before the end of the year. The company has also reported significant new natural gas reserves in the Judge Digby field near Baton Rouge, Louisiana, and has seen an 18 percent increase in oil production in the Gulf of Suez region. In addition, Lucent Technologies Inc. has won a $40 million contract to supply a communications network for Bayan Telecommunications Inc. in the Philippines, and Wurth Group of Germany has acquired Indianapolis-based Service Supply Co., a fastener distributor.

Key Takeaways:

  • Amoco plans to sell its 24.5 percent stake in the Liuhua oil field in the South China Sea before the end of the year, as part of its review of its worldwide portfolio.
  • Amoco has found "significant" new natural gas reserves in the Judge Digby field near Baton Rouge, Louisiana, with the Parlange No. 8 well being the deepest-producing well in Louisiana.
  • The new oil well, South Gharib SG310-4, and development of an existing well in the Gulf of Suez region have raised production 18 percent to 332,000 barrels a day.
  • Lucent Technologies Inc. has won a $40 million contract to supply a communications network for Bayan Telecommunications Inc. in the Philippines, in the Visayas and Mindanao regions, and will also install gateway switching equipment in San Francisco, California.
  • Wurth Group of Germany has acquired Indianapolis-based Service Supply Co., a fastener distributor with annual sales of about $80 million, marking its seventh acquisition to grow its fastener division.
  • Service Supply has Wood Dale operations in Illinois as part of its operations with Wurth Group of Germany.

Statistics:

  • Amoco plans to sell its 24.5 percent stake in the Liuhua oil field in the South China Sea by the end of the year.
  • The new well, South Gharib SG310-4, has produced 18 percent more oil than previously, with production reaching 332,000 barrels a day.
  • Lucent Technologies Inc. has won a $40 million contract for Bayan Telecommunications Inc.
  • Service Supply Co. has annual sales of about $80 million.
  • Wurth Group of Germany has made its seventh acquisition in its fastener division.

Sources:

  • Amoco Corporation, no specific source provided in the text.
  • Lucent Technologies Inc. (possibly "Naperville - Lucent Technologies Inc.")
  • Wurth Group of Germany, no specific source provided in the text.

Read more