The Oil and Gas Journal articles from April 1996

The Oil and Gas Journal archives from April 1996

As the scramble for petroleum industry investment capital continues apace around the world, analysts are sizing up the best prospects. (Robertson Research International Ltd. survey)(Brief Article)
April 1, 1996... As the scramble for petroleum industry investment capital continues apace around the world, analysts are sizing up the best prospects. Venezuela is the country most favored by international oil companies for new E&P ventures in 1996. This is...

Russian oil companies are worth three to four times their current stock market valuation. (1996)(Brief Article)
April 1, 1996... Russian oil companies are worth three to four times their current stock market valuation, says Salomon Bros.' Jeremy Hudson. He tells OGJ previous evaluations of Russian oil reserves and production, based on comparison with equivalent western...

ARCO last week signed a cooperation agreement with Lukoil to jointly develop oil and gas projects in the former Soviet Union. (Atlantic Richfield Co.; Mar 1996)(Brief Article)
April 1, 1996... Perhaps mindful of that, ARCO last week signed a cooperation agreement with Lukoil to jointly develop oil and gas projects in the former Soviet Union. Lukoil will own 54% of the venture and ARCO 46%, although ARCO will provide most of the...

Shell Salym Development BV and Russia's AONK Evikhon have formed a venture to develop the Salym group of oil fields in western Siberia's Khanty-Mansiisk.(Brief Article)
April 1, 1996... Shell Salym Development BV and Russia's AONK Evikhon have formed a venture to develop the Salym group of oil fields in western Siberia's Khanty-Mansiisk autonomous okrug. Salym Petroleum Development NV will develop and operate Upper Salym, West...

U.K. gas industry regulator Office of Gas Supply has issued nine firms licenses to supply gas to homes in Southwest England under a pilot scheme for full market liberalization.(Brief Article)
April 1, 1996... U.K. gas industry regulator Office of Gas Supply has issued nine firms licenses to supply gas to homes in Southwest England under a pilot scheme for full market liberalization. The U.K. residential market Apr. 29 will receive its first gas...

Norway looks set to cut the amount of gas sales allocated to the Aasgard project off Central Norway and let Oseberg associated gas make up the difference.(Brief Article)
April 1, 1996... Norway looks set to cut the amount of gas sales allocated to the Aasgard project off Central Norway and let Oseberg associated gas make up the difference. In January operator Staroil sanctioned development of Aasgard after Norway's gas supply...

Papua New Guinea's second hydrocarbon export project has taken a big step toward fruition. (gas pipeline; feasibility study)(Brief Article)
April 1, 1996... Papua New Guinea's second hydrocarbon export project has taken a big step toward fruition. Chevron Niugini signed a cooperation agreement with a unit of International Petroleum Corp., Vancouver, B.C., to study feasibility of laying a gas pipeline...

A novel agreement between BP and Alaska will flash a green light for the latest marginal oil field development in the state. (Northstar field)(Brief Article)
April 1, 1996... A novel agreement between BP and Alaska will flash a green light for the latest marginal oil field development in the state. For another novelty, development of offshore Northstar field on federal and state leases 6 miles north of Prudhoe Bay...

The continuing resolution budget bill pending in Congress proposes DOE sell 15-17 million bbl of oil from the Strategic Petroleum Reserve by Oct. 1 to raise $292 million. (Department of Energy; 1996)(Brief Article)
April 1, 1996... The continuing resolution budget bill pending in Congress proposes DOE sell 15-17 million bbl of oil from the Strategic Petroleum Reserve by Oct. 1 to raise $292 million. Sen. Bennett Johnston (D-La.) said, "Industry analysts suggest that putting...

Tenneco may divest its energy unit. (Tenneco Energy)(Brief Article)
April 1, 1996... Tenneco may divest its energy unit. The conglomerate, which recently disclosed plans for a tax free spinoff of its shipbuilding unit, plans to sell, spin off, or form a strategic alliance for its energy unit. Tenneco Energy, which includes an...

Okies cleaning up. (Oklahoma Energy Resources Board; orphan abandoned wellsite pollution)(Column)
April 1, 1996... Oklahoma's oil producers really are "cleaning up" these days. As in making a lot of money? Well, hardly, although watching Oklahoma sweet crude spot prices top $21/bbl recently has brightened many an Okie producer's day. In this instance,...

