The Oil and Gas Journal articles from July 1997

The Oil and Gas Journal archives from July 1997

In a sampling of early profits reports from independents, gainers were just slightly outpacing companies with lower earnings.(second qtr. 1997 oil company earnings)(Brief Article)
July 28, 1997... In a sampling of early profits reports from independents, gainers were just slightly outpacing companies with lower earnings. Up in net income for the quarter from second quarter 1996 were: Enserch Exploration with $6 million, up 13%; MCN...

Majors also showed mixed results, some claiming to have benefited from better downstream margins early in the quarter, while others said recent margin slides dampened results.(second qtr. 1997 oil company earnings)(Brief Article)
July 28, 1997... Majors also showed mixed results, some claiming to have benefited from better downstream margins early in the quarter, while others said recent margin slides dampened results. Exxon cited stronger refining and chemical margins as the...

Lower downstream margins aren't surprising, given this year's turnaround pattern.(1997 oil refining profit margins)(Brief Article)
July 28, 1997... Lower downstream margins aren't surprising, given this year's turnaround pattern, according to Salomon Bros., New York. Global refinery turnarounds peaked this spring at 5 million b/d, or 6% of total capacity vs. typical April/May peaks...

The effect of swollen products stocks is evident in Singapore, where the largest refiner, Shell, cut throughput.(oil refinery production, 1997)(Brief Article)
July 28, 1997... The effect of swollen products stocks is evident in Singapore, where the largest refiner, Shell, cut throughput at its 430,000-b/d capacity Pulau Bukom refinery by about 17% to 357,000 b/d and plans to hold runs to this lower level until...

Japan's Kanematsu Corp. will join Taiwan's Chinese Petroleum Corp. in building a $1 billion refining/petrochemical complex in Brunei.(Brief Article)
July 28, 1997... Japan's Kanematsu Corp. will join Taiwan's Chinese Petroleum Corp. in building a $1 billion refining/petrochemical complex in Brunei. The two will sign a memorandum of understanding with the Brunei government soon. The complex will have...

Hugoton Energy Corp., Wichita, is moving ahead with plans to sell the company or seek a merger partner.(Brief Article)
July 28, 1997... Hugoton Energy Corp., Wichita, is moving ahead with plans to sell the company or seek a merger partner. Chairman Floyd Wilson said the company has gotten a large number of inquiries in recent weeks. While plans gel, Hugoton will continue...

Production is set to step up in Kazakhstan's Tenzig giant oil field.(Brief Article)
July 28, 1997... Production is set to step up in Kazakhstan's Tengiz giant oil field. Tengizchevroil--the combine owned 45% by Chevron, 25% each by Mobil and state-held Kazak Oil, and 5% by ARCO-Lukoil joint venture Lukarco--awarded a $250 million contract to...

The shrinking role of price.(in the petroleum and natural gas industries)(Editorial)
July 28, 1997... Oil and gas companies are reporting healthy financial results for the second quarter and first half of 1997. Performances naturally vary from company to company, but an important trend is apparent in the early reports: The industry makes...

How oil, gas investments compare for Azerbaijan, Kazakhstan.(includes related information on Turkmenistan)
July 28, 1997... Kazakhstan and Azerbaijan have attracted billions of dollars of foreign investment during the last several years, predominantly in the oil and gas sector. As two former Soviet Union (FSU) republics that hold significant oil and gas...

Sub-Saharan Africa energy future brightening.
July 28, 1997... For several reasons, there is renewed optimism about sub-Saharan Africa's energy future. The outlook for regional cooperation in energy matters is much better. Economic growth has returned to many countries. In addition, the...

Gas-to-liquids' rite of passage.
July 28, 1997... Last week, gas-to-liquids (GTL) technology came of age with the announcement that South Africa's Sasol Ltd. has won the race to secure an agreement to build the world's first full-scale, commercial GTL plant. Sasol signed a memorandum of...

Greenhouse price tag.
July 28, 1997... The U.S. Senate is expected to approve a resolution soon setting conditions under which the U.S. could sign an international agreement on greenhouse gas emissions. Passage isn't much in question, since the resolution has 64 cosponsors, a...

