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General Interest 2000 P

  • 11/30/2000 -- Enterprise to explore off Morocco
    UK independent Enterprise Oil PLC today announced it had finalized a petroleum agreement for 6 exploration permits offshore Morocco collectively known as the Cap Draa Haute Mer area. Cap Draa, covering approximately 12,000 sq. km, lies off the Atlantic coast of Morocco in water depths of up to 2,000 m.
  • 11/30/2000 -- Shell urges business to participate in greenhouse gas discussions
    Gerard Matthews, policy development advisor to Shell Oil Co., said business made a mistake being late to the greenhouse gas emissions discussion. 'Whatever gets set up we must be able to live with it,' he said. 'We were late. Our biggest fear is the discussions will result in command and control policies. That is just another advert for business to hurry up.'
  • 11/29/2000 -- Nova Chemicals to close polystyrene plant
    Nova Chemicals Corp., Calgary, says it will close a polystyrene plant at Joliet, Ill., early in 2001 because of high costs and low profits there. The company said it plans to write off non-productive assets at several locations and will take an after-tax charge of about $68 million (US) in the fourth quarter of fiscal 2000.
  • 11/29/2000 -- Market watch, Nov. 29
    World energy futures plummeted Tuesday amid new predictions of warmer weather for both the United States and Europe next week, and reassurances from Iraq that it does not intend to disrupt exports under its oil-for-food program.
  • 11/29/2000 -- Thaw seen for US-Iranian relations
    Diplomatic relations between Iran and the US are expected to thaw as US trade sanctions and other barriers to business between the countries are eliminated. But business relations remain tricky for Western companies seeking to trade with Iran.
  • 11/28/2000 -- Aquila deal still in works, CEO says
    UtiliCorp United Inc. by 'yearend will be announcing something' with respect to its plans for the future of trading subsidiary Aquila Energy, CEO Richard C. Green Jr. said Tuesday at Arthur Andersen's annual energy symposium. Aquila has been openly looking to combine its trading and marketing expertise with generation assets from another company and spin the resulting entity off to the public and to shareholders.
  • 11/28/2000 -- Vanco, Lasmo to explore Moroccan permits
    Vanco Energy Co. and Lasmo PLC signed exploration permits with the Moroccan national oil company ONAREP on Friday. The agreements convert two existing permits from reconnaissance to exploration permits. The reconnaissance permits, issued in 1998, were intended to explore the Essaouira basin off Morocco.
  • 11/28/2000 -- Finance/Companies news briefs, Nov. 28
    Crown Central Petroleum � PYR Energy � Infinity
  • 11/28/2000 -- Solutia starts up new acrylonitrile plant
    Solutia Inc. says its newest acrylonitrile plant is the largest in the world, with 1 billion lb of capacity. Solutia announced the facility's startup Monday. The plant is in the Chocolate Bayou location in Alvin, Tex. The plant's output will be used to supply Solutia's internal business and sold on the acrylonitrile marketplace.
  • 11/28/2000 -- Market watch, Nov. 28
    Energy future markets softened Monday because of profit taking and above-normal temperatures in the key US Northeast and Midwest markets. Some analysts said the decline might have been sharper if not for the threat of a strike among oilfield workers in Nigeria and continued wrangling between Iraq and United Nations officials.
  • 11/27/2000 -- Gas prices soar to $20/ Mcf in California
    Energy Information Administration said natural gas prices spiked into the teens in California and colder temperatures sent prices up $1.00/ Mcf to well over $6.00/ Mcf last week in most other locations. The December NYMEX futures contract gained around 15� to 17� each day ending at a near record settlement price high of $6.57. Huge withdrawals from storage told most of this story. The American Gas Association estimated that withdrawal of gas topped 94 bcf for the week ended Nov. 17.
  • 11/27/2000 -- Market watch, Nov. 27
    Futures prices for North Sea Brent crude dipped Friday on the International Petroleum Exchange, ending what analysts described as a week of quiet and mostly range-bound trading. The oil market appears technically and fundamentally firm above $33/bbl, with forecasts of severe weather in US markets buoying oil prices, analysts said.
  • 11/27/2000 -- Naimi says target oil price is $25/bbl
    Saudi Arabian Minister of Petroleum and Mineral Resources Ali I. Naimi said producing nations will maintain the recent relative stability of oil prices. Naimi, speaking after an Organization of Arab Petroleum Exporting Countries ministerial meeting in Cairo, said the Organization of Petroleum Exporting Countries will keep oil prices in the range of $22-$28/bbl. He added that $25/bbl was the target.
  • 11/27/2000 -- Sonatrach signs contracts worth $185 million for new pipeline
    Algerian state oil and gas company Sonatrach yesterday awarded two major construction contracts valued at $185 million to build a 822-km pipeline between the southeast Haoud El Hamra oilfield and the northwest port of Arzew, the Organization of Petroleum Exporting Countries' news agency, OPECNA, reported.
  • 11/24/2000 -- Gordian energy knot tightens
    The coincidental overlap in the staging of the Conference of the Parties on Climate Change (COP6) in The Hague and International Energy Forum (IEF) in Riyadh last week could only bring into sharper relief the dilemma that the world has wrought for itself through its long-standing energy consuming and producing habits.
  • 11/23/2000 -- UK oil majors cleared of 'anti-competitive behavior'
    The UK Office of Fair Trading (OFT) has rejected claims first made by a number of independent fuel retailers in September that major oil companies were selling wholesale fuel to them at prices higher than at their own branded service stations. Following an inquiry into allegations of anti-competitive behavior by oil giants, the OFT concluded that a combination of high crude prices and public pressure on UK retail prices were to blame for a squeeze on retailers' margins.
  • 11/23/2000 -- Market Watch, Nov. 24
    North Sea Brent crude oil futures ended trading yesterday on the International Petroleum Exchange (IPE) having changed little from the day before. IPE January Brent settled at $33.28, up 4� from the Wednesday's close. Yesterday's high was $33.65 and the low $32.90.Brokers noted that futures remained fairly strong at above $33/bbl due largely to the severe weather being experienced currently in the US and some areas in Europe, and forecasts of more inclement weather in the coming weeks.
  • 11/23/2000 -- Camisea deals again on hold
    The consortia led by Argentinean companies Pluspetrol SA and Tecgas SA have postponed the signing of contracts and concessions for the Camisea natural gas project, scheduled for Nov. 28, until further notice. The companies now hope to be able to sign the contracts by mid-December.
  • 11/22/2000 -- California PUC claims $4 billion in overcharges
    California households and businesses were overcharged more than $4 billion for wholesale electricity and there is evidence some power companies 'manipulated' the market to increase prices, the California Public Utilities Commission (PUC) says. The PUC said the findings highlight the need for the Federal Energy Regulatory Commission to grant a motion that would allow the California regulatory agency to compel generators to respond to subpoenas with data about their sales and operations.
  • 11/22/2000 -- US cold blast sends Canadian spot gas soaring
    Plummeting temperatures in the US northeast and other markets are pushing prices for western Canada natural gas to new highs. Spot prices for Alberta gas hit a record high of $8.58 (Can.)/GJ Nov. 21. That compared with a price of $2.80 a year ago. Natural gas on the spot market at the major AECO-C trading hub in southern Alberta is trading at more than triple the prices at this time a year ago.

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