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

IMPORTANT OIL & GAS NEWS

OIL & GAS NEWS ARCHIVE ... April - June 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

(6/30) ... API reported crude oil stocks up 1.8 MMB, distillates stocks up 0.4 MMB, unleaded gasoline stocks down 1.4 MMB, refinery capacity down 0.7% at 98.1% versus last week's ... A U.S. F-16 fired a missile at a Iraqi radar site after a British Tornado jet being locked on while the allied planes were patrolling the southern no-fly zone ... Brabant Petroleum Ltd changed name to EDC (Europe) Ltd, a wholly subsidiary of Samedan Oil, which in turn is a wholly owned subsidiary of Noble Affiliates (Ardmore, OK) ... Energy Drilling Industries (Kemah, TX) changed name to American International Industries ... Turboscope (Houston, TX) completed the acquisition of Eastern Oil Tools Pte, Ltd of Singapore ... Bayard Drilling Technologies (Oklahoma City, OK) completed the acquisition of contract drilling assets of TransTexas Gas for approx $75 million ...
(6/29) ... Union Texas is now a wholly owned subsidiary of ARCO after the completion of the merger ... Husky Oil (Calgary) agreed to acquired interests of Talisman Energy and Gulf Canada Resources offshore Canadian East Coast for approx $70 million ... Devon Energy (Oklahoma City, OK) and North Star Energy (Toronto) plan to merge creating a $2 billion company with 1.2 trillion CF and 117 MMB reserves ... Ohio Kentucky Oil (Lexington, KY) announced their Wayne Brown #10 well (Overton County, KY) flowing 300 B/D from 1,500 feet while the #3 well has cumulated over 190,000 barrels, most in Kentucky ... Mobil, J. M. Huber, and Quisto Venture announced their Ponciano Ruiz #1 well (Duval County, south TX) testing 17 MMCF/D from 12,000' Wilcox ... a subsidary of TransCanada Pipelines agrees to acquire Occidental Netherlands for approx $275 million ... Precision Drilling (Calgary) and its wholly owned subsidiary Drive Well Servicing acquired 16 service rigs from Widney Well Servicing and Brockham Oilwell Servicing ...
(6/26) ...Sempra Energy was formed from the merger of Enova and Pacific Enterprises with headquarter in San Diego, CA in a deal worth $6.2 billion ... Pennzoil Venezuela and partners, PanCanadian, and Petroleo y Gas Inversiones began operating Blocks B2X-68/79 and B2X-70/80 located in eastern Lake Maracaibo covering an area of 20,000 acres ... ... shareholders approved the merger between Dresser Industries and Halliburton ...
(6/25) ...Questa Pipeline (Salt Lake City, UT) planned to acquire Line 90 and associated Line 91 and 92 which run 700 miles between northwest New Mexico to Long Beach California from Arco Pipe Line for approx $40 million ... Ranger Oil (Calgary, Alberta) began production from the Kiame field offshore Angola with 7,000 B/D ... Energy Search (Knoxville, TN) acquired 56 wells in southeast Ohio from Viking Resources (North Canton, OH) for approx $1.75 million ... UTI Energy (Houston, TX) acquired 5 drilling rigs and other assets from LaMunyon Drilling, with activity in central Oklahoma, for $12.2 million, upped their fleet to 102 rigs ...

(6/24) ...AGA reported a build up of 82 BCF in the natural gas storage, representing 60.8% full vs. 58.2% last week's ... the U.N. Security Council decided to extend 6 more months of sanctions over Iraq after traces of the nerve gas VX was found on seven fragments of Iraqi missiles shot in 1985, six years before the1991 Gulf war ...OPEC issued the following production cut to be effective July 1, 1998:

Member Country	2/98 Prod Base MB/D	Cut MB/D	Cut %
Algeria	868	80	9.22
Indonesia	1,380	100	7.25
Iran	3,623	305	8.42
Kuwait	2,205	225	10.20
Libya	1,453	130	8.95
Nigeria	2,258	225	9.96
Qatar	700	60	8.57
Saudi Arabia	8,748	725	8.29
U. A. E.	2,382	225	9.45
Venezuela	3,370	525	15.58
Total	26,987	2,600	9.63

... Futhermore, non-OPEC member pledged to cut another 500 MB/D (including 200 MB/D from Mexico and 100 MB/D from Russia) ... Sunburst Acquisitions II (Houston, TX) changed name to Vector Energy and changed its state of incorporation from Colorado to Texas ... Russia's Zarubezhneft signed a contract to supply drilling equipment to Iraq worth $1 million after the U.N. Security Council passed the OK last week ...

(6/23) ...API reported crude oil stocks down 3.88 MMB, distillates stocks down 0.09 MMB, and unleaded gasoline stocks up 3.75 MMB, while refinery capacity down 0.6% to 98.8% versus last weeks' ... Forest Oil (Denver, CO) a majority shareholder of Saxon Petroleum (Calgary), entered an agreement to acquire all Saxon's shares held by minority shareholders ... Tappit Resources (Regina, Saskatchewan) acquired almost 90% of all common shares of Goal Energy ... Equity Oil (Salt Lake City, UT) announced their wells in the Sacramento Basin, Westcott #1-8 tested 7.5 MMCF/D from 7,500 feet and Armstrong #1-18 tested 4 MMCF/D from 8,600 feet ... a wholly owned subsidiary of Southern Minerals (Houston, TX) agreed to acquire all outstanding common shares of Neutrio Resources (Toronto) ... Chevron began production from the Dibi oil field onshore Nigeria and expected to reach 65,000 B/D in 2000 ... a wholly owned subsidiary of Burlington Resources (Houston, TX) and Talisman Energy (Canada) announced their MLSE-1 well in the Berkine Basin, Algeria tested 14,600 B/D and 107 MCF/D combined from 4 intervals ...
