Petroleum
The BP Amoco and Alaskan government have created a groundbreaking agreement, known as the "Charter for Development of the Alaskan North Slope," aimed at transforming the oil industry and securing a brighter future for Alaska. This ambitious initiative involves increased investment, production, and state revenue, marking a significant
Petroleum
Indonesian President Abdurrahman Wahid and Malaysian Prime Minister Mahathir Mohamad have reaffirmed their commitment to non-interference policies and strengthened bilateral ties during a meeting in Kuala Lumpur. The two nations have agreed to reinstate regular leaders' meetings to facilitate exchange on regional matters, including economic development and regional peace
Petroleum
Moody's Investors Service has recently issued ratings for several high yield issuers, providing insight into the current state of the industry. The ratings reflect companies' debt levels, revenue growth, and liquidity issues. O'Sullivan Industries received a mixed bag of ratings, including a B3 rating for
Petroleum
SEMCO ENERGY, Inc., a natural gas distribution and transmission company, has finalized the acquisition of ENSTAR Natural Gas Company and Alaska Pipeline Company from Ocean Energy, Inc. for approximately $290 million cash, including approximately $60 million of ENSTAR debt. This acquisition marks a significant expansion of SEMCO ENERGY's
Petroleum
Ocean Energy, Inc. has finalized the sale of ENSTAR Natural Gas Company and the Alaska Pipeline Company to SEMCO ENERGY, Inc. for approximately $290 million in total proceeds. The sale will be used to reduce Ocean Energy's outstanding indebtedness and support other corporate purposes. This transaction marks a
Petroleum
Norsk Hydro, Norway's largest listed company, has revealed plans to significantly expand its oil, gas, and aluminium operations as part of a broader corporate strategy. As part of this strategy, the company aims to boost shareholder returns to 15-20 per cent and is selling NKr10bn ($1.28bn) of
Petroleum
The Asgard B floating gas platform has completed a critical milestone in its troubled history, with engineers attaching the final section of the 33,000-tonne "topside" to the vessel's semi-submersible hull in Stavanger harbour. This marks the beginning of the final construction and commissioning phase of
Petroleum
A rebound in crude oil prices helped drive US oil and gas shares higher on the week, despite a more bearish trend on the broader market. The recovery in crude oil prices, led by a $1.92 increase to $22.82/barrel in November West Texas Intermediate, prompted exploration and
Petroleum
Turkish and Azerbaijani presidents, Suleyman Demirel and Heidar Aliyev, met in Baku to finalize the basis for financing a pipeline to transport oil from Azerbaijan to western markets via Turkey. The proposed pipeline has attracted significant support from the governments of Azerbaijan and Turkey, as well as the US, despite
Petroleum industry
The price of crude oil took a significant hit on Thursday, falling below $23/barrel in New York as traders grew increasingly worried about OPEC's future plans for production. November light, sweet crude plummeted 82 cents to $22.45/barrel, marking the third substantial loss in four sessions
Petroleum industry
Major oil companies have landed on the list of the "Top 100 Corporate Criminals," a report created by Russell Mokhiber of Corporate Crime Reporter and Robert Weissman of the Multinational Monitor. The study highlights eight oil, pipeline, and barge companies that pleaded guilty or no contest to corporate
Petroleum
Market-watchers had anticipated some consolidation in the crude oil market as it tries to break past the psychologically important $25/bbl level. Last week's large gains continued on Monday with some moderating support from gasoline, but crude prices ultimately fell slightly in New York due to profit-taking. The