A strategy for incentives. (government incentives for oil and gas producers)(Editorial)
April 1, 1996... At last, the U.S. oil and gas producing industry has a pattern for political success. Learning as it went along, the industry late last year won relaxation of the federal royalty bite on production from deep waters of the Gulf of Mexico. A...

BLM eyes producing states for control of onshore federal leases. (Bureau of Land Management; oil and gas)
April 1, 1996... The U.S. Bureau of Land Management plans to begin talks with producing states on how it can delegate to them control over onshore federal oil and gas leases. The move is part of a BLM campaign to make its processes more efficient as it...

Mobil-UMC extends Equatorial Guinea oil field. (United Meridian Corp.)(Brief Article)
April 1, 1996... Units of Mobil Corp. and United Meridian Corp. (UMC), Houston, have gauged more than 11,000 b/d of oil at a field extension off Equatorial Guinea. Mobil-UMC's 1 Topacio well flowed 11,055 b/d of 28.5 degrees gravity oil and 4.2 MMcfd of gas...

Newfoundland frontier draws hefty tract bids. (oil exploration parcels)
April 1, 1996... A sizzling play in western Newfoundland has attracted more than $21 million (Canadian) in bids for acreage the province is offering for exploration. Companies made bids representing work commitments worth a total $21,015,702 for 29 parcels...

Privatization, E&D action heating in Peru. (exploration and development; oil and gas)
April 1, 1996... Privatization efforts and exploration/development activity are picking up speed in Peru. Petroperu SA's privatization committee was scheduled to begin selling bid documents for Petroperu's production license contract in jungle Blocks 8 and 8X...

Cupiagua field well cuts thickest oil column. (oil exploration and development; Columbia)(Brief Article)
April 1, 1996... A Cupiagua field well has established a gross oil pay of 5,508 ft, the thickest oil column in Colombia. Triton Energy Corp., Dallas, reported the 5 Cupiagua well confirmed the presence of additional off bearing Eocene Mirador strata in a second...

House measure would expand U.S. sanctions. (House of Representatives; development of Iranian and Libyan oil and gas resources)(Brief Article)
April 1, 1996... A House of Representatives committee has unanimously approved a bill to expand U.S. sanctions against Iran and Libya. The goal is to keep non-U.S. companies from helping to develop Iranian and Libyan oil and gas resources. The U.S. Senate...

Spill response. (draft bill to prevent oil spills)(Column)
April 1, 1996... These days you can bet that any oil spill off the U.S. will spawn some legislation in Congress. You can double your bet when the spill occurs off Rhode Island because John Chafee (R-R.I.) chairs the Senate environment and public works...

Gulf of Thailand wildcat flows high CO2 gas. (exploratory oil wells; carbon dioxide content)
April 1, 1996... A group of companies that includes Pogo Producing Co., Houston, has tested gas with a high carbon dioxide content in its latest discovery on Block B8/32 in the Gulf of Thailand. Pogo reported the group's 2 Pakakrong wildcat flowed a combined...

Apache, Phoenix agree to merge. (Phoenix Resources Companies Inc.)(Brief Article)
April 1, 1996... Apache Corp., Houston, and Phoenix Resource Cos. Inc., Oklahoma City, last week disclosed plans to merge by midyear in a deal that will expand Apache's international holdings. Phoenix shareholders are to receive three fourths of one share of...

DOE completes sale of Weeks Island oil. (Department of Energy; Strategic Petroleum Reserve site in Louisiana)(Brief Article)
April 1, 1996... The U.S. Department of Energy has finished its sale of oil from the Weeks Island, La., Strategic Petroleum Reserve site, which is being closed due to a geologic fracture (OGJ, Mar. 18, p. 32). DOE said a recent rise in oil prices allowed it to...

Brent spar disposal on the Internet. (Shell U.K. Exploration & Production)(Column)
April 1, 1996... Shell U.K. Exploration & Production opened a web site on the Internet Mar. 22 to provide information and enable debate about abandonment of the idle Brent spar loading buoy. Controversy over a plan to dump the spar in the Atlantic Ocean and...

Alternative fuel vehicle fleets to expand in U.S. (rule applies to state governments and specified companies)(Brief Article)
April 1, 1996... The U.S. Department of Energy has issued a rule, required by the 1992 Energy Policy Act, that will require states and certain companies to add more alternative fuel vehicles (AFVs) to their fleets. The rule orders 30% of affected alternative...

