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General Interest 2000 P16

  • 05/15/2000 -- GAO says replacement of US single-hull tankers unlikely
    The US General Accounting Office said Friday that, as US shipping companies take single-hull tankers out of service over the next 14 or so years, as required by law, few double-hull ships will be built to replace them. Most US shipping firms say they will simply take their vessels out of service ahead of deadlines while taking a 'wait and see' approach to making replacements in the future.
  • 05/15/2000 -- BOC Group acquisition fizzles
    Air Products & Chemicals Inc., Allentown, Pa., and French industrial gases company Air Liquide SA said Friday that they'll let their $11.6 billion cash bid for UK-based BOC Group PLC expire. The two firms said they were unable to win regulatory approval for the acquisition, despite the fact that they had made several proposals to the US Federal Trade Commission during the 10 months of negotiations, including suggesting the divestiture of BOC's US gas businesses.
  • 05/15/2000 -- Market Watch�oil futures prices climb
    Oil futures prices continued to climb in volatile trading, hitting the $30/bbl mark at one point Friday with sustained speculation of tighter supplies in the face of growing demand. But the market cooled slightly with a statement by Bernardo Alvarez, Venezuela's deputy energy minister, that recent bullish trading activity was basically a speculative bubble.
  • 05/16/2000 -- Bureaucracy putting Canadian petroleum industry at risk
    Government bureaucracy and high taxes are putting petroleum industry development at risk, says the president of Calgary-based Alberta Energy Co. Ltd. Speaking at the Summa Forum on Natural Resources in Ottawa Monday, Gwyn Morgan said Canada�s petroleum industry is becoming globally competitive and needs significant capital. �The issues causing greatest concern throughout our industry involve access�access to resources, access to markets, and access to capital.
  • 05/16/2000 -- APPEA blasts government inaction on key issues
    Some $25 billion (Aus.) worth of Australian petroleum projects are in jeopardy because of federal government inaction on taxation and greenhouse gas issues, says the Australian Petroleum Production and Exploration Association. Speaking at the close of the APPEA conference in Brisbane this week, APPEA Associate Director Barry Jones accused key government figures of failing to deliver legislative reforms vital to the industry�s future.
  • 05/17/2000 -- Market Watch, May 17
    Futures contracts for light sweet crude pulled back from the $30/bbl mark in mixed trading on the New York Mercantile Exchange Tuesday. But in London, North Sea Brent crude climbed to a 2-month high on a mix of technical and follow-through buying.
  • 05/17/2000 -- France details plan for opening gas markets
    France's Council of Ministers today approved a draft law transposing into French law the European Union directive on gas market deregulation. As expected, the government was careful to accommodate its left-Communist wing and made no mention of opening up Gaz de France's equity to outsiders like Electricit�e France, TotalFinaElf SA, or other oil companies.
  • 05/17/2000 -- Enron, America Online, IBM team up for residential utility venture
    Foiled by the California and Oregon consumer electricity markets, Enron Corp., in partnership with IBM and American Online, is plunging into the New Jersey and Pennsylvania markets. The closely-watched venture will market power and natural gas over the internet and through conventional means and be named the New Power Co. Pennsylvania deregulated its power market this year, while New Jersey's market is still undergoing deregulation.
  • 05/18/2000 -- Market Watch, May 18
    Crude prices declined in mixed trading on three international markets Wednesday in apparent corrections of recently 'overheated' trading.
  • 05/18/2000 -- New offshore platform comes on stream in Campos basin
    Petroleo Brasileiro SA's newest offshore oil platform, P-36, has begun producing 14,800 b/d of oil from Roncador field. Meanwhile, Petrobras is considering revamping its financing scheme for the Roncador development.
  • 05/19/2000 -- Statoil launches innovative North Sea abandonment project
    Statoil AS has awarded Coflexip Stena Offshore Norge a contract for the abandonment of Statoil's Tommeliten subsea field on the Norwegian continental shelf. 'It is the first time that the Norwegian authorities have given consent for a light well intervention vessel to do work in a live well as an offshore installation,' said Coflexip Stena Offshore.
  • 05/19/2000 -- A $3/MMbtu floor for natural gas? And that's conservative?
    With the January contract for natural gas futures prices nudging $4/MMbtu and the June futures contract near $3.70/MMbtu, it's pretty apparent that there is a new floor for natural gas prices, and it's at least $3.
  • 05/19/2000 -- SULFUR IN DIESEL AND PREMATURE DEATH
    The US Environmental Protection Agency's proposal this week to all but eliminate sulfur in highway diesel fuel revives an interesting standard in the analysis of health risk: premature death.
  • 05/19/2000 -- Market Watch, May 19
    Energy futures prices soared in trading Thursday, with crude for June delivery topping $30/bbl on the New York Mercantile Exchange. Analysts believe the market is continuing to react to indications that the Organization of Petroleum Exporting Countries won't implement another output increase at their June ministerial meeting.
  • 05/19/2000 -- PPL, Allegheny split PEPCO's stake in power plant
    PPL Corp., Allentown, Pa., on Friday said it's purchasing additional interest in the coal-fired Conemaugh power plant from Potomac Electric Power Co. (PEPCO), Washington, DC, for $76.25 million cash. Allegheny Energy Supply Co. LLC, Hagerstown, Md., will also purchase a stake in the 1,711-Mw plant for the same price. The generating station is located near Johnstown, Pa.
  • 05/19/2000 -- Exploration/Development news briefs, May 19
    Dynamic Oil & Gas resumes operations in Alberta; Union Pacific Resources Group doubles output from Guatemala horizontal well.
  • 05/22/2000 -- Oil groups seek royalty rule delay
    IPAA and API are urging the US Minerals Management Service to delay the June 1 implementation of its controversial oil royalty reform rule. While the groups have sued to overturn the rule, they say it would be very difficult to persuade a federal judge to issue an injunction to prevent the rule from taking effect.
  • 05/22/2000 -- Market watch, May 22
    Futures prices for oil and petroleum products weakened on international markets, but natural gas continued its climb Friday, spurred on by growing demand and low storage levels. The June contract for gas jumped 11.5� to close the week at $3.83/Mcf on the New York Mercantile Exchange (NYMEX), well on its way to the $4/Mcf mark that many analysts are predicting for this winter.
  • 05/22/2000 -- California ISO issues power shortage alert
    With temperatures expected to soar to more than 100� F. in California, the California Independent System Operator called for conservation measures Monday. California is heading into the summer under extremely tight electricity conditions, with the margin for reserve power projected to be less than 1%. Up to now, the California ISO has been counting on normal weather, conservation, and power imports to get through the summer with its slim reserve margin.
  • 05/22/2000 -- General Interest news briefs, May 23
    Calpine orders 36 gas turbines; Gary-Williams acquires automatic cash-back-at-pump technology; SCAQMD, IMPCO join to develop fuel technology.
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