Petroleum
The energy industry is evolving rapidly in the post-Cold War era, marked by increased globalization and complex challenges. Partnerships between industry and government will be essential to navigate these changes. According to Colin B. Moynihan, former energy minister of the United Kingdom, the industry is becoming increasingly multinational, with multicontinental
Petroleum industry
The crude oil market kept pace with a strong advance in gasoline prices, maintaining a squeeze on refining margins. This squeeze may force further reductions in refinery runs, lowering demand for crude. The West Texas Intermediate (WTI) and North Sea Brent futures rose 29 cents and 27 cents to $18.
Petroleum industry
The Alberta government has forcefully asserted its jurisdiction over the oil and gas industry within the province, warning Ottawa against expanding the National Energy Board's (NEB) environmental review powers. In a written submission to the NEB, the Alberta government argued that the provinces have exclusive authority to regulate
Petroleum
Renewed rioting in Nigeria temporarily steadied world crude oil markets on May 26, 1994, as prices rebounded from a sharp decline the previous day. West Texas Intermediate (WTI) crude oil futures for July delivery gained 4 cents to $17.74/bbl on the New York Mercantile Exchange, following a 25-cent/
Petroleum
The front-month contract for West Texas Intermediate (WTI) crude oil futures for July delivery traded at 86 cents per barrel lower than Friday's expiring June contract on its first day of trading. Meanwhile, natural gas futures fell to $1.851 per million British thermal units (MMBtu), a significant
Petroleum
Occidental Petroleum Corp. and Triton Energy Corp. are set to increase their international exploration and production activities in 1994, with the aim of reducing debt and increasing production. Occidental plans to drill 39 wells in 12 foreign countries, with a guaranteed net drilling potential of 1.6 billion barrels of
Petroleum
The US upstream oil industry is experiencing a decline in domestic oil and gas reserves, with estimates suggesting a shortfall of up to 1.5 billion barrels of oil and 2 trillion cubic feet of natural gas in 1993. This decline is attributed to the steady decline in upstream expenditures,
Petroleum
US oil and gas companies are heavily reliant on acquisitions to replace sold reserves, with a study by John S. Herold Inc. revealing that 100 oil companies surveyed were able to replace only 76% of their reserves through new drilling in 1993. The low oil prices have significantly impacted the
Petroleum
Washington's escalating violence in Yemen, combined with news that Britain's Elf Enterprise Caledonia Ltd. had canceled four cargoes of Flotta crude from the North Sea, sent crude oil futures soaring to 1994 highs. West Texas Intermediate (WTI) crude oil futures for June delivery rose 41 cents
Petroleum
As the global oil market grappled with plummeting crude prices, many independent producers showed surprising resilience, thanks largely to their strategic acquisitions of gas-producing properties and increasing gas production. Notably, Anadarko Petroleum Corp. and Louisiana Land & Exploration Co. (LL&E) reported impressive first-quarter earnings, while Maxus Energy Corp.
Petroleum
Weeks of escalating tensions between Yemen's northern and southern factions have culminated in a critical juncture, with the northern army, led by President Ali Abdullah Saleh, planning to use its numerical superiority to gain a decisive military advantage over its southern counterparts. The spoils of war would likely
Petroleum
Crude oil and gasoline prices tumbled on Thursday, continuing a decline that began earlier in the week, amidst growing concerns over excessive crude supplies and weak gasoline demand. The West Texas Intermediate (WTI) crude oil futures for June delivery fell 34 cents to $16.57 per barrel, with WTI prices