Crude inventories reflect U.S. refiners' revamped strategy.
April 1, 1996... Low u.s. crude oil inventories reflect refiners' just-in-time strategies in a well supplied market where risk management and hedging play larger roles. Such strategies lead inevitably to more volatile crude and products prices. But with most...

Japan's. (Marubeni Corp., Mitsui & Co. venture with Petroleo Brasileiro S.A.)(Refining)(Brief Article)
April 1, 1996... Japan's Marubeni Corp. and Mitsui & Co. are leading a $1.5 billion Japanese venture with Petroleos Brasileiro SA to build a 200,000 b/d in Brazil. It would be the country's largest and located probably in northern or northeastern Brazil....

Chevron U.S.A. Inc. (Perth Amboy, New Jersey, refinery emissions compliance)(Refining)(Brief Article)
April 1, 1996... Chevron U.S.A. Inc. brought its Perth Amboy, N.J., refinery into compliance with federal Clean Air Act standards for sulfur oxide emissions, cutting them by about 200 tons/year. It also paid almost $700,000 in penalties for violating the emission...

Pacific Gas Transmission Co. (requests shipping cost equalization)(Pipelines)(Brief Article)
April 1, 1996... Pacific Gas Transmission Co. (PGT) asked the U.S. Federal Energy Regulatory Commission to approve a negotiated settlement to gradually equalize costs for all shippers. it would level costs during an 8 year phase-in for shippers using the original...

Shell U.K. Exploration & Production. (contract for water injection pipeline)(Pipelines)(Brief Article)
April 1, 1996... Shell U.K. Exploration & Production let contract to Coflexip Stena Offshore Ltd., Aberdeen, to replace a water injection pipeline between Tern and Eider platforms in the northern North Sea. The 16 in. replacement pipeline will have a plastic...

Norske Shell AS. (contract to simulate export pipeline for offshore gas field)(Pipelines)(Brief Article)
April 1, 1996... Norske Shell AS let a $375,000 contract to Morrison McLean Associates (MMA), Aberdeen, to develop a virtual reality model of its Troll gas field export pipeline in the Norwegian North Sea. MMA's simulation will be coupled with remotely operated...

Valero Transmission Co. (new pipeline interconnections)(Pipelines)(Brief Article)
April 1, 1996... Valero Transmission Co., San Antonio, placed in service pipeline connections at Waha hub in West Texas that increase flexibility for shippers moving gas from west to east. New interconnects include a 100 MMcfd delivery point into Oasis Pipe Line...

Norsk Hydro AS. (to purchase Burmah Castrol plc's gas stations)(Marketing)(Brief Article)
April 1, 1996... Norsk Hydro AS agreed to buy the Swedish gasoline station network of Burmah Castrol plc, Swindon, U.K., for $36 million. Hydro has 220 retail stations in Sweden and 8% of the market. The purchase is expected to boost Hydro's market share in...

Aker Omega Inc. (Gulf of Mexico study)(Drilling-production)(Brief Article)
April 1, 1996... Aker Omega Inc., Houston, completed a concept screening study for operator Texaco Inc. and Marathon Oil Co. of development options for Petronius field in 1,750 ft of water on Viosca Knoll Block 786 in the Gulf of Mexico (OGJ, Mar. 18, p. 34). The...

Conoco (U.K.) Ltd. (development drilling in U.K. North Sea)(Drilling-production)(Brief Article)
April 1, 1996... Conoco (U.K.) Ltd. started development drilling in MacCulloch field on U.K. North Sea Block 15/24b. MacCulloch will be developed with a 60,000 b/d capacity oil production ship tied back to the Piper B platform operated by Elf U.K. plc. Conoco...

Shell Offshore Inc. (contract with Pool Energy Services Co.)(Drilling-production)(Brief Article)
April 1, 1996... Shell Offshore Inc. let a 1 year contract with two 1 year extension options to Pool Energy Services Co., Houston, for a minimum area, self-erecting platform drilling rig to be used at an undisclosed location in the Gulf of Mexico. Pool will...

