Petroleum industry
CMS Energy Corporation's oil and gas exploration and production unit, CMS Oil and Gas Company, has made a significant discovery in the Colon Block of western Venezuela's Maracaibo basin. The new oil field is expected to add substantial reserves to the block, which covers approximately 790,
Petroleum
Apache Corporation reported that its Apache China subsidiary filed a petition in U.S. Bankruptcy Court to place XCL-China into involuntary bankruptcy for failure to pay over $10 million owed for project costs associated with the Zhao Dong Block in China. XCL-China has not made any payments since November 1998,
Petroleum industry
The Prudhoe Bay oil field, once considered the largest oil discovery in North America, has undergone a significant transformation over the past 20 years. Now, it has become a major natural gas field that also produces associated oil and natural gas liquids (NGLs). The field, discovered in 1967, initially contained
Petroleum
XCL Ltd., an oil and gas exploration and production company, has notified Apache Corporation that it will seek the removal of Apache's wholly owned subsidiary, Apache China LDC, as operator of their joint venture project in the Zhao Dong Block in Bohai Bay, China. This move follows four
Petroleum
A federal court ruling has struck down a Massachusetts law that sought to punish companies, including oil and gas firms, for doing business in Myanmar (Burma). The 1st U.S. Circuit Court of Appeals unanimously ruled that the state law, passed in 1996, was unconstitutional as it interfered with the
Petroleum
Kuwait's government underwent significant changes in March 1998, with several key cabinet appointments impacting the country's foreign policy and regional presence. The reshuffle saw the appointment of Shaikh Sabah Al Ahmad Al Jaber Al Sabah as the 1st Deputy Premier and FM, a position that carries
Petroleum
Petro-Canada, the Canadian gas station, has partnered with Ballard Power Systems, a world leader in fuel cell technology, and Methanex, the global leader in methanol production, to develop a network for distributing methanol as a clean, affordable fuel source for fuel cell vehicles. The Memorandum of Understanding signed by the
Petroleum
Gazprom is racing to complete a new 575km pipeline in Belarus as part of its efforts to reduce its reliance on Ukraine's aging and overloaded transit lines. The Yamal-Europe pipeline, which will connect northwest Siberia to the German pipeline network, will be a crucial alternative route for Russian
Petroleum
Softscape, a privately held company specializing in human resource management solutions, has been contracted by Equiva Services, a joint venture of Shell, Texaco, and Saudi Aramco, to provide AchievementPlus, an internet-based application for employee performance management and multi-source feedback. This customized software, tailored to Equiva's specific needs, will
Petroleum
The broader market saw a decline in energy stocks last week, with the Oil Daily 30 Composite falling 2.13% and the Dow Jones Industrial Average losing 2.5% or 268.54 points to 10,559.74. Despite the drop in oil prices, which fell to $16.84 per barrel,
Petroleum
Magnum Hunter Resources, Inc. (Amex: MHR) has appointed three new key managers to coordinate the company's increased activity in acquisitions, offshore exploration, and development, and secondary oil recovery projects. The new hires bring significant experience and expertise to Magnum Hunter, with backgrounds in exploration, engineering, and operations. The
Petroleum
The South African conglomerates, burdened with the legacy of apartheid, have undergone a significant transformation over the past five years. Chief executives, including Anglo American's Julian Ogilvie Thompson, have initiated major transactions to simplify their structure, shedding numerous subsidiaries and cross-holdings. This move aims to create a more