(6/22) ...Titan Exploration (Midland, TX) announced their Habanero #1 well in Webb County, Texas tested from 4.2 to 15 MMCF/D from a dual lateral hole in the down-dipped Austin Chalk ... Forest Oil (Denver, CO) acquired an additional 16% average working interest in the Exxon-operated Katy Field, west of Houston, from Amoco for approx. $14.6 million ... Malaysia's Petroliam Nasional Berhad (PETRONAS) and Vietnam's PetroVietnam Oil & Gas signed a Pre-Unitization Agreement covering the offshore area between the two countries ... Petroleum Geo-Services ASA (Houston, TX and Oslo, Norway) signed a letter of agreement to acquire Acadian Geophysical Services (Louisiana) and, in a separate deal, signed a merger agreement with Atlantic Power Group (UK) ...
(6/19) ... Amoco Caspian Sea Petroleum, Monument Resources International, and Central Fuel Caspian agreed to form an agreement to explore, develop, and production sharing contract over an area in the Azerbaijan sector of the Caspian Sea ...Frontera Resources signed an agreement to explore and develop the onshore Kursenge-Karabagh Block covering an area of over 16,000 acres currently producing 3,500 B/D ... Marathon Petroleum El Manzala and Centurion Energy International announced a gas discovery onshore Egypt with the Abu Monkar #1 well tested for 21.6 MMCF/D from 4,300 feet ... the El Manzala concession covers an area of 840,000 acres ...Schlumberger Techonolgy signed a definitive merger agreement with Camco International in a deal worth approx $3.1 billion ...
(6/18) ... the U.S. is looking the other way even though aware of Iraq smuggling oil via trucks to Turkey in the north and via ships to Iran and Dubai of over 100,000 B/D ... Lyondell Petrochemical(Houston, TX) agreed to acquire Arco Chemical Co. from Atlantic Richfield Co. for approx $5.6 billion ... Lyondell was formed in 1985 as a subsidiary of Arco ... Cynergy (Arlington, TX) acquired 100% working interest in certain oil and gas properties located in Kern County, CA in the San Joaquin Valley ...Pioneer Natural Resources (Dallas, TX) approved an exploration and production agreement with the Republic of South Africa with the first well tested 6,000 B/D and 3.6 MMCF/D from 8,500 feet ...
(6/17) ... AGA reported an injection of 104 BCF into the natural gas storage, representing 58.2% full versus 55.0% last week ... API reported crude oil stock reaching a 5-yr high while distillates stock reaching a 12-year high ... Russia said they would cut 63 MB/D ... Kinder Morgan Energy Partners (Houston, TX) entered a Stock Purchase Agreement to acquire Shell Pipe Line's 24% interest in the Plantation Pipe Line with 3,100-mile transportation pipeline network in the US southeast ... Forest Oil (Denver, CO) and Sonat Exploration announced their Eugene Island Block 43 #1 well in the Gulf of Mexico testing 16.7 MMCF/D and 400 B/D ... VAALCO Energy (Houston, TX) announced their Etame #1 well offshore Gabon, West Africa testing 3,500 B/D from 7,400 feet ... also offshore Gabon, Marathon and Santa Fe announced their Easat Orovinyare #1 well testing 2,460 B/D ...
(6/16) ... API reported crude oil stocks down 1.14 MMB, distillates stocks up 2.71 MMB, and unleaded gasoline stocks virtually flat, while refinery capacity up 1.4% to 99.4% versus last weeks' ... Gulf Cooperation Council members met in Riyadh and agreed to cut more production, Iran with 100 MB/D, Kuwait with 75 MB/D, United Arab Emirates with 75 MB/D, and Oman with 20 MB/D ... earlier Saudi Arabia promised to cut 225 MB/D, Venezuela with 125 MB/D, Mexico with 100 MB/D, and Qatar with 20 MB/D ... and Norway said that they would not cut anymore ... Aspen Exploration (Denver, CO tested its Emigh 35-1 well located in the Denverton Creek field, Solano County, CA, for 7 MMCF/D from the Starkey formation at 10,300 feet ... Inter-Tech Drilling Solutions Ltd (Calgary, Alberta) completed the acquistion of Big D Rentals & Sales Ltd. ...
(6/15) ... Berkley Petroleum (Calgary, Alberta) agreed to acquired the Southeast Saskatchewan and Puskwa Alberta oil and gas properties from Westminter Resources for $7 million plus special warrant and working interest in oil and gas properties located in the Conroy/Tommy Lakes, Hamburg, and Fireweed areas of Northeast British Comlumbia ... Occidental (Los Angeles, CA) signed an exploration and production sharing agreement for Block 27 in Oman covering an area of 613,000 acres, bordering the Suneinah Block which is producing 50,000 B/D ... Peak Energy Services (Calgary, Alberta) signed a Letter of Intent to acquire Lorchem Industries (Devon, Alberta) for $8.5 million ... Core Labs (Houston, TX) acquired all outstanding shares of PETRAK Group, SA (Zug, Switzerland) but will keep its name in West Africa and the Commonwealth of Independent States ...
