Commonwealth Oil & Gas Co. Ltd. sold an 11% holding in the exploration, development, and production sharing agreement for the Southwest Gobustan oil and gas concession in Azerbaijan to a unit of Oklahoma-based Sooner International Petroleum Co. Ltd. Sooner received an option to purchase another 5%.
Saipem's S7000 derrick barge used one of its two 7,700-ton capacity cranes to set the 3,850-ton south deck module on the Petronius compliant tower on Apr. 28, 2000. The new module replaced the original $70-million module that was dropped and lost while being lifted in December 1998.
Plagued by leaks of both ethanol and methyl tertiary butyl ether (MTBE) from gasoline service stations that are polluting groundwater sources, the Lake Tahoe, Calif., resort area is headed into another summer of water use restrictions.
The Caltex Oil refinery in Brisbane, Australia, upgraded its hydrofluoric acid (HF) alkylation unit at the end of 1998 to improve safety measures. The upgraded alkylation unit, operated under license from Phillips Petroleum Co., Bartlesville, Okla., carries a nameplate capacity of 3,600 b/sd.
Statoil has initiated a comprehensive, pipeline-integrity management system for corrosion protection of buried onshore pipeline systems, taking into account the unique operation and environmental characteristics of various systems.
The peaks and valleys seen in oil prices the past 4 years offer insight into lessons learned in the oil price downturn of 1998-99 and future demand trends in the US market, says the Federal Reserve Bank in Dallas.
Moscow appears to be softening slightly its stance on division of the Caspian Sea territory among the states that border it. But it remains to be seen how quickly the five littoral states-Iran, Russia, Kazakh- stan, Azerbaijan, and Turkmenistan-will settle their dispute over ownership of natural resources in the waters.