OILNERGY: news, energy news, oil news, oil price, gas price

IMPORTANT OIL & GAS NEWS

OIL & GAS NEWS ARCHIVE ... July - September 1998

1/97 - 6/97 7/97 - 12/97 1/98 - 3/98 4/98 - 6/98 7/98 - 9/98 7/98 - 12/98 1/99 - 3/99 4/99 - 6/99 7/99 - 9/99 10/99 - 12/99 1/00 - 3/00 4/00 - 6/00 7/00 - 9/00 10/00 - 12/00 1/01 - 3/01 current quarter

(9/30) ... AGA reported a build up of 41 BCF in the natural gas storage, representing an increase of 1.3% over last week and 90.0% full ... Petrolex Energy, Texican Oil PLC, and Quadra Resources announced their second well in the Maracas Association Contract in northern Colombia tested 20 MMCF/D ... Eastern Enterprises (Weston, MA) completed the merger with Essex County Gas Co. ... Pemex signed an agreement to supply 65,000 B/D of Maya crude to Exxon's refinery in Baytown, TX ...
(9/29) ... API reported crude oil stocks up 6.27 MMB, distillates stocks up 2.49 MMB, unleaded gasoline stocks down 1.78 MMB, and refinery capacity down 1.4% at 95.5% versus last week's ... Resource America (Philadelphia) completed the acquisition of The Atlas Group (Pittsburg) for approx $63 million including 1,400 wells, 650 miles of pipeline system, and 155,000 acres in Pennsylvania and Ohio ... Petro-Canada (Calgary) acquired 16.6 million (35%) common shares of Search Energy for approx $12 million ... Ranger Oil (Calgary), Premier Pict Petroleum, Candecca Resources, Bow Valley Petroleum, Croft Exploration announced their successful appraisal well in the Kyle field, North Sea tested 9,750 B/D with a productivity index of 20,000 B/D ... Samson Canada acquired properties in the Rainbow area (Alberta) from Union Pacific, Grey Wolf Exploration, and Highland Energy, and in the Ferrybank area (Alberta) from Baytex Energy ... Key Energy Group (East Brunswick, NJ) acquired assets of serveral well service companies (Flint Engineering & Construction, Hellums Services, Superior Completion Services, South Texas Disposal, Elsik, and Iceberg) for approx $65 million ...
(9/28) ... Swift Energy (Houston, TX) acquired from Sonat Exploration working interests in 156 wells and 240,000 acres in the Brookeland field in southeast Texas and the Masters Creek field in west Louisiana for approx $80.5 million ... Tesoro E&P (San Antonio, TX) acquired from Bligh Petroleum the interests in 8 wells and 9,900 acres in the Texas Panhandle ... Unocal signed an agreement to extend its exploration acreage in Vietnam to a total holding of 3.6 million acres after the first well tested 52.9 MMCF/D from two zones ...
(9/25) ... Lasmo PLC (London) sold its interest in the Tempa Rossa field and in two concessions in Italy for $33.6 million to Eni, Enterprise Oil, Fina, and Mobil ...
(9/24) ... Resources Energy (Philadelphia) announced first slim hole short radius horizontal well re-entry in the Appalachian Basin, Chautauqua County, NY tested 250 B/D and 150 MCF/D ... Enron Capital & Trade Resources announced their withdrawal from the bankruptcy proceeding of Cajun Electric Power Coop ... Unocal Thailand announced 2 successful appraisal wells in the Pakarang field with 28 gas zones in one and 18 gas zones in the other, with one zone tested 15.3 MMCF/D and 239 B/D ... Meridian Resources (Houston, TX) announced their well in Weeks Island field with 2 tests totaled 4,477 B/D and 759 MCF/D from 6,000 feet ... Statoil, Saga Petroleum, and Enterprises Oil announced their well offshore west coast Ireland in Block 18/20 tested 63 MMCF/D from 11,000 feet ...
(9/23) ... AGA reported a build up of 52 BCF in the natural gas storage, representing an increase of 1.6% over last week and 88.7% full ... ministrial OPEC meeting in Kuwait announced option for further production cut before the meeting on November 25th ... the Department of Energy announced to allow foreign governments to store their oil in the Strategic Petroleum Reserve at Big Hill site near Port Arthur, TX for up to 78 MMB without any fees ... Weatherford International, Inc. is the new name for EV Weatherford, Inc. ...
(9/22) ... API reported crude oil stocks down 9.09 MMB, distillates stocks down 0.10 MMB, unleaded gasoline stocks up 5.05 MMB, and refinery capacity down 2.3% at 96.9% versus last week's ... Hurricane Georges caused Amerada Hess to shut down its 545,000-B/D refinery in St Croix ... the heads of some 20 biggest oil companies plan to meet in Europe next week ... TransMontaigne (Denver, CO) completed the acquisition of ARCO's 15.38% interest in the West Shore Pipe Line Co. involving a 600-mile pipeline system serving the Chicago area ... Texoil (Houston, TX) entered an agreement with Sonat Exploration to acquire their interest in 10 fields in south Texas and south Louisiana ...
(9/21) ... Hurricane Georges caused Statia Terminals N.V.'s transshipment facility on the Island of St Eustatius, Netherlands Antilles to shut down with unknown damage ... EOTT Energy Partners agreed with Koch Industries to acquire 3,900-mile pipeline system, 150 trucks, and 220,000-B/D purchase contracts in TX, OK, KS, and CA ... Continental Resources and its CEO acquired from Bass Enterprises 292 wells and 70,000 acres in the Worland field, WY ... Pioneer Natural Resources announced its second appraisal well in offshore Republic of South Africa tested 4,500 B/D and 3.1 MMCF/D from 8,500 feet ... Dynamic Oil & Gas, Inc. is the new name for Dynamic Oil Limited (Richmond, BC) and announced 3 successful re-entries in St Albert, Alberta tested a total of over 33 MMCF/D ...
