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IMPORTANT OIL & GAS NEWS

OIL & GAS NEWS ARCHIVE ... October - December 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

(12/31) ... 1998 average: Scurlock-Permian WTI posted @ $11.95/BBL (-35.8%), NYMEX light sweet @ $14.42/BBL (-30.1%), IPE Brent @ $13.38/BBL (-30.7%), NYMEX heating oil @ $0.3988/gal (-29.3%), NYMEX unleaded gasoline @ $0.4573/gal (-26.2%), NYMEX Henry-hub natural gas @ $2.162/MMBtu (-12.5%), KCBT Waha-hub natural gas @ $2.069/MMBtu (-10.0%) ... Exxon's acquisition of Mobil at $76.9 billion makes second and BP's acquisition of Amoco at $57.6 billion makes fourth on the acquisition list (top is SBC Communications of Ameritech at $78.2 billion) ... PennzEnergy is the new name for Pennzoil ... Middle Bay Oil (Houston, TX) completed the acquisition of Enex Consolidated Partners LP with stock worth $11.5 million ...
(12/30) ... AGA reported a withdrawal of 167 BCF from the natural gas storage, representing a decrease of 5.2% over last week and 86.7% full ... U. S. warplanes destroyed an Iraqi missle site in the southern "no-fly" zone after being fired on ... the Federal Trade Commission approved the merger between Amoco and BP but they must spin off 9 petroleum terminals and 136 stations plus allow 1,600 independent operators to switch brand ...
(12/29) ... API reported crude oil stocks down 2.36 MMB, distillates stocks up 1.75 MMB, unleaded gasoline stocks up 1.68 MMB, and refinery capacity up 2.3% at 96.8% versus last week's ... nationwide crude oil stock is at approximately 335 million barrels, 20 million barrels above this week last year ... Iraq announced that their planes were flying in the "no-fly" zones and would shoot at allied patrolling planes ...
(12/28) ... U. S. warplanes bombed anIraqi missile site in the northern "no-fly" zone after surface-to-air missiles were fired at the patrolling fighters ... Iraqi export reached record of 2.51 million barrels per day last week despite of the cruise missile attack ... Kerr-McGee began production from their Ewing Bank 710 and West Cameron 638 platforms in the Gulf of Mexico ... Future Petroleum (Dallas, TX) completed the acquisition of Bargo Energy Resources for approx $2 million and stocks ...
(12/24) ... Raider Resources Ltd (Calgary) agreed to acquire all of the issued and outstanding shares of Brigadier Energy ...
(12/23) ... AGA reported a withdrawal of 85 BCF from the natural gas storage, representing a decrease of 2.7% over last week and 91.9% full ... Chevron agreed to acquire Rutherford Moran Oil (Houston, TX) for approx $91 million mainly for the 46.34% interest in Block B8/32 in the Gulf of Thailand ... Berry Petroleum (Taft, CA) agreed to acquire the Placerita oil field, south of Bakersfield, from Aera Energy for approx $35 million ... KeySpan Energy (NY) acquired an additional 25.5% interest in Premier Transco from BG plc for approx $32 million involving the pipeline system from southwest Scotland to northern Ireland ... Meridian Resource announced their offset well in the Weeks Island field flow tested 2,537 B/D and 724 MCF/D from 2 zones at 6,000 feet ...
(12/22) ... API reported crude oil stocks up 0.59 MMB, distillates stocks down 1.10 MMB, unleaded gasoline stocks down 1.54 MMB, and refinery capacity down 1.2% at 94.5% versus last week's ... Duke Energy International took sole ownership of the Eastern Gas Pipeline project by acquiring Westcoast Energy Australia's 50% and BHP Petroleum's 50% for the right to develop and operate the 500-mile pipeline from Melbourne to Sydney ... Brazilian government passed a decree lifting import tax through 2001 for machinery and services related to oil and gas industry ... Argentina's YPF SA acquired 51% of Global Petroleum (Massachussetts) for approx $29 million ...
(12/21) ... Midcoast Energy Resources (Houston, TX) agreed to acquire the Gloria pipeline system in southeast Lousiana and the Bruni gathering system in south Texas from Koch Gateway Pipeline for approx $7.5 million ... Transmontaigne (Denver, CO) purchased the petroleum products terminal at Rensselaer near Albany, NY from Sunoco ... Core Laboratories (Houston, TX) completed the merger with The Andrews Group International, a seismic data processing and interpretation company ... Duke Energy Trading & Marketing (Houston, TX) agreed to acquire NP Energy (Louisville, KY), an electric trading and marketing company ...
(12/18) ... Baker Hughes reported US drilling rig count at 642 (489 gas and 152 oil) versus 1,019 same week last year ... record low was 596 in the summer of 1993 ... Vista Energy Resources (Midland, Texas) completed the acquisition of oil and gas properties in Ward and Winkler Counties, Texas from IP Petroleum for approx $19 million ... Celsius Energy Resources, a wholly owned subsidiary of Questa, completed the acquisition of oil and gas properties in northeast British Columbia from Reserve Royalty for approx $3 million ... Santa Fe Energy (Houston, TX) signed an agreement to joint venture with Petrobras for the exploration and production on two blocks in the Potiguar Basin, offshore Brazil ...
