Petroleum industry
Italian energy company Eni and Spanish firm Iberdrola are partnering to establish a joint venture for gas trading in Spain, with the goal of securing a 15-20% market share by 2005. As part of this agreement, Eni's subsidiary Snam will be utilized to implement the joint venture, with
Petroleum industry
October 10, 2000, witnessed a significant development in the oil and energy sector as Apache Corporation announced its acquisition of Fletcher Challenge Energy. On this day, Lehman Brothers analyst Thomas R. Driscoll shared his insights on this acquisition and the broader oil and energy landscape, discussing key players such as
Petroleum
Apache Corporation has signed a definitive agreement to acquire Fletcher Challenge Energy subsidiaries with properties in Canada's Western Sedimentary Basin and Argentina, expanding the company's natural gas exposure in one of its international core areas. The deal is valued at US$600 million, subject to adjustments,
Petroleum industry
Argentina is poised to increase its LPG exports as the Mega gas project, a joint venture between Repsol-YPF, Petrobras, and Dow, begins initial production and testing this month. The key component of the project is a massive $208mn natural gas separation plant in the Neuquen basin, which will process nearly
Petroleum industry
Major international energy companies are actively pursuing energy projects around the world, with significant developments in Palestine, Iraq, Iran, and other regions. In Palestine, a gas discovery was made 36km offshore Gaza, while in Iraq, Lukoil is on the verge of quitting the West Qurna project due to a deteriorating
Petroleum
Remington Oil and Gas Corporation has achieved significant drilling successes in the offshore region, with notable discoveries at Eugene Island 397 and High Island A-441. The company has also expanded its offshore 3-D seismic database by acquiring 1,000 blocks from Western Geophysical. This expansion provides Remington with nearly contiguous
Petroleum
The United Nations Security Council has agreed to approve Kuwait's $15.9 billion claim against Iraq for lost oil production during Iraq's 1990 invasion and seven-month occupation. The approval is expected to go before the Compensation Commission in Geneva, and Iraq will have to pay 25%
Petroleum industry
PanCanadian Petroleum Limited and ABB have formed a joint venture, Smartcore Systems Inc., to develop and market innovative software solutions that increase production and reduce upstream oil and gas operating costs. The company's first product, iVision, allows oil and gas companies to remotely and efficiently convert large volumes
Petroleum industry
The French government is set to cut gasoline pump prices from October 1 under its tax stabilization plan, which lowers prices by 0.20 francs/litre. This move has raised concerns among other EU governments about potential copycat demands for reductions in motor fuel taxes. VAT rates for gasoline vary
Petroleum
Venezuela's efforts to play a role in the US heating oil market are ongoing despite initial rejections from the US government. Venezuelan state oil company Petroleos de Venezuela (PDV) is optimizing refineries to produce additional heating oil, with the potential to have 30,000 barrels per day ready
Petroleum industry
Venezuela's oil and gas sector has been attracting significant foreign investment in recent years, with the country's apertura program aiming to attract $3.5 billion in fresh investment. However, investors' enthusiasm is waning due to mounting uncertainty and disappointing discoveries. Despite the promising find of
Petroleum industry
The US administration is preparing to use crude oil from the 570mn bl Strategic Petroleum Reserve (SPR) to stabilize oil prices, with emergency oil release possible within two weeks of presidential approval. Iraqi crude exports have dropped to 1.69mn b/d, and OPEC's collective capacity is 32.