(6/12) ... President Clinton extended the ban to the year of 2012 on offshore drilling off the coast of California, Washington, Oregon, southwest Florida, New England, the Mid-Atlantic and southern Alaska ... Houston Exploration (Houston, TX) completed the drilling of its East Cameron Block 83 #2 well to 11,725 feet encountering 4 pay zones totaling 80 feet which was expected to produce 10 MMCF/D and 130 B/D ...
(6/11) ...Amoco began to produce its Champlin 457 A#5 well located in Whitney Canyon field near Evanston, WY at a rate of 60 MMCF/D from the Madison at 14,600 feet ... Duke Energy Services (Houston, TX) acquired the 85 MMCF/D gas processing facility and the pipeline system located in Hayesville, LA from Dynegy (formerly NGC) ... Lasmo plc (London) signed a Production Sharing Contract with Pertamina for the Malagot onshore exploration license covering 1,650 acres in western Irian Jaya, Indonesia ... United States Refining and Petrochemicals (Houston, TX) signed a Letter of Intent to purchase a 14,000 B/D refining facility in Texas ...
(6/10) ... AGA reported an injection of 86 BCF into the natural gas storage, representing 55.1% full, versus 52.3% last week's ... Iran promised to cut 100,000 B/D production effective July after a meeting with Saudi oil minister ... Inland Refining (Denver, CO) agreed to acquire a refinery located near Roosevelt, UT with 15,000 B/D waxy crude capacity from Pennzoil Products Company ... Superior Energy Services (Harvey, LA) acquired Tong Specialty and Lamb Services (Lafayette, LA) ... Equity Oil (Salt Lake City, UT) and Westport announced the Beaver Creek #24-15 well in Golden Valley County, ND tested 1,800 B/D and 1.3 MMCF/D ... also, with Sharon Energy and Hallador Petroleum, the Otto Lohse #1-22 well in Glenn County, CA tested 2.4 MMCF/D from 5,500 feet ...
(6/9) ... API reported crude oil stocks down 1.94 MMB, distillates stocks up 0.68 MMB, unleaded gasoline stocks up 0.96 MMB and refinery capacity down 1.4% to 98.0% versus last week's ... Saint John refinery exploded and caught fire early today killing one worker, the Canadian largest 250,000-B/D processing capacity refinery is owned by Irving Oil and is located in the Atlantic Canadian province of New Brunswick ... Pennzoil (Houston, TX) announced a successful well located in the Egypt's Gulf of Suez tested 6,000 B/D from 10,800 feet in the 8,400-acre North July block ... Pennzoil involves in 5 exploration contracts in Egypt covering 9.2 million acres ... 3DX Technologies (Houston, TX) announced their well, PHS #1, located in the Tidehaven field, Matagorda County, Texas, tested 8.5 MMCF/D and 110 B/D from the Frio at 10,800 feet ... Black Warrior Wireline (Columbus, MS) completed the acquisition of Petro Wireline Services ...
(6/8) ... Swift Energy (Houston, TX) completed their PMMI #1 well in Pointe Coupee Parish, LA testing 500 B/D and 1.1 MMCF/D from the Sparta formation at 12,140 feet in the 9,300-acre Sherburne prospect ... also completed the Mechura #1OL, a dual horizontal well in Fayette County, TX, flowing 1,165 B/D and 1.8 MMCF/D from the Austin Chalk at 12,000 feet in a 120,000-acre lease ... Mid-America Pipeline, a subsidiary of Williams Energy, plans to expand its 412-mile NGL pipeline between Daggett County, UT to Bloomfield, NM from 75,000 B/D to 125,000 B/D ... Turboscope (Houston, TX) acquired 2 tubular inspection companies, Pacific Inspection (California market) and Viking Highlanders (Norway market) ... Tanganyika Oil (Vancouver, BC) entered a Production Sharing Agreement with the Arab Republic of Egypt over the offshore West Gharib Block ... Renaissance Energy (Calgary, Alberta) agreed to acquire all common shares of Pinnacle Resources worth $1.06 billion including $380 million in debt ...
(6/5) ... ARXA International Energy (Houston, TX) signed a Letter of Intent to acquire oil and gas assets in Harris and Chambers Counties, TX from Omega Fuels Distributors (Humble, TX) ... Samedan Oil (Ardmore, OK) acquired 50% ownership and operation in the East Breaks 420, 421, 464, and 465 tracts in the Gulf of Mexico from Forest Oil, who holds the remaining 50% ... FirstEnergy (Akron, OH) completed the acquisition of Marbel Energy ... Gateway Energy (Omaha, NE) agreed to acquire Abtech Resources and to merge it into Gateway Processing ... Abtech holds a license to process natural gas that has high nitrogen contents ...
(6/3) ... AGA reported an injection of 106 BCF into the natural gas storage, representing 52.3% full versus 49.1% last week's and 37.8% last year's ... Exxon Upstream Development Co. was formed to take over Exxon's responsibilities in development of the Hoover/Diana Project in the Gulf of Mexico and the Girassol Project offshore Angola ... Shell Technology Adventures and Haliburton Energy Service agreed to work together to develop and market Shell's expandable casing technology ... TransTexas Gas (Houston, TX) tested their State Tract 352 #1 well in Galveston Bay for 53.9 MMCF/D and 6,264 B/D from the Vicksburg zone at 15,200 to 16,200 feet ... Stone Energy (Lafayette, LA) put the A-6 well in the Eugene Island Block 243 on production at 15.1 MMCF/D and 1,200 B/D from 13,200 feet ...
