Continuing threat of tanker attacks, oil field sabotage underscore industry worries as war rages in Iraq
A continuing potential threat to Persian Gulf shipping tied to the war in Iraq has spiked tanker insurance rates sharply.
Iraq rejects UN reauthorization of humanitarian aid oil sales program
Iraq has formally rejected a United Nations Security Council resolution, passed unanimously Mar. 28, that authorizes UN Sec. Gen. Kofi Annan to administer the oil-for-aid program under which Iraqi oil sales are monitored.
Saudi Arabia, other gulf states to offset Iraqi oil supplies to Jordan
With Japanese financial backing, Saudi Arabia and other Persian Gulf oil-exporting states have confirmed they will provide Jordan with crude and fuel oil, replacing supplies from Iraq that stopped on Mar. 20, the first day of the US-led war against Baghdad.
NPRA: Industry moving toward mutual interdependence
The oil and gas industry is becoming much more interconnected and moving towards "mutual interdependence," according to Sharaf Salamah, president of Saudi Refining Inc.
Senate rejects reinstatement of industry Superfund tax
The US Senate, on a 56-43 vote Mar. 25, rejected efforts to revive an expired "Superfund" toxic waste tax on industry. Before 1995, oil and chemical companies were charged a fee on their products that went to a special cleanup trust fund; the excise tax on crude was 9.7¢/bbl. Superfund taxes also included a corporate environmental tax of 0.12% on taxable income over $2 million.
Watching Government - Improving indices
The regulatory hangover from the Enron Corp. debacle and the California power crisis continues (see Editorial, p. 19). Last month the Federal Energy Regulatory Commission took steps to adjust how much money power marketers and generators owe California consumers because of natural gas index price manipulation.
Company News: Talisman marks end of era with completion of Sudan sale
Talisman Energy Inc., Calgary, has completed late last month the long-awaited sale of its 25% stake in Sudan's Greater Nile Oil Project (GNOP) to New Delhi-based ONGC Videsh Ltd. (OVL), the overseas arm of India's state-owned Oil & Natural Gas Corp. (ONGC).
Personnel Moves and Promotions
Anadarko, El Paso Corp. name new CEOs
Anadarko Petroleum Corp. and El Paso Corp. both recently named new executives to head their respective companies.