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Exploration Development 2000 P

  • 06/01/2000 -- PNM files transition plan with New Mexico PUC
    Public Service Co. of New Mexico's (PNM) transition plan filed Wednesday with the New Mexico Public Regulation Commission includes $782 million in stranded costs and a proposal to split distribution and electric generation into two separate subsidiaries.
  • 06/01/2000 -- Marathon Oil pulls out of pioneer Sakhalin II project
    Marathon Oil Co. is pulling out of the $10 billion Sakhalin II oil and gas project off Eastern Siberia that it helped pioneer into the first production-sharing agreement with the Russian government and the first offshore production under such a deal. But after that decade-long effort, Marathon is now looking to maximize its near- to mid-term cash flow and improve its financial flexibility.
  • 06/01/2000 -- Perupetro to tender 25 exploration blocks
    Perupetro SA will present information on 25 blocks available for exploration and production contracts at the World Petroleum Congress in Calgary next month. Included are 14 offshore blocks on the continental shelf and 11 blocks in jungle areas in the Ucayali, Mara�on, Santiago, Huallaga, and Ene basins.
  • 05/31/2000 -- Al Gore affirms opposition to ANWR exploration
    US Vice-President Al Gore Tuesday pledged that, if elected President, he would never allow oil exploration on the coastal plain of the Arctic National Wildlife Refuge in northeastern Alaska. He also said he would oppose any new oil and gas drilling off the coasts of California and Florida and would continue the moratorium against lease sales off the East and West coasts.
  • 05/31/2000 -- Drilling/Production news briefs, May 31
    Ranger Oil � Premier Pict � Bow Valley � Roc Oil ... Croft Exploration ... Petroleum Geo-Services ... Canadian Imperial Venture ... Hunt Overseas ... PanCanadian Petroleum ... Racal NCS ... Horizon Offshore
  • 05/30/2000 -- Unocal chairman calls for Asian gas development
    Natural gas development has enormous potential to strengthen the economies and improve the lives of people throughout Asia, Unocal Chairman Roger C. Beach said at the Fifth Asian Oil & Gas Conference.
  • 05/30/2000 -- Sui Southern to buy gas production from Hassan field
    Pakistan state company Sui Southern Gas Co. has signed yet another gas purchase deal with Pakistan Petroleum Ltd., also a state firm. An informal agreement provides for the offtake of up to 15 MMcfd from PPL's Hassan gas field in the upper Sindh area, said an official of SSGC.
  • 05/30/2000 -- Australia heads for showdown over greenhouse gas emissions
    Division appeared in Australian government ranks last week, as the federal cabinet wrestled with conflicting promises concerning Australia�s greenhouse policy. Since the Kyoto meeting in 1997, the government has vowed that it would limit greenhouse gas emissions to an 8% increase over 1990 levels by 2010. It has also promised Australian industry that it would do nothing to harm industry�s international competitiveness. It seems unlikely that both promises can be met.
  • 05/26/2000 -- Agip awarded China exploration contract
    Agip China BV, a subsidiary of Italy's ENI SPA, on Friday said the Chinese government has awarded it an exploration permit in the Qaidam basin in west-central China. Agip signed a production-sharing agreement (PSC) with China National Petroleum Co. (CNPC), China's state oil company, covering a 7,000 sq km area postulated to hold natural gas reserves of 250 billion cu m.
  • 05/26/2000 -- Ecuador touts oil discoveries, considers refinery closures
    Ecuador is trumpeting recent exploration successes in its Amazon region by Perez Companc SA and Cayman Oil Co. Meanwhile, it is planning to shut in one or more of its refineries and begin importing refined products.
  • 05/26/2000 -- Magnum Hunter forms alliance with GE Capital
    Magnum Hunter Resources, Inc., Irving, Tex., on Wednesday said it is forming a limited partnership with GE Capital Structured Finance Group's (SFG) oil and gas unit. Through a partnership with Mallard Hunter LP, Magnum Hunter and an SFG affiliate will acquire oil and natural gas reserves from two of Magnum Hunter's subsidiaries.
  • 05/26/2000 -- Ecuador considers refinery closures, touts oil discoveries
    Ecuador says it is planning to shut in one or more of its refineries and begin importing refined products. Meanwhile, the government is trumpeting recent exploration successes in its Amazon region by Perez Companc SA and Cayman Oil Co.
  • 05/26/2000 -- Natural gas policy
    A National Petroleum Council report on the US gas supply dilemma has been getting a lot of attention recently.
  • 05/26/2000 -- Brazil's ANP qualifies 44 firms to bid in licensing round
    Brazil's National Petroleum Agency has published a list of the 44 companies it has approved for participation in the country's second open licensing round, scheduled for June 7. The list includes major oil firms TotalFinaElf SA, ENI SPA, ExxonMobil Corp., and Royal Dutch/Shell Group.
  • 05/26/2000 -- Exploration/Development news briefs, May 26
    Repsol-YPF makes Neuquen basin gas discovery; Poland identifies 12 new exploration targets.
  • 05/25/2000 -- Fortune Oil & Gas to acquire Bawean PSC off Java
    Indo Pacific Oil & Gas Inc., a subsidiary of Fortune Oil & Gas Inc, Vancouver, BC, has agreed to acquire 100% of the shares of GFB Resources (Java) Ltd. from Carmanah Resources Ltd., Calgary. GFB Resources owns 100% of the Bawean production-sharing contract, 50 miles off the northern coast of Java in the Java Sea. Fortune will restart production from Camar field and undertake exploration drilling on the blocks.
  • 05/25/2000 -- Nippon Mitsubishi confirms
    Timor Sea gas-condensate find
    Japan's Nippon Mitsubishi Oil Corp. on Thursday said its exploration unit has confirmed a natural gas and condensate discovery in the Timor Sea off northwest Australia. Drilled by Nippon Oil Exploration Ltd., the well flowed 65.5 MMcfd of natural gas and 1,921 b/d of condensate on test.
  • 05/25/2000 -- World dependence on Middle East oil to grow
    Oil importing countries' dependence on Middle East supplies will grow until additional conventional sources are identified and become cost competitive, according to speakers at a Gulf Cooperation Council conference. The investment needed for fossil fuel development for the next 25-30 years will be about $200 billion/year, one predicted.
  • 05/24/2000 -- Exploration/Development news briefs, May 25
    Indonesia Petroleum Ltd. makes North West Shelf gas discovery; Uzbekistan invites foreign investment in development projects.
  • 05/24/2000 -- Judge refuses to kill Petrobank's bid for Ranger
    A Manhattan judge has rejected a bid by Ranger Oil Ltd., Calgary, to kill a $1.6 billion (Can.) hostile takeover bid by Petrobank Energy & Resources Ltd., also of Calgary. US District Court Judge Sidney Stein rejected an injunction to block the Petrobank offer and said Ranger did not prove it was irreparably damaged by Petrobank actions.
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