Oryx Energy Co. (new rig from Pool Energy Services Co.)(Drilling-production)(Brief Article)
April 1, 1996... Oryx Energy Co., Dallas, chose a new multipurpose, 650 hp electric platform rig owned by Pool Energy Services Co., Houston, for operations on the Gulf of Mexico's first oil and gas production spar, to be installed in about 2,000 ft of water on...

K2 Energy Corp. (work over at Cut Bank, Montana)(Drilling-production)(Brief Article)
April 1, 1996... K2 Energy Corp., Calgary, plans to develop an abandoned oil field at Cut Bank, Mont., to add 1,500 b/d of crude to its production. It will spend $5.2 million (Canadian) to drill 18 infill wells and work over 15 of 113 original wells on the...

Canadian Fracmaster Ltd. (doubles investment in Russian joint venture)(Drilling-production)(Brief Article)
April 1, 1996... Canadian Fracmaster Ltd. agreed to purchase all of Norcen Energy Resources Ltd.'s 25% interest in Vakh Fracmaster Services, doubling its interest in the Russian oil joint venture. The remaining 50% interest is owned by Tomskneft, a subsidiary of...

Chevron Canada Resources. (to acquire interests in eastern Canada offshore oil properties)(Drilling-production)(Brief Article)
April 1, 1996... Chevron Canada Resources agreed in principle to purchase Norcen's interests in Hebron, Ben Nevis, and West Ben Nevis oil fields and other properties off eastern Canada. Chevron will increase its interest in Hebron field to 32% from 11% and in Ben...

High winds. (hinder cleanup in Galveston Bay after accident on Mar. 18, 1996)(Spills)(Brief Article)
April 1, 1996... High winds and choppy seas hampered cleanup of at least 5,000 bbl of intermediate fuel oil spilled at the mouth of Galveston Bay Mar. 18 by a barge that ran aground carrying 17,000 bbl of fuel oil. Cleanup crews by midweek had finished lightering...

Phillips Petroleum Co. (dry hole in Gulf of Mexico)(Exploration)(Brief Article)
April 1, 1996... Phillips Petroleum Co. and partners 1 Alexandrite subsalt wildcat in the Gulf of Mexico is a dry hole. The $11 million well was drilled to 17,851 ft on Ship Shoal South Addition Block 337 (see map, OGJ, Mar. 18, p. 34). Operator Phillips 37.5%,...

Apache Corp. (gas flow tested near St. John, British Columbia)(Exploration)(Brief Article)
April 1, 1996... Apache Corp. calculated an absolute open flow of 48 MMcfd from a shallow discovery about 80 miles north of Fort St. John in Northeast British Columbia. A test on choke was limited to 6.5 MMcfd by production equipment. Apache holds a 100% working...

U.K. Department of Trade & Industry. (licenses for onshore exploration)(Exploration)(Brief Article)
April 1, 1996... U.K. Department 5 of Trade & Industry (DTI) awarded 22 licenses covering 74 onshore blocks to 13 companies in its seventh landward licensing round. The round opened in July 1995 and attracted 29 applications for 105 blocks from 17 companies. Most...

Tarragon Oil & Gas Ltd. (acquisition of Strike Energy Inc.)(Companies)(Brief Article)
April 1, 1996... Tarragon Oil & Gas Ltd. made a $125 million (Canadian) offer for Strike Energy Inc., both of Calgary. Strike produces about 3,000 b/d of oil equivalent and has begun development of a major heavy oil property in Bolney field, northeast of...

Petro-Canada. (to double foreign investment)(Companies)(Brief Article)
April 1, 1996... Petro-Canada, Calgary, approved a proposal to increase foreign ownership in the company to a maximum 50% from a current ceiling of 25%. Voting control by shareholders would remain limited to 25% for non-Canadian residents. The proposal would...

Shell Offshore Inc. (to acquire Benton Oil & Gas of Louisiana)(Companies)(Brief Article)
April 1, 1996... Shell Offshore Inc. agreed to buy Benton Oil & Gas of Louisiana from Benton Oil & Gas Co., Carpinteria, Calif., for $35.4 million. The deal includes Benton's Louisiana oil and gas leases. in conjunction with the sale, Benton will repay $35...

Territorial Resources Inc. (increasing interest in SOCO Tamtsag Mongolia Inc.)(Companies)(Brief Article)
April 1, 1996... Territorial Resources Inc., Houston, signed a letter of intent to increase to 13.2% from 1.1% its interest in the SOCO Tamtsag Mongolia Inc. (STMI) unit of Snyder Oil Corp., Fort Worth, owner and operator of a 2.8 million acre concession in...

