Petroleum
Woodside Petroleum is regaining a foothold in Gippsland, Victoria, after a 45-year absence. The $5.5 billion energy group has agreed to purchase Australian Worldwide Exploration's (AWE) stake in the undeveloped Kipper and Basker-Manta-Gummy gas fields in Bass Strait for $18 million. This move will add momentum to
Petroleum
Illinova Energy Partners has made a strategic acquisition of the Indiana-based natural gas management operations of Equitable Resources Marketing Company, marking a significant expansion and strengthening of its Midwestern presence. This move enables the company to offer Indiana businesses new options to reduce their energy costs through efficient energy management
Petroleum
The modernisation of Sonatrach, Algeria's national oil and gas company, involved a complex restructuring under the leadership of several executives. By early 1994, nine central divisions had been established, including Finance, Research, Planning and Forecasting, and Industrial Strategy and Innovation. The reorganisation was overseen by executives in charge
Petroleum
The energy sector in Asia continued to make significant developments in February 1999, with various news outlets reporting on key initiatives, contracts, and privatisation efforts. In the Philippines, the National Power Corporation (NPC) defended adjustments made to the build-rehabilitate-operate (BRO) contract for the Caliraya-Botocan-Kalayaan hydroelectric power complex, citing benefits to
Petroleum
BP Amoco, the merged giant created just 32 working days prior, is undergoing rapid streamlining amidst plummeting crude oil prices. Chief executive Sir John Browne has announced plans to axe 3,000 jobs by year's end, in addition to the 7,000 already cut, promising £1.55bn in
Petroleum
The successful drilling results of the GC237-1 appraisal well in the Typhoon prospect, located in the Green Canyon area of the Gulf of Mexico, have prompted BHP and Chevron to plan additional appraisal drilling in 1999. The well, operated by Chevron, has penetrated 310 net feet of oil over several
Petroleum
Norwegian offshore oil and gas investments significantly over-ran their budgets from 1994 to 1998, as per a government-commissioned industry report. Despite the industry's efforts to reduce costs, the initiative launched six years ago, Norsok, failed to achieve its goal of reducing project times and costs by 40-50%. The
Petroleum
Rayrock Resources Inc. has announced a proposed statutory plan of arrangement between itself and Glamis Gold Ltd., which, if approved, would result in Rayrock becoming a wholly-owned subsidiary of Glamis. The arrangement offers Rayrock shareholders the option to receive either 2.4 common shares of Glamis or 1.6 common
Petroleum
Glamis Gold Ltd. has announced that it has entered into a definitive agreement to acquire all of the outstanding shares of Rayrock Resources Inc. through a statutory plan of arrangement. The acquisition is subject to several conditions, including formal documentation, regulatory and shareholder approvals, and approval from the Ontario Court
Petroleum
IPIC was created in 1984 as a 50-50 venture between ADIA and ADNOC to focus on oil-related acquisitions overseas. Shaikh Mansour Bin Zayed Al Nahyan, son of the Abu Dhabi ruler and UAE president, is the chairman of IPIC's nine-member board. The company's acquisitions are decided
Petroleum
Repsol, the Spanish oil company, has made a significant strategic move by acquiring a 15% stake in Argentina's YPF, Latin America's largest private-sector oil and gas concern. This acquisition marks a major leap for Repsol, which has ambitious plans to become a more balanced oil major
Petroleum
Repsol, the Spanish oil and gas group, has made a significant move towards becoming a multinational giant by acquiring a 15% stake in Argentina's YPF group for $2.01 billion. The acquisition, which represents the bulk of the state's remaining holding in YPF, marks a major
