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

IMPORTANT OIL & GAS NEWS

OIL & GAS NEWS ARCHIVE ... January - March 1999

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

(3/31) ... AGA reported a withdrawal of 37 BCF from the natural gas storage, representing a decrease of 1.1% over last week and 40.7% full ... the DOE reported crude stocks up 3.8 MMB versus last week at 344.6 MMB ... Enterprise Oil plc and LASMO plc terminated merger talk ... Quicksilver Resources (Fort Worth, TX) signed agreement to acquire the Garfield Unit and Beaver Creek Richfield Unit in Michigan from Spirit Energy 76 for approx $30 million in cash and stock ... Buckey Pipe Line (Allentown, PA) acquired 6 pipeline operating agreements in the Gulf Coast area and a 16-mile pipeline from Seagull Products Pipeline and Seagull Energy and will operate them under Buckeye Gulf Coast Pipe Lines LLC ...
(3/30) ... API reported crude oil stocks up 4.71 MMB, distillates stocks down 4.08 MMB, unleaded gasoline stocks down 5.43 MMB, and refinery capacity up 2.8% at 94.3% versus last week's ... Saratoga International Holdings (Kirkland, WA), formerly Western Oil & Tire Distributors, ventured in the energy business by acquiring Eclipse Energy (Alberta) ... LG&E Energy (Louisville, KY) acquired 28% interest of Ivergas, SA, which holds 70% of Gas Natural BAN, a large natural gas distributor in Buenos Aires, Argentina ... Dominion Energy (Richmond, VA) completed the acquisition of Remington Energy (Calgary) with stock worth $33 million plus $260 million debt ... NAL Resources Management (Calgary) acquired oil and gas properties in central Alberta from Ocelot Energy (Calgary) for approx $83.3 million ...
(3/29) ... BP Amoco and Atlantic Richfield are discussion of possible merger with BP Amoco paying approx $25 billion ... W-H Energy Services acquired the "Path Finder" business, including loging- and measurement-while-drilling, from Halliburton ... Aquila Energy acquired all outstanding stock of Western Gas Resources Storage with the lone asset being the Katy Hub and Storage Facility; Western announced earlier this month that it sold the Giddings Gathering System ... CMS Energy completed the acquisition of Panhandle Pipe Line Co, Trunkline Gas Co, and Trunkline LNG from Duke Energy for approx $2.2 billion ... CalEnergy Gas (UK) agreed to acquire 67% interest in the Anglia Field in the North Sea from Ranger Oil for approx $64 million ...
(3/26) ... NYMEX crude oil price is highest since almost a year ago on March 30, 1998 at $16.21/BBL, gasoline price is highest since May 15, 1998 ... Baker-Hughes reported U. S. rig count down 24 over last week at 502 versus last year's of 890 ... Ocean Energy (Houston, TX) signed a purchase and sale agreement with Quintana Minerals Canada to sell its Canadian subsidiary for approx $74 million; earlier in the week, Ocean signed agreements to sell its non-core US onshore assets for approx $42 million ... Star Gas Partners LP (Stamford, CT), a distributor of propane and home heating oil in the Midwest and Northeast, completed the acquisition of Petroleum Heat & Power ...
(3/25) ... Chevron reported an explosion at the hydrocracking unit at their refinery in Richmond, CA, no injury and the unaffected area were back to operating ... San Juan Partners, LLC , an affiliate of Dominion Resources, offered to acquire the Burlington Resources Coal Seam Gas Royalty Trust for aprox $73 MM in cash ... Santa Fe Resources signed 2 additional Production Sharing Contracts covering 1,620,000 acres in the south China Sea ... Unocal Thailand set the record for drilling 5,145 feet per day and for the rate of the 14-well platform of 4,010 feet per day using slimhole drilling ...
(3/24) ... AGA reported a withdrawal of 87 BCF from the natural gas storage, representing a decrease of 2.8% over last week and 41.8% full ... the DOE reported crude stocks up 2.8 MMB versus last week at 340.8 MMB ... Core Laboratories N.V. terminated plan to merge with GeoScience Corp. ... El Paso Field Services, a business unit of El Paso Energy, acquired EnCap Investments L.C. for approx $52 million ... Lexico Resources International acquired the remaining 25% interest in 4,000 acres in the Natural Buttes field, Utah and 50% interest in another 8,000 acres in the same area ... Bear Paw Energy signed a contract to construct and operate the natural gas gathering system in the Powder River Basin, WY for Pennaco's coal bed methane gas production ...
(3/23) ... API reported crude oil stocks up 0.82 MMB, distillates stocks down 4.69 MMB, unleaded gasoline stocks down 4.79 MMB, and refinery capacity down 1.8% at 91.5% versus last week's ... OPEC and non-OPEC members agreed to cut oil output by a total of 2.1 million barrels per day beginning April 1st ... Calpine (San Jose, CA) completed the acquisition of the remaining 75% interest from Unocal in the Geysers geothermal steam fields in northern California for approx $101 million ... WolfStone Corp (Woodridge, CA) acquired Subsurface Energy for Texas International Petroleum, its wholly owned subsidiary, including 7,500 acres of lease and producing wells in Texas ...