(12/17) ... Oil ministers from Saudi Arabia, Venezuela, and Mexico urged oil producers to "strictly comply" with production cuts promises ... Duke Energy International (Houston, TX) agreed to acquire the power business of BHP in Australia and the Pacific Rim for approx $315 million ... Toreador Royalty (Dallas, TX) completed the acquisition of minerals and royalty in Mississippi, Alabama, and Louisiana from Howell Petroleum for approx $13 million ... Westcoast Energy (Vancouver) upped their 14.5% interest in the Alliance Pipeline Project with Unocal's 9.078% for approx $50 million ... the project involves building of the 1,900-mile 1.3 BCF/D-capacity pipeline system from British Columbia and Alberta to Chicago expected to run in 2000 ...
(12/16) ... Cruise missles were fired toward targets in Iraq at after the market closed but traders reacted early in the morning when American battleships were positioning themselves to fire the Tomahawks ... "Operation Desert Fox" is joined by the U.S. and Britain could last for four days ... AGA reported a withdrawal of 49 BCF from the natural gas storage, representing a decrease of 1.6% over last week and 94.6% full ... Continental Emsco and Smith International's Wilson Supply signed a Memorandum of Understanding to form a Joint Venture for oil field distribution and supply ... Parker Drilling signed a 3-year contract with Burlington Resources for a number of 25,000-foot wells in the Madden Deep Unit of Wyoming's Wind River Basin ... Spirit Energy 76 terminated the sales agreement of their Michigan oil and gas properties to Newstar Energy USA and Omimex Energy ...
(12/15) ... API reported crude oil stocks up 1.04 MMB, distillates stocks up 0.75 MMB, unleaded gasoline stocks up 1.08 MMB, and refinery capacity up 1.2% at 95.7% versus last week's ... An unidentified buyer expressed an interest in acquiring Enron's 53.5% stake of Enron Oil & Gas ... Frontera Resources (Houston, TX) signed a production sharing agreement for the Kursangi-Karabagli Block covering 116,000 acres onshore Azerbaijan ... Frontier Energy, a partnership between Sempra and Frontier Utilities, began delivering gas to customers in North Carolina with the new delivery system ... Arco Alaska was granted the right-of-way to build a pipeline to transport crude from the Alpine field which expected to have a reserve of 365 million barrels ...
(12/14) ... Southwest Gas Corp. (Las Vegas, NV) agreed to merge as a division of ONEOK (Tulsa, OK) in a $1.8 billion deal creating the largest domestic stand-alone gas distribution company ... ONEOK and Magnum Hunter Resources formed a strategic alliance with ONEOK to buy in 31% equity owner, to share the acquisition of Spirit 76, and to market Oklahoma production ... EEX (Houston, TX) agreed to sell its oil and gas properties in Oklahoma to Lariat Petroleum and in North Central Texas to Key Production for approx $32 million ... Cabot Oil & Gas (Houston, TX) plans to acquire 68 wells in 10 fields onshore Louisiana from Oryx for approx $72 million ... Chevron, Sonangol, Agip Angola, and Elf announced the production from Angola's offshore Block O Cabinda reaching 510,000 B/D ...
(12/11) ... Algeria blamed some OPEC members being selfish and vowed to take action to protect its interst ... Libya demanded OPEC members to cut another 2 million barrels per day ... the current production cut of 2.6 MMB/D was agreed to be extended through 1999 except Venezuela's new president-elect announced that he would go only through June 1999 ... Devon Energy (Oklahoma City, OK) and Northstar Energy (Calgary) completed the merger with a total capitalization of $1.9 billion ...
(12/10) ... Libyan leader Gaddafi asked OPEC members to halt oil production during this winter season ... Shareholders of Amoco approved the merger with BP ... Talisman Energy (UK) Ltd was awarded five North Sea Blocks in the Core Moray Firth area ... Givot Olam Oil Ltd (Jerusalem) announced the confirmation of commercially viable oil in the Meged region near Rosh Haayin, Israel, and which was the discovery of the presence of Paleozoic oil basin in Israel ...
(12/9) ... AGA reported a build up of 27 BCF into the natural gas storage, representing an increase of 0.9% over last week and 96.2% full ... Iraq blocked U.N. arms inspectors from entering the headquarter of the Baath Party in Baghdad ... Dutch Stock Page reported that Royal Dutch / Shell might be planning to acquire Chevron for approx $65 billion ... Cabot Oil & Gas (Houston, TX) announced their discovery well in Pennsylvania producing 7 MMCF/D from the Oriskany at 8,000 feet ... Tracer Petroleum (Vancouver) signed an agreement to acquire a minimum of 80% interest in the Sungai Gelam A, B, and D Technical Assistance Contract in south Sumatra, Indonesia ... Coral Energy LP and AlliedSignal Engines formed an alliance to market cogeneration to the U.S. and Canada ... Houston Exploration announced their 2 wells in the East Cameron block flowing 15 MMCF/D from 12,000 feet ...
(12/8) ... API reported crude oil stocks down 2.87 MMB, distillates stocks up 2.48 MMB, unleaded gasoline stocks up 1.89 MMB, and refinery capacity unchanged at 94.1% versus last week's ... AAA survey shown gasoline price being lowest since 1989 ... Key Energy Services, Inc. is the new name for Key Energy Group, Inc. (East Brunswick, NJ) ... Chisholm Energy Partners (Houston, TX) acquired the shaker division of Triton Tools & Supply and operated as Phoenix E&P Technology, LLC (Ellisville, MS) ... Superior Propane (Calgary) completed the acquisition of ICG Propane from Petro-Canada ... AmeriGas Partners LP (Valley Forge, PA) acquired the propane marketing operations from 5 entities to add 8,800 customers ...