(9/18) ... Mobil's Canadian subsidiary was awarded 6 exploration licenses covering 1 million acres in the Grand Banks, offshore Newfoundland, Canada ... Texaco China and Arco China signed a contract to develop the Qinhuangdao 32-6 field in the Bohai Bay ... Shareholders of Quaker State approved the merger with Pennzoil ... Inland Resources (Denver, CO) completed the acquisition of Pennzoil Products' Roosevelt Refinery ... Saba Petroleum (Santa Maria, CA) terminated the merger talk with Ominex Resources (Fort Worth, TX) ...
(9/17) ... approaching potential tropical depression caused workers on oil rigs in the Gulf of Mexico to be evacuated again ... DukeSolutions, a subsidiary of Duke Energy (Charlotte, NC) acquired Engineering Interface Ltd (Toronto) and its subsidiary Tescor Energy Services ...
(9/16) ... AGA reported a build up of 70 BCF in the natural gas storage, representing an increase of 2.2% over last week or 87.1% full ... API reported crude oil stocks down 4.07 MMB, distillates stocks up 4.09 MMB, unleaded gasoline stocks down 2.45 MMB, and refinery capacity up 0.5% at 99.2% versus last week's ... Valero Energy (San Antonio, TX) became the second largest domestic independent refining company after the acquisition of Mobil's Paulsboro Refining near Greenwich Township, N.J. for approx $228 million ... Pacific Pipeline System LLC is the name of the new joint venture formed by Pacific Pipeline System, Inc. and Arco Pipe Line Co. to transport 235,000 B/D crude from San Joaquin Valley to Los Angeles ...
(9/15) ... Energen Resources (Birmingham, AL) agreed to acquire TOTAL Minatome for approx $132 million ... TXCO (San Antonio, TX) annouced their fourth Glen Rose well in the Maverick Basin of Texas tested an absolute of 78 MMCF/D from 5,100 feet ... Pendaries Petroleum (Toronto) agreed to acquire 45% additional interest in Block 04/36 in the Bohai Bay, China, to increase to 55% holding ... Callon Petroleum (Natchez, MS) announced their well in the Main Pass Block 26 in the Gulf of Mexico tested 7.65 MMCF and 500 B/D from 10,100 feet ... American International Petroleum (New York) agreed to acquire St. Mark Refining with the 20,000 B/D refinery near Tallahassee, FL ...
(9/14) ... TransMontaigne (Denver, CO) agreed to acquire Louis Dreyfus Energy for approx $161 million involving 24 products terminals and storage facilities ... C E Franklin (Calgary) terminated its effort to acquire Kudu Industries ... Oryx and Amerada Hess began production from their Baldpate platform in the Gulf of Mexico ... Tengasco (Knoxville, TN) announced their discovery well in the Swan Creek area of Hancock County, TN producing 220 B/D from the Stones River formation at 3,000 feet ... Anadarko announced their sub salt well in the Eugene Island Block 346 in the Gulf of Mexico tested 21,900 B/D and 29.7 MMCF/D ... Chancellor Group (Las Vegas) signed a Letter Of Intent to acquire Union Pacific Resources' interest in certain oil and gas properties in Panola County, east TX for approx $35 million ...
(9/11) ... U.S. production in August averaged 6.3 MMB/D, lowest since 1954, while imported 9.3 MMB/D ... crude oil stocks is highest since 1993 ... OPEC produced 27.3 MMB/D in August ... Phillips shut down its 210,000 B/D refinery and petrochemical complex in Sweeney, TX for at least 5 days due to tropical storm Frances ... Union Pacific Resources Group agreed to sell its interest in the Matagorda Block 623 to Enron for approx $158 million and the oil & gas assets in south Texas to Collins & Ware for approx $148 million ... Mobil exited the fertilizer business by selling its plant in Pasadena, TX to Agrifos of New York City ...
(9/10) ... the DOE reported crude oil stocks down 8.9 MMB, distillates stocks up 1.1 MMB, unleaded gasoline stocks down 2.2 MMB, and refinery capacity down 2.2% at 99.2% versus last week's ... tropical storm Frances caused shutting down of oil and gas production in the Gulf of Mexico as well as traffic to the Houston Ship Channel ... Getty Realty (Jericho, NY) agreed to acquire 27 service stations and convenient stores in New York City from RAD Energy for approx $9 million ....
(9/9) ... AGA reported a build up of 35 BCF in the natural gas storage, representing an increase of 1.1% over last week or 84.9% full ... API reported crude oil stocks down 6.68 MMB, distillates stocks up 0.84 MMB, unleaded gasoline stocks down 1.62 MMB, and refinery capacity down 2.0% at 98.7% versus last week's ... KN Energy (Lakewood, CO) and Devon Energy (Oklahoma City, OK) signed a Letter Of Intent to form Thunder Creek Gas Services LLC to service the Wyoming's Powder River Basin with 126-mile 450-MMCF/D capacity gas gathering system and related facilities ... Navajo Refining purchased from Fina Pipe Line the crude oil gathering system in West Texas involving 500-mile of pipeline currently serving 27,000 B/D ... 3DX Technologies (Houston, TX) announced their 2 new wells, one in Lavaca County, TX tested 13.6 MMCF/D from 14,000 feet and one in Karnes County, TX tested 3.1 MMCF/D from 11,000 feet ...
