More Oil & Gas Reserves News

U.S. BRIEFS

Nov 12, 1990 ENVIRONMENTAL PROTECTION AGENCY gave companies owning 1-12 underground storage tanks another year-until Oct. 26, 1991-to meet its bonding requirements. The extension also applies to nonmarketing companies whose net worth is less than $20 million. EPA said the extension will provide tank owners time to make their facilities insurable and give states more time to develop their bonding programs.

RANK SHERWOOD FINDS WARM N. DAKOTA PLAY

Nov 19, 1990 Two discoveries appear to have established the first significant oil production in McLean County, N.D. The discoveries, on the Fort Berthold Indian Reservation, are far south and east of established Williston basin production. Balcron Oil Corp., Billings, Mont., an affiliate of Equitable Resources Energy Co Pittsburgh, is operator of both discoveries. Balcron's 33-15 Wahner, in 15-150n-89w, pumped 130 b/d of 37.6 gravity oil, 115 Mcfd of gas, and 105 b/d of water from perforations at

U.S. E&P TAX INCENTIVES JUDGED INADEQUATE

Nov 19, 1990 About $2.5 billion in energy tax incentives approved by Congress will do little to correct growing U.S. dependence on imported oil, contends Coopers & Lybrand. To reverse the growth of oil imports and move the U.S. toward energy independence would take "substantially more," perhaps $15-20 billion, said John Swords, Coopers & Lybrand's national director of energy taxation. Swords noted that most incentives included in the budget deficit reduction package Congress recently passed (OGJ, Nov.

EXPLORATION EXPLORATORY DRILLING NEAR SAKHALIN ISLAND EXPECTED TO INCREASE

Nov 19, 1990 Matthew R. Silverman Gustavson Associates Inc. Boulder, Colo. The Soviets and their Japanese partners have expressed frustration with recent exploration and production efforts in the Sakhalin Island area. Production levels have remained stagnant, and goals set in the late 1970s have not been met. Current plans call for major increases in exploratory drilling, growth in capital investment in the petroleum sector, and development of at least two offshore fields. To achieve these goals the Soviets

CANADIAN PURCHASE BY BRITISH GAS ADVANCING

Nov 19, 1990 British Gas plc, London, is closing in on its planned $1.1 billion (Canadian) takeover of Canada's largest gas utility. The purchase of Consumers Gas Co. Ltd., Toronto, won approval last week from Investment Canada, a federal foreign investment screening agency. That action followed approval by the Ontario Energy Board, an agency of the province's New Democratic government. Consumers serves natural gas customers in Ontario, Quebec, and New York state. The company is being sold by GW

U.S. BRIEFS

Nov 19, 1990 ARCO ALASKA INC. agreed to pay a $200,000 fine to Alaska as a penalty for an August 1989 pipeline valve leak that spilled 300-600 bbl of oil on about 1.4 acres of tundra in Kuparuk River oil field. ARCO also agreed to rehabilitate the spill site and increase its field inspection, maintenance, and testing of pipelines and valves.

ECONOMY, ENVIRONMENT, ENERGY LINK CITED

Nov 19, 1990 The U.S. economy, environment, and energy are inexorably linked, Mobil Corp. Chairman Allen E. Murray told the American Petroleum Institute annual meeting last week in Chicago. Murray, addressing the second of two general sessions, said, "The same importance should be placed on the economy and the energy to fire it as is placed on the environment. "The impact each has on the other is seldom considered during the legislative process."

OGJ NEWSLETTER

Nov 19, 1990 Are oil prices headed for another crash in the spring? gliding fourth quarter demand in response to high oil prices and sluggish economies, coupled with a surprising surge in production, could spell a glut in early 1991 once the threat of war in the Persian Gulf has diminished.

PERU SEEKS FOREIGN HELP IN PETROLEUM SECTOR OVERHAUL

Nov 26, 1990 Peru's new government is undertaking a dramatic overhaul of its troubled petroleum sector. The new administration of President Alberto Fujimori is taking bold steps to prune oil products subsidies and promote foreign investment in Peruvian upstream and downstream petroleum operations. The steps are part of Fujimori's introduction of a far reaching economic stabilization program to lift the country out of its fiscal doldrums.

IPC AFFILIATE EUROCAN BUYS COLOMBIAN PRODUCTION STAKE

Nov 26, 1990 Eurocan Ventures Ltd., Dubai, has acquired a 25% working and equity interest in a producing concession in Colombia from Saba Energy Inc. The transaction is valued at $3.65 million. Eurocan, an affiliate of International Petroleum Corp. (IPC), Vancouver, will finance the deal partly through issue of more shares in Eurocan. IPC held 23.5% of Eurocan prior to the acquisition. Saba is a privately held company in Alberta. The deal covers the Las Monas concession in Colombia's Middle

U.S. BRIEFS

Nov 26, 1990 GRACE PETROLEUM CORP., Oklahoma City, agreed to extend its Michigan exploration joint venture with Wolverine Gas & Oil Co. Inc., Grand Rapids, Mich., through 1993. Grace also acquired Wolverine's working interests in 27 gas wells and eight stripper wells in 12 Michigan fields, along with its interests in two pipelines and a gas processing plant serving those fields,

OGJ NEWSLETTER

Nov 26, 1990 World oil markets have settled into a relative calm that probably won't be broken short of shooting in the Persian Gulf or a long, severe cold snap. Market fundamentals are sufficiently bearish that even Saddam's plan to double Iraqi occupation forces in Kuwait sent U.S. futures prices up only $1.72, with Nymex crude for December delivery closing Nov. 19 at $31.50/bbl, down 37 on the week and $4 from November's high to date. Brent for 15 day delivery rose only 55 in relaxed trading

INDONESIA, MALAYSIA PUSH PETROLEUM WORK

Dec 3, 1990 At the heart of the Asia-Pacific region, two key oil and gas producing countries are straining to meet rapidly rising internal demand and maintain oil exports. In the ambitious plans of both countries, natural gas plays a central role. Indonesia, a member of the Organization of Petroleum Exporting Countries, may have trouble maintaining oil exports much past the turn of the century. But growing exports of liquefied natural gas will help take up the trade slack.

OPEC POSTED IMPROVED PERFORMANCE IN 1989

Dec 3, 1990 The Organization of Petroleum Exporting Countries experienced a sharp turnaround in operating and financial performance in 1989. OPEC hiked oil and gas production, reserves, exports, and market share while the organization's account balance turned to surplus from deficit. The data were released last month by OPEC's secretariat. OPEC crude oil production rose to 21.34 million b/d in 1989 from 19.62 million in 1988.

U.S. BRIEFS

Dec 3, 1990 SOUTHERN CALIFORNIA GAS CO. plans to buy 300 MMcfd of spot gas for December for a weighted average price of $2.14/MMBTU. SoCalGas paid an average $1.92/MMBTU for 218 MMcfd of November spot gas through Nov. 19. SHAREHOLDERS of Arkla Inc., Shreveport, and Diversified Energies Inc., Minneapolis, approved the $630 million merger of DEI into Arkla (OGJ, Aug. 6, p. 34).

Market Connection

Refinery Units and Equipment for Sale (PA). Pictured: LSG: Gasoline Desulfurizer, 65,000 BPD.

Refinery Units and Equipment for Sale (PA)

Refinery Units and Equipment for Sale (PA). Pictured: LSG: Gasoline Desulfurizer, 65,000 BPD.

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