(3/22) ... Gasoline price, 49.42 ¢/gallon, is highest in over nine months, was 49.56 ¢/gallon on June 7, 1998 ... Duke Energy Field Service (Denver, CO) agreed to acquire the South Texas natural gas gathering, treating, and processing system from Kock Midstream Gathering and Processing ... PennEnergy and Sonat Exploration formed a joint venture to develop the 700,000-acre coal bed methane gas project in the Raton Basin, northeast New Mexico ... stockholders approved the merger of Saba Petroleum (Santa Maria, CA) and Horizontal Ventures then to change the name to Greka Energy Corp with headquarter in New York ... Charger Petroleum (Calgary) agreed to acquire 25% interest in Nortis Energy Texas, LLC in cash and stock ... TransGlobal Energy (Calgary) agreed to acquire Moiibus Resource making it a wholly owned subsidiary ...
(3/19) ... Phillips Petroleum and Ultramar Diamond Shamrock terminated the discussions regarding the formation of Diamond 66, a joint venture for refining and marketing ... Baker-Hughes reported U. S. rig count down 8 over last week at 526 (114 for oil and 412 for gas) versus last year's of 937 ... Canada rig count drop 53 over last week to 180 versus last year's of 399 ... Howell (Houston, TX) announced the sale of its interest in the Grass Creek Unit and the Pitchfork Unit in Wyoming to a non-disclosed party for approx $12.4 million ... Plains All American Pipeline L. P. signed the agreement to acquire Scurlock Permian, a wholly owned subsidiary of Marathon Ashland for approx $138 million ...
(3/18) ... Santa Fe Energy Resources (Houston, TX) announced 2 wells in the South Timbalier project in the Gulf of Mexico tested a total of 33 MMCF/D and 2,190 B/D ... Equatorial Energy (Calgary) announced their well in the Pica area, northwest Alberta, tested from 2 zones at 11.2 MMCF/D from the Kiskatinaw and Bluesky formations ... Russia's Ardalin field, 1,000 miles northeast of Moscow, cumulated 50 MMB since inception in 1994, operated by Polar Lights, a joint venture between Conoco and two Russian companies ... BHP decided not to participate in the Muskeg River/Athabasca oil sand mining and synthetic crude operation in Alberta proposed by Shell Canada ...
(3/17) ... AGA reported a withdrawal of 134 BCF from the natural gas storage, representing a decrease of 4.2% over last week and 44.6% full ... the DOE reported crude stocks up 3.6 MMB versus last week ... Venezuela and Iran discussed the possibility of swaping customer supply in Europe and Latin America to save on shipping costs ... Burlington Resources and Enron Capital & Trade announced the (65/35) forming of Lost Creek Gathering Co. L.L.C. to build a 124-mile, 24-inch gas pipeline from the Madden field in central Wyoming to Wamsutter, Wyoming ...
(3/16) ... API reported crude oil stocks up 4.73 MMB at 322.1 MMB, distillates stocks down 4.50 MMB, unleaded gasoline stocks down 6.98 MMB, and refinery capacity up 0.02% at 93.3% versus last week's ... Saudi Arabia announced to cut 585,000 B/D ... for three days in a row, U. S. war planes hit Iraqi anti-aircraft artillery sites in the Northern "no-fly" zone ... Sempra Energy Trading moved their headquarter from Greenwich, Conn to Stamford, Conn. ... Benz Energy (Houston, TX) acquired 39% working interest from Mobil in the Old Ocean field in Brazoria and Matagorda Counties in south Texas, bringing their interest to 61.5% in the field ... BP Amoco signed a new concession agreement with Egyptian Government to maintain production in the Gulf of Suez oil fields, currently producing 300,000 B/D ...
(3/15) ... El Paso Energy (Houston, TX) agreed to acquire Sonat (Birmingham, AL) for approx $3.5 billion plus $1.9 billion debt, creating the largest natural gas pipeline system of over 40,000 miles that transports one quarter of daily domestic natural gas production from California and Texas to the South ... Norway announced to cut 100 MB/D in additional to 100 MB/D pledged last year while Venezuela to cut 125 MB/D on top of 525 MB/D ... BP Oil, a division of BP Amoco, agreed to pay $1.75 million fine settlement for illegally flaring hydrogen dioxide gas, with high concentration of hydrogen sulfide ... Alberta Energy offered to acquire all outstanding common shares of Pacalta Resources with stock worth $490 million ... ARXA International Energy (Houston, TX) signed a Binding Letter of Intent to acquire 100% assets of Winslow Oil & Gas in exchange for $2 million of convertible stocks ...
(3/12) ... 2 MMB/D production cut announced by OPEC and non-OPEC producers, except Iraq ... Baker-Hughes reported U. S. rig count down 7 over last week at 534 (116 for oil and 418 for gas) versus last year's of 942 ... Chevron Chemical announced moving its headquarter from San Ramon, CA to Houston, TX ... CalEnergy (Omaha, NE) completed the acquisition of Mid American Energy Holdings (Des Moines, IA) for approx $2.42 billion ... Black Stone Minerals agreed to purchase the interests of Southern Minerals (Houston, TX) in oil and gas properties in TX, NM, and MS for approx $6.0 million ... Encore Acquisition Partners (Fort Worth, TX) agreed to acquire the interest of Shell Western in the Cedar Creek Anticline area on the Montana/North Dakota state line ...