(9/8) ... Dow Jones Industrial Average posted record gain of 380.53 points or 4.98% (was 337.17 or 4.71% on 10/28/98) ... Costilla Energy (Midland, TX) agreed to acquired oil and gas properties in Texas Gulf Coast region from Pioneer Natural Resources for approx $410 million ... Shell Europe Oil Products agreed to swap certain service stations in Norway for PetroFina's stations in the Netherlands ... Petroplus UK Holdings Ltd completed the acquisition of Gulf Oil Refining Ltd from Chevron ...
(9/4) ... Core Lab completed the acquisition of the remaining 49.9% interest in Mexico's Jaex S. A. de C. V. ... Mobil will pay one million dollars Orange County, CA to settle the charge that it did not maintenance the system to monitoring leaks in underground gasoline tanks ...
(9/3) ... Arco-Mozambique, Sasol Petroleum Termane Ltd - South African, Leopardus Resources, and Zarara Petroleum announced their natural gas discovery well in Mozambique testing 25 MMCF/D ... Petrozuata, a joint venture between Conoco and Petrolero de Venezuela began producing from the Orinoco Belt in eastern Venezuela with 31 horizontal wells ... Shell Europe Oil Products and Texaco signed a non-binding Memorandum of Understanding to create an alliance in marketing and manufacturing in Europe ...
(9/2) ... AGA reported a build up of 57 BCF in the natural gas storage, representing an increase of 1.8% over last week or 83.8% full versus 69.6% same time last year ... Optima Petroleum (Lafayette,LA) changed name to Petro Quest after merging with American Explorer LLC ... Barrington Resources (Calgary) announced their well in the Swan Hills reef play in Sakwatamau, Alberta tested 1,100 B/D ... Imperial Petroleum (Evansville, IN) signed a Letter Of Intent to acquire 90% of Oil City Petroleum (Tulsa, OK) ...
(9/1) ... API reported crude oil stocks down 2.95 MMB, distillates stocks down 0.24 MMB, unleaded gasoline stocks up 0.98 MMB, and refinery capacity up 0.6% at 100.7% versus last week's ... tropical storm Earl in the Gulf of Mexico forces the evacuation of offshore platforms affecting 600 MMCF/D and 36,000 B/D ... Holly Corp. (Dallas, TX) and Giant Industries (Scottsdale, AZ) called off the merger of the refining business ... Questa (Salt Lake City, UT) completed the acquisition of HSRTW from HS Resources including oil & gas properties in Texas, Oklahoma, Arkansas, and Louisiana for approx $155 million ... EEX (60%) and Petrobas (40%) announced their well in West Cameron Block 204 in the Gulf of Mexico production tested 30 MMCF/D and 86 B/D from 10,000 feet ... Magnum Hunter (Irving, TX) announced their well in Walker County, TX tested 9 MMCF/D and 95 B/D from the Glen Rose at 12,000 feet ...
(8/31) ... Dow Jones Industrial Average dropped 512.61 points or 6.37%, second largest drop (October 27, 1997 dropped 554 points), and 19.3% since the peak on July 17, 1998 ... Royal Dutch/Shell Group denied rumor that they planned to merge with Texaco ... AT Gas Gathering (Oklahoma City, OK) agreed to sell its 20% interest in the Roye Natural Gas properties to Wellington Energy (Vancouver) for approx. $3.6 million ... Schlumberger completed the merger with Camco International ...
(8/28) ... Mobil settled with $45 million to federal and Indian royalty in California, Rocky Mountains, and the Gulf of Mexico plus $11 million to Texas' state land royalty ... Genesis signed a letter of intent to acquire the West Columbia Pipeline system from Equilon Pipeline Co. LLC ... the DOE agreed to exchange 11 million barrels of heavy Maya crude (purchased from Mexico in the 1980's) currently stored in the Strategic Petroleum Reserve for 8.5 million barrels of light crude from Mexico's Pemex ...
(8/27) ... Dow Jones Industrial Average dropped 357.36 points, the loss is third largest and 12.55% since all-time high on July 17 or 42 days ago ... Sempra Energy International (San Diego, CA) was awarded an agreement to supply natural gas to Mexico's Presidente Juarez power plant in Rosarito, Baja California over a 10-year period at up to 300 MMCF/D ... Enterprise Oil (London) announced their well in southern Italy in the extension of the Monte Alpi field tested 7,717 B/D from the horizontal leg ... Arco, BP Exploration, Unocal, Chevron USA, and Mobil applied for Alaska state permission to produce from the Tabasco formation as one lone well has been producing 2,500 B/D of 16.5 degree API crude since May ...
(8/26) ... AGA reported a build up of 71 BCF in the natural gas storage, representing a 2.3% increase over last week or 82.0% full ... the DOE reported crude oil stocks down 6.8 MMB, distillates stocks up 0.1 MMB, unleaded gasoline stocks down 1.3 MMB, and refinery capacity at 100.8% ... R&R Resources (Austin, TX) agreed to acquire Subsurface Energy for approx $54 million in stocks ... Burlington Resources announced their well in central North Sea tested 8,200 B/D from 9,600 feet ... Key Energy (East Brunswick, NJ) completed the acquisition of Colorado Well Service (Rangely, CO) and Transportes Dimopulos SRL (Argentina) as well as the oilfield service assets of TransTexas Gas (Laredo, TX) ...
(8/25) ... API reported crude oil stocks down 5.57 MMB, distillates stocks down 1.47 MMB, unleaded gasoline stocks up 1.26 MMB, and refinery capacity up 1.6% at 100.1% versus last week's ... France's Elf Aquitaine announced the termination of alliance proposal with Russia's Sibneft in which Elf was to invest more than $500 million ... Range Resouces Corp. is the new company as the merger result of Lomak Petroleum and Domain Energy ... Southern Minerals (Houston, TX) announced their 3rd and 4th successful wells in the Matthews projects, Lavaca and Dewitt Counties, TX, tested 13.6 MMCF/D and 5.9 MMCF/D plus 78 B/D, respectively, from the Wilcox at 11,200 to 13,800 feet ...
