In the process of exploring for oil and natural gas under the Earth's waters, oil companies conducting surveys occasionally make some other interesting discoveries, such as sunken aircraft, ships, and U-boats (OGJ, Aug. 20, 2001, p. 19).
Most recent merger and acquisition activity in the oil and natural gas industry has involved multinational corporations, while independent firms continue to trade upstream properties within the US and Canada.
Royal Dutch/Shell Group July 29 said it has reached agreements in principle (AIP) with the UK's Financial Services Authority and US Securities and Exchange Commission staff to resolve their pending inquiries related to the company's oil and gas reserves revisions (see Watching Government, p. 28).
Plans for a major European petrochemical pipeline took an important step forward earlier this summer when a commission of the European Union approved subsidies for the project by the governments of Belgium, Holland, and Germany.
Data compiled and published last month by Intertanko, the international association of independent tanker owners, suggests the trend in tanker incidents per year since 2001 has stabilized at a level well below the average annual number of incidents reported 1990-2000.