(12/7) ... Unocal withdrew from 2 pipeline projects, one from Caspian region into Turkey and one from Caspian Sea to Pakistan citing low oil price ... Scottish Power bade to buy PacifiCorp for $7.9 billion would depend on regulatory for foreign ownership of U.S. utilities companies ... Williams announced the completion of the third crude unit at their refinery in North Pole, Alaska costing $70 million and added 17,000 B/D capacity ... Mitchell Energy received approval from the Texas Railroad Commission to reduce the spacing to 40-acre in their Newark East (Barnett Shale) natural gas field in north Texas ... BEC Energy, a subsidiary of Boston Edison Co., agreed to combine with Commonwealth Energy System creating a unity worth $4.4 billion ... Horizontal Ventures and Saba Petroleum agreed to merge on a stock swap ...
(12/4) ... Mobil Oil Qatar and Qatar General Petroleum Corp. signed a "Heads of Agreement" for the Enhanced Gas Utilization Project of their North field ... CORDEX Petroleums completed the sale of certain assets and CORDEX Petroleum Argentina to Gener SA ... Diaz Resources and Uniglobe Ventures formed a 60/40 joint venture in new acquisition and interest in the Michichi area of Alberta ...
(12/3) ... Enervest Management acquired certain natural gas properties in Monroe, LA from Coho Energy for approx $65 million ... Houston Exploration completed the acquisition of 3 producing offshore blocks in the Mustang Island OCS in the Gulf of Mexico from Chevron ... Sapient Energy (Tulsa, OK) completed the acquisition of 31 properties in northwestern Oklahoma from Marathon ... Williams reported its NGL pipeline north of Moab, UT ruptured and forced to shut down ... also that Williams agreed to acquire 12 products terminals in southeastern U.S. from Amoco ...
(12/2) ... AGA reported a build up of 8 BCF into the natural gas storage, representing an increase of 0.2% over last week and 95.3% full ... North Central Oil Corp. (Houston, TX) completed the acquisition of gas properties from Conoco for approx $73 million including gas wells in the Hundido field, Zapata County and Vaquillas Ranch / Mujeres Creek field, Webb County in South Texas ... Pennaco Energy / CMS Joint Venture (Denver, CO) is now using four drilling rigs to drill for coal bed methane gas in their 492,000-acre area of the Powder River Basin of Wyoming ... Maxus Venezuela and BP Exploracion de Venezuela announced their discovery well in the Quiriquire Block in eastern Venezuela completed for 7,121 B/D and 33.4 MMCF/D ... Chesapeake Energy (Oklahoma City, OK) announced their discovery well in the Tuscaloosa Trend in Louisiana flowing 18.1 MMCF/D from one out of nine possible pay zones ...
(12/1) ... API reported crude oil stocks down 5.71 MMB, distillates stocks up 1.59 MMB, unleaded gasoline stocks up 0.42 MMB, and refinery capacity up 0.9% at 94.1% versus last week's ... Exxon agreed to acquire Mobil for approx $77.2 billion, reuniting the two pieces left after the breakup of John D. Rockefeller's Standard Oil ... France's Total SA agreed to acquire Belgium's Petrofina SA for approx $11.8 billion, creating Total Fina, world's 5th largest oil company ... unleaded gasoline retail price is lowest since 1990 when the Energy Department began tracking ... EOTT completed the acquisition of certain crude oil gathering and transportation from affiliates of Koch Industries for approx $184 million cash plus stock ...
(11/30) ... Cabot Oil & Gas (Houston, TX) acquired 3 gas wells plus 5,400 acres in Carbon County, WY from Oxy USA for approx $5.2 million ... Shell and Texaco called off talks on alliance in their European refining business ... Lyric International (Dallas, TX) acquired 50% interest in Seismic International for $5 million in stock, also 56 wells in Mitchell County for $1.8 million in stock and cash ...
(11/25) ... AGA reported a withdrawal of 13 BCF from the natural gas storage, representing a decrease of 0.4% over last week and 95.1% full ... Magnum Hunter (Irving, TX) signed a Purchase & Sale Agreement to acquire properties in Oklahoma and Texas from Spirit Energy 76 for approx $36 million ... BP stockholders approved the merger with Amoco ... Equatorial Energy signed the Letter of Intent to acquire interests in properties in western Canada from Gulf Canada Resources for approx $45.5 million in cash and stock ... Seagull Energy agreed to be combined into Ocean Energy in a stock-for-stock merge creating the 10th largest domestic independent worth $3.6 billion ...
(11/24) ... API reported crude oil stocks up 2.95 MMB, distillates stocks down 1.28 MMB, unleaded gasoline stocks down 0.35 MMB, and refinery capacity down 2.0% at 93.2% versus last week's ... OPEC members are meeting today in Vienna ... The U. N. voted to permit Iraq to sell another $5.2 billion worth of oil during the next six months ... Mexico's average crude price is lowest in 14 years while Brent is at 12-year low ... Benz Energy (Vancouver) and Burlington Resources (Houston, TX) entered a joint venture agreement to pursue government contracts to redevelop Ecuador oil and gas fields ... Questar Pipeline (Salt Lake City, UT) completed the acquisition of ARCO Pipe Line Co.'s Line 90 (16-inch, 700-mile, between New Mexico and California) for approx $38 million and then renamed to Southern Trails Pipeline ...
