The Oil Daily back issues from January 1998:
PDVSA prepares to slash role in retail market.(Petroleos de Venezuela S.A.)
Jan 02, 1998; ... Venezuelan national oil company Petroleos de Venezuela S.A. (PDVSA) is preparing to cede as much as 50% or more of the domestic fuels market following a presidential decree allowing private participation in the retail sector, according to top PDVSA officials.At around 350,000 b/d, ...
California sets March 31 as new start date.(open competition in the retail electricity market, March 31, 1998)
Jan 02, 1998; ... Open competition in California's retail electricity market has been pushed back to March 31 from Jan. 1 to allow the California Power Exchange (PX) and California Independent System Operator (ISO) to solve their computer software problems (TOD, 12-30-97, p.1)."We will continue our ...
Crude futures consolidate position: heating oil gains on cold weather.(Brief Article)
Jan 02, 1998; ... Crude oil prices ended the day little changed in New York on Tuesday after the previous day's free fall, though refined products moved in opposite directions ahead of weekly inventory reports.Expectations for American Petroleum Institute (API) stock figures were mixed, though many ...
Saudis hold crude price projection steady in 1998 budget plan.(Saudi Arabia)
Jan 02, 1998; ... Saudi Arabia's 1998 budget, unveiled by King Fahd on Dec. 29, provides precious little indication of the crude oil prices it envisions this year.In projecting its 1998 income -- 90% of which derives from oil exports -- the kingdom appears to be banking on an average price for its ...
EPA's withdrawal of cleanup proposal draws AGA's praise.(American Gas Association, Environmental Protection Agency, 'Guidance on State Voluntary Cleanup Programs')(Brief Article)
Jan 02, 1998; ... The American Gas Association (AGA) says the Environmental Protection Agency's (EPA) decision to withdraw its proposed "Guidance on State Voluntary Cleanup Programs" is the right thing to do."EPA's decision to withdraw this guidance was a sound one," said Pamela Lacey, AGA managing ...
Oiltec abandons Red River well.(Oiltec Resources Ltd.)(Brief Article)
Jan 02, 1998 ... Oiltec Resources Ltd. said its third Red River well at Brough, Saskatchewan, has been abandoned after encountering uneconomic pay zones.A fourth location at Weir Hill, Saskatchewan, is licensed and is scheduled for spudding Jan. 2, the company said.Oiltec said its first ...
Western hemisphere holds its own in ranking of top oil, gas firms.
Jan 02, 1998; ... North and South American companies generally stood their ground in 1996, according to a study published annually by The Oil Daily's sister newsletter, Petroleum Intelligence Weekly, ranking the world's 50 largest oil and gas firms.The study is based on 1996 operational data from ...
Fujimori hands Hokama third stint as Peruvian Energy Minister.(President Alberto Fujimori, Daniel Hokama)(Brief Article)
Jan 02, 1998; ... A familiar face returned to the Peruvian Energy Ministry on Tuesday as President Alberto Fujimori handed Daniel Hokama the portfolio for the third time in 30 months.In this latest round of cabinet musical chairs, Hokama was switched from his job as presidency minister -- the post ...
Core closes Stim-Lab purchase. (Core Laboratories N.V. purchases Stim-Lab Inc.)(Brief Article)
Jan 02, 1998 ... Core Laboratories N.V. of Houston has completed its acquisition of privately held Stim-Lab Inc. through a tax-free stock that strengthens Core's range of production-enhancement services, officials said Monday.Stim-Lab, based in Duncan, Okla., will continue operating under that ...
Mobil goes portable with LNG project plan; floating facility to offer several advantages.(liquid natural gas, Mobil Oil Corp.)(Brief Article)
Jan 02, 1998; ... Mobil Oil Corp., which has operated one of the world's largest liquefied natural gas (LNG) projects for two decades, is about to take the LNG business offshore.The company is performing design and engineering work for what it expects to be the first floating LNG plant, said Marie ...
Vintage names George CEO.(Vintage Petroleum Inc., S. Craig George)(Brief Article)
Jan 02, 1998 ... Vintage Petroleum Inc. has named president S. Craig George to the additional position of chief executive, a post previously held by Jo Bob Hille, who will ...