(6/2) ... API reported crude oil stocks down 1.99 MMB, distillates stocks up 3.94 MMB, unleaded gasoline stocks up 1.83 MMB, refinery capacity up 1.0% at 99.4% versus last week's ... Seneca Resources (Buffalo, NY) completed the acquistion of oil and gas assets from Bakersfield Energy Resources ... together with the recent merger with HarCor Energy, Seneca now owns 100% of certain properties in the Lost Hills field in the San Joaquin Valley, CA ... Ranger Oil (Calgary) announced first production from the Columba E field in the North Sea with 9,000 B/D ... Tom Brown (Midland, TX) announced the initial production of 3.5 MMCF/D from their 14,500-ft well in the Wind River Basin, WY ... Saba Petroleum (Santa Maria, CA) agreed to merge into privately-held Ominex Resources to have head quarter in Fort Worth, TX with properties in Colombia, Canada, US, and the UK ... ONEOK (Tulsa, OK) agreed to acquire 40% equity interest in K. Stewart Petroleum (OKC, OK) with properties in western Oklahoma and the Texas Panhandle ...
(6/1) ... ONEOK (Tulsa, OK) increased its ownership to 97% in the Sycamore gas gathering system in Carter County, OK, after purchasing 55% from Continental Natural Gas ... in a separate transaction, Continental upped its ownership to 66% in the Laverne Gas Processing Plant in Harper County, OK after purchasing interest from ONEOK ... TransTexas Gas and Edge Petroleum (Houston, TX) announced the successful test on their McNeil #1 well in Live Oak County, TX testing 19.2 MMCF/D from 16,000 feet ... Amoco announced another successful well in the Judge Digby field producing 25 MMCF/D from 22,000 feet northwest of Baton Rouge ... North Coast Energy (Twinsburg, OH) completed the acquisition of over 900 wells and other assets from Kelt Ohio for approx $16 million ...
(5/29) ... ONEOK (Tulsa, OK) completed the acquisition of gas and oil properties located in the Chitwood, Golden Trend, and Mocane-Laverne fields in OK and the Spivey-Grabs, Wilmore, Glick, and Aetna fields in Kansas from OXY USA for approx $135 million ... USX Corp. (Pittsburg, PA) announced Marathon agreed to acquire Tarragon Oil & Gas Ltd (Calgary, Alberta) for approx $1.1 billion including $340 million in debt ... Tesoro Petroleum (San Antonio, TX) completed the acquisition of BHP Petroleum Americas Refining including a 95,000-B/D refinery and 32 retail gasoline stations in Hawaii for approx $243 million ... Pogo Producing (Houston, TX) agreed to acquire Arch Petroleum (Fort Worth, TX) for approx $115 million ...
(5/28) ... Caye Chapel (Las Vegas, NV) completed the acquisition of Great Plains for approx $6 million involving more than 1,800 shallow oil wells in south central Texas ... R&R Resources (Austin, TX) agreed to acquire all outstanding shares of Subsurface Energy (Coleman, TX) involving 26 oil wells in west central Texas ... United States Exploration (Denver, CO) purchased the interest of Union Pacific Resources Group in the Wattenberg area of the DJ Basin in Colorado for approx $41 million involving 336 wells ... Petroleum Development (Bridgeport, WV) agreed to purchase a majority interest in 122 gas wells, 2,700 acres in Pennsylvania, and a gathering system of Pemco Gas for approx $3.1 million ...
(5/27) ... API reported crude oil stocks down 3.61 MMB, distillates stocks up 1.69 MMB, unleaded gasoline stocks up 3.23 MMB, refinery capacity up 1.4% to 98.4% versus last week's ... AGA reported an injection of 92 BCF into the natural gas storage during last week, representing 49.1% full ... Duke Energy (Charlotte, NC) and Cresent Resources sold 9,600 acres in the Jocassee Gorges wilderness property to the State of North Carolina for approx $8.4 million while the value was set at $21 million ... Berkley Petroleum and Paramount Resources (Calgary, Alberta) agreed to purchase the interest of Shell Canada to become 100% owner in the Fort Liard and the Maxhamish areas ... Midland Resources (Houston, TX) signed a definitive Agreement and Plan of Merger with Vista Resources Partners (Midland, TX) ... Key Energy (East Brunswick, NJ) agreed to acquire Colorado Well Service (Rangely, CO) and HB&B (a well service company in Dickinson, ND) plus a repair facility from Watson Truck & Supply (Mills, WY) and 7 drilling rigs from Lakota Drilling (Midland, TX) ...