Brazil's Senate approves new petroleum investment law.
July 28, 1997... Brazil's Senate has finally passed the country's new petroleum investment law. The law, passed after almost 4 months of debates, was approved without amendments on July 16. It is expected to usher in a flood of foreign investment in...

Brazilian deals mark gas/power convergence.
July 28, 1997... Foreign companies continue to make inroads in Latin America's converging natural gas and electric power sectors. Enron Corp. on July 16 won approval of a $500 million contract to build a natural gas-fired power plant in Brazil from...

Brazil marks more offshore exploration and development progress.(Brief Article)
July 28, 1997... Brazil continues to mark progress on offshore exploration and development, including still more deepwater records. State oil company Petroleo Brasileiro SA (Petrobras) recently disclosed another deepwater record with the installation of a...

PDVSA launches first major organizational restructuring.(Brief Article)
July 28, 1997... State-owned Petroleos de Venezuela SA (Pdvsa) has launched a dramatic restructuring that will align main operating units by core business function for the first time in the company's 22-year history. The move creates three new companies...

Access to future Venezuelan output secured.(Brief Article)
July 28, 1997... Oil companies who successfully bid for operational contracts to reactivate marginal fields in Venezuela also have secured for themselves access to part of the country's future oil production. Under contract conditions, private companies...

Apache Corp.(Case Note)
July 28, 1997... Apache Corp., Houston, and partners gauged combined flow rates of 11,571 b/d from five zones with the D-2 well on China's Zhao Dong Block, not the D-3 appraisal well as reported incorrectly (OGJ, July, 21, 1997, p. 48). The D-3 well was not...

India's LNG Corp.(Brief Article)
July 28, 1997... India's LNG Corp. is expected to invite British Gas International (BGI) to sign a memorandum of understanding to become a 50-50 partner in a $600 million liquefied natural gas terminal and power plant at Mangalore, Karnataka. This will mark...

Occidental Bangladesh Ltd.(Brief Article)
July 28, 1997... Occidental Bangladesh Ltd. postponed drilling of a relief well in Mugrachhara gas field in the Sylhet region of northeastern Bangladesh after a fire intensified that has burned for more than a month, following a blowout of the Moulavi Bazar...

France's Total.(Brief Article)
July 28, 1997... France's Total began production under an accelerated development plan--just 1 year after exploratory drilling began in Venezuela's Jusepin field--at a rate of 10,000 b/d of crude oil and about 24.7 MMcfd of gas. Oil output is expected to peak...

Louisiana Land & Exploration Co.(Brief Article)
July 28, 1997... Louisiana Land & Exploration Co." plans to decide by August on a Lost Cabin gas plant expansion, spurred by its 4-36 Bighorn step-out in Madden field in Fremont County, Wyo. The well tapped 198 ft of pay and flowed 44 MMcfd of gas through a...

Mobil Producing Nigeria Unltd.
July 28, 1997... Mobil Producing Nigeria Unltd. let a $125 million contract to units of France's Bouygues Offshore SA to supply three platforms and lay six pipelines for Nigeria's Oso gas field, slated for delivery by yearend 1998. The installation, to be...

Forest Oil Corp.
July 28, 1997... Forest Oil Corp., Denver, is drilling an offset well on Eugene island Block 53 in the Gulf of Mexico off Louisiana to test structures similar to those tapped by its No. 10 exploratory well but across other fault blocks. The discovery well is...

Kuwait National Petroleum Corp.(Brief Article)
July 28, 1997... Kuwait National Petroleum Corp. (KNPC) let a $130 million contract to South Korea's Daelim Engineering to build an oil gathering complex called Center 25 in northern Kuwait. The complex will collect and process 250,000 b/d of oil from the...

Chevron UK Ltd.(Brief Article)
July 28, 1997... Chevron U.K. Ltd. will boost fluids handling capacity of its U.K. North Sea Alba platform to 390,000 b/d from 240,000 b/d. This will involve installation of three new modules weighing a total of 1,700 metric tons. A water injection well will...

British-Borneo Petroleum Syndicate plc.(Brief Article)
July 28, 1997... British-Borneo Petroleum Syndicate plc, London, earmarked $267.7 million from a pending rights issue to purchase from Conoco Inc., Houston, a 50% interest in the Gulf of Mexico's King Kong gas discovery on Green Canyon Blocks 472, 473 and 517...

