Gas industry
Woodside Petroleum has made significant progress in the development of the Laminaria and Corallina oilfields in the Timor Sea, securing two major contracts worth $670 million. The world's biggest floating production, storage, and offloading facility is set to be built, with international construction and engineering company Kvaerner and
Petroleum industry
DLB Oil & Gas, Inc., a leading oil and gas exploration and development company, reported a significant increase in production and revenue for 1996. The company's current production stands at approximately 6,250 barrels of oil equivalent per day, a 100% increase from the same period in 1995.
Petroleum industry
Tipperary Corporation, an independent oil and gas company, announced its fiscal year and fourth quarter results for 1996. The company reported a net loss for the fiscal year of $790,000, or 7 cents per share, on revenue of $11.1 million. This compared to a net loss of $1,
Gas industry
Russian President Boris Yeltsin's signing of the Law on Production Sharing Agreements (PSAs) on December 31, 1995, marked a significant milestone for foreign investors in the Russian oil industry. The law, however, has been met with skepticism by many foreign oil companies due to its stringent requirements and
Gas industry
A sharp increase in bullish inventory figures and the closure of a major oil refinery supported crude prices on Friday, despite a drop in heating oil prices and pressure from speculators. The February crude contract on the New York Mercantile Exchange (Nymex) settled up 19 cents at $19.55/bbl
Petroleum industry
Mobil Corporation's subsidiary, Mobil Exploration & Producing U.S. Inc. (MEPUS), is undergoing an organizational realignment, which will result in the separation of approximately 530 employees by March 31, 1996. The realignment will affect operations in 10 states and offshore in the Gulf of Mexico, with a significant
Petroleum industry
Hondo Oil & Gas Company, an American energy company, announced a significant loss for the fiscal year 1995, totaling $11,906,000. This compares to a loss of $11,056,000 in the previous year. The company attributed the loss to various factors, including a $4.7 million interest expense
Petroleum
The Red Sea Oil Corporation has announced that the first drillstem test on the Suakin-2 well, located in the Delta Tokar Block, was aborted due to the formation caving in and plugging up the test string. The test was conducted open hole at a depth of 9,027 feet to
Petroleum
The Louisiana Land and Exploration Company (NYSE:LLX) has announced an exploration and development budget for 1996 of $206 million, reflecting a 14 percent increase from the previous year's projected spending level of $180 million. This increase in budget is attributed to higher levels of exploratory activity, with
Gas industry
Texaco Limited has reached an agreement in principle with the Korea Petroleum Development Corporation (PEDCO) to acquire a 15-percent minority interest in the Captain Field, a North Sea oil field, for approximately $210 million. The formation of this strategic alliance with PEDCO will provide Texaco with an important business relationship
Gas industry
Pogo Producing Company, in partnership with Rutherford-Moran Oil Corporation and Maersk Olie og Gas As, has successfully drilled and tested a second exploratory well on the large Benchamas seismic structure located on Block B8/32 in the Gulf of Thailand. The company plans to immediately drill additional Benchamas wells to
Natural gas
As the US experiences a colder-than-normal winter, natural gas futures prices have surged to a record high, leaving traders and analysts scrambling to assess the situation. On the New York Mercantile Exchange, natural gas futures for January delivery skyrocketed 36.4 cents to $2.868 per 1,000 cubic feet,