Sable Island fields get final OK.(Canada-Nova Scotia Offshore Petroleum Board, natural gas fields off Sable Island)(Brief Article)
Jan 02, 1998 ... The Canada-Nova Scotia Offshore Petroleum Board on Tuesday gave the green light -- with some conditions -- to the development of natural gas fields off Sable Island.The action represents the final regulatory hurdle for the C$3 billion (US$2 billion) project, which is controlled by ...
Penn Octane wins Mexican orders.(for 450 vehicles powered by compressed natural gas)(Brief Article)
Jan 02, 1998 ... Penn Octane Corp. announced Tuesday that it has received orders to provide 450 vehicles powered by compressed natural gas (CNG), subject to acceptable financing terms, to the Union de Credito Industrial Comercial y de Servicios del Estado de Mexico S.A. de C.V., the credit union for one of ...
Justice eyes Safety-Kleen deal.(planned merger with SK Parent Corp.)(Brief Article)
Jan 02, 1998 ... Safety-Kleen Corp. announced Monday that it has received a request for additional information from the Justice Department's antitrust division regarding its planned merger with SK Parent Corp. (TOD, 12-26-97, p.5).Safety-Kleen received a similar request for additional information ...
Williams unit buys terminal.(petroleum product terminal from Mobil Oil Corp.)(Brief Article)
Jan 02, 1998 ... Williams Cos. Inc. said Monday that one of its units has bought a petroleum product terminal in Dallas from Mobil Oil Corp.Terms were not disclosed.The terminal has more than 200,000 bbl of storage capacity and a three-spot bottom-loading rack for gasoline ...
Cliffs buys 3 offshore rigs.(Cliffs Drilling Co., from Well Services (Marine) Ltd.)(Brief Article)
Jan 02, 1998 ... Houston-based Cliffs Drilling Co. said Tuesday that it has completed its acquisition of three offshore drilling rigs and related assets in Trinidad for $44 million in cash and stock.The deal gives Cliffs two offshore platform rigs, one self-propelled jackup drilling/workover rig ...
Southern buys Indiana plant.(Southern Energy Inc., from Commonwealth Edison)(Brief Article)
Jan 02, 1998 ... Southern Energy Inc., a subsidiary of Atlanta-based Southern Co., announced Tuesday that it has completed its purchase of the State Line generating station in Hammond, Ind., for $68 million.Southern Energy acquired from Chicago-based Commonwealth Edison (ComEd) ...
Paramount closes purchase.(Paramount Resources Ltd., Reserve Royalty Corp. natural gas properties)(Brief Article)
Jan 02, 1998 ... Paramount Resources Ltd. of Calgary announced Monday that it has completed the acquisition of producing natural gas properties from Reserve Royalty Corp. for C$73 million (US$50.9 million).The properties, which previously were owned by Jordan Petroleum ...
Evans considers its future.(hires Dresner Investment Services to develop strategies)(Brief Article)
Jan 02, 1998 ... Evans Systems Inc. announced Monday that it has hired Dresner Investment Services of Chicago to advise it on strategic and financial options, including recapitalization, sales, mergers, acquisitions and joint venture opportunities.Earlier this month, Bay City, Texas-based Evans ...
Repsol increases Astra stake.(Astra Capsa)(Brief Article)
Jan 02, 1998 ... Spanish oil and energy group Repsol S.A. said Tuesday that it has increased its stake in Argentine oil company Astra Capsa to 56.7% from 47.5% in deals worth $170.5 million.A Repsol spokeswoman said the company acquired 2% of Astra in November through the Argentine stock market and ...
Harken completes Colombian sale.(Harken Energy Corp. sells 1.4% net profits interest in its Middle Magdalena Basin project, in Colombia to three European investment groups)(Brief Article)
Jan 02, 1998 ... Oil company Harken Energy Corp. on Tuesday completed the sale of a 1.4% net profits interest in its exploratory drilling program in the Middle Magdalena Basin in Colombia for $7 million.The selling of the interest to three European investment groups followed an earlier transaction ...
