Petroleum
Crude prices in the New York Mercantile Exchange (Nymex) regained strength after news of weather-related port closures along the Mexican coast of the Gulf of Mexico. The February crude contract settled 8 cents higher at $19.89/bbl, with some sources anticipating a potential rally to $20/bbl. This rebound
Petroleum
The Red Sea Oil Corporation has announced that the first drillstem test on the Suakin-2 well, located in the Delta Tokar Block, was aborted due to the formation caving in and plugging up the test string. The test was conducted open hole at a depth of 9,027 feet to
Petroleum
The Louisiana Land and Exploration Company (NYSE:LLX) has announced an exploration and development budget for 1996 of $206 million, reflecting a 14 percent increase from the previous year's projected spending level of $180 million. This increase in budget is attributed to higher levels of exploratory activity, with
Petroleum
A severe cold snap in the Northeast is driving heating oil prices to a three-year high, with the near-month contract on the New York Mercantile Exchange (Nymex) settling up 1.12 cents at 59.11 cents/gallon. The January crude contract on Nymex also reached a six-month high, settling up
Petroleum
Forest Oil Corporation, a prominent player in the energy industry, has announced the signing of a definitive agreement to acquire ATCOR Resources, a Canadian exploration and production company, for C$4.88 per share. The acquisition, valued at a total of C$186 million (U.S.$135 million), marks a
Petroleum
Forest Oil Corporation's announcement of a natural gas discovery on West Cameron Block 615, offshore Louisiana, marks a significant milestone for the company. This discovery, made possible by the use of 3D seismic technology, has the potential to contribute significantly to Forest Oil's reserves and production.
Petroleum
Market watchers said crude prices opened on a firm note, but soon came under selling pressure. The threat of a strike by oil workers in Venezuela loomed large, although union President Carlos Ortega denied rumors the workers would strike Friday. Later, a strike next week was not ruled out, which
Petroleum
Reports of Saudi Arabia's King Fahd suffering a stroke last week sent shockwaves through the energy market, driving up the price of crude oil futures on the New York Mercantile Exchange (Nymex). Saudi Aramco's move to boost prices for crude oil exports to the US market,
Petroleum
Sonat Inc.'s Board of Directors has adopted a new Shareholder Rights Plan to replace the existing plan that will expire on February 3, 1996. The new plan is designed to ensure that all stockholders receive fair and equal treatment in the event of a proposed takeover and to
Petroleum
Oceaneering International, Inc., a leading provider of engineered services and hardware to customers operating in marine, space, and other harsh environments, has been awarded a contract by Mobil Equatorial Guinea Inc. to provide a floating production, storage, and offloading (FPSO) system. The contract, with an initial term of three years,
Petroleum
The Organization of Petroleum Exporting Countries (OPEC) is at a crossroads, as it debates its production levels and the potential impact on oil prices. The Islamic Republic of Iran, a key player in OPEC, has emphasized the importance of sticking to the production ceiling of 24.52 million barrels per
Petroleum
The Organization of Petroleum Exporting Countries' (OPEC) decision to roll over its current quotas has sent crude oil futures prices soaring on the New York Mercantile Exchange (Nymex). The price of crude oil climbed to a two-month high on the back of follow-through buying, driven by short-covering and technical
