Petroleum industry
Oil Search Limited, a leading Australian oil and gas company, has announced the sale of a 25% stake in the Hides Gas field in Papua New Guinea to subsidiaries of Santos Limited. The deal, valued at US$55 million, marks a significant strategic move for both companies, with Santos gaining
Petroleum
Rayrock Resources Inc. has announced a proposed statutory plan of arrangement between itself and Glamis Gold Ltd., which, if approved, would result in Rayrock becoming a wholly-owned subsidiary of Glamis. The arrangement offers Rayrock shareholders the option to receive either 2.4 common shares of Glamis or 1.6 common
Petroleum industry
The Australian sharemarket experienced a significant increase on January 28, 1999, driven by strong advances in blue chip stocks and subdued inflation figures. The benchmark all ordinaries index rose 25.8 points to finish at 2877.2, with major market leaders such as NAB, News Corp, Telstra, BHP, and Commonwealth
Petroleum industry
Facing a turbulent year with oil prices plummeting to a 30-year low, ARCO (NYSE: ARC) reported a $794 million net loss in the fourth quarter of 1998, offsetting a $382 million net earnings in the same period the previous year. The company's Chairman and Chief Executive Officer, Mike
Petroleum
Glamis Gold Ltd. has announced that it has entered into a definitive agreement to acquire all of the outstanding shares of Rayrock Resources Inc. through a statutory plan of arrangement. The acquisition is subject to several conditions, including formal documentation, regulatory and shareholder approvals, and approval from the Ontario Court
Petroleum
IPIC was created in 1984 as a 50-50 venture between ADIA and ADNOC to focus on oil-related acquisitions overseas. Shaikh Mansour Bin Zayed Al Nahyan, son of the Abu Dhabi ruler and UAE president, is the chairman of IPIC's nine-member board. The company's acquisitions are decided
Petroleum industry
Top industrial polluters, including lobbyists from trade associations and major companies like General Motors and Texaco, gathered at the Edison Electric Institute in Washington, D.C. to celebrate their success in stifling a U.S. Environmental Protection Agency (EPA) plan to improve air quality in and near national parks. The
Petroleum industry
The Argentine government is pushing forward with plans to sell a 14.99% stake in YPF, the country's largest energy concern, despite opposition from local lawmakers and market volatility. The sale, which has a minimum price of $38 per share, is expected to raise at least $2 billion
Petroleum industry
The Australian sharemarket finished the day down, but the decline was less severe than expected, thanks to positive economic indicators and improved bond prices. Analysts noted that the market started weak due to overseas downward trends, but improved throughout the day as Australian statistics and bond rate improvements offset the
Petroleum industry
Azerbaijan's western oil companies continue to wait for Turkey's specific terms and tariffs for the Baku to Ceyhan pipeline, despite Ankara's assertions that details have been disclosed. The pipeline, supported by Turkey and the US for economic and strategic reasons, faces doubts about the
Petroleum industry
In recent filings with the Securities and Exchange Commission (SEC), several energy companies have disclosed significant stakeholder interests, highlighting the substantial presence of major players in the industry. Notably, Enron Corporation and its affiliates have acquired substantial shares in Carrizo Oil & Gas Inc., Colorado Wyoming Reserve Co., and Costilla
Petroleum industry
Western oil buyers have accepted Saudi Aramco's decision to increase prices for February sales, citing a firmer tone in European and U.S. Gulf Coast sour crude oil markets. The price hikes, ranging from 10 to 25 cents per barrel, reflect the strengthening of sour crude differentials against