South Korea's. (Tongyang Nylon looking for partner in Pakistan polypropylene plant)(Petrochemicals)(Brief Article)
April 1, 1996... South Korea's Tongyang Nylon is seeking a partner in Pakistan for a joint venture polypropylene plant it proposes to build there. The plant, which Tongyang wants to build near a refinery, would have capacity of 40,000 metric tons/year of...

Deepwater royalty relief product of 3.5 year U.S. political effort. (includes related article on new law)(Anatomy of a Legislative Victory)
April 1, 1996... Against the backdrop of more than 20 years of increasingly stringent environmental regulation, ever-expanding exploration and development moratoria on the Outer Continental Shelf (OCS), and reductions in producer tax incentives, oil and natural...

Modernizing crude-oil pipelines critical in new Russian economic climate.
April 1, 1996... A Russian energy policy under new economic conditions presupposes a fundamental restructuring of the nation's fuel and energy complex and conversion of the Russian economy to energy conservation. Key in the development of such a policy is the...

Model improves oil field operating cost estimates.
April 1, 1996... A detailed operating cost model that forecasts operating cost profiles toward the end a of field's life should be constructed for testing depletion strategies and plans for major oil fields. Developing a good understanding of future operating...

Soluble-silicate mud additives inhabit unstable clays.
April 1, 1996... Although drilling fluids with soluble-silicate additives are not used as often as in the past, experiments in China indicate these additives can help stabilize problem clays in some well bores, and therefore warrant further attention. Drilling...

Pilot-plant results in on fixed-bed alkylation process.
April 1, 1996... A number of catalyst manufacturers and process licensors are working on alternative catalysts for refinery alkylation units. Haldor Topsoe A/S, Lyngby, Denmark, has come forward as the first such company to release results from pilot plant...

European countries continue to increase fuels taxes.(Brief Article)
April 1, 1996... A recent study of 12 Western Europe countries reveals that 11 have increased taxes on refined products during the past year. Only Germany's fuel taxes remain unchanged. The study was performed by Oil Price Assessments Ltd. (OPAL),...

How indexes have risen. (cost indexes for petroleum refinery construction)(Brief Article)
April 1, 1996... Continuing a trend starting in 1983, the Nelson-Farrar refinery construction index rose slowly from 1,335.8 in January 1994, to 1,406.5 in December 1995. The labor component of the index rose at a more rapid rate than did the material component....

Victaulic Co. of America. (names Joseph M. Trachtenberg as chairman, president and chief executive officer)(Brief Article)
April 1, 1996... Victaulic Co. of America, Easton, Pa., has named Joseph M. Trachtenberg chairman, president and chief executive officer. He succeeds George F. Naumann who has retired as chairman and chief executive officer, but will retain his seat on the...

DuraTherm, Inc. (new president is Robert A. Hensel)(Brief Article)
April 1, 1996... DuraTherm, Inc., Houston, Tex., has named Robert A. Hensel president. Hensel has a 30-year senior management background in process operations in the U.S. and Europe with extensive experience in refuse-to-energy and hazardous wasteprocessing. He...

Foster Wheeler Conception Etudes Entretien. (Florentino G. Valencia named chief executive officer)(Brief Article)
April 1, 1996... Foster Wheeler Conception Etudes Entretien (a Paris-based subsidiary of Foster Wheeler Corp.), has named Florentino G. Valencia general manager and chief executive officer. He succeeds Antoine O'Neill, who remains chairman. O'Neill will focus his...

Offshore 3D seismic, geochemical data integration, Main Pass project, Gulf of Mexico.(Exploration Technique Synergies, part 1)
April 1, 1996... A bottom cable, 3D seismic, and shallow pistoncore geochemical survey was conducted in summer 1992 on Main Pass Blocks 41 and 58 in the Gulf of Mexico (Fig. 1). The 15.5 sq mile study area is in 11-24 m (36-79 ft) of water. Two hundred...

Historic California platforms slated for removal.
April 1, 1996... California's oldest remaining offshore oil platforms will be dismantled this summer. Marking a green light for the project after almost a year's delay is Chevron Corp.'s receipt of an air quality permit from the Santa Barbara County Air...

