Petroleum industry
Opec officials are growing concerned that the global demand for oil may not be meeting supply levels, as Brent prices have fallen to their lowest level since mid-April, slipping below the $23/bl mark. The situation is grim for Opec producers, with some members, such as Iran and Libya, fearing
Gas industry
Sydney-based Woodside Petroleum Ltd's (ASX:WPL) independent directors have advised shareholders to reject Shell Australia Investments Ltd's merger proposal, citing the offer price as "neither fair nor reasonable". The revised deal includes a cash offer of $14.80 per share and a portfolio of
Petroleum industry
Woodside Petroleum Ltd (ASX:WPL) has obtained confirmation from the Australian Stock Exchange that shareholders who hold call options on their shares will be excluded from voting on the Shell Australia merger proposal. This exclusion applies even if shareholders accept Shell's offer for part of their holdings and
Petroleum industry
Shares of exploration and production (E&P) companies in the US soared on Tuesday, driven by skyrocketing oil and natural gas prices. A deep freeze across much of the country lifted demand for both commodities, sending prices higher in futures trade. As a result, several E&P companies,
Gas industry
Iran is seeking to attract more foreign investment to tackle its economic woes, which include a high unemployment rate, despite its vast natural resources, including the second-largest gas reserves in the world. The country has signed several contracts with foreign companies to develop its energy sector, including a recent deal
Natural gas
Energy companies are scrambling to increase production through consolidation as local monopolies are opened to competition in Europe. Eni S.p.A., Italy's state-controlled oil company, has offered £3.96 billion (approximately $6.1 billion) for Lasmo P.L.C., topping a bid from its American rival Amerada
Natural gas
ENI, the Italian oil exploration and production company, has won the takeover bid for the UK-based offshore oil company Lasmo with a cash offer of $3.97 billion. Lasmo's chairman, Anthony Hitchens, has recommended the ENI bid, citing its 12% premium above the company's Wednesday closing
Petroleum industry
The oil market is witnessing significant price adjustments in South America. Ecuador's state-owned PetroEcuador has cut its Oriente export price for the second time in just over a week, following stiff competition on the US west coast. The grade's widening differentials have put pressure on Alaskan
Petroleum industry
Ecuador's plans for economic recovery are under threat after a significant portion of the government's "Trole II" energy reform bill was deemed unconstitutional by the country's constitutional tribunal. President Gustavo Noboa has accused the court of staging a "boycott against national
Gas industry
US and Canadian independent oil and gas firms plan to increase capital spending next year, betting on continued high energy prices and production growth. Several companies, including Burlington, Plains, and Petro-Canada, have announced increased budgets for 2001, with a focus on US and Canadian gas projects. The firms' plans
Gas industry
Italian energy giant Eni has signed a major take-or-pay contract to supply 2 billion cubic meters per year of Libyan gas to Energia Gas, a significant player in the Italian gas market. As part of this deal, Eni is set to sell a total of 8 billion cubic meters per
Petroleum industry
Crude futures have declined for the fourth day in a row, with the front-month New York Mercantile Exchange (Nymex) crude settlement dropping below $30 for the first time since early August. The lack of a resolution in the dispute over December pricing of Iraqi crude exports has not had the
