Petroleum
In a pivotal move just before the expiration of the September light, sweet crude oil contract on the New York Mercantile Exchange (Nymex), oil prices jumped 24 cents per barrel in New York on Wednesday. However, the gasoline market suffered as a result, failing to capitalize on the bullish American
Petroleum
As British Petroleum (BP) navigates the complex aftermath of its acquisition of US oil company Amoco, the company is seeking the expertise of remuneration consultants to re-evaluate pay scales for senior management. This move will likely result in higher compensation packages for executives who survive the shakeout following the merger.
Petroleum industry
Buffalo Capital V. Ltd. has announced a business combination with Aladdin Oil Corp., a privately held oil and gas exploration and production company, aiming to take Aladdin public through a tax-free exchange. This move signifies a significant step towards achieving Aladdin's goal of going public. Meghan Robins, president
Petroleum industry
Fierce labor tensions escalated at the ARCO mine in central Queensland, Australia, as seven people were arrested during a confrontation between management and union miners. The incident occurred when a bus carrying prospective non-union employees attempted to navigate through a picket line, resulting in panel damage and a broken tail
Gas industry
British Petroleum and Amoco's proposed merger will create the largest industrial merger in history, resulting in a company worth $A185 billion, with the new entity set to become the third largest oil company in the world. The combined company will have a significant presence in the global petrochemicals
Gas industry
Tosco Corporation, a leading refiner and marketer of petroleum products, has announced the extension of its licensing agreement with BP in nine Western states until 2006. This agreement, which initially started in 1998, grants Tosco Corporation exclusive rights to use the BP brand in the specified regions. The company has
Gas industry
Triton Energy, a Dallas-based international oil and gas exploration and production company, has closed its transaction with Atlantic Richfield Company (ARCO) to provide financing for the development of its gas reserves on Block A-18 of the Malaysia-Thailand Joint Development Area (JDA). The deal, announced earlier, sees ARCO acquire 50% of
Gas industry
Los Angeles-based ARCO has successfully closed a transaction with Triton Energy Limited to acquire a 25% interest in a major natural gas project in the Malaysia-Thailand Joint Development Area (JDA) in the Gulf of Thailand. This acquisition was a result of an agreement between ARCO and Triton, where ARCO acquired
Petroleum industry
The development of the Tengiz and Korolev fields in western Kazakhstan is one of the most significant oil and gas projects in the region. The fields, discovered in 1979 by Soviet geologists, are estimated to contain 25 billion barrels of high-quality oil and 6-9 billion barrels of recoverable oil from
Petroleum industry
The Karachaganak gas field, a massive natural gas reserve with significant oil deposits, is undergoing a major expansion, with production expected to reach 74,000 b/d of condensate and oil in the fourth quarter of 1998. The field's production capacity will be increased to over 160,000
Gas industry
The surprise acquisition of Wessex Water by the American power company Enron for £1.36 billion has sent shockwaves through the water sector, fueling speculation that other British water companies may soon fall prey to bidders. The deal, worth £6.30 per share, has been described as a high price
Gas industry
Northern Border Partners, L.P., a leading natural gas pipeline company, has announced a 15% increase in reported earnings per unit for the second quarter of 1998, driven by the return on equity allowed on the company's investments in the construction of the Chicago Project. The Partnership generated