Ireland offers Rockall exploration tracts.(Brief Article)
April 1, 1996... Ireland's Department of Transport, Energy & Communications has offered 615 full blocks and 35 part blocks for exploration in the Rockall Trough area off western Ireland. The blocks, covering almost 150,000 sq km, are designated frontier...

Offshore northern Europe continues to percolate with activity; BP has a green light to develop its West of Shetland finds.(Brief Article)
April 8, 1996... Offshore northern Europe continues to percolate with activity. BP has a green light to develop its West of Shetland finds. It received Department of Trade and Industry (DTI) approval for development of Schiehallion and nearby Loyal. BP...

Saga hs released test results for a Norwegian Sea appraisal well it says confirms a substantial find near Aasgard fields.(Brief Article)
April 8, 1996... Saga has released test results for a Norwegian Sea appraisal well it says confirms a substantial find near Aasgard fields under development. Its Block 6406/2 wildcat south of Aasgard was Norway's biggest strike of last year (OGJ, Nov. 27, 1995,...

DTI approved plans by operators to remove five offshore installations.(Brief Article)
April 8, 1996... Despite last year's controversy over abandonment of the Shell Brent spar, approved plans by operators to remove five offshore installations, and Shell U.K. Expro let contract for removal of a Leman field platform. Five platforms to be removed...

Total has disclosed its excess refining capacity in North France and is talking with other refiners over mutually beneficial capacity closures.(Brief Article)
April 8, 1996... Total has disclosed its excess refining capacity in North France and is tallying with other refiners over mutually beneficial capacity closures. This follows growing speculation among Europe's refiners over which will be next to cut capacity,...

Petroleum business opportunities continue to flourish between former Middle East enemies. (Middle East Oil Refinery)(Brief Article)
April 8, 1996... Petroleum business opportunities continue to flourish between former Middle East enemies. Egyptian/Israeli venture Middle East Oil Refinery (Midor) seeks funds to build a 100,000 bid grassroots refinery at Alexandria. Midor asked Paris' Banque...

Turkey has agreed to finance cost of a 926 km, $231 million pipeline to move Azerbaijan crude from Baku to Supsa, Georgia. (crude oil)(Brief Article)
April 8, 1996... Turkey has agreed to finance cost of a 926 km $231 million pipeline to move Azerbaijan crude from Baku to Supsa, Georgia, reports Azeri state oil firm Socar. Georgia's parliament last week approved the project, including a 17c/bbl tariff for...

Two milestones have been marked in global energy markets. (deregulation of Japan's downstream markets and DuPont Power Marketing Inc.'s first electricity future trade)(Brief Article)
April 8, 1996... Two milestones have been marked in global energy markets. On Apr. 1, Japan marked the beginning of deregulation of its downstream markets when Tokyo allowed a law limiting refined product imports to expire. Previously, Japanese gasoline,...

Wishbone or backbone? (Gulf of Mexico gas supply to the United States)(Journally Speaking)(Column)
April 8, 1996... Will the Gulf of Mexico prove to be the wishbone or backbone of U.S. gas supplies? That was the rhetorical question Bob Herrin, vice-president of Chevron U.S.A. Production Co. and general manager of the company's gulf business unit, raised at...

The SPR and the budget. (Strategic Petroleum Preserve).(Editorial)
April 8, 1996... President Bill Clinton rang the oil industry's gong when he proposed to raise $1.5 billion by selling 12% of the crude in federal storage. If nothing else, the plan--part of Clinton's fiscal 1997 budget proposal--revived discussions about the...

Portugal's privatization campaign sets sights on further moves.(includes a related article)
April 8, 1996... Privatization of Portugal's energy industry remains solidly on track. The centerpiece of that campaign, continued privatization of state owned Petrogal, received a big boost when a key group of private shareholders approved a 5 year plan for...

Installation date draws near for Mars TLP. (tension leg platform)
April 8, 1996... Shell Offshore Inc. and BP Exploration Inc. are poised to install their Mars tension leg platform (TLP) in a record water depth in the Gulf of Mexico. Partners aim to begin towing Mars TLP Apr. 10 from Aker Gulf Marine's fabrication yard at...

Mexico's energy capital spending to surge.(includes a related article)
April 8, 1996... Mexico's Petroleos Mexicanos will receive a multibillion dollar injection of capital as the state oil company seeks to become more competitive, according to a new presidential energy plan. In a break with tradition, more than 20% of total...