(11/23) ... Future Petroleum (Dallas, TX) acquired properties in Texas and Louisiana from Bargo Energy Resources which were acquired from Cody Energy for approx $4.5 million ... Harken Energy (Dallas, TX) signed the Definitive Purchase and Sale Agreement with Parkcrest Explorations (Vancouver) for their interests in the Llanos Basin, Colombia ... Gopher Oil & Gas (Calgary) agreed to acquire all issued and outstanding common shares of Scarlet Exploration ... Clayton Williams (Midland, TX) completed the acquisition of east Texas properties from Sonat Exploration for approx $46.5 million ... Duke Energy Field Services agreed to acquire US natural gathering, processing, pipeline and marketing operations from Union Pacific Resource Group for approx $1.35 billion ...
(11/20) ... Kuwaiti oil minister met with representatives from Arco, Chevron, Exxon, Mobil, Pennzoil, Phillips Petroleum, and Texaco to solicit bids to boost their production ... Founders Energy Ltd (Calgary) agreed to offer to purchase all of the issued and outstanding common shares of Opal Energy with cash and stock ... Meteor Industries (Denver, CO) signed a letter of intent to acquire the assets of Carroll Oil Co., a gasoline and oil distributor in Colorado ...
(11/19) ... ONEOK agreed to acquire certain gas properties in Beckham an Roger Mills Counties, OK from St. Mary Land & Exploration for approx $25.5 million ... as well as properties in Oklahoma from Anderman Oil, AOL Holdings, Mohan Petroleum Oklahoma for approx $28.5 million ... Union Texas de Bolivia, Maxus Bolia, and B G Exploration announced their exploratory well in the 2.5-million acre Caipipendi Block in southern Bolivia tested 11.5 MMCF/D and 370 B/D from 15,900 feet ... Apache, Repsol, and Novus announced their well in the Khalda Offset Concession, western desert in Egypt, tested 19.1 MMCF/D and 732 B/D from 10,900 feet ... CMS Energy announced their well in the Baguel Concession in south central Tunisia flowed 7.3 MMCF/D and 735 B/D ... Gruy Petroleum Management, a subsidiary of Magnum Hunter (Irving, TX) announced their well in Collingsworth County, panhandle Texas tested 1.6 MMCF/D from 2,200 feet ...
(11/18) ... AGA reported a withdrawal of 24 BCF from the natural gas storage, representing a decrease of 0.8% over last week and 95.5% full ... Texaco acquired 50% working interest and operation of the Block 1 offshore Angola from Royal Dutch/Shell Group covering 986,600 acres ... Fidelity Oil Group (Bismarck, ND) acquired 20% interest in certain oil and gas properties from JMI Energy (Houston, TX) ...Core Laboratories (Houston, TX) announced plans to acquire all of the outstanding shares of the Andrews Group International (Houston, TX) and its AGI Mexicana S.A. de C.V. in a stock-for-stock purchase ...
(11/17) ... API reported crude oil stocks down 1.91 MMB, distillates stocks up 1.21 MMB, unleaded gasoline stocks up 3.53 MMB, and refinery capacity down 0.4% at 95.2% versus last week's ... Newport Petroleum (Calgary) acquired interest in the sour-gas Caroline Swan Hill Gas Unit well #1 and the Caroline Gas Facilities (14 gas wells, gathering and treating facilities) from UPRC for approx $110 million ... AAA reported unleaded gasoline price is lowest in the nation since March 1992 ... Gruy Petroleum Management, a subsidiary of Magnum Hunter (Irving, TX) announced the discovery of an Abbo reef oil reservoir in Terry County, Texas with pump test between 100 to 200 B/D ...
(11/16) ... Allied Consolidated Energy (Alberta) completed the acquisition of NCE Oil & Gas Income Property Fund and NCE Income Resources for approx $1.3 million in stock ... Howell Corp (Houston, TX) agreed to sell its interest in 875,000 acres in Alabama, Mississippi, and Louisiana for approx $13 million ... Santa Fe Energy, Kerr-McGee Sumatra, Amerada Hess, and Pertamina announced the discovery well in the Jabung Block on Sumatra island, tested 22 MMCF/D and 1,414 B/D from three tests at 6,000 feet ... Abraxas Petroleum (San Antonio, TX) agreed to acquire Canada's New Cache Petroleum for approx $60 million in cash and $23 million in debt ... Conoco, Texaco, and Indonesia Petroleum announced their well in Indonesia's West Natuna Sea tested 8,000 B/D and 7.5 MMCF/D from 8,500 feet ...
(11/13) ... U.N.'s Annan planned to meed with the Iraqi Ambassador tonight ... during the day, President Saddam Hussein told a Russian envoy that Iraq would "react positively to any initiative which meets Iraq's legitimate demand" ... Williams Energy Service completed the acquisition of Volunteer Energy (Columbus, OH) natural gas and electricity service provider ... Sheridan Energy announced their discovery well in Zapata County, TX tested 11.7 MMCF/D from two Wilcox tests, another well in Victoria County, TX tested 2.7 MMCF/D and 50 B/D from 10,500-ft Wilcox, and another in Dewitt County, TX, tested 5.9 MMCF/D and 45 B/D from 12,000-ft Wilcox ...
