Petroleum
A mix of technical factors and lower Iraqi export volumes pushed crude oil prices to a nine-year high in London and New York, with light sweet crude closing at $26.83/barrel on the New York Mercantile Exchange. Meanwhile, January Brent crude rose to $26.09/bbl on the International
Petroleum
Lagoven, Venezuela's largest oil producer and refiner, underwent significant restructuring in the mid-1990s, reshaping its international marketing and supply division to improve trading opportunities and eliminate bureaucracy. The company established four separate business units, each operating as a profit center, to market and sell crude oil, distillates, bunkers,
Petroleum
SEMCO ENERGY, Inc., a natural gas distribution and transmission company, has finalized the acquisition of ENSTAR Natural Gas Company and Alaska Pipeline Company from Ocean Energy, Inc. for approximately $290 million cash, including approximately $60 million of ENSTAR debt. This acquisition marks a significant expansion of SEMCO ENERGY's
Petroleum
Ocean Energy, Inc. has finalized the sale of ENSTAR Natural Gas Company and the Alaska Pipeline Company to SEMCO ENERGY, Inc. for approximately $290 million in total proceeds. The sale will be used to reduce Ocean Energy's outstanding indebtedness and support other corporate purposes. This transaction marks a
Petroleum industry
In a significant move, several prominent companies, including SPSS Inc., Scottish Annuity & Life Holdings Ltd., AmeriSource Health Corporation, Renex Corp., and Barrett Resources Corporation, have announced their plans to broadcast their investor communications conference calls over the Internet. This development is a testament to the growing importance of digital
Petroleum
Norsk Hydro, Norway's largest listed company, has revealed plans to significantly expand its oil, gas, and aluminium operations as part of a broader corporate strategy. As part of this strategy, the company aims to boost shareholder returns to 15-20 per cent and is selling NKr10bn ($1.28bn) of
Petroleum
The Asgard B floating gas platform has completed a critical milestone in its troubled history, with engineers attaching the final section of the 33,000-tonne "topside" to the vessel's semi-submersible hull in Stavanger harbour. This marks the beginning of the final construction and commissioning phase of
Petroleum industry
Investor Broadcast Network (f/k/a Vcall) announced that it will be broadcasting investor communications conference calls over the Internet for several public companies, including Telescan, Inc., Telular Corporation, United Rentals, Inc., Cabot Industrial Trust, Meritage Corporation, and Petroglyph Energy, Inc. These companies will be sharing their quarterly earnings with
Petroleum
A rebound in crude oil prices helped drive US oil and gas shares higher on the week, despite a more bearish trend on the broader market. The recovery in crude oil prices, led by a $1.92 increase to $22.82/barrel in November West Texas Intermediate, prompted exploration and
Petroleum
Turkish and Azerbaijani presidents, Suleyman Demirel and Heidar Aliyev, met in Baku to finalize the basis for financing a pipeline to transport oil from Azerbaijan to western markets via Turkey. The proposed pipeline has attracted significant support from the governments of Azerbaijan and Turkey, as well as the US, despite
Petroleum
Market-watchers had anticipated some consolidation in the crude oil market as it tries to break past the psychologically important $25/bbl level. Last week's large gains continued on Monday with some moderating support from gasoline, but crude prices ultimately fell slightly in New York due to profit-taking. The
Petroleum
A BP Amoco subsidiary has pleaded guilty to a felony charge related to illegal hazardous waste dumping by a drilling subcontractor in Alaska. As part of a plea bargain deal, the company has agreed to install a first-of-its-kind environmental management system at all its production sites in the United States
