Petroleum
The South African conglomerates, burdened with the legacy of apartheid, have undergone a significant transformation over the past five years. Chief executives, including Anglo American's Julian Ogilvie Thompson, have initiated major transactions to simplify their structure, shedding numerous subsidiaries and cross-holdings. This move aims to create a more
Petroleum
Repsol, the Spanish oil and gas group, has unveiled plans to issue a record-breaking number of new shares and euro-denominated bonds to finance its proposed $13.44 billion acquisition of YPF, the Argentine oil company. The company will offer its shareholders between 240 million and 288 million new shares, as
Petroleum
Crude oil prices took a sharp dive on Tuesday, as traders grew concerned about rising inventory levels and potential changes to OPEC's March output cut agreement. The American Petroleum Institute (API) reported a buildup of 3.929 million barrels of crude oil stocks for the week ended May
Petroleum
The Norwegian government has given in to global industry pressures, with Norsk Hydro's takeover bid for Saga Petroleum marking the end of the minority coalition's attempt to preserve the country's trio of oil companies. The move by Norsk Hydro, a 51% government-controlled company, comes
Petroleum
The oil industry, having narrowly escaped the crisis of the late 1990s, is facing a new wave of consolidation, driven by the perceived benefits of economies of scale. Chevron, a mid-sized US oil major, is under pressure to justify the acquisition of Texaco, a rival player, to improve returns to
Petroleum
Asian crude oil markets have been recovering slowly this year, but the rise in prices has been less enthusiastic than in the US and North Sea markets. Oil traders and refiners in Asia are skeptical about the current price rally, pointing to weak demand and negative refining margins. The Organisation
Petroleum
As Iraq strives to increase its oil production to maintain current levels and beyond 6.35 million barrels per day (b/d), significant investments are required in drilling new wells and expanding existing surface facilities. The country's oil industry faces substantial challenges, including the need to drill thousands
Petroleum
Azeri President Haydar Aliyev is poised to seal three major oil exploration deals worth around USD5 billion in potential investment during a high-level visit to Washington. The agreements, which will mark the first significant discoveries in Azerbaijan since the end of last year, involve partnerships with top US oil majors
Petroleum
Britain's BG Plc and Royal Dutch Shell have made a record-breaking bid of USD992 million for a 53% stake in Brazil's Comgas, the country's largest natural gas distribution company. The bid, which far exceeded the minimum offering price, is a significant sign of investor
Petroleum
On April 22, 1999, energy market news highlighted significant developments, including Caltex Philippines' decision to adjust fuel prices due to higher crude costs and Japan's electric and gas utilities announcing rate cuts starting from July. International players, such as Callidus Technologies, were negotiating equipment supply deals, while
Petroleum
Alaska has tapped the services of leading antitrust lawyer David Boies to review the proposed $26 billion purchase of Atlantic Richfield Co. by BP Amoco. Boies, who has experience in high-profile antitrust cases, including the government's challenge to Microsoft's dominance of the computer operating systems market,
Petroleum
An international consortium led by BG plc and Shell has secured a controlling 52.7 percent interest in Comgas, Brazil's largest gas distribution company. The BG-Shell group outbid three other consortia with a proposal worth $988 million, meeting the minimum bid price set by the state-owned power generation
