Gas industry
MidAmerican Energy Holdings Company has finalized the sale of its subsidiaries, InterCoast Oil and Gas Company, GED Energy Services Inc., and InterCoast Gas Services Company, to KCS Energy Inc. of Edison, N.J. The transaction, which was previously agreed upon in November 1996, involved a cash payment of approximately $210
Gas industry
Woodside Petroleum has made significant progress in the development of the Laminaria and Corallina oilfields in the Timor Sea, securing two major contracts worth $670 million. The world's biggest floating production, storage, and offloading facility is set to be built, with international construction and engineering company Kvaerner and
Gas industry
Russian President Boris Yeltsin's signing of the Law on Production Sharing Agreements (PSAs) on December 31, 1995, marked a significant milestone for foreign investors in the Russian oil industry. The law, however, has been met with skepticism by many foreign oil companies due to its stringent requirements and
Gas industry
A sharp increase in bullish inventory figures and the closure of a major oil refinery supported crude prices on Friday, despite a drop in heating oil prices and pressure from speculators. The February crude contract on the New York Mercantile Exchange (Nymex) settled up 19 cents at $19.55/bbl
Gas industry
Texaco Limited has reached an agreement in principle with the Korea Petroleum Development Corporation (PEDCO) to acquire a 15-percent minority interest in the Captain Field, a North Sea oil field, for approximately $210 million. The formation of this strategic alliance with PEDCO will provide Texaco with an important business relationship
Gas industry
Pogo Producing Company, in partnership with Rutherford-Moran Oil Corporation and Maersk Olie og Gas As, has successfully drilled and tested a second exploratory well on the large Benchamas seismic structure located on Block B8/32 in the Gulf of Thailand. The company plans to immediately drill additional Benchamas wells to
Gas industry
Dusty Mac Oil & Gas Ltd., a Canadian oil and gas exploration company, has received a positive review from the Yemeni Technical Committee (MOMR) for its proposal to explore an oil concession in Yemen. Although a final decision from the Ministerial Oil Committee is still pending, the company remains optimistic
Gas industry
Solv-Ex Corp. has been granted formal approval to proceed with construction and operation of a plant to process oil sands tailings in northern Alberta for production of minerals and metals. This marks the company's second Canadian oil sands project permit in less than a week, following a co-production
Gas industry
Murwell Resources Ltd., a leading oil and gas company, has announced a merger with Icon Energy Limited. The combined company will have a proven financial and operating management team, no debt, and an excellent balance of oil and gas development and exploration projects. The merger is expected to significantly increase
Gas industry
Canadian Occidental Petroleum's new president and chief executive officer, David A. Hentschel, has outlined a three-pronged strategy to maximize value for shareholders, building on the company's successful history and assets in Canada, the United States, Yemen, and the North Sea. Hentschel emphasized the importance of maximizing
Gas industry
Public Service Enterprise Group Incorporated (PSEG) announced that it will pursue the divestiture of its non-regulated oil and gas exploration and development business, Energy Development Corporation (EDC). EDC, based in Houston, has approximately 230 employees and operates in 13 states, offshore in the Gulf of Mexico, and internationally in the
Gas industry
CMS Energy Corporation's Board of Directors has made significant personnel changes, elevating Victor J. Fryling to the position of Chief Operating Officer and appointing Michael G. Morris as Executive Vice President. Fryling will oversee all operating subsidiaries, while Morris remains President and Chief Executive Officer of Consumers Power