Centrica plc.(Brief Article)
July 28, 1997... Centrica plc, the U.K. gas supply company created from the breakup of British Gas plc, agreed with Amerada Hess Ltd., Enterprise plc, and OMV (U.K.) Ltd. on termination of gas deliveries from U.K. North Sea Beryl field on Oct. 1, 1998....

Oracle Corp.(Brief Article)
July 28, 1997... Oracle Corp.,Redwood Shores, Calif., signed a letter of-intent with a unit of British Petroleum Co. plc to acquire and distribute BP's ISP refining and distribution software, which controls transactions such as supply, distribution, sales,...

Apache Corp. (discoveries in Egypt) (Exploration)(Brief Article)
July 28, 1997... Apache Corp. completed two discoveries on its Khalda concession in Egypt's western desert that flowed on test at a combined rate of 9,205 b/d, establishing production from Kenz field. Kenz-5 and Kenz-6 each discovered new reservoirs and...

Red Sea Oil Corp. (drilling in Libya)(Exploration)(Brief Article)
July 28, 1997... Red Sea Oil Corp., owned 50-50 by International Petroleum Corp., Vancouver, B.C., and Sands Petroleum AB, Stockholm, is readying to spud the B1 well on Block NC177 of Libya's Sirte basin and expects to begin drilling in the fourth quarter...

Texas General Land Office. (October 1997 lease sale 7% larger)(Exploration)(Brief Article)
July 28, 1997... Texas General Land Office received industry nominations for 7% more acreage for this coming October's state lease sale than for the sale this past April, which was the largest since 1984. Nominations were submitted for 1,444 tracts covering...

Equitable Resources Energy Co. (gas discovery)(Exploration)(Brief Article)
July 28, 1997... Equitable Resources Energy Co., Houston, found natural gas with South Marsh Island Block 39 No. 1 well. Drilled to 14,270 ft TD, the well tapped 170 ft of net pay from 8,530-10,070 ft. Operating problems prevented the use of electric logs...

Scimitar Hydrocarbons Ltd. (contract with PGS Ocean Bottom Seismic AS off Ajman)(Exploration)(Brief Article)
July 28, 1997... Scimitar Hydrocarbons Ltd., Calgary, let a contract worth more than $3 million to PGS Ocean Bottom Seismic AS to conduct 300 sq km of 3D seismic in August off Ajman, where Scimitar has a 30% interest in an offshore concession (OGJ, Apr. 21,...

Elf Exploration U.K. plc. (contract with McDermott ETPM U.K. Ltd.)(Pipelines)(Brief Article)
July 28, 1997... Elf Exploration U.K. plc let a $320 million contract to McDermott-ETPM (U.K.) Ltd., London, for engineering, procurement, installation, and commissioning of a pipeline to export gas from the U.K. North Sea's Elgin/Franklin fields. The 470-km,...

An explosion. (at Tema refinery, Ghana)(Refining)(Brief Article)
July 28, 1997... An explosion killed two workers at Ghana's Tema refinery, about 30 km from Accra. The blast occurred during a test run after revamp of a process unit. Cause has not been determined. The fire caused about $10 million in damage but is not...

Transpacific Industries Pty. Ltd. (joint venture with Shell Australia Ltd. and Mobil Oil Australia Ltd. to re-refine used oil)(Refining)(Brief Article)
July 28, 1997... Transpacific Industries Pty. Ltd., Shell Australia Ltd., and Mobil Oil Australia Ltd. formed a joint venture for collecting, recycling, and re-refining used oil in Australia. The venture, called Nationwide Oil Pty. Ltd., is building a 24,000...

Egypt's. (Nasr Petroleum Co. contract with Kvaerner John Brown Ltd. for construction of cracker)(Refining)(Brief Article)
July 28, 1997... Egypt's Nasr Petroleum Co. let a $32 million contract to Kvaerner John Brown Ltd., London, to oversee construction of a new hydrocracker at its Suez refinery. The project is expected to take 5 years. The plant has crude distillation capacity...

An explosion in an oil tanker. (off Philippines)(Tankers)(Brief Article)
July 28, 1997... An explosion in an oil tanker off Batangas, Philippines, about 100 km south of Manila, killed at least three people and seriously injured scores of crew members, according to the Philippines Coast Guard. The cause of the blast had not been...