(5/26) ... Snyder Oil (Fort Worth, TX) acquired 75% of Amoco's interest in the Beaver Creek Unit and 2 gas plants in the Wind River Basin in Wyoming in exchange for Snyder's portion in the Jonah field in the Deep Green River Basin in Wyoming ... this was after Howell Oil settled with Amoco by trading its contractual right to purchase the Beaver Creek for the right to purchase interest in the Higgins Unit in Sweetwater County, WY and some overriding royalty in 78,000 acres in the Natural Buttes field in Uintah County, Utah ... The Eastern Group (Alexandria, VA) changed name to Statoil Energy, a member of the Statoil Group ... Equity Oil (Salt Lake City, NV), Hallador Petroleum (Denver, CO0, and Sharon Energy (Englewood, CO) announced the second Forbes sand discovery in their well in Glenn County, CA testing 6.2 MMCF/D from 5,400' ... Lasmo Overseas Nederland was awarded a Reconaissance License covering 4,500 acres of the Ras Tafalney area offshore western Morocco ...
(5/22) ... PetroTech Resources International (Austin, TX) confirmed a new Wilcox sand production in their 3 re-entry wells in Okmulgee County, Oklahoma, with 16 more to be re-entered and 9 new drills ... Costilla Energy (Midland, TX) found 500 ft of Deep Wilcox sand at 16,500 ft in their third well, Migl-Michell #3, in the Southwest Speaks project in Lavaca County, Texas ...
(5/21) ... United States Exploration (Denver, CO) completed the acquistion of all working interests in 336 wells in 34 oil and gas fields plus 400,000 acres in northeast Colorado from Union Pacific Resources for approx $41 million ...... National-Oilwell (Houston, TX) completed the acquistion of all outstanding capital stock of Specialty Tools (Aberdeen) with main line in coil tubing tools ... Harken Energy (Dallas, TX) acquired a majority interest in 33 wells in 2 fields in Louisiana with common stock worth $20 million ... Texaco began production from the first well in the Barite South project south of Lake Charles in the Gulf of Mexico with 50 MMCF/D ... Valero Energy (San Antonio, TX) agreed to purchase the 150,000-B/D refinery in Paulsboro, New Jersey from Mobil for approx $228 million plus $108 million for inventory, making Valero the second largest domestic independent refining company ... Core Lab NV (The Netherlands) agreed to acquire Owen Oil Tools (Fort Worth, TX) with stock worth approx $55 million and $7 million in debt ...
(5/18)Texaco and NGC (Houston, TX) signed a memorandum of understanding to form a joint venture to own and operate a 290-mile natural gas liquid pipeline from Sorrento, LA to Mont Belvieu, TX ... The U.S. agreed with European Union to wave off the Iran Libya Santions Act against 3 firms planning to invest in Iran's offshore South Pars gas field ...... U.S. Interior Dept announced that further seismic analysis indicated a section of the Artic National Wildlife Refuge in Alaska contains at least 11.6 billion barrels ... St Mary Land & Exploration (Denver, CO) successfully completed a well in the Atchafalaya Bay testing 15.6 MMCF/D and 1,090 B/D from 12,300 feet ... Apache (Houston, TX) announced a delineation well in western Egypt encountered higher structurally sand testing a total of 9,200 B/D from 2 zones at 7,000 feet ... McGowen Resources (Las Colinas, TX) acquired interest in 12 wells in Oklahoma from Citrus Energy ...
(5/15) ... Kerr-McGee (Oklahoma City, OK) completed the acquisition of the UK North Sea operations from Gulf Canada Resouces for approx $590 Cn ($415 US) million ... Arco entered a Production Sharing Argeement to explore for natural gas in Mozambique ... PANACO (Kansas City, MO) entered an agreement to acquire 100% interest in the East Breaks Blk 165 and 209 and 75% interest in the High Island Block 587 from BP Petroleum for approx $19.5 million including production platform and a pipeline system ...
(5/14) ... Qatar, Saudi Arabia, and United Arab Emirates reached a concensius on the need of further oil production cut if crude price stays at this level ... Gruy Petroleum Management (Irving, TX) discovered the Mississipian Reef in a well in Eastland County, TX testing an absolute flow of 9.2 MMCF/D from 3,100 feet ... EuroGas (New York, NY) entered an agreement to join UKRNAFTA to develop the Dolina oil field in western Ukraine, estimated to have a remaining reserves of 235 MMB ... Peak Energy Services (Calgary, Alberta) signed a Letter of Intent to acquire all shares of Zeta Oilfield Rentals (Nisku, Alberta) for approx $8 million in cash and stock ... CalEnergy Gas acquired 25% interest in the Esmond Transportation System Pipeline and 23.3% interest in the License P157 Block 44/27a in Southern Gas Basin in the North Sea from ELF Exploration UK ...
(5/13) ... AGA reported an injection of 100 BCF into the natural gas storage, representing 43.3% full ... Southern Mineral (Houston, TX) agreed to acquire Neutrino Resources for approx $40 million increasing production by 50 MMCFE/D ... National-Oilwell (Houston, TX) agreed to purchase all common stock of Phoenix Energy Products for approx $115 million plus $35 million debt, they also agreed to purchased Roberds-Johnson Industries with 1.35 million shares worth approx $53 million ....Mobil Oil Canada and consortium was awarded 58,000 acres concession 135 miles offshore Nova Scotia for exploration, this is adjacent to current holding of 183,000 acres in the area known as "Sable Offshore Energy Project) expected to produce 500 MMCF/D late 1999 ... Midcoast Energy Resources (Houston, TX) agreed to purchase 2 natural gas pipeline systems located near Baton Rouge from Koch Gateway Pipeline for approx $2.6 million ...