(8/24) ... Enron Oil & Gas agrees to acquire Union Pacific Resources Group's 19% interest in the Matagorda 623 field in the Gulf of Mexico for approx $158 million ... Newpark Resources (Metairie, LA) acquired Shamrock Drilling Fluids for approx $4.7 million plus stocks ... Mobil and Unocal announced their well in 2,800 feet of water offshore East Kalimantan, Indonesia tested 10,069 B/D and 9.5 MMCF/D in the second test ... Texaco and BG plc announced their well offshore southeast Trinidad tested 36 MMCF/D and 430 B/D ...
(8/21) ... Dynegy Canada completed the acquisition of Compton Petroleum's gas processing plants at Mazeppa and at Gladys in Alberta ... Smith International agreed to purchase Halliburton's 36% ownership in M-I LLC for approx $265 million, which should give Smith International 100% ownership ...
(8/20) ... President Clinton ordered cruise missle attacks on terrorist-related facilities in the Zhawar Kili al-Badr base camp in Afghanistan and the Shifa pharmaceutical plant in Khartoum, Sudan in retaliation for the bombings of American embassies in East Africa ... but apparently Osama bin Laden, a Saudi millionaire and the terrorist sponsor, is safe ... Kuwait announced consideration to cut 80,000 B/D production in addition to the promised 60,000 B/D ... Shell has to declare "force majeure" for a "few days" in Nigeria affecting 260,000 B/D ... Tosco plans to shut the crude processing unit at its Bayway, NJ refinery for 4 to 5 weeks beginning next month ... Mobil announced start of production from the OSO NGL project in Nigeria with a current rate of 30,000 B/D ... XCL-Cathay, a wholly owned subsidiary of XCL of Lafayette, LA signed a Production Sharing Contract to develop the Zhang Dong block in the shallow water of Bohai Bay, China ...
(8/19) ... AGA reported a build up of 76 BCF in the natural gas storage, representing a 2.3% increase over last week or 79.7% full ... El Paso Energy completed the acquisition of Deep Tech International and its interest in Leviathan Gas Pipeline for approx $450 million ...
(8/18) ... API reported crude oil stocks down 1.07 MMB, distillates stocks up 2.86 MMB, unleaded gasoline stocks down 5.57 MMB, and refinery capacity up 0.7% at 98.5% versus last week's ... Chevron announce to sell its wholly owned subsidiary of The Pittsburg & Midway Coal Mining Co., which Chevron acquired from Gulf in 1984 ... 100 tons of crude spilled into the Havana Bay from the Nico Lopez refinery at the end of July and would take "months" to clean up ... due to flood, China has to shut down over 1,800 oil wells in the Daquing field with field total average 28,000 B/D, the field produced over one third of China crude production in 1997 ... Barretts Resources has ingnited the gas blowing out of their Cave Gulch 1-29 LAC and planned to side kick the on-drilling 4-19LAK well as a relief well located 3,800 feet away ...
(8/17) ... Pogo Producing (Houston, TX) and Arch Petroleum (Fort Worth, TX) completed the merger ... Tejas Natural Gas Liquids LLC (66%) and Marathon (34%) planned to construct a cryogenic natural gas processing plant near Centerville, LA, in mid-1999 at a cost of $30 million ... stockholders of EVI Weatherford (Houston, TX) and Christiana (Milwaulkee, WI) approved the merger ... Talisman Energy (Calgary) agreed to acquire all outstanding shares of Arakis Energy and its wholly owned subsidiary State Petroleum ... Unocal and Mobil announced the discovery of a new oil field offshore Kalimantan, Indonesia with their discovery well tested 2,900 B/D and 3.1 MMCF/D from 8,300 feet from 2 zones with one more test planned ...
(8/14) ... Main Street AC, Inc. (San Jose, CA) acquired 100% interest in the Golden West Unit Investment Fund with 2 recently completed oil wells ... Barrett Resources announced that failure of the downhole casing was the cause of the blow out of their Cave Gulch 1-29LAK gas well, 45 miles northwest of Casper, WY, in Natrona County, in a sparsely populated area ...
(8/13) ... Saudi Aramco informed a reduction of approx 18 percent for September crude export, that would be about 1.1 million barrels ... more than the 725,000 BBLS they promised to cut earlier ... Barrett Resources (Denver, CO), 70% ownership and operator, announced their Cave Gulch 1-29LAK gas well blew out this morning into the atmosphere and would be a total loss ... this well was put on line 2/20/98 and has produced 7 BCF of gas at 45 MMCF/D ... Anadarko signed an agreement with Alaska's Arctic Slope Regional Corp. for exclusive access to more than 3.3 million acres for exploration ... Cross Timbers (Fort Worth, TX) signed a definitive agreement to acquire Shell Oil's interest in the Middle Ground Shoal field in Alaska's Cook Inlet including 2 platforms and 31 wells producing 3,600 B/D ... Noble Affiliates (Ardmore, OK) announced their 2 wells in the Bo Hai Bay, China, tested 1,500 B/D from 5 zones and 120 B/D from 2 zones at 5,500 feet ...
(8/12) ... AGA reported a build up of 75 BCF in the natural gas storage, representing a 2.4% increase over last week or 77.4% full ... CalEnergy (Omaha, NE) planned to acquire MidAmerican Holdings Group (Des Moines, IO) for approx $2.6 billion and to retain the MidAmerican name ... Callon Petroleum (50%) and Devon Energy (50% & operator) announced their well in the Main Pass Block 36 tested for 14 MMCF/D and 900 B/D from 16,500 feet ... Arco is pulling out of Myanmar after spending $50 million in the last 2 years ... Unocal is the only U.S. company there despite the U.S. ban of new investment in Myanmar citing human rights abuses by the military government ...