A joint venture. (Chevron Chemical Co., Petroleum Authority of Thailand; to build paraxylene processing plant)(Petrochemicals)(Brief Article)
July 28, 1997... A joint venture of Chevron Chemical Co. 60% and Petroleum Authority of Thailand 40% chose Institut Francais du Petrole's Eluxyl paraxylene process for a plant to be built next to the new Star Petroleum refinery at Mab Ta Phud, Thailand. The...

Malaysia's. (Petroliam Nasional Bhd., Sumitomo Corp., British Petroleum Co. plc joint venture for polyethylene plant in Bataan, Philippines)(Petrochemicals)(Brief Article)
July 28, 1997... Malaysia's Petroliam Nasional Bhd. (Petronas), Japan's Sumitomo Corp., and a unit of British Petroleum Co. plc signed a joint venture to build a 250,000-metric ton/year capacity polyethylene plant in the Philippines' province of Bataan, west...

Bayer Corp. (to increase capacity of synthetic rubber plant in Orange, TX)(Petrochemicals)(Brief Article)
July 28, 1997... Bayer Corp., Pittsburgh, will spend $68 million to add 75,000 metric tons/year of capacity at its Orange, Tex., synthetic rubber plant to diversify the types of polybutadiene (BR) and solution styrene-butadiene rubber (SBR) products it can...

Methanex Chile Ltd. (contract with Kvaerner John Brown for Methanol plant)(Petrochemicals)(Brief Article)
July 28, 1997... Methanex Chile Ltd. signed a letter of intent with Kvaerner John Brown for construction of a $300 million methanol plant near Punta Arenas, Chile, Methanex's third plant at the site. The new plant will be similar in design to a $275 million,...

Dow Chemical Co. (closing ethylene plant in Freeport, TX)(Petrochemicals)(Brief Article)
July 28, 1997... Dow Chemical Co. retired its 30-year-old, 700 million lb/year LHC-6 ethylene unit at Freeport, Tex., citing high maintenance cost as the reason. It was one of five Dow ethylene units on the U.S. Gulf Coast. The remaining four units have a...

Non-OPEC supply to test OPEC's quota resolve in second half. (1997 oil production; Organization of Petroleum Exporting Countries)(Midyear Forecast)
July 28, 1997... Increased oil production from outside the Organization of Petroleum Exporting Countries will cover most expected gains in demand during second-half 1997, forcing OPEC members to stick to their quotas or face a slump in the price of crude. ...

U.S. drilling may soften; Canada, world levels strong. (1997)(Midyear Forecast)
July 28, 1997... Drilling activity in the U.S. may soften slightly in second half 1997 compared with the first hall but OGJ still projects that more wells will be drilled this year than in 1996. Canadian operators, meanwhile, seem primed to set a record...

Line extension part of Colombian production surge. (Oleoducto Central S.A. pipeline, part 1)(Technology)
July 28, 1997... Shipments began this month along Oleoducto Central S.A. (Ocensa), the nearly 500 mile (800 km), 30 and 36-in. oil pipeline from central Colombia (Fig. 1) to a Caribbean Sea export site. Start-up follows installation of 700 km of new...

Ocensa's pumps key to meeting production goals. (Colombia's Oleoducto Central S.A., part 2)(Technology)
July 28, 1997... Intallation of 11 engine-driven centrifugal pump packages is being completed on Oleoducto Central S.A.'s (Ocensa) Central Llanos pipeline between Cusiana and Vasconia and Covenas, Colombia. The pump packages were supplied by Caterpillar...

Blend-control system all but eliminates reblends for Canadian refiner. (Sunoco Inc.)(based on paper presented at conference of National Refiners Association)(Technology)
July 28, 1997... Sunoco Inc. commissioned a product-blending optimization system at its Sarnia, Ont., refinery. The overall objective of such systems is to optimize the external material flow and internal production requirements to reduce quality giveaway and...

Instantaneous flow rates overstate gas release determination.(Technology)
July 28, 1997... An average flow rate, instead of the initial instantaneous flow rate, is a more realistic value to use for determining accidental gas release rates. The average flow rate can be determined from two published source-term models that...

