The energy industry was a little late to the dot-com party but was not damaged by the market crash of last spring. While slow to embrace electronic commerce, the energy industry is very information-intensive and very conducive to internet applications.
The Metallgesellschaft AG (MG) affair of 1993-94 conveyed three central messages to the petroleum industry: one pertaining to the relationship between hedging and speculating, one pertaining to corporate governance, and one pertaining to commodity market dynamics.
Energy companies worldwide use financial derivatives to divide business risk into smaller components, which are bought or sold, in order to diversify risk and manage strategic objectives. A new US government business accounting requirement will change the way those derivatives are represented on quarterly financial reports to creditors, investors, and stockholders.
Intensive preplanning and coordination among completion team members allowed Mariner Energy Inc. (MEI) to begin production at 40 MMcfd on its Apia well (Gulf of Mexico, Garden Banks 73 No. 1) only 6 1/2 months after discovery.
Platte Pipe Line's use of a new inspection tool to identify seam-weld defects revealed that the transverse field inspection (TFL) tool had less impact on pipeline operations and provided greater assurance than hydrostatic testing for the long-term operational reliability of the pipeline system.
The new DHS110 Heat Spy Series of compact, hand-held, noncontact infrared thermometers provides a completely portable, easy to use, cost-effective, and accurate means to measure surface temperatures in process or maintenance applications.
US Senate Committee on Energy and natural Resources Chairman Sen. Frank Murkowski (R-Alas.) last week said his omnibus energy bill is a "starting point" that will be used to help frame a national energy policy with the help of Democrats and the White House.
The Organization of Petroleum Exporting Countries considers its agreement to cut crude production by another 1 million b/d effective Apr. 1 to be a "prudent" measure to stem declining oil prices in the second quarter.
To scan Bassoe Offshore Consultant Ltd.'s latest rig update for the North Sea, the upturn in drilling activity on which the UK oil and gas industry pinned its hopes during the darker days of the region's hard-fought recovery looks finally to be taking shape.