(8/11) ... API reported crude oil stocks up 1.21 MMB, distillates stocks down 0.67 MMB, unleaded gasoline stocks down 4.12 MMB, and refinery capacity down 1.2% to 97.8% versus last week's ... British Petroleum (world's 3rd largest) plans to acquire Amoco (U.S. 5th largest) for approx $49 billion and operates as BP Amoco but with future cut of 6,000 jobs ... Key Energy (East Brunswick, NJ) signed a definitive agreement to acquire Dawson Production Services for approx $202 million plus $150 million debt ... Pan Western Energy (Tulsa, OK) acquired gas properties and approx 7,000 acres in Sherman County, TX from Exxon ... Canadian 88 Energy (Calgary) announced their well in the Waterton area of the foothills in southwest Alberta tested with a AOF of 64.5 MMCF/D from 14,200 feet ...
(8/10) ... Cliffs Drilling and R&B Falcon (Houston, TX) signed the Leter of Intent to merge ... Baker Hughes and Western Atlas completed their merger ... Panaco (Kansas City, MO) signed a Leter of Intent ot acquire all U.S. assets for Windsor Energy (Alberta) ... Tesoro (San Antonio, TX) completed the purchase of Shell Anacortes Refining Co. and will operate as Tesoro Northwest Co., also Tesoro E&P purchased 50% working interest owned by Sheridan Energy (Houston, TX) in the Stiles Ranch field in the Texas Panhandle ... El Paso Natural Gas Co. changed name to El Paso Energy Corp. ...
(8/7) ... Infinity, Inc. (Chanute, KS) and Evergreen Resources (Denver, CO) signed their second joint business venture in developing the 24,000-acre Long Canyon project in the Raton Basin ... the first one is in 17,000-acre Lorencito project in the same basin ...
(8/6) ... Ultra Petroleum (Vancouver) reported their well in Wyoming's Green River Basin produced 16 MMCF and 200 B/D from commingled 8,500 to 12,800 feet ... Turboscope (Houston, TX) acquired MSD (Evangeline, LA), an international company specializing in disposing wastes from drilling operations ... the U.S. Interior Dept. announced to open up to 4 million acres in the northeastern quadrant of the National Petroleum Reserve in Alaska for oil leasing ...
(8/5) ... AGA reported a build up of 70 BCF in the natural gas storage, representing a 2.2% increase over last week or 75.0% full ... the Iraqi Parliament voted to recommend stop cooperation with the U.N. weapons inspections ... Talisman Energy (Calgary) announced their two wells in the Central Foothills of Calgary tested 18.5 MMCF/D and 21.0 MMCF/D from 14,800 feet ... Chevron and Arco Alaska signed two agreements to form equal partnership joint exploration of more than 2.8 million acres in Alaska's North Slope ... EEX agreed to trade its oil and gas properties in West Texas and Eastern New Mexico for Energen Resources' properties in the coast of Texas and Louisiana ... Trans Texas Gas (Houston, TX) commenced production from the Eagle Bay gas field offshore Galveston at 51.9 MMCF/D and 8,180 B/D from just 2 wells ...
(8/4) ... Dow Jones Industrial Average lost 299.43 points, third biggest lost (554.26 on 10/27/97 and 508.00 on 10/19/87) ... API reported crude oil stocks up 1.88 MMB, distillates stocks up 2.06 MMB, unleaded gasoline stocks down 0.15 MMB, and refinery capacity down 0.7% to 99.0% versus last week's ... Western Midway, a wholly subsidiary of Arco, agreed to exchange their interest in the San Joaquin Valley, CA for Mobil's interest in 23 producing fields in the Gulf of Mexico, after the completion, Vastar agreed to acquire Western Midway for approx $470 million ... (Arco owns 82.2% interest in Vastar) ... Enogex, a subsidiary of OGE Energy (Oklahoma City, OK) completed the acquisition of Ozark Gas Transmission System from a subsidiary of Dynegy ... CMS Energy (Dearborn, MI) agreed to acquire all common stocks and debt of Continental Gas (Tulsa, OK) for approx $155 million ...
(8/3) ... Arco completed the acquisition of half of Triton Energy Ltd.'s 50% interest in the Malaysia-Thailand Joint Development project in the Gulf of Thailand ... Lyondell Petrochemical Co. changed name to Lyondell Chemical Co. ... Apache announced their well in offshore western Australia tested a total of 89 MMCF/D and 3,100 B/D from 3 zones at 7,700 to 8,400 feet ... Berry Petroleum acquired oil properties in the Midway-Sunset field, Kern County, CA from OXY USA for approx $3.1 million ...
(7/31) ... Sempra Energy Trading, a subsidiary of Sempra Energy (San Diego, CA) completed the acquisition of CNG Energy Services for approx. $48 million ... Panaco (Kansas City, MO) announced 2 successful gas well recompletions, one in Plaquemines Parish, LA flowing 3 MMCF/D and one in the High Island Block flowing 5.5 MMCF/D ... the U.S. Senate voted to buy $420 million worth of crude oil (approx 28 MMB at $15/BBL) to replenish the Strategic Petroleum Reserves ... the selling off in recent years costed the government approximately $500 million since the crude was bought at $33/BBL and sold for much less ...