CRI International Inc. (Robert D. Trout named president of Catalyst Recovery of Louisiana and Catalyst Recovery of Canada)(Brief Article)
July 28, 1997... CRI international, inc., Houston, Tex., has named Robert D. Trout president of Catalyst Recovery of Louisiana (CRLA) and Catalyst Recovery of Canada, Limited (CRCL). Both are CRI International (CRI) companies. Trout was previously business...

New targets in the Bone Spring formation, Permian Basin. (New Mexico and West Texas)(New Mexico Bureau of Mines research)
July 28, 1997... Increased optimism in the Permian Basin is helping to stimulate interest in the Leonardian (Permian) Bone Spring formation of the Delaware basin. Relatively little has been published on this unit since the late 1980s. As such, a shift in...

S. Korea's Yukong sets U.S. E&D joint venture. (exploration and discovery)
July 28, 1997... Yukong Ltd., Seoul, has activated its first U.S. upstream joint venture with the purchase of working interests in five Texas and Louisiana on-shore fields. SK E&P, Yukong's U.S. unit, paid $24 million for 49% working interests in Kohler,...

As world energy use increases, the petroleum industry continues to pursue ways to become increasingly competitive - including more upstream and downstream combinations.
July 21, 1997... As world energy use increases. the petroleum industry continues to pursue ways to become increasingly competitive including more upstream and downstream combinations. World energy consumption grew by 3% in 1996, the highest annual...

EPA has acted on tougher U.S. standards on smog and soot emissions. (Environmental Protection Agency)(Brief Article)
July 21, 1997... EPA has acted on tougher U.S. standards on smog and soot emissions. Administrator Carol Browner signed the standards, which require states and cities to develop tougher air pollution controls (OGJ, June 30, 1997, p. 36). The final...

More consolidation is occurring in the offshore drilling ranks. (Reading and Bates merging with Falcon Drilling; Amoco Canada sells Canadian Marine Drilling Ltd.)(Brief Article)
July 21, 1997... More consolidation is occurring in the offshore drilling ranks. Houston's Reading & Bates and Falcon Drilling plan to merge in a deal valued at $5 billion and become R&B Falcon Corp. Officials say the deal will result in the world's...

Offshore production records continue to fall. (Shell Deepwater Production extracts gas at 5,300-foot depth in Gulf of Mexico)(Brief Article)
July 21, 1997... Offshore production records continue to fall. Shell Deepwater Production says it has broken the world's record for deepwater production in its Mensa subsea development in the Gulf of Mexico (OGJ, Apr. 28, 1997, p. 26). On July 12, Mensa...

Ireland's dream of becoming an oil-producer may have come true. (Statoil UK Ltd. begins offshore operations)(Brief Article)
July 21, 1997... Ireland's dream of becoming an oil-producer may have come true. On July 10, operator Statoil (U.K.) Ltd. began an extended well test in Connemara field on Block 26/28 in 375 m of water. J.W. McLean semi is producing and processing oil...

Emerging gas-to-liquids (GTL) technology. (Sasol Ltd. to build processing plant for Qatar General Petroleum Corp., Phillips Petroleum)(Brief Article)
July 21, 1997... Emerging gas-to-liquids (GTL) technology (OGJ, June 23, 1997, p. 16) has been given a boost. South Africa's Sasol has clinched a deal to build the world's first full-scale GTL plant. It signed a memorandum of understanding with Qatar...

A precedent has been set in positive labor-management relations. (Federal Mediation and Conciliation Service recognizes joint efforts at Amoco refinery in Texas)(Brief Article)
July 21, 1997... A precedent has been set in positive labor-management relations. Federal Mediation and Conciliation Service (FMCS) presented its distinguished Director's Award to Amoco's 460,000 b/d Texas City, Tex., refinery--the first time it has...

Finally. (Conoco Inc., Maraven S.A. to begin petroleum production in Venezuela's Orinoco region)(Editorial)
July 21, 1997... Venezuela's Orinoco tar belt has been a household word in the oil industry for decades. Though scant oil has been produced from it, media coverage of it over the years has been steady. The ratio of words written about it per barrel of...

