Finance/Companies news briefs, Nov. 14
BP PLC has signed a 10-year, $10 million agreement with the Chinese Academy of Sciences for a broad research program on development of natural gas and other clean sources of energy. A major study of energy strategy, to be undertaken by Tsinghua University, will underpin the technically-focused work.
Rozsa Petroleum Ltd., Calgary, has retained a financial advisor to facilitate a sale of the company. The privately held Rozsa produces and explores between Calgary and the US border. Production in the third quarter was 3.4 MMcfd of gas and 810 b/d of light oil and liquids.
Pakistan's Ministry of Petroleum and National Resources has approved an agreements between the SW-Miano joint venture, led by OMV AG of Austria, and Sui Southern Gas Co. Ltd. for sale of 170 MMcfd of gas from Sawan field in Sindh province. The joint venture will spend $170 million during the next 2 years to develop the field and may spend $130 million more to double production to 340 MMcfd by late 2003.
Argentina has authorized an asset swap between Repsol YPF and Petroleo Brasileiro SA. Under the deal, Petrobras will get 700 gas stations operated by Repsol subsidiary EG3 and a 28,975-b/d refinery in Baia Blanca, Argentina. Repsol will get 300 stations operated by Petrobras Distribuidora. Petrobras said both companies will get $500 million worth of assets.
Petrobras has refused to give Brazil's Federal Court of Accounts financial and administrative data for 2000. Because the government owns 51% of the company, Petrobras claims it is not subject to regulations governing private firms. It has until Nov. 20 to comply with court's ruling.
Nabors Industries Inc., Houston, has signed a deal under which Hughes Network Systems, Germantown, Md., will provide broadband satellite network services to 200 Nabors rigs. Hughes is a subsidiary of Hughes Electronics Corp.
Gasunie of the Netherlands is forming a subsidiary to facilitate creation of a gas-trading hub within its transport network at Oude Statenzijl/Bunde and Emden. Initially, it will provide title transfer and later it will offer day contracts for gas transport.
Petroleum Geo-Services ASA, Oslo, has renamed its Houston business unit focused on seafloor seismic services to Seafloor Seismic. It previously was known as PGS Reservoir Services.
Talisman Energy Inc., Calgary, is the target of a class action lawsuit filed in New York City federal district court on behalf of the Presbyterian Church of Sudan and several individuals. The suit alleges Talisman supported Sudanese government's attacks on Christian and other non-Muslim minorities.
Regent Energy Corp., Houston, has signed a letter of intent to acquire the New Mexico assets of B,C, & D Operating Co. for $6 million. The properties were producing 370 b/d of oil and 1.2 MMcfd. Gas production was due to reach 5 MMcfd by yearend.