(3/11) ... Governor Bush signed the bill to waive severance tax on 15-B/D or less oil well and 90-MCF/D or less gas wells ... 40 members of U. S. House of Representatives, mostly from oil producing states, sent a letter to President Clinton urging to suspend or reduce Iraqi export volume which is currently at 2.7 MMB/D (approx 1 MM/D more than pre-Gulf war level) ... Ashland Chemical Co. announced to split into Ashland Distribution Co. and Ashland Specialty Chemicals Co., both still headquartered in Dublin, OH ... Teton Petroleum (Denver, CO) agreed to acquire Nafta-B, a New York company owning 95% of a Russian joint stock company and 20% in a Russian oil marketing company ...
(3/10) ... NYMEX light sweet crude price is highest in 5 months ... OPEC and non-OPEC members might have agreed on additional cut in production ... Tom Brown, Inc. (Midland, TX) signed a Le AGA reported a withdrawal of 69 BCF from the natural gas storage, representing a decrease of 2.1% over last week and 48.8% full ... the DOE reported crude stocks up 2.9 MMB versus last week ...tter of Intent to acquire the oil and gas properties in the Paradox Basin (CO and UT) from Unocal for stock and cash worth approx $78 million ... Midcoast Energy Resources (Houston, TX) completed the acquisitions of Tinsley oil gathering system from Producers Pipeline and 70% interest in SeaCrest Co. LLC covering 8 offshore natural gas gathering systems for approx $8 million ...
(3/9) ... API reported crude oil stocks up 4.73 MMB at 322.1 MMB, distillates stocks down 6.24 MMB, unleaded gasoline stocks up 3.10 MMB, and refinery capacity down 1.4% at 93.1% versus last week's ... Saudi Arabia and Iran signed an accord over production cut base for Iran and Saudi will present to OPEC ministers in the meeting Wednesday for possible further production cuts ...
(3/8) ... NCE Petrofund (Toronto) agreed to acquire oil and gas properties in Central Alberta and west central Saskatchewan for approx $60 million from a major oil company ... Altagas Services closed the transaction with Reserve Royalty (Calgary) including gathering pipeline, gas plants and compressors in the Ante Creek area ... Cotton Valley Resources (Dallas, TX), was approved by both board of directors to acquire National Resources Development and International Aggregate from Regency Affiliates and Statesmans Group for approx $20 million ...
(3/5) ... Baker-Hughes reported U. S. rig count up 8 over last week at 541 (115 for oil and 426 for gas) versus last year's of 957 ... McMoRan Exploration (New Orleans, LA) announced three discovery wells in the West Cameron Block 616 offshore Louisiana with a combined test of 76.5 MMCF/D ...
(3/4) ... Iraq resumed oil production through the pipeline to Turkey, less than one week after the control center was damaged by U. S. bombing ... Sharpe Resources (Dallas, TX) agreed to acquire Aviva American with stocks ... Quick Silver Resources (Fort Worth, TX) received approval from their stockholders to acquire MSR Exploration with stocks ... Thunder Creek Gas Services, a joint venture between Devon Energy and KN Energy, started the construction of the natural gas gathering system in the Powder River Basin in Wyoming ... Goloil, a Russia company which is owned 61% by Teton Petroleum (Denver, CO) completed the 3rd well in western Siberia flowing 1,200 B/D from 7,200 feet ...
(3/3) ... AGA reported a withdrawal of 128 BCF from the natural gas storage, representing a decrease of 4.0% over last week and 50.9% full ... Unleaded gasoline price is highest in 3 months ... the DOE reported crude stocks down 3.2 MMB versus last week ... Harken Energy announced moving their headquarter from Dallas to Houston ... Oriental Energy Resources, Carlton Energy Group, and Trinity Gas signed an exploration agreement with the Republic of Chad covering 108 million acres ... Anglo-African Energy agreed to acquire 75% interest in Trinidad Exploration and Development for approx $5 million to fund the development of the Bonasse field ... Carolina Power & Light and Southern Natural Gas formed a 50/50 joint venture to build a 30-inch 175-mile Palmetto Interstate natural gas pipeline from Aiken, SC to Robeson County, NC ...
(3/2) ... API reported crude oil stocks down 5.90 MMB at 326.8 MMB (1 MMB lower than this time last year), distillates stocks up 0.35 MMB, unleaded gasoline stocks down 0.75 MMB, and refinery capacity up 0.4% at 94.5% versus last week's ... Tosco shut down their Avon refinery in the San Francisco bay area for at least 30 days for safety inspection after the fatal fire on Feb. 23rd ... Plains Resources (Houston, TX) acquired the Mt. Poso field in Kern County, CA from Aera Energy LLC for approx $7.7 million ... Energy Resources Technology (Houston, TX) acquired 2 Gulf of Mexico blocks from Vastar Resources and 5 from Shell Offshore located from the High Island to Vermilion ... France's Elf Aquitaine and Italy's Agip signed with Iran in a deal worth $540 million to improve the oil output by 100,000 B/D ... Apache and FX Energy signed a farm-in agreement for 3 concessions in southern Poland covering an area of 200,000 acres ...