IEA's weakening system. (International Energy Agency should improve procedures for sharing petroleum)(Editorial)
July 21, 1997... The International Energy Agency has good reason to voice alarm over Germany's plan to join the U.S. in partly liquidating its strategic inventory of crude oil. The German and U.S. actions strike at the core of IEA's reason for existence. ...

Caspian reserves luring operators. (petroleum companies hope for end to political disputes in Caspian Sea region)
July 21, 1997... A 1997 U.S. State Department report estimates there are 178 billion bbl of proven and possible reserves in the Caspian republics of Kazakhstan, Azerbaijan, and Turkmenistan. International oil companies (IOCs) are risking billions of...

Canadian gas gaining U.S. market share. (Ingaa Foundation statistics on natural gas)(includes related article on Energy Information Administration's forecast of rising U.S. gas demand)
July 21, 1997... A highly competetive, commodity-driven U.S. natural gas market is being fueled by increased Canadian imports and growing customer demand for supply diversity. Those conclusions are in a study prepared by the Brattle Group for the Ingaa...

Natural gas surplus may be ahead in Thailand. (National Energy Policy Office predicts supply may exceed demand in 2001)(includes related article about country's planned petrochemical complexes)(Brief Article)
July 21, 1997... Thailand's thirst for natural gas is expected to ease over the next few years, and a surplus may occur by 2001. That's the outlook provided by Piyasvastu Amranand, secretary general of Thailand's National Energy Policy Office (NEPO). ...

New plan seeks to boost Malaysian gas output. (Petroliam Nasional Bhd. in deal with Esso Production Malaysia Inc., Petronas Carigali Sdn. Bhd.)(Brief Article)
July 21, 1997... Additional natural gas reserves stand to be developed off Malaysia (see related story, p. 94). State-owned Petroliam Nasional Bhd. (Petronas) has initiated consolidated development of fields in the South China Sea and shared...

Statoil deals allow Chevron to return to Norway. (Norwegian company exchanges licenses with Chevron U.K. Ltd., other firms)(Brief Article)
July 21, 1997... In a move to strengthen its overseas portfolio, Norway's Den norske stats oljeselskap AS (Statoil) has arranged to swap interests in exploration and production licenses off Norway and the U.K. Statoil concluded exchange and/or sales deals...

Eco-credits. (Interior Department stalls plan to finance environmental measures through minerals royalty relief)
July 21, 1997... The Interior Department seems to have rejected a proposal that industry says would facilitate development of oil fields in the West. Last March, the Bureau of Land Management's Green River Basin Advisory Committee reported on ways to...

India quietly joins gas-to-liquids race. ( to use Rentech Inc. technology)
July 21, 1997... The petroleum industry is looking towards Qatar for the next major step in the evolution of gas-to-liquids (GTL) technology: confirmation by Exxon Corp. of a plan to build a full scale GTL plant (OGJ, June 23, 1997, p. 16). Yet, while...

Shell sees niche for new bitumen products. (Shell International Oil Products B.V.'s polymer modified bitumens for roofs, roads)
July 21, 1997... Shell International Oil Products BV has developed its range of polymer modified bitumens (PMBs) to reduce maintenance costs at a time when use of such products in road building is taking off. Gerard Heimerikx, manager of research in...

Andersen: U.S. upstream markers mixed in '96. (Arthur Andersen and Co. statistics for petroleum, natural gas companies)
July 21, 1997... Capital spending for U.S. exploration and development shot up in 1996, along with oil and gas prices, but other indicators of the industry's performance for last year were less than robust. Reserve replacement rates were modest, adding...

Brazil's privatization. (Enron Corp., partners pay $576 million for majority stakes in Riogas, CEG)(Brief Article)
July 21, 1997... Brazil's privatization of Riogas, the gas distribution company serving Brazil's Rio de Janeiro interior state, and CEG, Rio de Janeiro's gas distribution company, resulted in Enron Corp., Houston, and partners submitting the winning bid of $576...

Louisiana Land and Exploration Co. (company to acquire BHP Company Ltd. petroleum, gas properties)(Brief Article)
July 21, 1997... Louisiana Land & Exploration Co., New Orleans, will buy Wyoming oil and gas properties from BHP Co. Ltd., Melbourne, completing BHP's divestiture of North American and South American assets. LL&E's purchase includes BHP's interests in Madden...

