Petroleum industry
BP Amoco and ExxonMobil have agreed to dissolve their European fuels and lubricants joint venture in response to the European Commission's authorization of the Exxon and Mobil merger. Under the agreement, BP Amoco will purchase Mobil's 30% interest in the fuels business for approximately $1.5
Petroleum
BASF Aktiengesellschaft has made a significant decision to divest its holdings in ARAL and the Lingen refinery, marking a substantial step in the company's ongoing restructuring efforts. According to Max Dietrich Kley, Deputy Chairman of the Board of Executive Directors of BASF Aktiengesellschaft, this move enables the company
Petroleum industry
Tosco, the largest independent refiner in the US, has announced a major deal with Exxon Mobil to purchase its entire package of East Coast retail assets, including 1,740 gasoline stations, for approximately $860 million. This deal is in line with the $850 million figure that some analysts were expecting.
Petroleum
Callon Petroleum Company, a leading energy firm, has expanded its interests in the Gulf Coast region with the acquisition of a significant stake in the Boomslang deepwater discovery on Ewing Bank Block 994. By purchasing Santos USA Corporation's 20 percent working interest, Callon now holds a 55 percent
Petroleum
BP Amoco yesterday insisted that its proposed $27 billion takeover of US rival Atlantic Richfield (Arco) remained on track despite speculation that US regulators were poised to block the deal. The Federal Trade Commission (FTC) has been concerned that the merger would lead to higher petrol prices in California, where
Petroleum industry
United States Exploration, Inc. announced that it has fulfilled its obligation under the Exploration Agreement with Union Pacific Resources, drilling 15 commitment wells and completing operations in the D-J Basin in Colorado. The agreement has been amended to allow for deepenings and re-entries of wells, which have been completed in
Petroleum industry
CanArgo Energy Corporation, a leading independent oil and gas exploration and production company, announced a significant breakthrough in its gas production plans with AES Telasi, the owner and operator of the electrical grid in Tbilisi, Georgia. Under the terms of the agreement, AES Telasi will purchase all the gas produced
Petroleum industry
Iraq's decision to turn down a UN deal to extend the oil-for-food program until December 4 has led to a significant increase in global oil prices. Despite the program's lapse, Iraqi Ambassador to the UN Saeed Hasan has not denounced the program, leaving room for a
Petroleum
Chinese oil imports are expected to reach over 50 million tons per year by 2000, up from 22 million tons in 1996, making the country a major market for Saudi Aramco, which has equity in the refining business in China. During a visit by Chinese President Jiang Zemin to Saudi
Petroleum
Saudi Aramco's 40% stake in Petron, the downstream unit of the Philippines National Oil Co., acquired in 1994 for $532m, has significant implications for the oil market and the Philippines' economy. Petron's assets, valued at around $1.5 bn, include a 165,000 b/d
Petroleum
OPEC's potential extension of output cuts beyond March combined with news of a planned strike by Venezuela's largest oil workers unions against state oil company Petroleos de Venezuela sent crude oil futures soaring on Monday. This development, coupled with tightening world crude inventories, contributed to a
Petroleum industry
Russia and the US are intensifying their campaigns in support of oil and gas pipelines out of the Caspian region ahead of a key summit in Istanbul this week. The summit, hosted by the Organization for Security and Cooperation in Europe (OSCE), will see the signing of a package of
