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General Interest 2006 P18

  • 10/03/2006 -- Unit Petroleum to acquire Brighton Energy
    Unit Petroleum Co., Tulsa, plans to acquire privately owned Brighton Energy LLC for $67 million. The acquisition includes proved reserves of 27 bcf of gas equivalent and 5 MMcfd of production.
  • 10/03/2006 -- MARKET WATCH
    Oil prices fall as traders discount supply concerns

    Oil prices dropped Oct. 2 on light trading volumes due in part to the Yom Kippur Jewish holiday. Meanwhile, traders reacted indifferently to announcements that Venezuela and Nigeria plan to cut their oil production.
  • 10/02/2006 -- Lukoil closes acquisition of Chaparral Resources
    OAO Lukoil Overseas Holding Ltd. on Sept. 29 closed its $88.6 million acquisition of Chaparral Resources Inc., an exploration and development company based in New York with operations in Kasakhstan.
  • 10/02/2006 -- OCS compromise eludes US Congress energy leaders
    US Senate and House energy leaders headed into the preelection recess pledging to reach a compromise before yearend but were still divided over Outer Continental Shelf oil and gas leasing reforms.
  • 10/02/2006 -- MARKET WATCH
    Oil prices up despite Venezuelan production cut

    The front-month crude contract settled slightly higher Sept. 29 despite Venezuela's announcement that day of plans to trim production. Price levels had been volatile for some time.
  • 09/29/2006 -- ENI may sue PDVSA for $830 million in losses
    Italy's Eni SPA estimates that Venezuela's state-owned Petroleos de Venezuela SA (PDVSA) caused it losses of $830 million in this year's first half, following termination of an agreement under which Eni operated Dación field.
  • 09/29/2006 -- US estimates Iraq lost $16 billion in oil revenues
    Iraq lost an estimated $16 billion of potential oil export revenues from January 2004 to March 2006 because of insurgent attacks, criminal activity, and aging and poorly maintained infrastructure, an audit report by the US special inspector general for Iraq reconstruction said.
  • 09/29/2006 -- Analysts see robust future for oil sands
    The outlook for Canadian oil sands growth continues to improve, although the next 2 years could prove critical as oil companies face the risks of increasing cost overruns and project delays, said Friedman, Billings, Ramsey & Co. Inc.
  • 09/29/2006 -- Sakhalin-2 project faces more authorization woes
    Part of the pipeline built for the Sakhalin-2 project may have been built without proper government authorization, according to Oleg Mitvol, deputy head of the Russian Federal Service for the Regulation of the Use of Natural Resources (Rosprirodnadzor).
  • 09/29/2006 -- MARKET WATCH
    Crude prices fluctuate on OPEC rumors

    The front-month crude contract temporarily touched $64/bbl Sept. 28 on the New York market but closed lower as traders speculated whether the Organization of the Petroleum Exporting Countries would cut production to buoy prices.
  • 09/29/2006 -- DOE hopes for cellulosic ethanol plant by 2012
    The US Department of Energy is evaluating bids for the first commercial cellulosic ethanol production facility in the US, with hopes that the plant will be in operation in 2012.
  • 09/28/2006 -- Bolles to lead Morgan Creek Energy
    Morgan Creek Energy Corp., Dallas, has appointed William W. Bolles chairman and chief executive officer.
  • 09/28/2006 -- Sabic to buy Huntsman's UK base chemical, polymer unit
    Saudi Basic Industries Corp. (Sabic) agreed to acquire Huntsman Petrochemicals (UK) Ltd. for $700 million.
  • 09/28/2006 -- MARKET WATCH
    Crude futures price rises, natural gas falls

    The expiring October natural gas contract approached a 4-year low Sept. 27, but crude prices rebounded to almost $63/bbl as traders shrugged off a bearish report of US oil inventories in expectation that OPEC may soon cut production.
  • 09/28/2006 -- US House panel approves pipeline safety bill
    The US House Energy and Commerce Committee passed a bill Sept. 27 reauthorizing federal oil and gas pipeline safety programs.
  • 09/27/2006 -- Petrom acquires Russian exploration assets
    OMV AG's 51% subsidiary, Romania's Petrom SA, signed an agreement Sept. 25 to acquire a 74.9% stake in Ringoil Holding & Trading Ltd., Cyprus, for an undisclosed sum.
  • 09/27/2006 -- CAPP chair: Don't upset Canada's stable investment climate
    Speaking at the International Pipeline Conference & Exposition in Calgary, Kathy Sendall, Petro-Canada senior vice-president, North American natural gas, and chair of the Canadian Association of Petroleum Producers, implored the Canadian government to not "do anything stupid" regarding terms of investment in projects in the country.
  • 09/27/2006 -- MARKET WATCH
    Oil prices decline slightly as gas inches up

    Petroleum prices retreated slightly, with crude holding just above $61/bbl Sept. 26 as traders concentrated on US inventories instead of speculation that the Organization of Petroleum Exporting Countries may cut production.
  • 09/27/2006 -- Lawmakers urge MMS to aggressively recover royalties
    Two US House Government Reform Committee leaders are demanding that the Department of the Interior develop a new plan to recover an estimated $2 billion of lost royalties from deepwater Gulf of Mexico leases issued in 1998 and 1999.
  • 09/26/2006 -- Tullow Oil to acquire Hardman Resources
    Tullow Oil PLC, London, has agreed to acquire Hardman Resources Ltd., Perth, for about $1.47 billion (Aus.).
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