(7/30) ... Plains All American, a subsidiary of Plains Resources (Houston, TX) completed the acquisition of all outstanding stock of All American Pipeline, Celeron Gathering, and Celeron Trading & Transportation from the Goodyear Tire & Rubber ... 3DX Technologies and Burlington announced their two wells in the Four Isle Dome field, Terrebonne Parish, LA, producing 18 MMCF/D & 390 B/D and 15.3 MMCF/D & 360 B/D ... Lyondell Petrochemical completed the acquisition of Arco Chemical ... Callon Petroleum (Natchez, MS) acquired Conoco's 50% interest in the Garfield project (Louisiana's Main Pass Block 36 and 49 plus a natural gas well) for approx $7.25 million ... Mid Coast Energy Resources (Houston, TX) agreed to purchase the 700-mile "Anadarko" pipeline system in west Texas from El Paso Field Service for approx $35 million ...
(7/29) ... AGA reported a build up of 66 BCF in the natural gas storage, representing a 2.0% increase over last week or 72.8% full ... Panaco (Kansas City) and Seneca Resources (operator) announced their well in Monroe County, AL tested 601 B/D and 338 MCF/D ... Panaco and IP Petroleum (operator) announced their well in the West Cameron Block 172 in the Gulf of Mexico tested 10.2 MMCF/D and 90 B/D ... American Resources (Versailles, KY) announced their well in the Galveston Block 213 producing 13 MMCF/D and 230 B/D ... Edge Petroleum and Texaco are to jointly develop the O'Connor Heirs Ranch project covering 42,200 acres in Goliad County, TX ... Continental Energy (Vancouver) acquired Apex (Bengara-II) and Apex (Yapen) for the Production Sharing Contract with Indonesia's Pertamina in the 1.2 million-acre Bengara concession and 2.5 million-acre Yapen concession ...
(7/28) ... API reported crude oil stocks down 0.83 MMB, distillates stocks up 2.31 MMB, unleaded gasoline stocks down 0.54 MMB, and refinery capacity down 0.6% to 99.7% versus last week's ... Universal Resources, a subsidiary of Questa (Salt Lake City, UT), agreed to acquire HSRTW, the oil and gas subsidiary of HS Resources (San Francisco, CA) for approx $158 million covering over 1,000 wells in Oklahoma and Texas ... Conoco International Petroleum Co. purchased a 15.7% interest in OAO Arkhangelskgeoldobycha, a Russian oil company operating in northwestern Russia with OAO Lukoil, Russia's largest oil company holds a controlling interest ... Southern Mineral and Union Gas Operating (Houston, TX) announced 2 wells in their 6,600-acre project in Dewitt and Lavaca Counties, Texas, producing 5.2 MMCF/D and 6.1 MMCF/D from 11,000 feet ... Koch agreed to swap its gathering and processing systems in south Texas and Oklahoma for Duke Energy's systems in Alabama, Mississippi, New Mexico, and west Texas ...
(7/27) ... Duke Energy Field Services signed a letter of intent to acquire Dynegy's 56% interest in the Roberts Ranch natural gas processing plant in Midland plus a low pressure gathering pipeline system ... Duke also intents to acquire Dynegy's crude oil transportation and marketing ... Anadarko announced a new well from their East Cameron 157 platform offshore Louisiana producing 40 MMCF/D and 1,129 B/D ... Cambridge Energy (Lafayette, LA) acquired the Southeast Crescent field located in Iberville Parish, LA ... Titan Energy Corp. (Fort Worth, TX) changed name to Power Exploration, Inc. ...
(7/24) ... Enron is forming a subsidiary to acquire Wessex Water Plc, a water supplier in southwest England ... the Department of Energy offers free storage in the Strategic Petroleum Reserve for an exchange of a portion in case of emergency, currently there are 117 MMB unused space at the Lake Charles, LA storage cavern ...
(7/23) ... Kennecott Energy & Coal completed the purchase of the Jacobs Ranch coal mine in the Wyoming Powder River Basin from Kerr McGee for approx $400 million ... Western Production (Rapid City, SD), a subsidiary of Black Hills, completed the acquisition of the interest of Jim's Water Services in the Finn Shurley field northeastern Wyoming, bringing their ownership to nearly 90% ... C E Franklin (Calgary) signed a letter of intent to acquire all outstanding shares of Kudu Industries, an oilfield pump manufacturer ... Aldrico and Trident Drilling, two Calgary drilling contractors announced to combine business operations for a total of 8 drilling rigs ... Amoco Canada, Husky Oil, and Anderson Exploration announced their second biggest gas well in the Balckstone Swan Hills gas pool, northwest of Calgary, producing over 70 MMCF/D from 15,800 feet, their best well produces 80 MMCF/D ... Occidental swaps its oil and gas interest in the Phillipines and Malaysia for Shell's interest in Yemen and Colombia ...
(7/22) ... AGA reported a build up of 79 BCF in the natural gas storage representing an increase of 2.5% to 70.8% full ... Taurus Exploration Inc. (Birmingham, AL), a subsidiary of Energen Corp., changed name to Energen Resources Corp. ... Exploration Co. (San Antonio, TX) announced their well in the 50,000-acre Maverick Basin in southwest Texas tested with an absolute open flow of 49 MMCF/D from the Glen Rose at 5,200 feet ... Unocal settled with $43.8 million for environmental damages from the Guadalupe oil field in San Luis Obispo and Santa Barbara Counties, CA ... National-Oilwell completed the acquisition of Roberds-Johnson Industries which specializes in equipment for deep water rigs ... Midas Resources (Calgary, Alberta) purchased all shares of Scorpion Energy but operates as Scorpion ...
