Petroleum
Enterprise Oil, the UK exploration and production company, will cut about 160 jobs from its 800-strong staff as part of its reorganisation programme in response to the low oil price. The 20 per cent reduction will include open positions left vacant since September, when the company froze recruitment and began
Petroleum
Major companies across various sectors in Texas have recently announced significant mergers, deals, and expansions, showcasing the region's thriving business climate. Aronex Pharmaceuticals received substantial payments from Abbott Laboratories, while companies like Metamor Worldwide, Nabors Industries, and Administaff Inc. have made headlines with their respective partnerships and acquisitions.
Petroleum
China's offshore oil production has experienced a remarkable growth over the past 15 years, with the China National Offshore Oil Corporation (CNOOC) leading the charge. According to reports, the CNOOC's offshore oil production has increased by over 200 times since 1982, with the company extracting 20.
Petroleum
Pittsburgh-based Equitable Resources Inc. has revealed plans to record significant charges totaling $120 million, primarily to cover severance costs and property write-downs. The company will take a one-time, pretax charge of $60 million in the fourth quarter, accounting for staff reductions, restructuring, and debt extinguishment. Additionally, Equitable will record a
Petroleum
In a major blow to the three former executives of Archer Daniels Midland Co., a Chicago-based agribusiness giant, U.S. District Judge Blanche Manning has refused to reverse their convictions or grant them a new trial. The convictions, handed down by a jury on September 17, stemmed from a price-fixing
Petroleum
In a move that shapes the global oil landscape, British Petroleum Co. has secured US approval to acquire Amoco Corp. for a staggering $61.7 billion. The deal creates the largest US gasoline retailer, with British Petroleum owning 17,900 stations and Amoco owning 9,300. To address antitrust concerns,
Petroleum
EuroGas, Inc. has entered into an Agreement with VEW Energie AG and National Power International Limited to form a Polish joint venture company, which will develop a 150 megawatt gas-fired Combined Heating Plant in Zielona Gora, western Poland. The plant will produce both electrical and heating energy, powered by natural
Petroleum
Consolidated Natural Gas Company's exploration and production subsidiary, CNG Producing Company, has announced initial production from a new complex in the Main Pass area of the Gulf of Mexico. Natural gas began flowing from the "Nemo" platform on December 20, marking the beginning of operations for
Petroleum
The Australian sharemarket experienced a significant surge on December 17, 1998, after US-led bombing raids on Iraq sparked interest in oil, gold, and defensive stocks. The benchmark all ordinaries index rose 42.7 points to 2740.0, while the all resources index surged 25.4 points or 2.71 per
Petroleum
The Australian sharemarket posted gains today, driven by strengths in the resources sector and positive sentiments from Wall Street. The benchmark all ordinaries closed 9.4 points higher, or 0.35 per cent, at 2697.3. The all industrials index ended 6.5 points firmer, or 0.13 per cent,
Petroleum
Shell affiliate, Coral Energy, L.P., in partnership with AlliedSignal Engines, has formed an alliance to co-market comprehensive cogeneration solutions for industrial customers in the U.S. and Canada. This alliance brings together the financial and technical resources needed for small to midsize cogeneration projects, from economic analysis to installation
Petroleum
Cross Timbers Oil Company, a leading energy firm, has filed a registration statement with the Securities and Exchange Commission for the offering of 6,000,000 units of beneficial interest (15%) in its newly formed Hugoton Royalty Trust. The offering is being led by a team of six underwriters, including