Perez, Enron plan gas pipeline.(Perez Companc S.A. forms consortium with Enron Corp., plans to bid on construction of gas pipeline from Uruguay to Argentina)(Brief Article)
Jan 02, 1998 ... Argentine energy conglomerate Perez Companc S.A. said Tuesday that it has formed a consortium with a unit of Enron Corp. to bid on a contract to construct a natural gas pipeline from Argentina to Uruguay.Perez Companc said in a letter to the Buenos Aires Stock Exchange that it and ...
Penn Octane boosts LPG sales.(liquified petroleum gas)(Brief Article)
Jan 02, 1998 ... Penn Octane Corp. projected Tuesday that its sales of liquefied petroleum gas (LPG) in December would exceed 9 million gallons, the largest volume of LPG the company has ever shipped, based on results through Dec. 28.The company attributed the increased sales to a recently ...
Triton gets Cakerawala OK.(Triton Energy Ltd.)(Brief Article)
Jan 02, 1998 ... Triton Energy Ltd. said Tuesday that its plan to develop the Cakerawala field in the Gulf of Thailand was approved by the Malaysia-Thailand Joint Authority.The plan calls for the development of nearly 2 Tcf of natural gas, with production to begin in the fourth quarter of 2000, ...
Wetlands ruling gives opening to reformers.
Jan 06, 1998; ... For the second year in a row, a court ruling is propelling wetlands reform near the top of the congressional agenda.A December ruling from a U.S. Circuit Court of Appeals overturned the conviction of Maryland business owner James F. Wilson for illegally filling in wetlands -- and ...
Iraqi crude exports possible by week's end.(delay related to United Nations' approval of humanitarian aid to Iraq)
Jan 06, 1998; ... With the United Nations expected to sign off on the third phase of the Iraqi aid distribution plan late Monday, Baghdad may resume oil exports by the end of the week.As with the second phase of the oil-for-food sales, Baghdad had linked the resumption of exports to the United ...
Speculators push crude futures price down 54 cents/bbl to 2-year low.
Jan 06, 1998; ... Oil prices tumbled Monday, the primary motivation apparently coming from paper-market traders shorting the market and profiting from a price decline.The near-month crude futures price on the New York Mercantile Exchange (Nymex) fell to its lowest level in more than two years, two ...
YPF to build stations at Argentine markets.(auto service stations)
Jan 06, 1998 ... Argentina's YPF S.A. has taken a leaf out of the European oil company handbook, last week announcing that it has signed agreements with rival supermarket chains Supermercados Jumbo of Chile and Wal-Mart of the United States to open service stations on properties outside the two chains' ...
Gas' soft price trend carries into January as warm northern weather drives market.
Jan 06, 1998; ... While late-December spot-market deals for natural gas last week kept prices nearly flat with the week before, the January nomination period brought lower prices than the December bid week and signaled the continuation of a downward trend.The market seems to be taking a wait-and-see ...
Maverick Tube leads share price gainers; demise of Argosy merger hurts Saba stock.(Argosy Energy International, Saba Petroleum Co.)
Jan 06, 1998; ... Share prices in energy companies notched up moderate gains last week as The Oil Daily 30 Composite index traced the performance of the Dow Jones Industrial Average for another week.The Dow rose 228.94 points, or about 3%, during the holiday-shortened New Year's week.The ...
NTSB pipe study says federal rules may cut reporting of accidents.(National Transportation Safety Board on pipeline accidents)
Jan 06, 1998; ... A new National Transportation Safety Board (NTSB) study on excavator damage control says loose federal guidelines may lead to a lack of solid data and a possible underreporting of pipeline accidents.The report, "Protecting Public Safety Through Excavation Damage Prevention," which ...
BP, Shell attempt new cooperative approach to activist groups.(British Petroleum Company PLC, Royal Dutch/Shell Group and non-governmental organizations address oil companies' way of conducting business)
Jan 06, 1998; ... After circling one another warily for months, British Petroleum Co. plc (BP), Royal Dutch/Shell Group and a clutch of nongovernmental organizations (NGOs) are working to find a modus vivendi that will accommodate both the commercial ambitions of the oil companies and the NGOs' desire to see ...
Shift at top of Cabot Oil & Gas won't change company's course.
