Finance/Companies news briefs, Jan. 8

Oil & Natural Gas Corp. � Rosneft � TotalFinaElf � Quadra Resources � TOO Kenes � Compagnie de Roberval � Energy Corp. of America � Penn Virginia � Crown Central Petroleum � and more

In the article titled "BP, Solvay to form polymer JVs, swap other assets" (OGJ Online, Dec. 20, 2000), Solvay SA was incorrectly identified as a French company. It is based in Brussels, Belgium. OGJ Online regrets the error.

India�s Oil & Natural Gas Corp. will invest $1.2 billion for a 20% stake in the Russian oil and gas fields at Sakhalin-1. Petroleum Minister Ram Naik, said ONGC�s overseas subsidiary, ONGC Videsh Ltd., will take half of Rosneft's 40% stake in the project, as anticipated earlier this year (OGJ Online, June 16, 2000). Sakhalin Oil Development Cooperation Co. Ltd., a consortium of 18 Japanese companies and ExxonMobil Corp. each own 30%.

TotalFinaElf SA has disposed of assets to remove the European Commission's objections to its merger. It sold interests in several pipelines and product storage facilities, opened its supply infrastructure at the Lyon and Toulouse airports to third parties, and sold 70 service stations bearing the two groups� brands. It plans to sell Elf Antargaz SA in France and a storage depot at Port La Nouvelle.

Quadra Resources Corp., Calgary, has agreed to acquire an oil field in Kazakhstan providing the field is awarded to applicant TOO Kenes in the next licensing round. Quadra would get 75% and Compagnie de Roberval SA 25% of the field. The price will be 50�/recoverable bbl, to be determined by an independent Calgary engineering firm.

Energy Corp. of America has purchased gas properties in Kentucky and West Virginia from Penn Virginia Corp., Radnor, Pa., for $59.4 million. The properties have reserves of 70 bcf equivalent and were producing 7 MMcfd of gas net to Penn Virginia. The company will use the proceeds to reduce long-term debt.

Crown Central Petroleum Corp. reached a second collective bargaining agreement with the Paper, Allied-Industrial, Chemical, and Energy Workers International Union (PACE). A previous agreement failed to receive the necessary votes by the local union at Crown's Pasadena, Tex., refinery (OGJ Online, Oct. 20, 2000). Local 4-227 also must vote on this agreement. If the agreement is approved, PACE drop its boycott and litigation and Crown will end a lockout that began in 1996.

CLX Energy Inc., Denver, has acquired 30% working interest in Densmore field in Norton County, Tex., for $265,000. The 960-acre field has 15 producing wells and seven shut-in wells. Production is from the Reagan sand and Lansing/Kansas City.

PricewaterhouseCoopers Inc., as interim receiver and manager of Bresea Resources Ltd., mailed a circular Jan. 2 urging Bresea shareholders to reject MacDonald Oil Exploration Ltd.'s offer for Bresea stock. The offer was 5 MacDonald shares and 2.5 warrants for each Bresea share tendered (OGJ Online, Dec. 7, 2000).

Atmos Energy Corp. has completed the sale of its natural gas distribution system assets in Gaffney, SC, to Piedmont Natural Gas Co. Inc. for $6.6 million. The sale was announced last year (OGJ Online, Oct. 18, 2000).

Phillips Petroleum Co. has completed the sale of Canadian properties to Apache Corp. for $490 million. The transaction was effective Dec. 29, 2000. Phillips expects to realize $470 million in after-tax proceeds from the sale, resulting in additional fourth-quarter 2000 net income of $110 million. The sale included Phillips� oil and gas producing properties and related infrastructure in the Zama area of northwest Alberta (OGJ Online, Dec. 6, 2000).

Stockholders of Petroglyph Energy Inc., Hutchinson, Kan., voted Dec. 29 to approve a merger with a III Exploration Co. subsidiary. Petroglyph will become a subsidiary of III Exploration, which is owned by Intermountain Industries Inc.

More in Companies