Petroleum industry
Royal Dutch/Shell is set to transfer its downstream gas and power arms to a new joint venture with US construction group Bechtel, in a move that represents the company's most aggressive attempt to capitalize on the growing demand for gas in power generation. The partnership, expected to
Petroleum industry
The Brazilian development bank BNDES has approved a $760 million loan for an oil exploration and production project at the Barracuda and Caratinga fields in the Campos basin, Rio de Janeiro state. The project includes the construction of two offshore platforms, P-43 and P-48, which will have a combined daily
Petroleum industry
Market speculation over an expected output increase by Opec dominated the petroleum complex, leading to crude oil prices sinking in New York. The July light, sweet crude oil contract on the New York Mercantile Exchange settled at $31.69/barrel, down 64[cent] from the previous day. The August contract
Petroleum industry
CMS Energy Corporation's oil and gas exploration and production unit, CMS Oil and Gas Company, has successfully completed a development well, Venganza #6H, in the Guadalupe Formation of Colombia's Matachin Norte Field. The well, which was drilled horizontally, is currently producing 4,705 barrels of oil
Petroleum industry
Viktor Kozeny, the Czech investment promoter known as the "Pirate of Prague," has been embroiled in a high-stakes legal battle with a group of wealthy investors and a major insurance company. Kozeny's lavish lifestyle and promises of a lucrative investment opportunity in Azerbaijan's oil
Petroleum industry
BP Amoco is joining forces with AppNet to create a business-to-business Web application for its natural gas liquids business, aiming to offer current, top-of-the-minute information to its customers. The new platform, scheduled to debut in late July or early August, will enable real-time interaction between BP Amoco's customers,
Petroleum industry
US senators Charles Schumer (D-N.Y.) and Susan Collins (R-Maine) have sent a letter to Energy Secretary Bill Richardson, urging the Clinton administration to consider releasing oil from the Strategic Petroleum Reserve (SPR) as a means to pressure OPEC to increase production quotas. The senators argue that high oil prices
Petroleum industry
Malaysia has made significant strides in the petrochemical industry over the last 10 years, emerging as one of the most cost-effective producers, according to Malaysian Industrial Development Authority (MIDA) chairman Zainal Abidin Sulong. The country's abundant gas resources have given it a competitive edge over Singapore, which has
Petroleum industry
A dozen major chemical companies have joined forces to create a leading electronic commerce site, marking a significant move by established businesses to counter the rise of internet start-ups. The new trading consortium, which includes BP Amoco, Bayer, BASF, and other prominent players, aims to create a premier online marketplace
Petroleum industry
Royal Dutch/Shell has proposed a takeover bid to acquire a 60% stake in Woodside Petroleum, Australia's largest independent upstream company. The bid values Woodside at a premium to its current market value of US$4.72 billion. Shell plans to transfer its Australian oil and gas assets
Petroleum industry
Oil tycoon John R. Stanley, chairman and CEO of TransAmerican Natural Gas, has filed a $7.5 billion lawsuit against natural gas giants Coastal, El Paso Energy, and Burlington Resources, accusing them of a conspiracy to put TransAmerican out of business. The lawsuit, dubbed the "Armageddon suit," alleges
Petroleum industry
Royal Bank of Canada has been tasked with arranging a $900 million credit facility to support Anderson Exploration's C$647 million bid for Ulster Petroleums Ltd. This bid has been backed by investors, with Ulster's shares closing at C$13.15 on Wednesday, up from a
