General Interest 2001 P

12/07/2001 -- DONG to acquire Norwegian oil company Pelican for $46.5 million
Danish oil company DONG AS will buy Norwegian oil company Pelican AS for 417 million Norwegian kroner ($46.5 million). The price is 250 kroner/share.
12/06/2001 -- PPL confirms investigation, denies market power allegations
PPL Corp. Thursday confirmed the Allentown, Pa., company is the subject of an investigation by Pennsylvania regulators into allegations of market manipulation. 'PPL's conduct was at all times in compliance with all applicable laws and regulations,' the company said, and it did not 'did not possess, exercise, or abuse market power in the PJM capacity markets.'
12/06/2001 -- Industry cautions US regulators to stay the course with energy restructuring
Industry officials Thursday cautioned US government regulators not to couple the recent financial troubles of Enron Corp. with restructured energy markets. 'Our market is large and vibrant and while the shake-up of Enron is a shock, it is not by any means a hole that will sink the ship,' said the Natural Gas Supply Association of America.
12/06/2001 -- Despite Enron, US regulators urged to continue energy restructuring
Industry officials Thursday cautioned US government regulators not to couple the recent financial troubles of Enron Corp. with restructured energy markets. "Our market is large and vibrant and while the shake-up of Enron is a shock, it is not by any means a hole that will sink the ship," said the Natural Gas Supply Association of America.
12/06/2001 -- Switch from MTBE could disrupt US fuel market, says PIRINC
Maintaining a US federal oxygenate requirement for motor vehicle fuel while quickly phasing out oxygenate methyl tertiary butyl ether at the state level could cause short-term supply disruptions, said the Petroleum Industry Research Foundation Inc. (PIRINC) in a report released this month.
12/06/2001 -- Analyst sees sharply higher natural gas prices this winter
US natural gas prices should jump sharply in the first quarter as demand jumps in the face of limited supply. Marshall Adkins, managing director of Raymond James & Associates, Houston, made that prediction at an International Association of Drilling Contractors conference in Houston.
12/05/2001 -- No reason to delay Texas retail electricity market, legislators say
Texas lawmakers and regulators concluded the state electricity market is ready for retail competition as scheduled on Jan. 1 during a Wednesday hearing in Austin. But if the market doesn't develop over the next year or two as anticipated, the legislature will have to go back to the drawing board, said Rep. Steve Wolens, (D-Dallas).
12/05/2001 -- US Senate Democrats introduce energy reform bill
US Senate Democrats Wednesday introduced an energy reform plan they said is more balanced than a pending Republican proposal that passed the House last August.
12/05/2001 -- Industry poll indicates lower oil prices, more spending for 3 years
Most energy industry representatives at an Arthur Andersen LLP energy symposium in Houston said they expect increased demand for both oil and natural gas, with lower, more volatile crude prices and less investment capital available over the next 3 years. They also project increased spending for exploration and development around the globe.
12/05/2001 -- Nipsco to close aging 500 Mw plant in Gary, Ind.
Northern Indiana Public Service Co. (Nipsco), Merrillville, Ind., reported it will indefinitely shut down the 46-year-old, 500 Mw Dean H. Mitchell power plant in Gary, Ind., by yearend. The utility unit of Nisource Inc. said the decision was based on declining electric demand, resulting from the economic downturn and on current forecasts of prices in the wholesale market.
12/05/2001 -- Petrobras Pres. Henri Reichstul resigns, new president appointed
Citing health and personal problems, Henri Philippe Reichstul, president of Petroleo Brasileiro SA (Petrobras) has resigned as of Dec. 20.
12/05/2001 -- Industry sees US Lease Sale 181 as missed opportunity
A US offshore federal lease sale held Wednesday has become a missed opportunity for industry, said an oil trade group. The 233 blocks offered are a quarter of the originally planned sale.
12/05/2001 -- Cal Dive to acquire Canyon Offshore
Energy services company Cal Dive International Inc., Houston, has agreed to acquire 85% of Houston-based Canyon Offshore Inc., which offers remotely operated vehicles and other robotics plus associated services to the offshore construction and telecommunications industries.
12/04/2001 -- Edison Mission pursues balanced portfolio including overseas
Edison Mission Energy says emphasis on foreign power projects is in vogue once again. Alan Fohrer, CEO of Edison Mission, said that wasn't the case last year when the US power market was booming and everyone was focused on domestic projects.
12/04/2001 -- Enron gets $1.5 billion in new bank credit
Two New York banks agreed to put up $1.5 billion to help keep Enron Corp. afloat, while the embattled energy company attempts to reorganize under Chapter 11 bankruptcy. Under the agreement with Citigroup and JP Morgan Chase, Enron will receive $250 million immediately to supplement the company's existing capital and help it fulfill other obligations, including its employee payroll.
12/04/2001 -- Market watch: Energy futures rise on Middle East tensions
Energy futures prices continued their rise in trading on the New York Mercantile Exchange and the International Petroleum Exchange Monday. The increase in tensions in the Middle East was behind the market's rise, according to analysts.
12/03/2001 -- US Senate defers action on energy policy bill, probably until next year
Following a series of procedural votes, the US Senate, by a 94-1 margin, Monday effectively postponed controversial energy legislation that Republican leaders had threatened to attach to a railroad retirement bill. Minutes before the evening floor vote, Senate Minority Leader Trent Lott (R-Miss.) withdrew support for the proposal.
12/03/2001 -- US Senate to vote on House-passed energy bill that includes ANWR
Several labor unions Monday urged US senators not to consider a Republican energy amendment that proindustry lawmakers want attached to a pending railroad retirement bill. Senate proponents of leasing the coastal plain of the Arctic National Wildlife Refuge say they still lack the 60 votes needed to shut off a potential filibuster.
12/03/2001 -- Enron burned '$1.5 billion in 3 weeks,' Dynegy chief says
Dynegy Inc. Chairman Chuck Watson Monday said the proposed merger with Enron Corp. was terminated after Dynegy determined the standard clause concerning adverse material conditions had been violated. He said there was rapid deterioration of Enron's cash position. 'We expected cash balances to be $3 billion on Nov. 16,' he said. 'On Nov. 16 it was $1.2 billion. They burned through $1.5 billion in 3 weeks.'
12/03/2001 -- UtiliCorp unsure of Enron effect on UK Midlands purchase
UtiliCorp United Inc. Monday warned it is unsure if Enron Corp.'s Chapter 11 bankruptcy protection filing will have a 'materially adverse' effect on its proposed acquisition of the UK's Midlands Electricity PLC. UtiliCorp and a partner made a $2.1 billion deal in October to buy Midlands, including an investment in the 1,875 Mw Teesside power generating plant, which is majority owned by Enron.

Home

General Interest

Exploration & Development

Drilling & Production

Processing

Transportation

Home

2001

General Interest 2001 P