(3/1) ... Iraq said it would take four weeks to repair the station at the pipeline to Turkey after it was bombed by U. S. warplanes on Sunday ... Plains All American Pipeline LP signed a memorandum of understanding with Marathon Ashland Petroleum LLC to acquire Scurlock-Permian LLC, the crude oil gathering business ... Equatorial Energy (Calgary) completed the acquisition of Gulf Canada Resources Ltd for approx $72 million ... Commonwealth Energy (Calgary) agreed to acquired 75% working interest in a gas field in Parker County, TX covering 3,000 acres from Sha Stephens, who retains 25% ...
(2/26) ... Baker Hughes reported U. S. rig count up 2 to 533 versus 960 last year's ... shareholders of both Kerr-McGee and Oryx Energy approved the merger plan, will be under the name of Kerr-McGee ... Russia and China signed an agreement to study the feasibility of a pipeline from Siberia to China's northeastern region ... Olympic Seismic Ltd (Calgary) acquired the entire 2-D and 3-D seismic data library from Amoco Canada ... Suncor Energy (Fort McMurray, Alberta) announced their oil sands operations to shut down at least a week but would not affect their output at 105,000 B/D ...
(2/25) ... the Department of Energy and the Small Business Administration are setting up a group to study and determine whether SBA credit program can be used to financially assist small oil companies ... Tosco announced to shut down their New Jersey refinery for 6 weeks to maintenance while Ultramar Diamond Shamrock to reduce their Michigan refinery output by 10% ... ONEOK plans to acquire the natural gas gathering and processing business in Oklahoma from Koch Midstream Enterprises for approx $285 million including 8 processing plants and 3,250 miles of pipeline ... PetroCanada, Norsk Hydro, Mobil, and Chevron announced their appraisal well in the Jeane d'Arc basin in the Newfoundland tested 3,500 B/D from the Ben Nevis formation at 6,300 feet ... Canadian 88 Energy (Calgary) announced a natural gas discovery in the Strachan area with an AOF test of 32.5 MMCF/D from the Leduc formation at 12,700 feet ...
(2/24) ... AGA reported a withdrawal of 97 BCF from the natural gas storage, representing a decrease of 3.0% over last week and 55.0% full ... Dominion Energy (Richmond, VA) planned to acquire Remington Energy (Calgary) with a cash tender of $34 million in a transaction worth $261 million including debt ... Duke Energy Services Canada acquired the natural gas gathering and processing business of Cometra Energy Ltd ... Williams (Tulsa, OK) acquired Union Texas Petrochemicals Corp., a wholly owned subsidiary of Arco ... Illinova Energy Partners (Oak Brook, IL) acquired the natural gas marketing business of Equitable Resources Marketing Co. ... Reliant Energy (Houston, TX) acquired COM/Energy Marketing, a subsidiary of Commonwealth Energy System (Cambridge, MA) ...
(2/23) ... API reported crude oil stocks up 1.89 MMB at 334.15 MMB, distillates stocks down 0.83 MMB, unleaded gasoline stocks up 2.19 MMB at 230.84 MMB, and refinery capacity down 0.3% at 94.1% versus last week's ... the U.S. Federal Reserves reported that 1999 oil price should be higher than in 1998 but still low "by the standards of the last three decades" ... Tosco's refinery in Martinez, CA was damaged by an explosion to its tower killing one worker and injuring 4 others ... ONEOK joined Costilla in the pending $335-million acquisition of oil and gas properties from Pioneer Natural Resources ... ONEOK and Carl E. Gungoll Exploration jointly acquired gas properties in the Cement field in Caddo and Grady Counties, OK ...
(2/22) ... Dominion Resources (Richmond, VA) plans to acquire Consolidated Natural Gas (Pittsburg, PA) in a $6 billion stock deal creating 4th largest U. S. gas and electric utility ... Sempra Energy (San Diego, CA) agreed to acquire KN Energy (Lakewood, CO) in a share-and-cash transaction worth $1.8 billion ... Titan Exploration and Mobil formed Paragon, a joint venture to conduct 3-D seismic over 350,000 acres in western Delaware Basin in west Texas ... Veritas DGC (Houston, TX) signed a letter of intent to acquire Enertec Resource Services (Calgary) with stock, both are in seismic data acquisition and processing ...
(2/19) ... Turkmenistan signed a contract with PSG International, a joint venture between GE Capital and Bechtel Entersprises, to build a 1,250-mile gas pipeline across the Caspian Sea to Turkey ... Baker Hughes reported U. S. rig count dropped 13 to 531 (420 for gas and 111 for oil), versus 998 last year's ... Trigen Energy (White Plains, NY) announced U.S. District Court had entered a judgment for $27.8 million in their antitrust and tort suit against Oklahoma Gas & Electric for abusing of monopoly power ... ICO (Houston, TX), a provider of petrochem processing and oilfield service, acquired Mil Corp Industries, a tubular services company mainly in western Canada ...
(2/18) ... the DOE reported crude oil stocks down 1.7 MMB, big difference compared against API's yesterday report of 2.56 MMB build up ... crude oil price sharply increased in the afternoon as rumors of Tosco to shut down their two big refineries in Marcus Hook, PA and Bayway, TX ... Vintage Petroleum (Tulsa, OK) announced successful wells in Bolivia, one flow tested for 13.5 MMCF/D and 140 B/D and one for 5 MMCF/D and 150 B/D ... Spring Resources (Tulsa, OK) announced their well in the Texas Panhandle tested for an AOF of 11.6 MMCF/D from the Lower Morrow at 11,800 feet ...