Jan 06, 1998; ... The chief executive succession plan that Cabot Oil & Gas Corp. implemented last month won't mean much change at the Houston-based independent natural gas producer.But then no major change is necessary, company officials and industry analysts say."Cabot is headed in the ...
Peru OKs development deals.(oil block development contracts with Perez Companc and Coastal Corp.)
Jan 06, 1998 ... The Peruvian government on Monday authorized the signing of two oil block development contracts with Coastal Corp. and Argentina's Perez Companc.Official daily El Peruano published decrees allowing state-owned hydrocarbon licensing firm Perupetro to sign deals with Coastal to ...
Mexico sets oil export record. (Nov. 1997)
Jan 06, 1998 ... Mexico saw crude oil and natural gas production dip in November while it exported a record amount of crude for the month, oil monopoly Petroleos Mexicanos (Pemex) said in a report Monday.Pemex reported November crude output of 3.085 million b/d, up from 2.859 million b/d a year ...
Fluor Daniel awarded contract.(with Petrolera Ameriven S.A. for engineering services)
Jan 06, 1998 ... Fluor Corp. announced Monday that its Fluor Daniel unit received a $12 million contract to provide a basic engineering package for Petrolera Ameriven S.A.'s proposed crude upgrader at Jose, Venezuela.Fluor Daniel said the basic engineering will allow Petrolera Ameriven to confirm ...
Group wins Argentine contract.(JGC Corp., Saipem S.p.A. and Argentine engineering firm sign contract for natural gas processing plant and pipeline construction in Argentina)
Jan 06, 1998 ... Japan's JGC Corp., Italy's Saipem S.p.A. and an Argentine engineering company have won an informal order to build a natural gas processing plant and a pipeline in Argentina, press reports in Tokyo say.The consortium will construct core facilities ...
Saudis cut Arab, Berri crude.(Arab Medium crude price)
Jan 06, 1998 ... Saudi Arabia cut the official U.S. selling price for February liftings of Arab Medium crude by 30 cents/bbl, to West Texas Intermediate (WTI) minus $4.50, traders said. ...
Tesoro extends Alaska reach.(Tesoro Alaska Petroleum Co. buys Union 76 interests in Alaska from Tosco Corp.)
Jan 06, 1998 ... Tesoro Alaska Petroleum Co. announced last week that it has completed the purchase of Union 76 marketing interests in Alaska from Tosco Corp.The purchase consists of a 100,000 bbl-capacity terminal in Ketchikan, and three retail motor fuel outlets, two in Juneau and ...
Grey Wolf signs Murco deal.(Grey Wolf Inc. to purchase Murco Drilling Corp.)
Jan 06, 1998 ... Drilling operator Grey Wolf Inc. said Monday that it has signed an agreement to buy all the outstanding common stock of Murco Drilling Corp. for $56.4 million plus assumed net liabilities of $8.6 million.The previously announced deal (TOD, 12-12-97, p.5) gives Grey Wolf 10 drilling ...
Tesoro buys stakes in 3 fields.(Tesoro E&P Company L.P. acquires interests in natural gas fields in East Texas)
Jan 06, 1998 ... Tesoro Petroleum Corp. affiliate Tesoro E&P Co. L.P. said Monday that it bought interests in three natural gas fields in East Texas from undisclosed parties for about $5.1 million.The San Antonio company bought the Carthage field in Panola County, the Woodlawn field in Harrison ...
Sunoma pushes Orbit tender offer.(Sunoma Energy Corp. to purchase Orbit Oil & Gas Ltd.)
Jan 06, 1998 ... Sunoma Energy Corp. on Monday urged shareholders of Orbit Oil & Gas Ltd. to accept its previously announced C$1.70/share all-cash takeover offer, scheduled to expire Wednesday.However, the Orbit board has unanimously recommended and continues to recommend that shareholders not ...
FieldPoint closes Bass purchase.(FieldPoint Petroleum Corp., Bass Petroleum Inc.)
Jan 06, 1998 ... Austin, Texas-based FieldPoint Petroleum Corp. last week closed the acquisition of Bass Petroleum Inc. (BPI).Under the plan, FieldPoint issued 4 million unregistered common shares to BPI shareholders in exchange for 8.7 million shares of capital stock of BPI. ...