(11/12) ... Iraq said that they would stop exporting crude oil if the oil monitors (Dutch Saybolt) were to leave ... volume averaged 1.8 million barrels per day in recent months ... France's Total, Unocal, Kerr-McGee, Vanco Energy, and Reading & Bates formed Vanco Gabon Group entered in a Production Sharing Contract for 2 offshore blocks totaling approx 5,000 acres ... Harken Costa Rica (80%) and an affiliate of MKJ Xploration (20%) entered an Exploration & Production Contract covering 1.4 million acres onshore and offshore Costa Rica ... Ocean Energy acquired additional interest in certain properties from John Hancock Mutual Life Ins co. for approx $38 million ... also announced the discovery offshore Equitorial Guinea flow tested at 1,500 B/D at 4,200 feet ... Armed Nigerian youths stormed a Texaco drilling rig and abducted 8 workers (3 are American) ...
(11/11) ... AGA reported a reduction, first of the season, of 24 BCF from the natural gas storage, representing a decrease of 0.8% over last week and 96.2% full ... all weapons inspectors and the supporting staff as well a humanitarian workers left Iraq after the U. S. announced no more tolerance ... a joint venture was formed with Sheridan Energy putting up $58 million and Amerada Hess puts up their properties in the Sacramento Basin, CA and certain other properties ... Westminster Resources (Calgary) agreed to acquire interest in approx 192,000 acres and producing properties in the Gunnel / Petitot field, northeast of British Columbia from Summit Resources ... Unocal announced the discovery of the South Gomin gas field in the Gulf of Thailand with the new well tested a total of 41 MMCF/D from three tests at 14,000 feet ... Meridian announced their new well in the South Thornwell field in Jefferson Davis Parish, LA tested 18 MMCF/D and 472 B/D from 11,600 feet ...
(11/10) ... API reported crude oil stocks down 1.91 MMB, distillates stocks up 0.33 MMB, unleaded gasoline stocks up 1.65 MMB, and refinery capacity up 2.0% at 95.6% versus last week's ... 3DX Technologies (Houston, TX) agreed to sell half of its interest in the producing properties in the Rusty field, Matagorda County, TX for approx $2 million ... U. S. Crude (Colton, CA) and Oklahoma's Rainbow Productions formed a joint venture to acquire marginal oil properties and utilize the Thermo Gas Repressurizing System to enhance the production ... Houton Exploration (Houston, TX) agreed to acquire certain producing properties and facilities offshore Mustang Island, south Texas from Chevron for approx $85 million ...
(11/9) ... Vintage Petroleum (Tulsa, OK) agreed to acquire gas properties in the Sacramento Basin in California from Texaco for approx $29 million ... National Oil Well (Houston, Texas) agreed to acquire DOSCO, a division of Canada's Wesburne Industrial Enterprises, and 2 of its subsidiaries with stock and approx $10 million ... The Exploration Co. (San Antonio, TX) acquired interest in the Maverick Basin in south Texas from Ashtola Exploration increasing their interest holding to 71,600 acres ... FieldPoint Petroleum (Austin, TX) acquired certain interest in oil and gas properties in TX, OK, and NM from Abraxas Petroleum ...
(11/6) ... Vintage Petroleum (Tulsa, OK) acquired interest in Ecuador's Orienta Basin from Elf Aquitaine for approx $40 million in cash and stock ... Destiny Resources Services (Calgary, Alberta) agreed to purchase all shares of McConnell Group of Companies (Brooks, Alberta) for approx $8.7 million in cash and stock ... Weatherford International was selected by Operandora Cerro Negro, a joint venture of Petroleos de Venezuela, Mobil, and Veba, to provide artificial lift systems and serivces for 5 years ...
(11/5) ... The U.N. Security Council demanded that Iraq resume cooperation with the weapons inspection, which Iraq already announced that they would not comply ... TexOil (Houston, TX) completed the acquisition of oil & gas properties in nine fields in south Texas and Louisiana from Sonat Exploration for approx $17.4 million ... Duke Energy (Houston, TX) purchased half of ONEOK's interest in 4 gas gathering systems (2 in Oklahoma, 1 in Kansas, and 1 in Louisiana) and will joint ONEOK in building a new gas processing plant and gathering system in the Sycamore field area of Oklahoma ... PennWell was awared by the Federal Trade Commission the license for Dwights' well and production history as to be the competitor in that market after the merger of Dwights and Petroleum Information ... Eastern Group, a wholly owned subsidiary of Texas Utilities, reached an agreement to purchase the assets of BHP in the southern North Sea for approx $166 million ...
(11/4) ... AGA reported a build up of 48 BCF in the natural gas storage, representing an increase of 1.5% over last week and 97.0% full ... Duke Energy Field Services (Houston, TX) now owns 100% of the Roberts Ranch natural gas processing plant in Midland County, TX after acquiring 56% interest from an affiliate of Dynegy ... Fortune Natural Resources (Houston, TX) signed Letters of Intent to acquire 3DX Tecnologies as well as Petro-Guard Co. and Petro-Guard Production LLC ... Apache announced their successful well offshore northwest Australia tested 53.4 MMCF/D and 460 B/D from 2 zones at 9,500 feet ...
(11/3) ... API reported crude oil stocks up 7.99 MMB, distillates stocks down 0.95 MMB, unleaded gasoline stocks up 3.21 MMB, and refinery capacity up 5.1% at 93.6% versus last week's ... Chevron Environmental Management Co. is the newly formed subsidiary of Chevron to manage remediation of environmental-related activities of its companies ... Kaneb Pipe Line Partners (Dallas, TX) acquired the petroleum products terminal in Stockton, CA from Tosco ... Semco Energy (Port Huron, MI) acquired Oilfield Materials Consultants for stock worth $15.1 million plus $1.1 million in debt ... Samson Resources (Tulsa, OK) acquired oil and gas properties in TX, LA, MI, AL, OK, and NM from Duer Wagner for over $40 million ... also agreed to acquire gas properties in east Texas from Nuevo Energy for approx $19 million ...
