Petroleum
A major legislative package addressing energy issues, including the Strategic Petroleum Reserve (SPR) and oil and gas drilling in the Arctic National Wildlife Refuge (ANWR), has been submitted to Senate Majority Leader Trent Lott. The package, developed by the energy task force led by Senator Frank Murkowski, aims to resolve
Petroleum
China's National Offshore Oil Corp (CNOOC) has successfully completed its first round of private offering, securing $210 million in funding from four leading institutional investors. This move will provide CNOOC Ltd, the subsidiary of CNOOC, with the necessary financial support to fulfill its development plan for 2000 and
Petroleum
Phillips Petroleum Co. has officially acquired Arco Alaska Inc. in a deal valued at approximately $7 billion. The acquisition makes Phillips the largest oil and gas producer in Alaska and the state's fifth largest employer. Kevin Meyers, the former president of Arco Alaska Inc., will remain at the
Petroleum
The Alpine Group, Inc. released its financial results for the first quarter ended March 31, 2000, reporting revenues of $495.9 million, a 2% decrease from the same period in 1999. Net income attributable to common stock for the quarter was $1.7 million, or $0.11 per diluted share,
Petroleum
Vastar Resources, a leading independent energy producer, announced the election of Charles D. Davidson as chairman of the board following the resignation of four board members who were executives of Atlantic Richfield Company (ARCO). The election and resignations were a result of the merger of ARCO and Prairie Holdings, Inc.
Petroleum
The Shell Petroleum Development Company of Nigeria Limited (SPDC) has awarded a $300 million contract to Brown & Root Energy Services (BRES), a business unit of Halliburton Company, to develop the first major offshore oil and gas facility in Nigeria. The project, valued at approximately $300 million, including options, is
Petroleum
Amnesty International has expressed astonishment at Premier Oil's claim that its ongoing dialogue with the human rights organization had made a significant difference in Myanmar. Despite this assertion, the human rights situation in Myanmar remains extremely grave, with the Myanmar Army continuing to seize civilians for forced labor
Petroleum
The UK government has taken the unprecedented step of asking Premier Oil to withdraw from its 27 per cent interest in Burma's Yetagun gas project. This move is part of an attempt to increase pressure on the Burmese military government, which has a poor human rights record. Foreign
Petroleum
The National Association of Purchasing Management reported that the industrial economy grew in March, although at a lower rate than in February, despite rising prices for energy and industrial raw materials. The prices of these materials increased at their fastest rate in five years, causing concern among manufacturing executives. The
Petroleum
Quicksilver Resources Inc. announced the completion of its acquisition from CMS Energy Corporation of its natural gas and crude oil exploration and production properties in Michigan, Ohio, Kentucky, and Indiana. The sale includes approximately 180,000 net leasehold acres producing 49,000 Mcf equivalent (Mcfe) net per day. The acquisition
Petroleum
A newly proposed Pipeline Safety and Community Prevention Act, announced by the White House, would strengthen regulations on oil and gas pipeline operators, focusing on comprehensive inspection and repair programs to prevent or mitigate pipeline failures in heavily populated and environmentally sensitive areas. The bill aims to increase penalties for
Petroleum
Despite a six-hour meeting, Opec's member nations were unable to reach an agreement on a new accord that would raise oil output. The disagreement centered around the size of the production hike, with Iran pushing for a 1.2 million b/d increase, while other nations sought a