KN unit buys Red Cedar Gathering.(KN Gas Gathering Co.)
Jan 06, 1998 ... KN Energy Inc. said Monday that its KN Gas Gathering Co. subsidiary bought an interest in the Red Cedar Gathering Co., a natural gas system that gathers 440 MMcfd of gas on the Southern Ute Indian Reservation in La Plata County, Colo., from Little Rock, Ark.-based Stephens Group Inc. for an ...
Newpark reopens Todd Shipyard.(Newpark Marine Fabricators Inc.)
Jan 06, 1998 ... Newpark Marine Fabricators Inc., a division of First Wave Marine Inc., announced Monday that it has reopened the old Todd Shipyard facility on Pelican Island in Galveston, Texas, and committed more than $20 million to upgrade the facility.Newpark, which provides barge and boat ...
Shakeout in turnkey work claims new victim.(Transocean Offshore Inc. to cease oil drilling operations in Gulf of Mexico due to financial losses)
Jan 07, 1998; ... After losing money on turnkey drilling in the Gulf of Mexico during all of 1996 and most of 1997, Transocean Offshore Inc. is set to become the second company to turn its back on turnkey work in the U.S. Gulf in less than a year.On Tuesday, Houston-based Transocean said it would ...
Analysts cut 1998 forecasts for oil majors.(1998 earnings forecasts)
Jan 07, 1998; ... With crude oil prices dipping to two-year lows on both sides of the Atlantic and bearish news mounting on nearly all fronts, several analysts are rushing to revise their 1998 earnings projections for major oil companies.As of Monday's close, prices for West Texas Intermediate (WTI) ...
Petroleum futures prices stall as bearish sentiment blocks rally.(New York Mercantile Exchange's prices for crude oil and refined petroleum products)
Jan 07, 1998; ... A weak rally in the New York energy futures market pooped out Tuesday as heavily bearish sentiment dominated crude oil and refined product prices.With most potential buyers refusing to join in the action, the crude cash markets ended the day little changed."The market in ...
Survey shows tight margins putting squeeze on gasoline marketers.(Petroleum Marketers Association of America)
Jan 07, 1998; ... For the typical U.S. marketer of petroleum products, profits in 1996 took a dive, according to the latest annual financial survey for the Petroleum Marketers Association of America (PMAA).Gasoline profits were the primary problem, despite the high prices that most consumers saw at ...
New open-access rules for Mexico due in spring. (1998)(Petroleos Mexicanos' operations of natural gas pipeline system)
Jan 07, 1998; ... Definitive rules governing the new open access regime in Mexico's natural gas industry won't be determined for at least two months, says Hector Olea, chairman of Mexico's Energy Regulatory Commission (CRE).The rules will set out the way state oil company Petroleos Mexicanos ...
Semisubmersible dayrates near threshold for new construction.(offshore semisubmersible rigs)
Jan 07, 1998; ... Offshore semisubmersible rigs that drilling contractors couldn't give away a few years ago now command daily rental rates almost high enough to justify new construction, industry experts say."The ideal situation would be to have a drilling contract in hand before building any rig ....
Michigan sues Terra Energy.
Jan 07, 1998 ... State officials have filed a $2 million lawsuit against the largest natural gas driller in Michigan, claiming the company cheated the state out of hundreds of thousands of dollars.But the company, Terra Energy Ltd., claims the state owes it and several other parties slightly more ...
Newpark, Barita enter venture.(Newpark Resources Inc., Barita de Santa Rosa)
Jan 07, 1998 ... Newpark Resources Inc. announced Tuesday that it has entered into a 50-50 joint venture with Barita de Santa Rosa (Barosa), a private company in Monterrey, Mexico, to provide drilling-fluids products and services to the Mexican market under the Newpark-Barosa name.Terms of the ...
Peru output falls slightly.(crude oil and natural gas production in 1997)
Jan 07, 1998 ... Peru produced an average of 118,239 b/d of crude oil throughout 1997, down slightly from 118,270 b/d the previous year, the Energy and Mines Ministry said Tuesday.Peru's natural gas output last year averaged 23.37 MMcfd, ...