(7/21) ... API reported crude oil stocks up 6.86 MMB, distillates stocks up 4.43 MMB, unleaded gasoline stocks down 1.29 MMB, and refinery capacity up 0.1% at 100.3% versus last week's ... Petroleum Geo-Services ASA (Houston, TX and Oslo, Norway) completed the acquisition of Acadian Geophysical Services (St Martinville, LA) ... Pan Energy Exploration & Production (Peru), an affiliate of Duke Energy (Houston, TX) signed a license agreement with Perupetro for the rights to explore in two onshore blocks totaling 2 million acres ... Sempra Energy Trading (San Diego, CA) agreed to acquire CNG Energy Services (Pittsburg, PA) as CNG planned to exit the wholesale energy marketing business ... Parallel Petroleum (Midland, TX) and Maxima Resources (Corpus Christi, TX) announced their well in Jackson County, Texas tested 1.5 MMCF/d and 308 B/D from the Yegua at 10,400 feet ...
(7/20) ... Ashland announced moving its headquarter from Ashland, KY to Covington, KY ... MCNIC Oil & Gas (Detroit, MI), CV Reef and MSH Resources announced their Cotton Valley Reef well in Robertson County, TX tested for 7.9 MMCF/D from 13,650 feet in a 270,000-acre project ... Duke Energy Transport & Trading (Houston, TX) signed a letter of intent to acquire the crude oil pipeline, gathering, and marketing business in OK, TX, and LA from Dynergy ... Equatorial Energy (Calgary) acquired interest in Indonesia's Sembakung from First Dynasty Mines Ltd (Singapore) ... Esso Exploration & Production Congo acquired an interest in 2 Congo offshore blocks totaling 2.5 million acres ... Kelley Oil & Gas (Houston, TX) and Williams Companies (Tulsa, OK) announced their well in Terrebonne Parish, LA producing from a dual completion a total of 20.8 MMCF/D ...
(7/17) ... Nabors Offshore Drilling announced an accident while installing platform drilling rig #269, a portion of the rig collapsed with several sections falling overboard into the water on a platform owned by Ocean Energy located 23 miles southeast of Venice, Louisiana in the Gulf of Mexico ... Benz Energy (Houston, TX) entered an agreement to acquire oil and gas properties located in Texas, Lousiana, and Mississippi for approx $2.3 million plus commond stock ... Arco acquire half of Triton Energy's working interest or 25% working interest in the Malaysia/Thailand Joint Development Area in the Gulf of Thailand ... Petronas holds the other 50% interest ... IPC Malaysia, a wholly owned subsidiary of Lundin Oil AB (Vancouver, BC) (41.44% and operations), Petrosas Carigali (46.06%), and PetroVietnam (12.5%), announced a well in the North Bunga Pakma field in the Malaysia/Vietnam Commercial Agreement Area tested a 4-zone total of 111 MMCF/D and 2,036 B/D ...
(7/16) ... Petro Source (Houston, TX) sold non-core assets such as 2 refineries and trucking operations to Foreland, propane marketing business to Texon L. P., and asphalt marketing business to Crown Asphalt Ditribution ... Equilon Enterprises LLC, a joint veture between Shell and Texaco, plans to expand a pipeline system which is bringing refined products from Gulf Coast to west Texas ... Equilon announced the termination of the refining in their Odessa, TX refinery ... Fountain Oil (Houston, TX and Oslo, Norway) changed name to CanArgo Energy ...
(7/15) ... AGA reported a build up of 93 BCF in the natural gas storage, representing 68.3% full and a gain of 2.9% over last week's ... Core Laboratories (Houston, Texas), after owning a little more than 50% of Jaex S.A. de C. V. of Mexico, via the recent acquisition of Owen Oil Tools, plans to acquire all of the remaining interest by stocks ... ARXA International Energy (Houston, TX) acquired 100% working interests of two fields in the Matagorda and Nueces Counties of Texas from Cohiba Natural Gas ... Shell Prospecting & Development Peru (57.5%) and Mobil Exploration & Production Peru (42.5%) announced the stop of the second phase of the Camisea Project which they had spent over $250 million since signing up in May 1996 ... a subsidiary of Arco, Sasol Petroleum of South Africa, and Zarara Petroleum signed two production sharing agreements with the government of Mozambique in the offshore blocks of Sofala and M-10 ...
(7/14) ... API reported crude oil stocks down 6.29 MMB, distillates stocks up 1.38 MMB, unleaded gasoline stocks up 2.76 MMB, refinery capacity up 2.1% at 100.2% versus last week's ... Devon Energy (Oklahoma City, OK) acquired coal seam gas properties in the Powder River Basin of Wyoming for approx $15.4 million ... also announced a new well in the Texas Panhandle tested 5.4 MMCF/D ... Cotton Valley Resources (Dallas, TX) agreed to acquire a company with majority in West Texas, mostly San Andres wells, for approx $7 million ... Union Pacific Resources Group (Fort Worth, TX) announced their fifth successful well in the Oritupano-Leona concession in eastern Venezuela producing 2,200 B/D ... Young Oil (Knob Lick, KY) announced their well in Overton County, KY, flowing 192 B/D initially from Fort Payne formation at 500 feet ... Esso Exploration Angola announced their third discovery in Block 15 with a 3-zone combined test of 15,900 B/D ...
(7/13) ... Swift Energy (Houston, TX) agreed to acquire oil and gas properties in the Austin Chalk region from Sonat for approx $88 million including 200,000 acre lease ... ONIX Systems (Kingwood, TX) acquired all stock of Mid-South Control & Services and Mid-South Power Systems est'd at $12.5 million ... Uniglobe Ventures (Calgary) entered an agreement with partners to acquire Sable Energy (Houston, TX) with stock ... Amoco announced a Cotton Valley Reef discovery in Leon County testing 29.3 MMCF/D ...