(5/12) ... API reported crude oil stocks up 0.79 MMB, distillates stocks up 1.07 MMB, unleaded gasoline stocks up 3.35 MMB, refinery capacity down 2.7% at 95.9% versus last week's ... Lomak Petroleum (Fort Worth, TX) and Domain Energy (Houston, TX) announced plan to merge to a new company named Range Resources Corp. in a deal worth approx $215 million in stock to Domain ... Hallwood Energy Partners and Hallwood Consolidated Resources signed an agreement to purchase $34.5 million worth of production payment in 34 coal bed methane gas wells in LaPlata County, CO from an affiliate of Enron ... Royal Landmark Structures, L.L.C. , headquartered in Houston, TX, is a new joint venture between Royal Group Technologies Ltd (Toronto) and Shell Chemical Holding ... Fina and Seagull Energy announced a natural gas discovery in their well in Hidalgo County, south Texas testing 15 MMCF/D at 9,275 psi flowing pressure from 15,000 feet in a leasehold of 6,000 acres ...
(5/11) ... DuPont plans to sell a 20% stake in its wholly owned subsidiary, Conoco, Inc. (which brought in nearly half of DuPont's earnings last year), to the public, and will divest the remaining interest as the company is to exit the oil and gas business ... Miller Petroleum (Huntsville, TN) discovered coal bed methane gas from 1,200 ft on its 40,000-acre lease located in southeastern Kentucky ... Cabinda Gulf Oil, a wholly owned subsidiary of Chevron, began oil production from the Lomba field offshore Angola at 15,000 B/D ...
(5/10) ... Baker Hughes and Western Atlas (Houston, TX) announced a merger agreement that will remain Baker Hughes for approx $5.5 billion ... creating a leading oilfield technology and services company which offers fully integrated reservoir management from exploration through production ...
(5/8) ... Forcenergy (Miami, FL) acquired 37.5% interest in the West Cameron Block 110/111 field from Conoco for $3.25 million, it also acquired 33.67% interest in the Main Pass 74/75 field and 9% in the Main Pass 69 field from Texaco ... EXCO Resources (Dallas, TX) acquired Jacobi-Johnson Energy (Tyler, TX), an independent operator with 38 wells in East Texas ... Solv-Ex Group was approved to sell 12% interest in the Athabasca Oil Sand Project (covering almost 56,000 acres) to United Tri-Star Resources (Toronto) for a total holding of 22% and the remaining 78% interest to a limited partnership of Koch Oil Cananda ... United Tri-Star also proposed to merge with Reef Resources of Alberta ...
(5/7) ... Koch Refining is expected to pay $6.9 million and undertake major improvements to control pollution at its 280,000 B/D refinery near St. Paul, MN ... Texaco and Messer Group of Germany formed Singapore Syngas, a joint venture to own and operate a gasification plant on Jurong Island, Singapore ... Arakis Energy (Calgary, Alberta) began the construction of a 28-inch 1,500-km 250,000 B/D pipeline from southern Sudan to a marine terminal near Port Sudan on the Red Sea ....Continental Energy (Vancouver, BC) acquired 40% working interest in the Opossum Creek Prospect in south Texas from Producers Energy ... Minex Minerals (Vancouver, BC) completed the acquisition of 25% working interest in the El Chivil and Surubi concessions covering over 150,000 acres in Argentina from the Roggio Group ...
(5/6) ... A survey by Reuters indicated that the OPEC and non-OPEC producers did cut back 0.9 MMB/D of production but not as much as promised of 1.25 MMB/D ... AGA reported an injection of 78 BCF into the natural gas storages during last week, representing 43.2% full ... Dresser Industries (Dallas, TX) signed an agreement to acquire Valgro, a major valve manufacturer located in Edmonton and Calgary, Alberta, Canada ... Kerr-McGee (Oklahoma City, OK) and BP Exploration & Oil signed a deep water exploration agreement which Kerr-McGee acquired 50% working interest in 24 Gulf of Mexico blocks which BP had 100% ... they also are partners in the Pompano field in the Gulf of Mexico ... Omni Energy Services (Carencro, LA), a seismic crew support company, acquired Eagle Surveys International, a survey company based in Texas ...
(5/5) ... API reported crude oil stocks down 0.70 MMB, distillates stocks up 0.93 MMB, unleaded gasoline stocks virtually unchanged, and refinery capacity up 2.9% at 98.6% over last weeks' ... MSR Exploration Ltd. signed a letter of intent to merge into Quicksilver Resources, primarily owned by Mercury Exploration, Trust Company of the West, and an affiliate of Enron, combined to have 1,200 wells and 600,000 acres in Michigan, Montana, Wyoming, Texas, and Canada ...
(5/4) ... ARCO signed an agreement to acquire Union Texas Petroleum for approx $3.3 billion, boosting ARCO's daily production by 15% ... Iran Oil Minister said that world oil output cuts were not enough to stabilize weak oil prices and Iran was willing to cut production again ... BUT then U.S. Energy Secretary told Saudi Arabia's oil minister that the U.S. government is against any collective agreement between OPEC and non-OPEC nations to make additional cuts in world oil production ... Enron Comercializadora de Energia Argentina, an affiliate of Enron International Argentina, was granted the first power marketer licence in Argentina... Metretek, a wholly owned subsidiary of Marcum Natural Gas Services, completed the acquisition of certain assets and product lines of American Meter Co. for approx $4.5 million ... Anadarko announced its well started first production from the Hassi Berkine South field in Algeria ...
