Petroleum industry
The US Environmental Protection Agency (EPA) has approved a state-specific plan for hydraulic fracturing in Alabama, requiring companies to comply with drinking water standards. This decision, made under a tight deadline, is expected to pave the way for environmental groups to seek tougher regulations across the country, particularly in the
Petroleum
The landscape of the oil industry's elite is undergoing a significant transformation due to merger activity between private Western oil companies. According to Petroleum Intelligence Weekly's latest ranking of the world's top oil companies, the massive consolidation is reshaping the top positions, with Western
Petroleum
CMS Energy Corporation, a leading energy company, marked a significant year in 1999 with substantial growth, strategic acquisitions, and successful development projects. The company's chairman and CEO, William T. McCormick, Jr., highlighted the year's achievements, citing the acquisition of the CMS Panhandle companies as the most
Petroleum
A mix of technical factors and lower Iraqi export volumes pushed crude oil prices to a nine-year high in London and New York, with light sweet crude closing at $26.83/barrel on the New York Mercantile Exchange. Meanwhile, January Brent crude rose to $26.09/bbl on the International
Petroleum
Lagoven, Venezuela's largest oil producer and refiner, underwent significant restructuring in the mid-1990s, reshaping its international marketing and supply division to improve trading opportunities and eliminate bureaucracy. The company established four separate business units, each operating as a profit center, to market and sell crude oil, distillates, bunkers,
Petroleum
Consolidated Natural Gas Company announced that its exploration and production subsidiary, CNG Producing Company, has acquired an interest in the West Broussard field located in Lafayette Parish, Louisiana. The field, which has been producing since August 1998, is a significant addition to the company's Louisiana operations, which include
Petroleum
BASF Aktiengesellschaft has made a significant decision to divest its holdings in ARAL and the Lingen refinery, marking a substantial step in the company's ongoing restructuring efforts. According to Max Dietrich Kley, Deputy Chairman of the Board of Executive Directors of BASF Aktiengesellschaft, this move enables the company
Petroleum
Callon Petroleum Company, a leading energy firm, has expanded its interests in the Gulf Coast region with the acquisition of a significant stake in the Boomslang deepwater discovery on Ewing Bank Block 994. By purchasing Santos USA Corporation's 20 percent working interest, Callon now holds a 55 percent
Petroleum
BP Amoco yesterday insisted that its proposed $27 billion takeover of US rival Atlantic Richfield (Arco) remained on track despite speculation that US regulators were poised to block the deal. The Federal Trade Commission (FTC) has been concerned that the merger would lead to higher petrol prices in California, where
Petroleum
Chinese oil imports are expected to reach over 50 million tons per year by 2000, up from 22 million tons in 1996, making the country a major market for Saudi Aramco, which has equity in the refining business in China. During a visit by Chinese President Jiang Zemin to Saudi
Petroleum
Saudi Aramco's 40% stake in Petron, the downstream unit of the Philippines National Oil Co., acquired in 1994 for $532m, has significant implications for the oil market and the Philippines' economy. Petron's assets, valued at around $1.5 bn, include a 165,000 b/d
Petroleum
OPEC's potential extension of output cuts beyond March combined with news of a planned strike by Venezuela's largest oil workers unions against state oil company Petroleos de Venezuela sent crude oil futures soaring on Monday. This development, coupled with tightening world crude inventories, contributed to a
