Petroleum industry
Petro-Canada, a Canadian oil company, has formed a five-year alliance with Ballard Power Systems and Methanex, the world's largest methanol producer, to study the establishment of a commercially viable fuel distribution network for fuel-cell vehicles. This alliance marks a significant shift in the energy industry, as Petro-Canada has
Petroleum industry
EuroGas, Inc. has announced the appointment of Rudolf Heinz as a Director, bringing his extensive experience in finance and management to the company. As a prominent figure in the German financial industry, Heinz is expected to provide expert guidance and representation to EuroGas's German shareholder base. With a
Petroleum industry
Crude oil prices lost steam on Thursday as traders took profits, awaiting concrete indications of a potential oil workers' strike in Venezuela. July light, sweet crude had set a new high for the week at $18.17 per barrel on the New York Mercantile Exchange (Nymex), but settled 14
Petroleum industry
As the global oil price environment remains low, oil exploration companies are looking for innovative ways to reduce costs and maximize efficiency. One crucial area of focus is seismic operations, where the transition from 2D to 3D data acquisition has transformed the value and status of seismic operations. The introduction
Petroleum industry
BHP, the Australian resources group, has abandoned its Hartley platinum project in Zimbabwe and sold its 67% stake to its minority partner, Zimbabwe Platinum Mines (Zimplats), for a nominal $3 million. The sale follows BHP's decision to suspend operations at the loss-making Hartley mine, with the company agreeing
Petroleum industry
As the world's second-largest oil exporter, Norway's sensitive stance towards its petroleum resources has put its troika of oil companies - 100 per cent state-owned Statoil, 51 per cent-owned Norsk Hydro, and publicly-held Saga - at the center of a high-stakes takeover battle. When Norsk Hydro
Petroleum industry
Crude oil futures prices edged slightly lower on a quiet Thursday in New York, guided by technical movements and profit-taking. The July light, sweet crude on the New York Mercantile Exchange (Nymex) fell 18 cents to settle at $17.17/bbl. Many traders had already bowed out ahead of the
Petroleum industry
Norsk Hydro and Statoil, two of Norway's leading oil companies, have reached a compromise deal that paves the way for Norsk Hydro's takeover of Saga Petroleum, the country's third-largest oil producer. The agreement, which ends a protracted negotiation between the two companies, has been
Petroleum industry
Japan's oil sector is underperforming due to a lack of strategic investment in productive oil fields and insufficient returns on assets, according to a report by Booz-Allen & Hamilton. The consulting group advises the government to acquire more overseas reserves, consolidate exploration companies, and align with foreign oil
Petroleum
Repsol, the Spanish oil and gas group, has unveiled plans to issue a record-breaking number of new shares and euro-denominated bonds to finance its proposed $13.44 billion acquisition of YPF, the Argentine oil company. The company will offer its shareholders between 240 million and 288 million new shares, as
Petroleum
Crude oil prices took a sharp dive on Tuesday, as traders grew concerned about rising inventory levels and potential changes to OPEC's March output cut agreement. The American Petroleum Institute (API) reported a buildup of 3.929 million barrels of crude oil stocks for the week ended May
Petroleum industry
Tejas Energy, a natural gas affiliate of Shell Oil, has agreed to sell its Oklahoma-based gathering, processing, and transportation operation to a subsidiary of OGE Energy for $700 million, with the assumption of $173 million in long-term debt. This sale is part of a larger effort by Royal Dutch Shell&
