Petroleum industry
Repsol, a Spanish oil and gas company, and its banking partner, Banco Bilbao Vizcaya (BBV), sought to create a power and energy conglomerate by acquiring Iberdrola, the second-largest domestic electricity company. However, their plan has hit a roadblock due to opposition from La Caixa, a Barcelona-based savings bank, and Endesa,
Petroleum
The BP Amoco and Alaskan government have created a groundbreaking agreement, known as the "Charter for Development of the Alaskan North Slope," aimed at transforming the oil industry and securing a brighter future for Alaska. This ambitious initiative involves increased investment, production, and state revenue, marking a significant
Petroleum
Indonesian President Abdurrahman Wahid and Malaysian Prime Minister Mahathir Mohamad have reaffirmed their commitment to non-interference policies and strengthened bilateral ties during a meeting in Kuala Lumpur. The two nations have agreed to reinstate regular leaders' meetings to facilitate exchange on regional matters, including economic development and regional peace
Petroleum
Moody's Investors Service has recently issued ratings for several high yield issuers, providing insight into the current state of the industry. The ratings reflect companies' debt levels, revenue growth, and liquidity issues. O'Sullivan Industries received a mixed bag of ratings, including a B3 rating for
Petroleum industry
The Middle East has been witnessing a mix of economic growth and challenges, with oil-rich countries like Abu Dhabi and Saudi Arabia taking steps to diversify their economies, while other nations like Iran are promoting exports and foreign investment. According to recent reports, the world's crude oil deposits
Petroleum industry
Ghawar, discovered in 1948, is the largest axis of fields in the world and the main producer of Arab Light in Saudi Arabia. The field is 250 km long and 15 km wide, containing numerous oil and gas fields, with Ghawar's proven recoverable oil reserves exceeding 70 billion
Petroleum industry
The US District Court of Appeals for the District of Columbia Circuit has upheld its previous ruling that the Environmental Protection Agency (EPA) acted unlawfully in setting stricter air quality standards. The court's decision, released on Friday, threw out the EPA's appeal of the May ruling
Petroleum industry
The Malaysian national oil company, Petronas, and the Petroleum Authority of Thailand (PTT) have signed a gas sales agreement with the developers of Block A-18 in the Malaysia-Thai Joint Development Area (JDA) to purchase natural gas from the JDA's offshore block. The agreement was witnessed by Prime Minister
Petroleum industry
Vice President Al Gore's statements on Thursday have likely sent a chill through the oil and gas industry, as he pledged to stop oil drilling in federal waters offshore California and Florida, even in areas where companies already have existing leases. In a bid to capture the California
Petroleum industry
Japan's Ministry of International Trade and Industry (Miti) has been a key player in shaping the country's industrial policy, long regarded as a protector of Japanese industry. However, in the face of a severe post-war recession, Miti has undergone a significant transformation, embracing new methods to
Petroleum industry
The oil and gas sector experienced a significant decline last week, with the Oil Daily 30 Composite dropping 5.7%, as investors awaited news from the OPEC meeting that ultimately produced no surprise. Despite a modest gain in oil prices, with November benchmark West Texas Intermediate closing at $24.76/
Petroleum industry
Macedonia's parliament has approved the sale of a majority stake in Okta, the country's only oil refinery, to a Greek joint venture led by Hellenic Petroleum. The $190m deal marks the biggest foreign investment to date in the former Yugoslav republic. The Greek group has agreed