(11/2) ... Fuel & Marine Marketing LLC is the new joint venture formed by Texaco (69%) and Chevron (31%) ... CMS Energy (Dearborn, MI) agreed to acquire Panhandle Eastern Pipe Line Co., Trunkline Gas Co., and Trunkline LNG Co. terminals from Duke Energy for approx $1.9 billion ... Occidental Petroleum withdraws from the Parmaneft joint venture to explore in the Republic of Komi, they have 75% stake in the $10-million 5-year lease ... GHP Exploration (Houston, TX) was awarded a 2-yr seismic option permit in a 1.1-million acre El Hamra Concession in southwest Tunisia ... Vanco Energy (Houston, TX) plans to conduct 2D seismic offshore Morocco after being awarded the 1-year permit in September ... Petroleum Development (Bridgeport, WV) acquired all interest in 13-well Antrim Shale production unit in Michigan for approx $2.8 million ...
(11/1) ... after the U. N. Security Council voted not to lift the economic sanctions, Iraq again announced refusals to cooperate with U. N. weapons inspectors ...
(10/30) ... Pool Energy rejected the $486 million cash+stock acquisition offer from Nabors Industries in a letter today repeating their rejection dated 10/26 after Nabors Industries made the announcement of their plan ... Remington Oil & Gas (Dallas, TX) acquired interests in 10 offshore blocks from Union Pacific Resources Group for approx $7.65 million ... Vintage Petroleum acquired certain production assets and 50% interest in the Redman Smackover Joint Venture from Western Gas Resources ... An affiliate of Dynegy acquired the Edgewood gas gathering system from Western Gas Resources ...
(10/29) ... Mera Petroleum and Millennium Energy (Calgary) were awarded the right to explore an area covering 320,000 acres in the northeast Guajira Peninsula, Colombia ... Parker Drilling (Tulsa, OK) agreed to acquire Superior Energy Services in a deal worth approx $168 million ... Garnet Resources was merged into Avira Petroleum (Dallas, TX) ... Enron Oil & Gas acquired Isramco's 81.3% interest in the B.E. Wilber gas unit in the Devil field, Jefferson County, TX for approx $1 million ... Core Laboratories (Houston, TX) completed the acquisition of Geoservices (Calgary) ...
(10/28) ... AGA reported a build up of 36 BCF in the natural gas storage, representing an increase of 1.1% over last week and 95.5% full ... Oryx Energy reported a loss of $43 million in the 3rd quarter versus a gain of $42 million last year's while Sempra Energy down 11% ... Hallwood Consolidated Resources acquired the interest in approx 570 wells in Texas from Arcadia Exploration & Production for approx $8.1 million ... Vista Energy Resources, Inc. was formed from the merger of Vista Resources Partners and Midland Resources ... EuroGas (New York) acquired 8.5 million shares (31.4%) of Canada's Big Horn Resources, Ltd. ... Canada's Black Sea Energy Ltd and Sunwing Energy Ltd plan to merge ... Millenium Energy completed the acquisition of assets from 2 partnerships from EnerVest Resource Management for approx $4.1 million ... Nortrans Offshore Ltd (Oslo, Norway) began production at 8,000 B/D from the Ruby field offshore Vietnam ...
(10/27) ... API reported crude oil stocks up 7.87 MMB, distillates stocks up 0.64 MMB, unleaded gasoline stocks down 2.08 MMB, and refinery capacity up 1.7% at 88.5% versus last week's ... Unocal reported 3rd quarter earnings down 80% compared to last year's, Ultramar Diamond Shamrock down 36%, Kerr-McGee down 71% ... Vintage Petroleum (Tulsa, OK) agreed to acquired oil and gas properties in east Texas from an undisclosed seller for approx $49.7 million ... Setex Oil & Gas (Dallas, TX) announced their successful horizontal sidetrack from an existing wellbore in the Madisonville field, Grimes County, TX flowing 200 B/D and 1.5 MMCF/D while drilling in the Georgetown at 9,750 feet ... Vastar Resources announced the discovery of the Santa Ana field in Hidalgo County, TX with two wells tested a total of 23 MMCF/D and 1,500 B/D from Frio sands ... Nippon Oil and Mitsubishi Oil planned to merge in April 1999 to become Japan's largest oil company ...
(10/26) ... Anadarko and Arco Alaska announced their discovery well in the Cook Inlet area tested 10.6 MMCF/D from the Moquawkie formation at 2,400 feet ... CMS Energy (Dearborn, MI) purchased 50% interest for approx $28 million and formed a joint venture with Pennaco Energy (Denver, CO) in developing 492,000 acres in the Powder River Basin of Wyoming for coal bed methane ... The crude oil pipeline from Baku, Azerbaijan, to Supsa port on the Black Sea, Georgia is expected to be in operation by April 1999 ...
