Finance/Companies news briefs, Aug. 25


Contango Oil & Gas Co. said it has purchased a 10% interest in Republic Exploration LLC for $4 million, with the option to purchase another 23.33% interest for an additional $2.5 million. The option expires Dec. 29, 2000. Republic Exploration has the license rights to existing and newly reprocessed 3-D seismic covering over 8,600 square miles of the shallow waters of the Gulf of Mexico continental shelf. Republic Exploration has been formed to evaluate, generate, acquire and explore prospects using this seismic data. The other two members of Republic Exploration are both privately held companies with extensive experience in Gulf of Mexico exploration. As part of this transaction, Contango granted 5-year warrants to each company to purchase 125,000 shares of Contango common stock at $1/share.

Roper Industries Inc., Bogart, Ga., said it negotiated a $150 million extension of its long-term supply agreement with RAO Gazprom, the Russian gas utility. Gazprom has agreed to extend the agreement under which Roper supplied it with turbo-machinery controls equipment for the last 5 years. The agreement extends the term through the end of calendar 2007.

Russian company Lukoil said an arbitration court has dismissed tax evasion charges against the company. If the charges had been upheld, the amount assessed against Lukoil, including taxes, penalties, and financial sanctions, would have amounted to 751 million rubles, said the company.

The court case concerning the abrupt termination of a proposed merger between ONEOK Inc., Tulsa, and Southwest Gas Corp. rolls on (OGJ, Jan. 31, 2000, p. 34). ONEOK said Aug. 24 it filed an amended complaint alleging Southwest Gas failed to disclose certain material information during negotiations. In January, Southwest Gas had filed suit claiming breach of contract related to the called-off merger.

Premcor Refining Group Inc., St. Louis, on Thursday agreed to plead guilty to two felony counts, pay a $2 million fine, and be placed on 3 years probation for failing to comply with reporting requirements for wastewater treatment at its refinery near Blue Island, Ill., from 1994 to 1996. The company, formerly known as Clark Refining Holdings Inc., was notified 3 years ago that it and two former employees were suspected of not complying with mandatory, regular reporting of levels of non-hazardous fats, oil, and grease in wastewater, said Premcor. The two former employees also named by the government each left the company voluntarily in 1997.

Greka Energy Corp., New York, said it has closed the sale of its wholly owned Canadian subsidiary, Beaver Lake Resources Corp., thus disposing of all its Canadian oil and gas assets. Greka said the sale allows it to focus on its core assets in California, Louisiana, and China.

Magin Energy Inc., Calgary, has extended its offer to purchase outstanding shares of Place Resources Corp. to Sept. 6, because the minimum conditions of the offer were not met by the expiry date.

Related Articles

Dow Chemical unit buys interest in Texas LNG project

12/16/2004 Dow Chemical Co. subsidiary Texas LNG Holdings LLC has purchased a 15% ownership interest in Freeport LNG Development LP from Freeport LNG Investme...

Edge Petroleum to acquire South Texas properties from Contango

10/18/2004 Edge Petroleum Corp. agreed to acquire oil and natural gas properties in South Texas from Contango Oil & Gas Co. for $50 million.

OGJ Newsletter

06/28/2004 Energy prices seesawed daily early last week, with the new near-month August contract for US light, sweet crudes falling 68¢ to $37.57/bbl Jun...

FERC approves Freeport LNG receiving terminal

06/21/2004 The US Federal Energy Regulatory Commission has authorized Freeport LNG Development LP to site, construct, and operate an LNG receiving terminal at...

ConocoPhillips joins Freeport LNG terminal project partners

12/23/2003 ConocoPhillips has agreed to join with Freeport LNG Development LP and assume a 50% general-partnership managing interest in the proposed LNG recei...

IEA projects more oil demand growth

08/18/2003 The International Energy Agency's latest Oil Market Report includes an upward revision to some historical demand figures and a corresponding increa...

Freeport LNG taps Technip for Texas LNG terminal FEED contract

08/12/2003 Freeport LNG Development LP has awarded a contract to Technip unit Technip USA Corp., Houston, for the front-end engineering design (FEED) for its ...

Dow Chemical, Freeport LNG agree on Gulf Coast LNG terminal

06/20/2003 Dow Chemical Co. and Freeport LNG Development LP (Freeport LNG) have reached an agreement whereby Dow will have the right to use Freeport LNG's pro...

Finance/Companies news briefs, Jan. 24

01/24/2001 TotalFinaElf � TransCanada PipeLines � Ocean Energy � Texoil � Rocky Mountain Gas � J. Ray McDermott � Bay � Agip Energy (Australia) � QRL Liquidat...
White Papers

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...

Accurate Thermo-Fluid Simulation in Real Time Environments

The crux of any task undertaken in System Level Thermo-Fluid Analysis is striking a balance between ti...

6 ways for Energy, Chemical and Oil and Gas Companies to Avert the Impending Workforce Crisis

As many as half of the skilled workers in energy, chemical and oil & gas industries are quickly he...
Sponsored by
Available Webcasts


Prevention, Detection and Mitigation of pipeline leaks in the modern world

When Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST



On Demand

Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


US Midstream at a Crossroads

Fri, Mar 6, 2015

Oil & Gas Journal’s Mar. 6, 2015, webcast will focus on US midstream companies at an inflection point in their development in response to more than 6 years shale oil and gas production growth. Major infrastructure—gas plants, gathering systems, and takeaway pipelines—have been built. Major fractionation hubs have expanded. Given the radically changed pricing environment since mid-2014, where do processors go from here? What is the fate of large projects caught in mid-development? How to producers and processors cooperate to ensure a sustainable and profitable future? This event will serve to set the discussion table for the annual GPA Convention in San Antonio, Apr. 13-16, 2015.

This event is sponsored by Leidos Engineering.

register:WEBCAST


The Future of US Refining

Fri, Feb 6, 2015

Oil & Gas Journal’s Feb. 6, 2015, webcast will focus on the future of US refining as various forces this year conspire to pull the industry in different directions. Lower oil prices generally reduce feedstock costs, but they have also lowered refiners’ returns, as 2015 begins with refined products priced at lows not seen in years. If lower per-barrel crude prices dampen production of lighter crudes among shale plays, what will happen to refiners’ plans to export more barrels of lighter crudes? And as always, refiners will be affected by government regulations, particularly those that suppress demand, increase costs, or limit access to markets or supply.

register:WEBCAST


Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected