Petroleum
President Clinton is poised to sign a $500 million loan bill that will provide much-needed financial resources to the struggling U.S. oil patch, which was severely impacted by low oil prices last year. The bill, H.R.1664, was sent to Clinton's desk last week and would
Petroleum industry
Colombia's bid to attract foreign investment, particularly in the oil sector, has hit a snag with Moody's Investors Service downgrading its foreign currency country ceiling to Ba2, below investment grade. This marks a significant setback for the country's economy, which is expected to contract
Petroleum industry
Independent refiners reported bleak earnings for the second quarter, with most failing to beat even Wall Street's low expectations. The main culprit was the worst refining margins in five years, on average, which were further eroded by rising crude oil prices. However, the sector is expected to recover
Petroleum
The merger of Burlington Resources Inc. and Poco Petroleums Ltd. will create a leading independent exploration and production company with a strong North American natural gas focus. The combined company will become one of the top four natural gas producers in North America, with a major presence in Western Canada.
Petroleum industry
The British stock market experienced a sharp decline yesterday, with several companies facing significant losses amidst global market instability. Despite some positives, the overall sentiment remained bearish, with Reuters, Royal Bank of Scotland, and Barclays among those suffering the most notable drops. Meanwhile, some sectors such as Lasmo and BOC
Petroleum industry
Rising oil prices have cut Alaska's projected revenue gap by almost $300 million since April, a dramatic turnaround from just six months ago when prices had plummeted to record lows. The price surge is attributed to production cuts by the Organization of the Petroleum Exporting Countries (OPEC), Mexico,
Petroleum
FX Energy, Inc. (Nasdaq: FXEN), a Salt Lake City-based company, outlined its strategy to capitalize on its international play in Poland at the fourth annual Oil and Gas Conference hosted by EnerCom, Inc. and Kirkpatrick Energy Associates, Inc. The company has built an acreage position of 15.8 million acres,
Petroleum
Burlington Resources Inc., through its wholly-owned subsidiary, LL&E Algeria Ltd., has made a significant oil discovery in the Berkine Basin of Algeria. The MLNW-1 well, located on the Menzel Lejmat Block 405, has successfully tested oil in the Strunian F1 zone of a Devonian age reservoir. The well
Petroleum industry
Congress has moved to provide $500 million in loans to US oil and gas companies, amid intense debates and opposition since the bill's introduction in March. The loan program, expected to be approved by President Clinton, would establish $500 million in loans for US oil and gas producers
Petroleum industry
Nigeria's upstream oil sector has been grappling with a persistent budget crisis since 1993, with budget cuts resulting in significant arrears in payments by NNPC for its share of investment in the oil producing joint ventures (JVs). The six main JVs, led by Shell, Mobil, Chevron, Agip, Elf,
Petroleum industry
DuPont, a leading chemicals and life-sciences group, reported improved profitability in the second quarter and expressed optimism about continued earnings growth. The company's shares rallied sharply, gaining nearly 2% to $73.7/16, close to recent highs. DuPont's second-quarter earnings per share from continuing operations were
Petroleum industry
The European Commission has initiated legal proceedings against six EU countries, including France, Italy, Spain, Portugal, Belgium, and the UK, for maintaining laws that restrict foreign ownership of key companies. The "golden share" law in France, which allows the government to prevent anyone from controlling more than 15%