(5/1) ... Tesoro entered an agreement to acquire the 108,000 B/D Anacortes refinery in Washington from Shell Oil ... recently Tesoro agreed to purchase a refinery in Hawaii from The Broken Hill Proprietary Co. Ltd ... EXCO Resources plans to merge with Gladstone Resources, both of Dallas, Texas ... Abacan Resources moved their head quarter office from Calgary to Houston ...
(4/30) ... Houston Exploration closed the acquistion of oil and gas properties from a private concern for approx $51 million involving 14 MMCFequivalent/D and 46,600 acres in Vermilion and Terrebonne Parish, Louisiana ... Amoco Norway announced a discovery well offshore Norway with three tests combined of 12,320 B/D and 39.3 MMCF/D from 13,800 feet ... Tejas Gas Corp changed name to Tejas Energy, LLC after Shell acquired Tejas last January for $3 billion and then merged Shell's midstream natural gas assets into Tejas ... Canadian 88 announced a gas discovery in west central Alberta tested 30 MMCF/D from 11,700 ft ... Apache announced 3 wells in the Khalda Concession in the western desert of Egypt testing a combined of 90 MMCF/D and 6,800 B/D from 13,000 feet ... Adair International acquired the Las Nieves Association Contract in Colombia covering 128,000 acres ...
(4/29) ... Iraqi Foreign Minister challenged the recent agreement with U.N. which provides unlimited access to presidential palaces with no limits on repeat visits ... AGA reported an injection of 64 BCF into the natural gas storages during last week, representing 40.6% full ... Genesis Energy closed the acquisition of Falco S&D, a crude oil gatherer in Louisiana and East Texas ... Forest Oil proposed to acquire all stock shares of Saxon Petroleum ... Marine Drilling agreed to purchase the Maersk Explorer, a jackup drilling rig ... Snyder Oil announced a successful well in the Jonah field in Wyoming with sustained production of 15 MMCF/D and 212 B/D ... Queen Sand Resources completed the acquisition of 60% working interest in 21 wells and over 61,000 acres in western Kentucky ...
(4/28) ... API reported crude oil stocks up 2.21 MMB, distillates stocks down 0.83 MMB, unleaded gasoline stocks down 1.18 MMB, refinery capacity down 2.0% at 95.7% vs last week's ... U.N. Chief Weapons Inspector Butler told the Security Council that they have discovered "an amount of chemical munitions with perfectly good chemical agents within them" while searching for mustard gas weapons in Iraq ...
(4/27) ... Venezuela, with support from UAE, Kuwait, and Qatar, calls for further world market cut of 500,000 B/D on top of the current 1,500,000 B/D ... Norway announced plan to cut 100,000 B/D in production effective May 1 ... Cross Timbers completed the acquistion of properties in east Texas from EEX for approx $265 million ... Harken Energy announced its Olivo #1 well in the Middle Magdalena Basin of Colombia testing 10,800 B/D ...
(4/24) ... API reported U.S. well completions at 7059 in the first quarter of 1998, of which 1228 were dry hole, representing 83% successful rate, 3169 were gas wells and 2661 were oil wells ... Anadarko announced a successful extension well in the Dew field in east Texas testing 7.1 MMCF/D from the Bossier sand ...
(4/23) ... in response to U.N. Special Commission Chairman Butler's report that no progress in weapons inspection made through March, Iraq Deputy Premier Aziz demanded that the U. N. Security Council immediately lift all sanctions imposed since 1991 ... VAALCO (Houston, TX) acquired 1818 Oil Corp. for Preferred Stocks, it also formed a joint venture with Paramount Petroleum to explore in the Gulf Coast area ... Canadian 88 Energy (Calgary) discovered a natural gas field in the Lone Pine Creek area tested 9 MMCF/D and 150 B/D from a horizontal section at 8,300 feet ...
(4/22) ... Woodside Petroleum (operator), BHP, BP, Chevron, Japan Australia LNG and Royal Dutch/Shell announced their appraisal well offshore Western Australia tested 6,500 B/D and 6.6 MMCF/D ... AGA reported a withdrawal of 54 BCF from the natural gas storage, resulting in 38.4% full ... Dominion Energy (Richmond, VA) completed the acquisition of Archer Resources Ltd (Calgary) for $119 million plus $26 million in debt setting up Dominion Energy Canada Ltd ... 3DX and PrimEnergy (Houston, TX) announced a recent discovery in Matagorda County, Texas flowing 8 MMCF/D and 160 B/D from Lower Frio formations ...
(4/21) ... API reported crude oil stocks up 3.29 MMB, distillates stocks up 0.11 MMB, unleaded gasoline stocks up 1.35 MMB, and refinery capacity up 1.5% at 97.7% versus last week's ... Yuma Exploration (Houston, TX) announced a successful well near Thibodeaux field, LaFourche Parish, Louisiana testing 1,680 B/D and 1.3 MMCF/D from 15,200 feet ... Connecticut Energy and Conectiv agreed to form Total Peaking Service, a joint venture in a liquefied natural gas storage facility near Milford, Connecticut ... Apache announced a discovery well in Cararvon Basin, offshore northwest Australia tested for 52 MMCF/D and 850 B/D from 2 zones ...
(4/20) ... Cotton Valley Resources announced the first successful high-volume horizontal injection well drilled in the Means field in West Texas, planning to replace 40 vertical injectors with 13 horizontal injectors ...
