Gas industry
TransCanada PipeLines Limited has announced a significant development in its expansion plans, signing a development agreement with H&R Developments to construct a new office tower in downtown Calgary. The tower, valued at $200 million, will provide necessary space for TransCanada's rapidly expanding energy services businesses, including
Petroleum industry
Nuevo Energy Company, a leading oil and gas producer in California, has successfully increased its borrowing base to $380 million, effective immediately. The commercial banks, led by NationsBank and Morgan Guaranty Trust Company, have approved this increase after conducting an annual appraisal of the company's domestic oil and
Petroleum
As the deadline for expiring May contracts approached, crude oil prices initially slid on Thursday before rebounding in the late afternoon. In contrast, natural gas futures plummeted by nearly 8 cents following a bearish storage report. The American Gas Association's storage report indicated a larger-than-expected injection into domestic
Petroleum
The Interior Department is pushing back against two congressional attempts to alter the federal oil royalty system. A conference committee vote to delay a pending change in the oil royalty system and a bill to shift the system to payments in kind rather than cash have been met with strong
Petroleum industry
The Prudhoe Bay expansion project aims to increase oil output by 20,000 barrels daily, with a six-story, 2,700-ton gas-compression module serving as its centerpiece. The module, largest ever built in Alaska, will be assembled by Veco Construction Inc. starting next month at the Port of Anchorage. At its
Petroleum industry
Texaco's 97th Annual Meeting focused on the company's outstanding performance in 1997 and the challenges it faces in building shareholder value in 1998. Chairman and Chief Executive Officer Peter I. Bijur briefed shareholders on key 1997 achievements, including record net operating income, a dividend increase, a
Petroleum industry
U.S. crude oil prices continued to slide on Thursday as oversupply issues led to a widening of the contango, a situation where forward-month prices are higher than front-month prices. The May/June spread reached a 10-year high, causing traders to cash in on the difference between cash and futures
Petroleum industry
Bearish reports from the American Petroleum Institute (API) and Energy Information Administration (EIA) regarding gasoline inventory triggered a technical sell-off in petroleum futures, causing prices to plummet. The EIA figures for the week ending April 17 showed an unexpected rise in gasoline stocks, with traders quickly reassessing their long positions
Gas industry
Despite a 10 cents per barrel drop in the price of West Texas Intermediate (WTI) oil, stocks in the petroleum and gas industry outperformed the general stock market, with The Oil Daily 30 Composite index advancing 2.5% versus the Dow Jones Industrial Average's 1.9% gain. However,
Gas industry
American Access Technologies, Inc., a provider of innovative telecom switching enclosures, has announced that Mobil Corporation and Fina, Inc. have placed orders for its cost-saving Zone Cabling Termination Cabinet (ZCTC) units. The surprise orders demonstrate the appeal of the company's patented technology, which applies the concept of "
Petroleum
As the Canadian oil industry grapples with declining oil prices, producers are persevering in their plans to expand heavy oil production and natural gas projects. The price differential between light and heavy crude oil has increased to C$9-$10/bbl, making operations uneconomic and forcing production shut-ins. Despite these
Petroleum
Three US senators have stepped in to alleviate the financial burden on small and independent oil and gas producers in the face of declining oil prices. Sen. Frank H. Murkowski, chairman of the Senate Committee on Energy and Natural Resources, has introduced two bills, while Sen. Kay Bailey Hutchison proposed
