Petroleum industry
A Louisiana state court has intervened in the state's plan to prosecute oil and gas producers who violate environmental laws. The court issued a permanent injunction that prevents the state attorney general from deputizing law firms to investigate environmental violations. The arrangement, which authorized a 25% contingency fee
Petroleum industry
State oil company Petroleos de Venezuela S.A. (PDVSA) anticipates a significant expansion of its operations and revenue growth in 1995. The company has set a budget of $11.2 billion for spending, a 31.5% increase from 1994, with 70% of investment spending allocated to exploration and production. PDVSA
Gas industry
The California Housing Finance Agency (CHFA) and Bank of America Community Development Bank have announced a groundbreaking program to enable mobilehome park tenants to acquire the parks where they live. This innovative program is the first to use tax-exempt bond financing for tenant acquisition of mobilehome parks. The program aims
Gas industry
Delmay Energy Corp. is pleased to announce its acquisition of Atlantic International Resources Corporation (AIRC) in a deal worth $19 Million U.S. As part of the agreement, Delmay will issue preferred stock in a subsidiary, convertible into Delmay stock at $5.00 U.S. per share, subject to Alberta
Gas industry
Phillips Petroleum Co. is preparing to invest a significant amount in its business operations in 1995. According to CEO Wayne Allen, the company's capital budget for the upcoming year is expected to increase by 15-20% from the 1994 levels of $1.2 billion. This increase will be focused
Gas industry
Leviathan Gas Pipeline Partners L.P. has finalized the acquisition of the remaining ownership interests in the inactive Placid Green Canyon pipeline system from Hunt Petroleum Corp. and EP Operating L.P. The strategic move enables Leviathan to reactivate the offshore pipeline system, which has been renamed the Manta Ray
Gas industry
A rowan Cos. Inc. offshore rig caught fire after one of its legs ruptured a natural gas pipeline approximately three miles south of Fourchon, Louisiana. Thirty-six crew members were safely evacuated to shore, but one person remained missing as of late Friday. The upper deck of the rig, Rowan Odessa,
Gas industry
The Florida Public Service Commission has approved a settlement agreement with City Gas Company, a division of NUI Corporation, on its general rate case filed in May 1994. The agreement provides for an annual increase in revenues of $1.6 million and a return on equity of 11.3 percent,
Gas industry
Stewart & Stevenson Services, Inc., a leading manufacturer of diesel and gas turbine powered equipment, has completed and shipped a major part of the world's largest molten-carbonate fuel cell power plant to Unocal Corporation in Brea, California. The fuel cell power plant is a demonstration project funded by
Gas industry
Oil markets are holding steady in anticipation of OPEC's decision, with traders waiting for news on production levels. The meeting in Bali, Indonesia, has seen Saudi Arabia and other members favor a 12-month rollover of the current production ceiling, while others prefer a shorter extension. The outcome will
Gas industry
Delmay, a Canadian-based company, has initiated a legal action against Semitel Corporation and related parties in the United States District Court for the Northern District of Ohio. The lawsuit alleges fraud, breach of contract, and unjust enrichment, among other claims. Delmay is seeking a constructive trust, specific performance, and damages,
Gas industry
California Microwave, Inc.'s Microwave Data Systems Division (MDS) has received a contract from GPM Gas Corporation, a wholly owned subsidiary of Phillips Petroleum Company, to supply data communications radios for GPM's automation projects in major natural gas fields throughout the southwest United States. This contract, valued