(4/17) ... U. N. Secretary General Anan said that he was satisfied with the result from the last Iraq weapon inspections ... Aviva Petroleum (Dallas, Texas) and Garnet Resources announced agreement to merge ... Union Texas Lok Batan agree to acquire 75% of BMB Oil's interest in a Production Sharing Agreement with the State Oil Company of the Azerbaijan Republic to become the operator of the enhanced oil project ...
(4/16) ... Iraq issued a statement demanding an end to U.N. sanctions ... PANCO completed the West Cameron 144 #12 well in the Gulf of Mexico flowing 16 MMCF/D and 200 B/D ... Unocal's Spirit Energy 76 acquired 9.2% working interest in the Van Field in Van Zandt County, Texas from Shell Oil, up its holding to 91% ... Chevron announced the start up production of the Gbokoda oil field offshore Nigeria ... Union Pacific Resources Group entered a contract to acquire interests in oil and gas fields in Wyoming and Louisiana from Petroleum Strategies which recently purchased from Occidental ...
(4/15) ... AGA reported an injection of 22 BCF over last week into the natural gas storage, resulting in 34.0% full ... Unocal Canada completed the exchange of its Canadian oil and gas properties for common stock and debenture of Tarragon Oil & Gas worth $208 million ... Occidental has completed its phase of selling oil and gas properties in Louisiana and Mississippi to Petro Hunt for approx $194 million, Wyoming and Austin Chalk in Louisiana to Petroleum Strategies for approx $62 million, and Oklahoma to Anadarko for approx $120 million ... Holly Corp to merge into Giant Industries resulting in a total of 4 refineries, 137 gas stations, pipeline systems, terminals, fleet, ...
(4/14) ... API reported crude oil stocks up 6.50 MMB, distillates stocks up 1.20 MMB, unleaded gasoline stocks down 1.41 MMB, refinery capacity up 1.9% at 96.2% versus last week's ... Arctic Pacific Contractors, a 50/50 joint venture between Fluor Daniel and Brown & Root Energy Service was selected to provide engineering and planning for the development of the Sakhalin project in Russia ... Lomak Petroleum acquired oil and gas properties including 32 producing wells in 14,200 acres in West Texas for approx $57 million ... Canadian 88 Energy entered an agreement to acquire asset in West Central Alberta for approx $45 million ...
(4/13) ... Gulf Canada Resources was granted a 3-year exclusive permit to explore 800,000 acres offshore east coast of Canada near the French islands of Saint Pierre and Miquelon ... Dresser Industries acquired Mooney Controls ... Midcoast Energy Resources acquired the Port Hudson pipeline system and 50% ownership in Texana Pipeline Company ... Precision Drilling acquired all outstanding common shares of Inter-Tech Drilling Solutions ...
(4/9) ... UTI Energy acquired Peterson Drilling including 8 drilling rigs for approx $24 million ...
(4/8)...AGA reported an injection of 53 BCF into the natural gas storage, representing 33.3% full ... U. S. Department of Energy forecasted for the summer, unleaded gasoline at $1.20/gallon (vs. $1.29/gal last summer) and crude oil at $14.67/BBL (vs $17.86/BBL) ... Russia announced a cut of 61,000 B/D to help support sagging crude oil price ... Kerr McGee Yemen signed an agreement with Canadian Petroleum International Holdings to jointly explore 2 blocks in Yemen covering 10 million acres ... Smith International acquired Milcor Oil Tools ... Union Carbide and Malaysia Petronas formed a joint venture to build and operate an integrated chemicals complex in Malaysia ...
(4/7) ... Vastar and Shell Deepwater Development traded interests in 6 blocks in the Gulf of Mexico and a 17,200-ft wildcat well in Borneo ... Cabot announced successful tests in 2 wildcats and one development well in the Appalachian area of West Virginia from the Oriskany sand ... Pride International agreed to buy the MSV Amethyst, a self propelled semisubmersible drilling rig for approx $85 million ...
(4/6) ... Apache announced an agreement with Texaco involving 2 offshore blocks totaling 1.5 million acres in the Bohai Bay, China ...
(4/3) ... The U. N. has completed the weapons inspections of the 8 Iraqi presidential palaces, finding a large number of vacant buildings but no weapons storages ... Dominion Energy is approved by the Canadian Ministry of Industry to acquire Archer Resources ... Northstar Energy agreed to sell $75 million worth of non-core and mature oil properties to concentrate on natural gas sector ...
(4/2) ... Schlumberger Oilfield Service completed the acquisition of Coastal Management, a project management service company ... Tesoro E&P announced the completion of Earwood B2 well in the Val Verde Basin flowing 15.7 MMCF/D from 8,750 feet ... Meota Resources closed the acquisition of oil and gas properties in western Canada from CS Resources Holdings for approx $37 million ... also from Prairie Birch Royalties for approx $19 million ... Sands Petroleum AB has changed its name to Lundin Oil AB ...
(4/1) ... Mitchell Energy agreed to acquire working interest in the Columbus field, southeast Texas, from Occidental, varying working interests in the Personville, east Texas, and completed the acquisition of the west Texas Perkins/Noel gas gathering system from Western Resources ... AGA reported a withdrawal of 20 BCF from the natural gas storage last week, resulting in 31.6% full ...

webslave@oilnergy.com

OILNERGY.COM, Post Office 80456 Austin, Texas 78708