Petrocan to buy Amerada Hess unit. (Petro-Canada, Amerada Hess Canada Ltd.)(Brief Article)
April 8, 1996... Petro-Canada last week disclosed an agreement to pay $731 million (Canadian) to Amerada Hess Corp. for all shares of Amerada Hess Canada Ltd. Although the trade does not depend on financing, Petro-Canada plans to fund about half the purchase...

Phillips agrees to increase holding in Timor Sea field. (Phillips Petroleum International Investment Co. to purchase Bridge Oil Timor Sea Inc.)(Brief Article)
April 8, 1996... A wholly owned unit of Phillips Petroleum Co. has moved to increase its equity interest in an undeveloped gas/condensate field in the Timor Sea off Indonesia and Australia. Phillips Petroleum International Investment Co. agreed to buy the...

Construction progressing on GasAndes pipeline. (Gasoducto GasAndes S.A.)
April 8, 1996... Gasoducto GasAndes SA partners are mounting a sizable lead in the race to transport Argentine gas to emerging markets in Chile. Crews by Mar. 20 had begun construction activity along the GasAndes pipeline route in Chile and Argentina. Workers...

Rocky Mountain gas pipelines to expand. (Wyoming Interstate Company Ltd. and Colorado Interstate Gas Co. plan system expansions)(Brief Article)
April 8, 1996... Two gas pipeline units of Coastal Corp., Houston, plan expansion projects in the U.S. Rocky Mountain region. Wyoming Interstate Co. Ltd. (WIC) plans to expand its system by about 40%, or 192 MMcfd. Announcement of the project followed an...

Dagestan begins operating its first refinery.(Brief Article)
April 8, 1996... Dagestan has started up its first refinery. It is a small unit that was dismantled and transferred from the U.S. at a total cost of less than $5 million by Kvaerner Kenny Ltd., London. Kvaerner Kenny shipped the idle 4,000 b/d capacity Silver...

Hungary's problems with Russian oil.
April 8, 1996... As western Europe's refiners begin to tackle their problem of surplus capacity, eastern Europe's refiners could offer a new threat to already low operating margins (OGJ, Mar. 25, p. 21). Bela Cseh, senior vice-president of Hungary's state owned...

MMS schedules April lease sale in central gulf. (Minerals Management Service, 1996, Gulf of Mexico)(Brief Article)
April 8, 1996... The U.S. Minerals Management Service has issued a final notice for Central Gulf of Mexico Sale 157, scheduled Apr. 24 at the Hyatt Regency Hotel in New Orleans. MMS also issued an interim rule for deepwater royalty relief. Cynthia...

Pennzoil hits target in cost reductions.(Brief Article)
April 8, 1996... Pennzoil Co. has reached its goal of cutting $75 million/year from general and administrative (G&A) costs. The Houston company's G&A expenses are to be lowered to $175 million/year by the end of 1996, a 30% reduction from the 1994 level....

Tight gas sands. (Priority Oil & Gas LLC and Morrice & Associates Ltd. are applying for exploration licenses in Northern Ireland)(Exploration)(Brief Article)
April 8, 1996... Tight gas sands in Northern Ireland will be targeted by two Denver companies experienced in Colorado's Denver basin. Morrice & Associates Ltd. and Priority Oil & Gas LLC applied for exploration licenses in Fermanagh, Armagh, and Tyrone counties,...

Nippon Oil Co. (completes acquisition of Nippon Petroleum Refining Co. after buying out Caltex Petroleum Corp.'s holdings)(Refining)(Brief Article)
April 8, 1996... Nippon Oil Co. closed its purchase of Caltex Petroleum Corp.'s 50% interest in Nippon Petroleum Refining Co. (NPRC) for $2 billion. Nippon Oil now is 100% owner of NPRC, which operates five refineries in Japan. Nippon Oil and Caltex created the...

Mitsui & Co. (lending $210 million to Petroleos Brasileiro SA for purchase of diesel hydrodesulfurization system)(Refining)(Brief Article)
April 8, 1996... Mitsui & Co. will lend Petroleos Brasileiro SA $210 million to buy a diesel hydrodesulfurization unit to be installed at one of its refineries in Sao Paulo province, Brazil.