Companies in the news

Schlumberger Reservoir Completions Center opened its newest technology center. The center will expand the capabilities of the new Schlumberger Reservoir Development Product Group to develop new techniques that optimize reservoir performance. In an unrelated transaction, Schlumberger Ltd. agreed to purchase all of the assets of Secure Oil Tools.

Conoco Inc. is making a $300,000 gift to the University of Oklahoma to create the Oil Pioneers of Oklahoma Plaza, an educational exhibit area at the Sam Noble Oklahoma Museum of Natural History. The exhibit will tell the stories of the people who shaped the industry in Oklahoma.

Elf Aquitaine shareholders accepted the public exchange offer proposed by TotalFina for a merger between the two companies.

MDU Resources Group subsidiary Fidelity Oil Holdings, Inc., entered into a purchase and sale agreement to acquire 80% of American Resources Offshore, Inc.’s Gulf of Mexico properties.

The Subsea-Database has been acquired by Quest Offshore Resources Inc.

Global Industries agreed to acquire ETPM, SA, an international offshore construction company wholly owned by Groupe GTM, the construction affiliate of French utility Suez Lyonnaise des Eaux.

Sino-City Gas Inc. acquired Presto Communications Corp.

EEX Corp. acquired Tesoro Petro-leum Corp.’s U.S. E&P operations.

Maynard Oil Co. agreed to purchase interests in 170 producing oil and gas properties in southeastern New Mexico and West Texas.

Middle Bay Oil Co. Inc. entered into an agreement for the acquisition of properties in Texas and Louisiana. Proved reserves on the properties are 186 Bcf of gas.

PetroQuest Energy, Inc. completed its acquisition of Phillips Petroleum Co.’s interest in the PetroQuest-operated Valentine field project in Lafourche Parish, Louisiana. Following this acquisition, PetroQuest will own about 95% of the project. Three wells are planned for the 1999/2000 drilling program.

Burlington Resources Inc. (BR) acquired ARCO’s Ecuadorian and some Peruvian and Colombian assets. Included are the Villano field on Ecuador’s Block 10 and Peru’s 2,400,000-acre Block 64, which BR operates with a 25% working interest, and Colombia’s Los Galeneos and Fragata blocks (12,000,000 acres) in which BR owns 50% working interest. Plans call for 2-D seismic surveys next year on Block 24 and Block 64. A 2-D seismic program already is underway on the two Colombian blocks.

Gas Research Institute changed its name to GRI.

Apache Corp. agreed to acquire producing properties and other assets, with proved reserves of 875 million boe, in the provinces of Alberta, British Columbia and Saskatchewan, Canada, from Shell Canada Ltd.

Instromet, Inc., a manufacturer of ultrasonic gas flowmeters and energy measuring devices, acquired the PMI division of BadgerMeter, Inc.

Oiltanking GmbH and Greenergy Baltic Øy acquired Sonmarin Øy and subsidiary AS Sonmarin from ASPO Group.

A 10-member joint committee has begun evaluating feasibility of a merger between the GRI and IGT. The study should be complete by the end of the year.

The Houston Advanced Research Center and Petris Technology signed an agreement to develop and promote new technologies related to energy.

Fortum Oil & Gas agreed to sell Neste Chemicals Øy to Industri Kapital. Neste Chemical owners will become owners of Neste Chemicals Øy.

Halliburton Co. elected to sell its interests in two joint ventures to Ingersoll-Rand Co. for about $1.1 billion.

DTE Energy signed a merger agreement with MCN Energy to combine the two companies.

The Interstate Oil & Gas Compact Commission (IOGCC) compiled leasing information for 27 states. The State Leasing Table on IOGCC’s website (www.iogcc. state.ok.us) shows the leasing method, notice method, minimum bidding requirements, bidder qualification standards, statutory references and acreage restrictions.

Chevron U.S.A. agreed with The Chandler Company to transfer Chevron’s oil and gas assets in Utah’s Uinta basin to Shenandoah Energy Inc., a new company formed by Chandler.

Baker Hughes Inc. completed its sale of property in Las Colinas, Texas.

Weatherford International, Inc., completed its acquisition of Dailey International Inc.

Ivanhoe Energy formed a royalties division to hold new oil and gas interests in southern California.

Unit Corp. agreed with Parker Drilling Co. to purchase its domestic onshore drilling assets, excluding Alaska. The sale includes 13 large or deep-capacity drilling rigs for $40.0 million in cash plus stock.

ARXA agreed in principle to acquire four fields in Mississippi.

Blue Dolphin Energy Co. agreed to acquire a 75% ownership interest in American Resources Offshore Inc.

Vista Energy Resources and Prize Energy Corp. signed an agreement to combine the two companies.

National Oilwell and Hitec ASA agreed to merge the two companies.

FirstEnergy completed its acquisition of Volunteer Energy, L.L.C.

Enterprise Products Partners completed its acquisition of Kinder Morgan Energy Partners’ 25% indirect ownership interest in a 210,000-bpd natural gas liquids fractionating facility in Mont Belvieu, Texas.

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Copyright © 1999 Gulf Publishing Company