(2/17) ... API reported crude oil stocks up 2.56 MMB, distillates stocks up 0.38 MMB, unleaded gasoline stocks down 1.14 MMB, and refinery capacity up 0.4% at 94.4% versus last week's ... Crude oil stocks is at approx 330 MMB and domestic consumption is at 19 MMB per day ... AGA reported a withdrawal of 59 BCF from the natural gas storage, representing a decrease of 1.8% over last week and 58.0% full ... the Energy Information Agency predicted oil price not to increase above $14/BBL until after 2000 ... the DOE announced plan for companies to store oil in the Strategic Petroleum Reserve for a fee in kind ... Chevron resumed the delivery of crude oil from its Kazakh Tengiz fields by tankers over the Caspian sea and then by rail over Azebaijan and Georgia after completion of talks to reduce the rail tarifs ...
(2/16) ... Iraq threatened to attack against U. S. bases in Turkey, Kuwait and Saudi Arabia ... the DOE announced two programs totaling $19 million to help domestic producers access new technologies and to solve field problems ... Mera Petroleum (Calgary) announced 2 natural gas discovery wells, one tested 13 MMCF/D from a recompletion and one tested 1.8 MMCF/D in North Darwin area ... Smith Drilling and Completion (Calgary) agreed to distribute the Wenzel Shock Tool for Wenzel Downhole Tools Ltd. ...
(2/12) ... the DOE reported U. S. oil import averaged 8.55 million barrels per day in 1998, an increase of 8.4% over last year's while domestic production was lowest since 1954 ... Baker Hughes reported U. S. rig count dropped 14 to 544, versus 972 last year's ... oil flow resumed at the Trans Alaska marine terminal after being disrupted for 2 days of bad weather in Valdez and the North Slope ... high winds and bad weather forced the shut down of Mexico's oil ports in Veracruz and Tabasco in the Gulf of Mexico ... Berry Petroleum (Taft, CA) completed the acquisition of the Placerita, California field from Aera Energy for approx $35 million including the steam flood project of 120 producing wells and 56 injectors making 2,800 B/D ...
(2/11) ... Columbia Natural Resources purchased the interest of Virginia Gas Storage Co. in the Haysi gathering system in southwest Virginia for approx $2.7 million ... the Department of Energy and the Department of the Interior plan to add 28 million barrels to the Strategic Petroleum Reserves by accepting royalty payment in oil from offshore properties ... Petroleum Angus reported the spot price for low-sulfur oil used for generating electricity in Eastern U. S. utilities companies hit a new low of 8.63/BBL (20.5 cents per gallon) compared against $11.75/BBL in the 1986 oil price crash ... Spring Resources (Tulsa, OK) announced their well in southeast Greenwood, Arkansas test flowed 11.1 MMCF/D from the Middle Turner formation at 5,500 feet ...
(2/10) ... AGA reported a withdrawal of 93 BCF from the natural gas storage, representing a decrease of 3.0% over last week and 59.8% full ... Queensland Coal Pty Ltd acquired Arco's 80% interest in the Gordonstone coal mine in Queensland, Australia for approx $150 million plus future potential payments and reimbursement for working capital ... Unocal Makassar and Mobil Makassar announced their deep water appraisal well in the West Seno field, offshore West Kalimantan, Indonesia tested a total of 19.344 B/D and 18.6 MMCF/D from 3 zones at 6,700 to 9,000 feet ...
(2/9) ... API reported crude oil stocks down 7.43 MMB, distillates stocks down 1.77 MMB, unleaded gasoline stocks up 2.92 MMB, and refinery capacity up 0.9% at 93.1% versus last week's ... the oil severance tax exemption (SB290) bill passed the Texas Senate going to the House this week ... Union Drilling (Buckhannon, WV) acquired the drilling business of International Petroleum Services Co. (Houston, TX) for approx $5.6 million including 5 drilling rigs ... Kerr-McGee began production from the Janice field, central UK North Sea section expected at 55,000 B/D ... Ness Energy (Willow Park, TX) acquired 100% working interest in the Hased License, covering 35,000 acres in the State of Israel, southwest of the Dead Sea ...
(2/8) ... Weatherford International completed the acquisition of Christiana Co. after receiving the approvals from both companies' stock holders ... Iraqi oil export hit record of 2.53 MMB/D over the last few weeks ... Golden Triangle Industries (Sugarland, TX) acquired 20% interest in six concessions in the Cooper Eromanga Basin covering 4.4 million acres in central Australia ... Callon Petroleum and PetroQuest Energy announced their well in the High Island Block A-494 field, south Texas, tested 20.3 MMCF/D from the Chris S. sand at 8,800 feet ... TransTexas Gas announced their fourth well in the Eagle Bay field, Texas tested 43.4 MMCF/D ...
(2/7) ... Jordan King Hussein died ...
(2/5) ... Jordan King Hussein is clinically death as his brain, liver, and kidneys stopped functioning ... Baker-Hughes' U. S. rig count dropped 4 to a new low of 558 (versus 974 same week last year) ... Chevron and Rutherford-Moran announced plan to merge in which Chevron would acquire all outstanding shares of Rutherford-Moran for approx $91 million ... Orion Refining Corp. is the new name of TransContinental Refining (Houston, TX) ... Showa Shell Sekiyu K. K. and Japan Energy, two leading Japanese oil companies, are in talk for possible merger of their refining units ...