(10/23) ... During a completion operation, a natural gas well blew out and caught fire killing seven (3 from Key Energy Well Service) and injured five, it was owned by Sonat Exploration and located near Bryceland, about 45 miles east of Shreverport, LA ... Palestinian Leader Yasser Arafat and Israeli Prime Minister Benjamin Netanyahu signed a land-for-peace accord ... Last weekend's death toll was 62 from the fire that engulfed two Colombian villages after Marxist rebels blew up the main oil pipeline ... Two Mexican oil ports, Pajaritos and Dos Bocas, 389,000 B/D and 502,000 B/D exporting volumes, were shut down due to bad weather in the Gulf of Mexico since Wednesday ...
(10/22) ... the number of deads caused by oil pipeline sabotage in Nigeria was now upped to 700 ... Hanover Compressor (Houston, TX) acquired all capital sotck of Eureka Energy Systems (Dallas, TX), a firm providing compressor rentals, for approx $16.8 million ... more major oil companies reported low third quarter income as compared to last year's, Arco down 80%, Chevron down 37%, Phillips down 79%, Shell down 59%, and USX Marathon down 58% ... Russia Finance Minister said that his country intends to pay interests on its foreign debt and will not default ...
(10/21) ... AGA reported a build up of 58 BCF in the natural gas storage, representing an increase of 1.9% over last week and 94.4% full ... major oil companies reported third quarter income slashed compared to last year's, Amoco down 49%, Exxon down 23%, Occidental down 75%, and Texaco down 56% ... Schlumberger will pay Smith International $280 million to own 60% in a new drilling fluid joint venture of the two companies which will carry Smith's M-I LLC name ... Future Petroleum (Dallas, TX) acquired interests in a number of properties located in TX, OK, NM, MS for approx $15 million in cash and stocks ... Roanoke Gas Co. (Roanoke, VA) filed for reorganization into a holding company named RCG Resources, Inc. ...
(10/20) ... API reported crude oil stocks down 0.29 MMB, distillates stocks down 2.37 MMB, unleaded gasoline stocks up 0.38 MMB, and refinery capacity down 0.7% at 86.8% versus last week's ... Caltex Petroleum will move headquarter from Dallas to Singapore in early 1999 ... Williams (Tulsa, OK) announced their new well in the Kenwood field, Leon County, TX tested 25.8 MMCF/D from the Cotton Valley reef at 14,500 feet ... Cross Timbers (Fort Worth, TX) agreed to acquire certain interests from an undisclosed entity for approx $33.4 million including 171 wells in northwest Oklahoma and 623 wells in San Juan Basin of New Mexico ... Nabor Industries (Houston, TX) agreed to acquire Bayard Drilling Technologies with stocks and cash valued at $100 million equity and $120 million debt involving 87 drilling rigs and inventories ...
(10/19) ... over the weekend, oil pipeline near Warri in Nigeria was sabotaged killing 500 people as the fire swept through the village, also the largest oil pipeline, Ocensa, in Colombia was sabotaged killing 50 people ... Houston Exploration acquired additional interest in 25 wells located in Vermillion Parish, LA from a private company for approx $20 million ... Mitchell Energy & Dev (The Woodlands, TX) announced their dual well in the Galveston Bay potential at 82 MMCF/D from Frio sands at 10,000 and 11,000 feet ... Kelley Oil & Gas and Williams announced their new well in the Ouiski Bayou field, Terrebonne Parish, LA producing 5.2 MMCF/D from Realty sand at 11,300 feet, also the upper sand in a recent well was unitized and producing 11.1 MMCF/D ... Young Oil (Knob Lick, KY) anounced their third oil field discovery in Overton County, TN tested 10 B/hour from 433 feet ... Samson Resources (Tulsa, OK) agreed to acquire certain gas properties in east Texas from Nuevo Energy (Houston, TX) for approx $191 million ...
(10/16) ... TEPPCO Partners LP (Houston, TX) agreed to acquire Duke Energy Transportation & Trading Co. from Duke Energy ... Esso Exploration Angola announced their fourth oil find on the Angola Block 15 tested 4,400 B/D from 8,900 feet ... Delta Petroleum (Denver, CO) agreed to acquire 2 exploration licenses covering 1.9 million acres in eastern Kazakhstan with its stock purchase of Ambir Properties Inc. ... CMS Energy (Dearborn, MI) completed the acquisition of Continental Natural Gas (Tulsa, OK) with its stocks valued at $63 million and will operate it as CMS Continental Natural Gas ...
(10/15) ... Kerr-McGee and Oryx Energy announced plan to merge in a stock-swap valued at $1.86 billion in which Kerr-McGee will acquire Oryx and assume $1.3 billion debt ... Chevron agreed to pay $540,000 to settle allegations that its refinery in Richmond, CA bypassed a wastewater treatment system from 1991 to 1995 ... Cambridge Energy (Lafayette, LA) acquired Indonesia's Intermega Energy Plc Ltd involving 32 wells producing 1,600 B/D, production facilities, pipelines, and oil barge operations ...
(10/14) ... AGA reported a build up of 41 BCF in the natural gas storage, representing an increase of 1.2% over last week and 92.5% full ... API reported crude oil stocks up 8.22 MMB, distillates stocks down 1.71 MMB, unleaded gasoline stocks down 7.02 MMB, and refinery capacity down 0.5% at 87.5% versus last week's ...Chevron shut down certain offshore Nigeria production due to domestic unrest ... Clayton Williams Energy (Midland, TX) acquired certain gas properties in three east Texas fields from Sonat Exploration for approx $46.5 million ... The Majestic Companies LTD (San Diego, CA) with three wholly owned subsidiaries planned to merge into SkyTex International ... Weatherford International (Houston, TX) amended its Merger Agreement proposal to Christiana Companies ... Maxima Resources (Corpus Christi, TX) and Parallel Petroleum announced their Yegua discovery well in Jackson County, TX tested 250 B/D and 2.6 MMCF/D from 9,300 feet ... Duke Energy and Dynegy mutually agreed to terminate Duke's plan of acquiring Dynegy's oil transportation and marketing businesses ...
