Indonesia doles out 22 oil and gas blocks — Indonesia awarded exploration rights for 22 oil and gas blocks to foreign and local companies including Marathon Oil, Kanzai Oil, ConocoPhillips, Chevron, Husky Energy, Pearl Energy, Australian Worldwide and Sinochem Petroleum E&P. The planned investment will total more than $300 million for the first three years of exploration. [Source:...
Energy Industry Archive
October 2008
Pronounce this: NPSA consents to Vigdis, Tune, Yttergryta projects in North Sea — The Norwegian Petroleum Safety Authority has let StatoilHydro use offshore rigs and facilities for operations near Norway for exploration purposes. The fields involved are the Vigdis, Tune, and Yttergryta. The submersible platform, Borgland Dolphin, will be involved in the research. [Source: Energy Current]...
The Company: Linn Energy, an independent oil and gas company with core operations in the Brea Olinda Field of the Los Angeles Basin and the Texas Panhandle. The Filing: FORM 10-Q filed with the SEC on August 7, 2008. The Finding: Moving forward with its strategy of monetizing non-core oil and gas assets, Linn Energy announced Monday that it had entered into a definitive agreement to sell its...
BP reports oil strike in Gulf of Mexico — BP America may one day go “beyond petroleum,” but not quite yet. The oil giant has reported a new discovery in the Gulf of Mexico, in its Freedom Prospect area, about 70 miles off the Louisiana coast. Andy Inglis, the company’s chief executive of exploration and production, said the find was the third in its Gulf deepwater area,...
ExxonMobil set to invest $325 million in lithium batteries for cars — ExxonMobil’s got to spend its windfall profits somewhere, so why not someplace that will make the Exxon Valdez owner look good and prove profitable? The company is reportedly set to invest $325 million in a lithium battery parts plant in South Korea. TonenGeneral Sekiyu, ExxonMobil’s Japanese battery subsidiary,...
A scary new scourge is haunting the hallways of the C-Suites of energy sector and other companies: stock margin calls. With stock markets tanking, a number of stocks bought on margin are being called in. Typically, an individual may take out a loan to buy stock, but if the value of the stock sinks below preset levels, the borrower must either liquidate the stock or come up with more cash to...
The Company: InterOil Corporation, a Canadian energy company with operations in Papua New Guinea. The Filing: FORM 6-K filed with the SEC on August 13, 2008. The Finding: InterOil said the Antelope-1 rig site location is complete and drilling will commence in the next few days, targeting a limestone reef porosity zone intersecting in the Elk-4, a well that yielded a gas flow rate of 105...
The Company: Chesapeake Energy Corporation, the largest producer of natural gas in the United States. The Filing: SEC Form 4 filings for Aubrey K. McClendon. The Finding: From September 2002 thorough April 2008, Aubrey K. McClendon, the billionaire chief executive of Chesapeake Energy Corp purchased more than 11 million shares of his company’s common stock at a total cost of...
Oil demand drops to 1993 levels – The International Energy Agency has cut its oil demand growth forecast for 2008 to its lowest rate in percentage terms since 1993. The IEA cited economic weakness and “a spiraling liquidity crisis.” [Source: Commodity Online Spectra selling gas interests to Keyera Facilities -- Spectra Energy is selling its natural gas interests in the Nevis...
The Company: Ivanhoe Energy, focusing on heavy oil upgrading technology. The Filing: FORM 10-Q filed with the SEC on August 11, 2008. The Finding: Ivanhoe Energy announced Wednesday a definitive agreement with Ecuador state oil companies Petroecuador and Petroproduccion to explore and develop Ecuador’s Pungarayacu heavy-oil field, utilizing Ivanhoe’s HTL upgrading technology....
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