(2/4) ... EOTT Energy Partners signed a letter of intent to acquire crude oil transportation and storage assets in west Texas and New Mexico including 2,000 miles of pipeline from Texas-New Mexico Pipe Line Co. for approx $35 million ... Williams Energy Services is awarded contract to process natural gas from the new Jonah field in southwestern Wyoming by Amoco, McMurry Oil, and MCNIC Oil & Gas Properties ... Esenjay Exploration (Houston, TX) announced their onshore Texas Gulf Coast well tested 9 MMCF and 130 B/D from the Middle Wilcox at 13,500 feet ... Trans-Orient Petroleum (Vancouver) joint ventures were awarded 2 exploration permits in East Coast Basin from New Zealand Minister of Energy covering 90,000 acres and 815,000 acres ...
(2/3) ... AGA reported a withdrawal of 78 BCF from the natural gas storage, representing a decrease of 2.4% over last week and 62.8% full ... Chevron announced first production from the Huizhou 32-5 field in the Pearl River Mouth Basin, South China Sea which was discovered in September 1996 ... Apache announced first production well from offshore Cote d'Ivoire tested 350 MMCF/D absolute open flow from 8,000 to 8,700 feet ... Hegco (Overland Park, KS) acquired the majority of working interest in an eastern Oklahoma project and announced the discovery well in Hughes County, OK tested 1.23 MMCF/D from 1,000 feet ...
(2/2) ... API reported crude oil stocks up 6.12 MMB, distillates stocks down 2.27 MMB, unleaded gasoline stocks up 2.49 MMB, and refinery capacity up 0.5% at 92.2% versus last week's ... Texas Governor called for "emergency" legislation to suspense severance tax on wells making less than 15 B/D when NYMEX sweet crude price drops below $15/BBL and less than 60 MCF/D when NYMEX natural gas price drops below $1.80/MCF for three months ... ARCO Permian and Chevron USA announced plan to combine their oil and gas properties in the Permian Basin in west Texas and southeast New Mexico ... Veritas DGC (Houston, TX) acquired the parent company of Time Seismic Exchange, a Canadian seismic data library company ... SRI Oil and Gas (Montreal) announced bids to acquire all outstanding shares of Hornet Oil & Gas and 167654 Canada, two privately-held Canadian companies ...
(2/1) ... Conoco-operated Banff field and Enterprise-operated Pierce field, both in the U.K. sector of the North Sea commenced production at 20,000 and 34,000 B/D ... Southern Cross Pipelines Australia acquired Normandy Pipelines' 25.49% ownership in the Goldfields Gas Transmission Pipeline in western Australia for approx $92 million, upped their holding to 88.16% ... Power Exploration (Fort Worth, TX) purchased 430 square miles of 3-D seismic and an interest in 140,000 acres in east Texas including a well being drilled by Sonat ... Iraqi President Saddam Hussein offers 25 million dinars (US $14,000) to his solders to shoot down an "enemy" airplane ... On Sunday, an U.S. F-16 launched a high-speed anti-radiation missile at an Iraqi radar system near the city of Mosul in the northern "no-fly" zone. On Saturday, U.S. jet fighters fired missiles on Iraqi defense sites in six incidents in the same area ...
(1/29) ... Iraq's parliament called Saudi Arabia and Kuwait ''lackeys of the United States and Britain'' and urged the people to overthrow their rulers for supporting last month's U.S.-British airstrikes on Iraq ... Baker-Hughes U. S. rig count dropped 26 from last week to the new record low of 562 (119 drilling for oil and 443 for gas) versus 987 during the same week last year ... Venezuela Energy and Mines Minister announced that his country was working with OPEC and other oil producing countries to further cut production ...
(1/28) ... Seeking government helps for the oil sector, Senator Kay Baily Hutchison, R-Texas, proposed a $3/BBL tax credit on the first 3 B/D for domestic wells if oil price drops below $14/BBL and phases out until $17/BBL ... Recent bombing in Iraq by U. S. and British warplanes and missiles caused 4 refineries to shut down temporarily therefore making Iraq to export approx 200,000 B/D more ... Iraq charged that the U. S. was holding up spare parts that were needed to upgrade its oil industry, which was confirmed by Washington that 12 contracts were put on hold ...
(1/27) ... AGA reported a withdrawal of 92 BCF from the natural gas storage, representing a decrease of 2.9% over last week and 65.2% full ... Iraqi Oil Minister blamed Saudi Arabia for the oil price crisis and requested OPEC to cut Saudi's quota by 25% bringing it down to pre-1991 level of 6 MMB/D ... Sheridan Energy (Houston, TX) completed the acquisition of natural gas properties in Sacramento Basin in California from Amerada Hess for approx $58 million ... United States Exploration (Denver, CO) sold 100% of stocks in three wholly owned subisidaries (Performance Petroleum, Pacific Osage, and United States Gas Gathering) for approx $1.8 million ...