(7/10) ... Santa Fe International announced a drilling rig owned by one of its wholly owned subsidiary was damaged during a blowout while drilling in the Saudi Arabian desert ... the rig was operated by the joint venture partner Saudi Dirlling Corp. ... no injury was reported ... Mobil (52.4%), Monument Oil (27.6%), and Turkmenneft (20%) signed a Production Sharing Agreement with the government of Turkmenistan for the Garashsyzlyk Concession covering 1,800 acres onshore western Turkmenistan ... Esso Production Malaysia began production from the Raya A platform, offshore Malaysia, with 7 more dual wells planned and a peak production of 24,000 B/D by 1999 ...
(7/9) ... Venezuelan oil union workers announced the delay of their 12-hour strike planned for tomorrow ... Dynegy (63%) and Texaco (37%) formed Versado Gas Processors LLC, a joint venture including processing facilities in southeast New Mexico and gathering facilities in New Mexico and west Texas ... New Horizon Group (Vienna, VA) and S. W. Jack Drilling (Indiana, PA) formed a joint venture horizontal drilling and exploration for coal bed methane gas ...
(7/8) ... AGA reported a build up of 74 BCF of the natural gas storage, representing 65.4% full, a gain of 2.4% over last week ... the U. N. reported Iraq has been exporting an average of 2.4 MMB/D over the recent weeks ... PetroCorp (Houston, TX) acquired interest from Quisto Ventures LC in the Duval & Webb Counties, TX project with Mobil and J. M. Huber ... Mustang Fuel, Parallel Petroleum, and Carrizo announced their Dewitt County, Texas well tested 8.2 MMCF/D from 14,200' Wilcox ... BOC Gases (Murray Hill, NJ) acquired Airgas Ontario for approx $10.7 million including 15 stores in Ontario and Quebec ... NYMEX crude jumped over $.50/BBL at midday on the news that Nigeria's military ruler dissolved his cabinet while riots erupted after the death of political prisoner Abiola ...
(7/7) ... API reported crude oil stocks up 0.66 MMB, distillates stocks up 1.22 MMB, unleaded gasoline stocks down 1.42 MMB, and refinery capacity remains the same at 98.1% versus last week's ... Dynegy Canada agreed to acquire from Compton Petroleum the 82-MMCF/D sour gas plant at Mazeppa and a smaller plant at Gladys plus 80-mile gathering pipeline system south of Calgary for approx C$60 (US$ 40.8) million plus between C$12.5 (US$ 8.5) to C$25 (US$ 17.0) million in future wells drilled in the area ... Gruy Petroleum Management announced the completion of a horizontal Austin Chalk well with 6,100 feet lateral in Gonzales County, TX flowing 322 B/D ... Seitel, Total Minatome, Cabot, Cheyene, and North American Reserve announced the tests of their well in Acadia Parish, LA which expected to produce from 2 to 8 MMCF/D ...
(7/6) ... Iraq accused the U. S. government of blocking the approval of some 40 contracts between Iraq and other countries to supply replacement parts for its oil industry ... last week, the U. N. Security Council agreed for Iraq to purchase up to $300 million worth of equipment ... Renaissance Energy Ltd (Calgary, Alberta) completed the acquistion of Pinnacle Resources Ltd after purchased of all shares ... Dynegy, Inc. (Houston, TX) is the official name changed from Natural Gas Clearinghouse (NGC) Corp., also affected are the subsidiaries, Warren Petroleum becomes Dynegy Midstream Services, Destec becomes Dynegy Power, and others with NGC names ...
(7/4) ... U.S. Crude, Ltd. announced that it has signed a definitive agreement to merge with U.S. Thermo-Tech, Inc., the merged entity remained U.S. Crude, Ltd. with headquarter in Colton, CA ...
(7/2) ... Amoco Kazakhstan (Central Territory) B.V. and Turkish Petroleum Overseas Co. formed TEPCO, LLC., a 50/50 joint venture to explore and develop oil and gas onshore western Kazakhstan ... Shell Offshore, Amerada Hess, and Pennzoil annouced the production from the first sub-salt well "Chimichanga" which was tested for 20 MMCF/D and 2,100 B/D ... Mid Louisiana Gas Transmission (Houston, TX) purchased all stocks of Creole Gas Pipeline Corp. from El Paso Energy Corp. including the 44-mile pipeline system near New Orleans, LA ... Evergreen Resources (Denver, CO) acquired Amoco's interest in the Cottontail Pass Federal Unit in the Raton Basin of Colorado covering 27,600 acres to resolve the current litigation ...
(7/1) ... AGA reported a buildup of 72 BCF into the natural gas storage representing 63.0% full versus last week's 60.8% ... Pennaco Energy (Denver, CO) acquired 485,000 acres in the northeast Powder River Basin of Wyoming for coal bed methane potential, the area has more than 600 wells producing from 700 feet ... Trans Energy (St Marys, WV) completed the acquisition of the interest of Gulf Canada Resources in Wyoming's Powder River Basin in an area of approx 31,000 acres covering the Sandbar, Pinon, and Sagebrush fields ... Yuma Expl & Prod, United Oil & Minerals, Louis Dryfus Natural Gas, and Diamond Partners 1 announced their Migl-Quinn #1 well in the Southwest Speaks field, Lavaca County, Texas tested 13 MMCF/D from 14,600 feet ... Clark USA agreed to purchase the Lima, Ohio refinery from BP for approx $215 million, the 170,000 B/D capacity refinery was scheduled to close at the end of the year by BP ... Core Laboratories (Houston, TX) completed the merger with Owen Oil Tools (Fort Worth, TX), the deal is worth approx $47 million ...

All Contents Copyright © 2001
All Rights Reserved
URL: www.oilnergy.com

We appreciate your comments and suggestions.

webslave@oilnergy.com

OILNERGY.COM, Post Office 80456 Austin, Texas 78708