(10/13) ... Two affiliates of Questa Corp. (Salt Lake City, UT): Celcius Energy and Universal Resources are to be merged into Questa Exploration & Production Co. ... Tallisman Energy (Calgary) announced their horizontal step-out well in the Central Alberta Foothills area tested 17.4 MMCF/D from the Turner Valley formation, and also the completion of the pipeline between the Lovett River and the Hanlan Robb Gas Plant ... Sharpe Resources (Houston, Texas) announced their Matagorda Gas Project well found 4 commercial sands, 2 of which tested 9.2 MMCF/D from 7,150 feet ... National Energy Group (Dallas, TX) and Pease Oil & Gas (Grand Junction, CO) announced their well in the East Bayou Sorrel field, Iberville Parish, LA tested 3,048 B/D and 2.8 MMCF/D from 12,900 feet ...
(10/12) ... Phillips Petroleum Co. Norway announced a fire in the compressor unit on its Ekofisk II's 2/4 J platform in the North Sea forced the shut down until tomorrow ... Chevron opened office in Tbilisi, Republic of Georgia to introduce its brand of lubricants ... Peoples Energy Ventures (Chicago) acquired a majority interest in oil and gas properties in Texas, Louisiana, and North Dakota from NBB Energy Partners for approx $10 million ...
(10/9) ... Mexico's Energy minister said that oil-producing countries cannot cut production any further because of politics and economics ... Meridian Resources (Houston, TX) announced their third well in the Weeks Island field, tested in 3 zones for a combine volume of 12,876 MCF/D and 1,783 B/D from 6,000 feet and 7,500 feet ...
(10/8) ... Diamond 66 is the new joint venture between Ultramar Diamond Shamrock (55%) and Phillips (45%) to combine their North America refining and marketing businesses with over 12,000 gas stations and convenient stores ... Talisman Energy completed the acquisition of Arakis Energy which included 25% interest in an oil project in Sudan ... Chevron announced their 4th well offshore Angola tested over 10,000 B/D in the Belize field ...
(10/7) ... AGA reported a build up of 41 BCF in the natural gas storage, representing an increase of 1.3% over last week and 91.3% full ... unrest by Nigerian youths caused disruption of one fifth of oil output including 308,000 B/D from Shell and 130,000 B/D from Agip ... Pease Oil & Gas (Grand Junction, CO) reported the second well in the Maurice field, Lafayette Parish, LA producing 9 MMCF and 400 B/D ... Enterprise Development (Calgary) reported their successful recompletion well producing over 3,000 B/D from 8,500 feet in the Las Casas field, central Guatemala in a 300,000-acre concession ...
(10/6) ... API reported crude oil stocks down 3.92 MMB, distillates stocks down 0.15 MMB, unleaded gasoline stocks down 1.82 MMB, and refinery capacity down 7.5% at 88.0% versus last week's ... Enbridge Inc. is the new name for IPL Energy (Calgary) and more than 20 other brands operated under IPL ... Arco Dubai now owned 100% interest in the Margham field after acquiring Gulfstream Resources Canada Ltd's 25% ... GulfWest Oil (Dallas, TX) acquired Southeast Texas Oil & Gas Co. LLC for approx $2 million in stocks ... Kelley Oil & Gas announced their 2 successful Cotton Valley wells in northern Louisiana producing a total of 6.0 MMCF and 57 B/D ...
(10/5) ... Allegheny Energy filed a request for a temporary restraining order and a formal complaint against DQE of not going through with the proposed merger ... Arco Alaska, Exxon, BP Exploration (Alaska) started long-term test production from the Midnight Sun oil field (adjacent to Prudhoe Bay) currently producing 2,000 B/D and 750 MCF/D from the initial discovery well ... Saudi Arabian Texaco and Kuwait Oil Co. announced their well in the Humma prospect located in the neutral zone between the two countries tested 3,400 B/D from 10,000 feet ... Benz Energy (Houston, TX) announced their discovery well in the Baber prospect, Colorado County, Texas tested 135 B/D and 300 MCF/D from the Yegua at 5,700 feet ...
(10/2) ... Ashland agreed to settle allegations of illegal discharges and violations at their refineries in Kentucky, Ohio, and Michigan by spending more than $32 million in cleaning up ... Newstar Resources (Monroe, Michigan) and Omimex Energy (Fort Worth, TX) agreed to acquire from Unocal's Spirit Energy 76 oil and gas properties in Michigan for approx $37 million plus common stocks ...
(10/1) ...
Genesis Energy LP (Houston, TX) completed the acquisition of the 200-mile West Columbia Pipeline system from Equilon Pipeline Co. ...
Westrock Income Fund II (Calgary) announced their well in the Sylvan Lake area, Alberta tested 200 B/D from the Pekisko zone ...
Cross Timber Oil completed the acquisition of Shell's Alaskan Cook Inlet properties with current production of 3,600 B/D from 31 wells ...
Michael Baker Corp. (Pittsburg) acquired GeoResearch, Inc. and then created Baker GeoResearch ...

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