(1/26) ... API reported crude oil stocks up 5.38 MMB, distillates stocks down 2.40 MMB, unleaded gasoline stocks down 2.44 MMB, and refinery capacity down 3.8% at 91.7% versus last week's ... Equatorial Energy (Calgary) signed an agreement to acquire certain oil and gas properties in western Canada from Gulf Canada Resources Ltd for approx $72 million ... United Heritage (Cleburne, TX) acquired an option to purchase 7 producing Federal oil and gas units covering over 32,000 acres in southeast New Mexico ... Castex Energy, Kelly Oil & Gas, and Fina announced their well in south Louisiana tested 1,058 B/D and 1 MMCF/D from 17,320 feet and 1,498 B/D and 1.2 MMCF/D from 15,550 feet ...
(1/25) ... U. S. warplanes bombed Iraqi missile sites in both northern and sourthern "no-fly" zones after at least 13 Iraqi aircrafts violated the areas ...Howell Petroleum (Houston, TX) plans to sell its interest in the LaBarge Project (Exxon-operated in southwest Wyoming) for $15.75 million ... Tesoro Petroleum (San Antonio, TX) announced their well in the Bethel Salt Dome in east Texas tested for 3.4 MMCF/D and 343 B/D from 3 Massive and Upper Rodessa zones ... Energy Resources Technology (Houston, TX) acquired operatorship interest in 10 blocks in the Gulf of Mexico from Sonat Exploration ... Canadian Occidental received approval to acquire 20% interest in several offshore Nigeria blocks from Elf ...
(1/22) ... Baker Hughes reported U. S. rig count at 585, the lowest level since record keeping started in 1944 ... Coast Energy Canada completed the acquisition of the crude oil marketing assets of PetroSource Canada (Calgary) ... Tom Brown, Inc. announced moving their headquarter from Midland, TX to Denver, CO ... Canadian Occidental Petroleum acquired Shell's interest in the Eugene Island Block 18 field, upped their holding to nearly 90% ... Enterprise Oil (London) announced their well in the Cerro Falcone field in southern Italy tested 5,435 B/D from the horizontal sidetrack ...
(1/21) ... Union Pacific Resources Group started up a natural gas production, gathering, and processing project in the North Giddings Edwards field to handle their gas production from the Austin Chalk and the Edwards ... Ballard Petroleum acquired Snyder Oil (Fort Worth, TX)'s 55% interest in the Southeast Piceance Project in northwest Colorado for approx $28.8 million ... Seagull Energy (Houston, TX) announced their discovery well in the Gulf of Mexico off Louisiana tested 9.9 MMCF/D and 910 B/D from 9,600 feet ...
(1/20) ... API reported crude oil stocks down 2.16 MMB, distillates stocks down 4.01MMB, unleaded gasoline stocks up 5.44 MMB, and refinery capacity down 2.1% at 95.5% versus last week's ... AGA reported a withdrawal of 203 BCF from the natural gas storage, representing a decrease of 6.4% over last week and 68.1% full ... Dominion Energy (Richmond, VA) acquired San Juan Partners LLC (Houston, TX) 's interest in the Northeast Blanco Federal Unit in San Juan Basin, NM, in the coal seam gas royalty trust, in several gas marketing agreements, etc. ... Young Oil (Knob Lick, KY) hit the 6th Fort Payne well in Overton County, TN producing 107 B/D from 600 feet ... Petro-Canada (Calgary) announced a new gas discovery in the Benjamin Creek area in the Alberta foothills tested 35 MMCF/D from 11,400 feet ...
(1/19) ... Core Laboratories (Houston, TX) plans to purchase all outstanding shares of GeoScience Corp. with cash and stock in a merger transaction ... Burlington Resources' LL&E Algeria, Sonatrach, and Talisman Algeria announced their appraisal well in the Berkine Basin, Algeria test flowed 6,820 B/D and 6.77 MMCF/D ... Clayton Williams Energy (Midland, TX) announced their well in Walker County, TX flowing 7.7 MMCF/D and 59 B/D from a dual horizontal section in the Glen Rose ...
(1/18) ... "Governor Bush, we desperately need your help." Oil producers and workers marched in Austin, TX asked the Governor and the Legislature to "recognize that a state of emergency exists in the industry" and to defend against the "foreign invasion of oil being dumped into Texas and our country."
(1/15) ... Williams Energy (Tulsa, OK) completed the acquisition of 12 petroleum products terminals (in Alabama, Florida, Ohio, Mississippi, North Carolina, South Carolina, and Tennessee) from BP Amoco ... Newport Petroleum (Calgary) completed the acquisition of 7.917% working interest in the Carolina Swan Hills Gas Unit #1 and Carolina Gas Facilities from Union Pacific Resource Group for approx $165 million ... TransCanada Pipelines Ltd (Calgary) plans to sell its wholly owned subsidiary Angus Chemical ... Unocal Thailand's production reaches an average of 1 BCF/D ... Euro Energy plans to acquire 75% interest of Breeding & Associates for approx $2.8 million involving 150,000 acres and 140 wells ...
(1/14) ... Santa Fe Energy Resources (Houston, TX) agreed to acquire Snyder Oil for approx $450 million in stocks and assuming $216 million debt forming a new company, Santa Fe Snyder Corp. ... Saba Petroleum (Santa Maria, CA) and Horizontal Ventures (New York, NY) signed an Agreement and Plan of Merger ... Evergreen Resources acquired the interest of CIS Oil & Gas in the coalbed methane gas in Raton Basin, southern Colorado, for approx $8.5 million ... Westrock Energy Income Fund announced their natural gas well in the Knopcik area of British Columbia tested 14 MMCF/D from the Kistkatinaw formation ...
