Petroleum industry
Texaco Inc., the US oil giant, has announced that it will not increase its $27 million takeover offer for its Canadian subsidiary, Texaco Canada Petroleum Inc., despite a rival bid from Canadian 88 Energy Corp. The company's bid of $1.01 per share for the 27.7 million
Petroleum
U.S. and North Sea crude oil prices took a divergent path on Tuesday, as prices for West Texas Intermediate (WTI) crude oil futures fell 1.8% to $17.45 per barrel, while October North Sea Brent futures rose 2% to $16.24 per barrel. This price disparity has led
Petroleum
Oil prices rebounded across the board on Monday as many traders decided last week's sharp sell-off was overdone in view of the longer-term supply outlook. The price of October 1994 West Texas Intermediate crude oil futures increased by 49 cents/bbl, reaching $17.63/bbl on the New
Petroleum
US oil and natural gas discoveries rose significantly in 1993, with crude oil discoveries reaching their highest levels in 23 years, according to the Energy Information Administration (EIA). However, despite the increase in discoveries, the country's total domestic oil and gas reserves continued to decline. Oil reserves fell
Petroleum
The Louisiana coastal region's wetland ecology is being damaged by the construction of new canals for oil and gas production, according to research by the Department of the Interior. The region supplies 90% of gas and 70% of oil for U.S. offshore production. The Clinton administration has
Petroleum
A federal jury's decision to award Alaskan fishermen $287 million in damages for the 1989 Prince William Sound oil spill has brought relief to Exxon Company USA, as the award represents only one-third of the $895 million sought by the plaintiffs. The jury's decision pleased the
Petroleum
A recent ruling by the U.S. Court of Appeals has sent a long-standing lawsuit against Koch Oil Co. back to a lower court, reigniting the possibility of the company being held liable for allegedly cheating Native Americans and the U.S. government out of oil and gas royalties and
Petroleum
The oil market is experiencing increased volatility amidst disruptions in Nigeria's crude exports due to an ongoing labor strike. Despite this, gasoline futures continued to rise on August 9, 1994, with regular unleaded futures increasing by 0.78 cents to 59.22 cents/gallon. Meanwhile, crude oil futures
Petroleum
Financial results of independent oil and gas companies in the second quarter and first half of 1994 reveal the impact of lower oil and natural gas prices. Despite higher oil and gas production, net income figures for many companies were distorted by special charges. Among companies surveyed, Oryx Energy Co.
Petroleum
Washington -- Oil prices retreated across the board Tuesday due to traders' mistaken belief that the Nigerian oil strike was ending, while in reality, the strike is accelerating. Contrary to futures markets, U.S. wholesale refined products prices rose significantly. The strike, which is gaining momentum, involves 3.5
Petroleum
Tensions are escalating in Nigeria as oil workers have entered the fifth week of their strike, severely impacting the country's oil production and exports. The Royal Dutch/Shell Group, which produces half of Nigeria's 1.95 million barrels per day (b/d) oil, may be forced
Petroleum industry
The ongoing strike by Nigerian oil workers is severely impacting the country's oil exports, causing delays in loading tankers and resulting in a significant drop in oil prices on the world's markets. The disruption has led to a surge in prices of unleaded regular gasoline, heating