Amoco Trinidad Oil Co. and the National Gas Co. of Trinidad and Tobago. (natural gas shipments to rise under modified contract)(Brief Article)
July 21, 1997... Amoco Trinidad Oil Co. and the National Gas Co. of Trinidad and Tobago (NGC) agreed on the principles of an amended contract that will form the country's largest gas supply commitment to date. Under the revised accord, Amoco will supply NGC up...

Oman's MB Petroleum Services LLC. (acquires stake of more than 83% in Koolajkutato for approximately $4.5 million)(Brief Article)
July 21, 1997... Oman's MB Petroleum Services LLC paid about $4.5 million for a little more than 83% of Koolajkutato, one of Hungary's two drilling contractors. The other, Rotary, is mainly owned and controlled by state oil company MOL. Koolejkutato has...

Texaco Inc.(Brief Article)
July 21, 1997... Texaco Inc. formed a new Houston-based company, Texaco Energy Services LLC, which will give Texaco a position in the emerging deregulated retail energy marketplace (OGJ, Apr. 21, 1997, p. 17). Initially, the new company will market services in...

Enron Capital & Trade Resources Corp. (company to acquire lignite reserves, other assets from NGC Corp. for $149 million)(Brief Article)
July 21, 1997... Enron Capital & Trade Resources Corp., Houston, will pay NGC Corp. $149 million for certain lignite reserves and other assets in Michigan, Colorado, New Mexico, and Texas owned by Destec Energy Inc., Houston, which NGC recently acquired (OGJ,...

PanCanadian Petroleum Ltd. (company to buy Dakota Gasification Co. carbon dioxide for enhanced petroleum recovery)(Brief Article)
July 21, 1997... PanCanadian Petroleum Ltd., Calgary, signed a 15-year contract with Dakota Gasification Co. (DGC), Bismarek, N.D., for DGC to supply carbon dioxide for a $1.1 billion (Canadian) enhanced oil recovery project to extend the life of Weyburn unit...

Norsk Hydro AS. (company to pay $40 million to Saipem U.K. Ltd. for offshore platform project)(Brief Article)
July 21, 1997... Norsk Hydro AS let a $40 million contract to Saipem U.K. Ltd., London, for transporting and installing jacket and topsides for the platform at Oseberg South, being developed as a satellite of the main Oseberg field in the Norwegian North Sea....

European Bank of Investment (EBI) extended Spain's Repsol a $198 million credit for financing a variety of projects. (petroleum pipeline, polypropylene facility, power plant)(Brief Article)
July 21, 1997... European Bank of Investment (EBI) extended Spain's Repsol a $198 million credit for financing a variety of projects, including the 230,000 b/d Cartagena-Puertollano oil pipeline, the 190,000-metric ton/year Tarragona polypropylene plant, and a...

IPL Energy Inc. (company to acquire stake in Noverco Inc. for 330 million Canadian dollars)(Brief Article)
July 21, 1997... IPL Energy Inc., Calgary, will spend $330 million (Canadian) for a 32% interest in Noverco Inc., parent of Gaz Metropolitain Inc., Montreal. Maior partners in Noverco are Hydro Quebec Gaz de France. IPL said the Noverco chase positions it for...

Kuwait Oil Co. (in deal with French company Total)(Brief Article)
July 21, 1997... Kuwait Oil Co. let a 3 1/2 year contract to France's Total to provide technical assistance in the management of exploration, production, transportation, and export of crude oil. Total hopes the accord paves the way for a long-term partnership...

PanCanadian Petroleum. (company acquires CS Resources Ltd. for approximately 465 million Canadian dollars)(Brief Article)
July 21, 1997... PanCanadian Petroleum paid about $465 million (Canadian) to acquire CS Resources Ltd., Calgary, with approval of both companies' boards of directors. PanCanadian will form a new heavy oil arm, and plans to carry out CS Resources' existing...

Taurus Exploration Inc. (company to acquire Amoco Corp. methane properties in Alabama for $72 million)(Brief Article)
July 21, 1997... Taurus Exploration Inc., a unit of Energen Corp., Birmingham, Ala., will pay $72 million for Amoco Corp.'s Black Warrior basin coalbed methane properties, covering about 100,000 gross acres in Jefferson County, Ala. The properties have more...