(1/13) ... AGA reported a withdrawal of 233 BCF from the natural gas storage, representing a decrease of 7.3% over last week and 74.5% full ... Caye Chapel (Nixon, TX) acquired assets of Trend Tool (Houston, TX), a drilling bit manufacturer ... Trans Energy (St. Marys, WV) suspended plan to merge with Natural Gas Technologies (Dallas, TX) ... Peoples Energy Production, a subsidiary of Peoples Energy Corp. (Chicago, Il), opens office in Houston, TX ...
(1/12) ... API reported crude oil stocks up 3.08 MMB, distillates stocks up 0.55 MMB, unleaded gasoline stocks up 6.80 MMB, and refinery capacity down 1.4% at 97.6% versus last week's ... no response from OPEC after Kuwait called for an emergency meeting of OPEC members by moving up the March meeting to mid-February ... Canadian Abraxas Petroleum Ltd acquired 100% of issued and outstanding common shares and associated rights of New Cache Petroleum Ltd ... Caltex Corp. is the new name of Caltex Petroleum, jointly owned by Chevron and Texaco and recently moved to Singapore ... Weatherford International (Houston, TX) acquired West Coast International for approx $18 million ...
(1/11) ... U. S. war planes bombed Iraqi missile sites in the northern "no-fly" zone after being targeted ... Kuwait came on maximum alert at the border after Iraqi Parliament ''holds the Saudi and Kuwait regimes fully responsible for the U.S. and British aggression on Iraq'' and reserves the right to seek compensation ... Saudi Arabia's official news agency and Egyptian Foreign Minister urged Iraqis to overthrow Saddam Hussein ... Nabors Industries (Houston, TX) agreed to acquire Pool Energy Services in a stock-for-stock transaction worth $158 million, resulting in a total of 2,490 land drilling rigs and service rigs plus 60 offshore rigs ... Naftex Operating (Los Angeles, CA) acquired oil and gas properties in the Railroad Gap, Asphalto, and McKittrick fields, Kern County, CA from Chevron ...
(1/8) ... the EIA predicted world oil supply will exceed demand by 100,000 B/D in 1999 but will be short by 500,000 B/D in 2000 ... Leviathan Gas Pipeline Partners LP (Houston, TX) agreed to purchase El Paso Field Services' 49% interest in the Viosca Knoll Garthering Company with pipeline systems in southeast New Orleans, Louisiana for approx $85 million ... an affiliate of Samson Resources completed the acquisition of east Texas natural gas properties from Nuevo Energy for approx $192 million ... the first pipeline system is in operation to transport crude oil from Caspian region of Azerbaijan to a sea port in Georgia ...
(1/7) ... Saybolt, Inc., was fined $3.4 million on federal criminal charge of falsifying reports to the EPA mainly on the oxygen content of Reformulated gasoline ... BP Amoco p.l.c. is the new name for British Petroleum p.l.c. ... Parker Drilling terminated plan to acquire Superior Energy Services ... Pontotoc Production (Ada, OK) completed the acquisition of Philip Boyle, Inc. involving interest in 49 oil and gas properties in Oklahoma ... Costilla Energy (Midland, TX) announced their well in the Southwest Speaks field, Lavaca County, TX tested 25 MMCF/D from 15,000 feet ... Midcoast Energy Resources agreed to acquire Flare LLC (Columbia, MS), a natural gas processing company, and Dufour Petroleum (Petal, MS), a crude oil and CO2 transportation and marketing company, for approx $14.4 million ...
(1/6) ... AGA reported a withdrawal of 158 BCF from the natural gas storage, representing a decrease of 4.9% over last week and 81.8% full ... U. S. fighter planes shot missiles at Iraqi planes in two separate incidents during their patrols of the southern "no-fly" zones ... TransCanada Midstream (Calgary) purchased Alberta Energy Co.'s 49.995% share interest in PanAlberta Resources for approx $35 million plus $7 million debt ... Future Petroleum (Dallas, TX) acquired Chevron's 25.8% interest in the South Coles Levee Unit in Kern County, CA for approx $3.5 million ... Gulf Indonesia, Talisman (Corridor), and Pertamina announced their gas discovery well located in south Sumatra tested 43 MMCF/D and 365 B/D from 2 zones ...
(1/5) ... API reported crude oil stocks down 14.92 MMB, distillates stocks up 3.85 MMB, unleaded gasoline stocks up 0.74 MMB, and refinery capacity up 2.2% at 99.0% versus last week's ... Kaneb Pipe Line Partners (Dallas, TX) acquired a pipeline and a terminal in Iowa and South Dakota from Amoco and a pipeline in Nebraska from General Electric Capital Corp. ... Entell NGL Services, LLC is the new joint venture between Tejas Natural Gas Liquids and Enterprise Products Partners to transport and distribute NGL in southern Louisiana ...
(1/4) ... Black Hill Exploration & Production is the new name of Western Production Co. being a subsidiary of Black Hill Corp. ... Pennzoil-Quaker State Co. is the new company formed by the merger between Pennzoil's motor oil and refined products and Quaker State ... Fortune Natural Resources and 3DX Technologies terminated merger talk ... Midcoast Energy Resources (Houston, TX) purchased the Mendota natural gas gathering system from Seagull Energy and the Tynan system from Texas Southeastern for approx $4.55 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