Petroleum
The U.S. oil and gas market experienced a downturn last week, with shares plummeting due to concerns over second-quarter and future earnings, coupled with a significant drop in the price of front-month West Texas Intermediate. The Oil Daily 30 Composite index slipped 3%, with most major oil companies reporting
Petroleum
Chevron's joint venture with the Soviet Union in the 1990s was met with skepticism by Western competitors, who doubted the project's viability. By mid-1996, Chevron had invested about $700m in the project, with its 50% equity stake generating a mere $1m in profit. However, in 1997,
Petroleum
Attorney General Hubert Humphrey III and Minnesota state Senator John Marty have announced plans to revise the whistleblower law in the next legislative session. The change is in response to a recent Star Tribune report exposing how Koch Refining Co. used the law to prevent the Minnesota Pollution Control Agency
Petroleum
The Minnesota Pollution Control Agency (MPCA) has restricted public access to key records, including a $6.9 million pollution penalty on Koch Refining Co., after a Koch attorney cited a statute designed to protect whistleblowers. This move has sparked a review of the state's open-records law, potentially limiting
Petroleum
Crude oil prices in New York remained unchanged on Friday, drifting sideways as traders focused on short-covering ahead of the weekend. The absence of fresh fundamental market news led to a lack of direction, with the front-month crude futures contract on the New York Mercantile Exchange (Nymex) hovering around the
Petroleum
The U.S. government's latest oil market forecast indicates a continued decline in the average cost of crude oil imports, with the Energy Information Administration (EIA) lowering its forecast for the year to $12.78/bbl, a decrease of nearly $6/bbl from last year's average.
Petroleum
A potential merger between Shell and Texaco, two of the UK's largest petrol retailers, could create Britain's largest petrol retailer, with a combined market share of up to 21%. The talks, which have reportedly been ongoing for several months, are centered around bringing together their "
Petroleum
Anglo-Dutch oil giant Shell and its US rival Texaco are considering a merger of their petrol station chains in Europe, which would give the joint operation control of more than a fifth of the market, potentially leading to cheaper fuel for motorists. This move comes as major supermarkets, including Tesco
Petroleum
Thunderwood Resources Inc. ("Thunderwood") and Joutel Resources Limited ("Joutel") have agreed in principle to a proposed merger, where each shareholder of Thunderwood and Joutel will receive one common share of the merged company for each six shares held. The merger is intended to create a larger
Petroleum
Northstar Energy Corporation and Devon Energy Corporation have reached a definitive agreement to merge the two companies, creating a top-tier oil and gas producer in North America. The combined company will have a strong presence in both the US and Canada, with a balanced portfolio of reserves and a significant
Petroleum
Cambridge Energy Corp., an oil and gas production company, has announced its plan to become a reporting company by filing a Registration Statement with the Securities and Exchange Commission. This move will subject the company to federal securities laws, including quarterly and annual reporting requirements. As a result, Cambridge Energy
Petroleum
EEX Corporation, a major oil and gas exploration and production company, has completed sidetrack drilling operations at the Llano prospect on Garden Banks Block 386 in the Gulf of Mexico. Analysis of logging data indicates the presence of hydrocarbon-bearing sands in the Lower Pliocene and Miocene aged sections, similar to
