Petroleum
The UK government has taken the unprecedented step of asking Premier Oil to withdraw from its 27 per cent interest in Burma's Yetagun gas project. This move is part of an attempt to increase pressure on the Burmese military government, which has a poor human rights record. Foreign
Petroleum industry
Chad's government has approved the sale of stakes in the $3.5 billion Chad-Cameroon oil development and pipeline project to Chevron and Malaysian state oil company Petronas, paving the way for the World Bank to approve its share of financing for the project. The approval was announced after
Petroleum
The National Association of Purchasing Management reported that the industrial economy grew in March, although at a lower rate than in February, despite rising prices for energy and industrial raw materials. The prices of these materials increased at their fastest rate in five years, causing concern among manufacturing executives. The
Petroleum industry
Electronic Boutique Holdings Corp. has announced its plans to acquire Funco Inc. for $110 million, or $17.50 a share, in a deal expected to close this spring. This acquisition combines two video game retailers, focusing on complementary businesses. Electronics Boutique operates 628 stores, generating $728.7 million in sales
Petroleum industry
The Dow Jones industrial average staged a powerful rally, rising 300.01 points, or 2.75 percent, to 11,221.93, as the Nasdaq composite index plummeted in a technology sell-off prompted by the Microsoft antitrust decision. The Standard & Poor's 500-stock index rose 7.39 points, or
Petroleum
Quicksilver Resources Inc. announced the completion of its acquisition from CMS Energy Corporation of its natural gas and crude oil exploration and production properties in Michigan, Ohio, Kentucky, and Indiana. The sale includes approximately 180,000 net leasehold acres producing 49,000 Mcf equivalent (Mcfe) net per day. The acquisition
Petroleum industry
Oil futures declined for the second straight day, with traders waiting for details on a reported agreement by Opec to raise oil production. May light, sweet crude prices on the New York Mercantile Exchange (Nymex) briefly dropped to $27.01 per barrel before recovering to $27.09 per barrel, down
Petroleum industry
Enterprise Oil, the UK's largest independent, has secured two crucial upstream agreements with state oil company Petrobras, marking its expansion into Brazil's growing oil sector. The company, which has exhausted major growth opportunities in its home region, is capitalizing on the Brazilian market to pursue new
Petroleum
Kinder Morgan Energy Partners (KMEP) has acquired a 78% limited partner interest and 2% general partner interest in Shell CO2 from Shell Exploration & Production for $185.8 million. This transaction includes stakes in carbon dioxide (CO2) pipeline systems and CO2 source fields primarily serving the Permian Basin. The sale
Petroleum
Sen. Frank Murkowski has introduced a bill to allow oil and gas exploration and development in the Arctic National Wildlife Refuge (ANWR), citing rising oil prices and the country's dependence on imported oil as reasons for relief. The legislation aims to mitigate concerns about environmental impact by limiting
Petroleum industry
BP Amoco and Shell Exploration & Production Co. have agreed to sell their interests in Altura Energy Ltd. to Occidental Petroleum Corp. in a deal valued at approximately $3.6 billion. The Houston-based Altura Energy averaged daily production of about 150,000 barrels of oil equivalent during 1999 from 6,
Petroleum industry
Occidental Petroleum's recent acquisition of Altura Energy Ltd., a partnership owned by BP Amoco and Shell, marks a significant move in its efforts to boost output and earnings. The deal, worth $3.6 billion, will immediately increase Occidental's global output by 36% to 417,000 barrels