Nymex lowers gas margins.(New York Mercantile Exchange's prices for Henry Hub natural gas contracts)
Jan 07, 1998 ... The New York Mercantile Exchange (Nymex) said Tuesday that it will decrease the margins on its Henry Hub natural gas contracts as of the close of business ...
Boots & Coots buys division.(Boots & Coots International Well Control Inc. purchases supply and logistics unit of International Tool & Supply Co.)
Jan 07, 1998 ... Boots & Coots International Well Control Inc. has bought the logistics and supply division of International Tool & Supply Co. Inc. in a move to enhance its worldwide operations.Terms of the acquisition were not disclosed."We see this as providing a firm and diversified ...
Costilla announces sale, purchase.(Costilla Energy Inc. sells gas and oil properties to Concho Resources Inc. and acquire properties from Manti Resources Inc.)
Jan 07, 1998 ... Costilla Energy Inc. announced Tuesday that it sold certain oil and gas properties to Concho Resources Inc. of Midland, Texas, for about $17 million.Costilla said the divestiture includes its nonoperating properties in the Permian Basin of West Texas.Costilla also said ...
Pension funds buy into Enron unit.(Ontario Teachers Pension Plan Board, California Public Employees Retirement System, Enron Energy Services)
Jan 07, 1998 ... Enron Corp. has completed the sale of a 7% common equity interest in its retail electric business to two large pension funds for $130 million, the company said in a news release Tuesday.The Ontario ...
Algoma buys 4 Imperial tankers.(Algoma Tankers Ltd., Imperial Oil Ltd.)
Jan 07, 1998 ... Algoma Central Corp. said Monday that its Algoma Tankers Ltd. unit acquired four tankers from Imperial Oil Ltd. for C$13 million (US$9 million).The company said it also won a long-term contract to transport Imperial Oil liquid products."This acquisition is part of our ...
Hvide to buy Kirby tug fleet.(Hvide Marine Inc.)
Jan 07, 1998 ... Hvide Marine Inc. has signed a letter of intent to acquire the seven-vessel harbor tug fleet of Kirby Corp., together with two product tankers and a topside repair facility in Port Arthur, Texas, for $31.4 million.Hvide Marine said last week that it expects to close the transaction ...
Gulf Island buys Southport.(Gulf Island Fabrication Inc.)
Jan 07, 1998 ... Gulf Island Fabrication Inc. of Houma, La., announced Monday that it has acquired Southport Inc., which specializes in the fabrication of living quarters for offshore platforms. ...
Bonus acquires 2 companies.(Bonus Resource Services Corp., Bounty Oilwell Servicing Ltd., Southern Well Servicing Ltd.)
Jan 07, 1998 ... Bonus Resource Services Corp. announced Monday that it has acquired six double service rigs and associated equipment through the acquisition of the shares of Bounty Oilwell Servicing Ltd. and the assets of Southern Well Servicing Ltd.The purchase took effect Dec. 31 for cash and ...
Orbit extends separation time.(Orbit Oil & Gas Ltd.'s shareholder rights plan)
Jan 07, 1998 ... Orbit Oil & Gas Ltd. said its board has extended the separation time of the rights issued under its shareholder rights plan.Orbit said the separation time has been extended to the time immediately before Sunoma Energy Corp. causes a ...
Northrock, Gulf Canada team up.(Northrock Resources Ltd. and Gulf Canada Resources Ltd. to explore oil and gas fields of Alberta)
Jan 07, 1998 ... Northrock Resources Ltd. and Gulf Canada Resources Ltd. said Tuesday that they have executed a formal agreement to establish a strategic alliance to explore and develop an extensive land base in west-central Alberta.The companies said the agreement, which has an effective date of ...
Cotton Valley closes financing.(Cotton Valley Resources Corp. to conclude private placement of convertible debentures)
Jan 07, 1998 ... Cotton Valley Resources Corp. announced Tuesday that it closed the private placement of $4.32 million of its 7% secured convertible debentures to a group of eight investment firms led by a Fort Worth, Texas, institutional energy investor.Initial funds were used to complete the ...