Companies in the news

October 1999 Vol. 220 No. 10 Company News Anadarko Petroleum Corp. signed an agreement with Texaco for rights to future exploration in certain depths on 82 Gulf of Mexico sub-salt leas

October 1999 Vol. 220 No. 10
Company News

Anadarko Petroleum Corp. signed an agreement with Texaco for rights to future exploration in certain depths on 82 Gulf of Mexico sub-salt lease blocks, offshore Louisiana, in which Texaco holds an average of 50% working interests. Texaco has the option to retain a working interest in each exploratory prospect by participating in Anadarko’s initial exploration well.

Cudd Pressure Control acquired Applied Snubbing Technology, based in Houma, Louisiana.

Burlington Resources (BR) and Poco Petroleums agreed to combine their assets through BR’s acquiring all common shares of Poco in a US$2.5-billion transaction.

The Exploration Co. closed its agreement with Peacock-Maverick Drilling LLC and Peacock Exploration LLC to acquire various oil and gas working interests in six producing wells and about 24,500 acres in Maverick basin of South Texas. These leases may contain new Glen Rose reef prospects in addition to existing oil and gas production from other geologic formations.

Indian Oil Corp. Ltd. and Petrobras-Petroleo Brasileiro S.A. joined Gas Research Institute as associate members.

Smith International and Schlumberger Ltd. completed their joint venture, combining the companies’ respective drilling fluid operations, except for Schlumberger’s U.S. drilling fluids business. Smith and Schlumberger now own 60% and 40% interest in the combined operations, respectively, which will continue to operate as M-I. Meanwhile, Smith International changed the name of its Smith Drilling & Completions business unit to Smith Services "to better reflect the marketing directions and capabilities of this business, both now and into the next century," said Dick Werner, president of Smith Services.

Repsol-YPF Latin America moved its office from Buenos Aires to Neuquen in Patagonia, according to Buenos Aires newspapers.

TGS-NOPEC commenced new operations in Brazil on a joint venture with Schlumberger to acquire and process non-exclusive, 2-D seismic data in several highly prolific offshore basins. Meanwhile, TGS-NOPEC Geophysical began a new, non-exclusive, 2-D program on East Indonesia’s Misool Island on a joint venture between TGS-NOPEC, Schlumberger Geco-Prakla, Migas and Pertamina.

Landmark Graphics Corp. acquired Economic Analysis Systems.

U. S. Crude Ltd. and Allied Energy formed a joint venture to operate and produce oil on 3,300 acres in Ritche County, West Virginia. Allied has an option on an additional 5,000 acres. Included are properties Allied currently has and others it will obtain for the project.

Flow Research opened an office in Wakefield, Massachusetts. The new company conducts market research for flow, temperature, pressure and level products.

Global Industries, Ltd. agreed to acquire the offshore marine construction business of its Mexican joint venture CCC Fabricaciones y Construcciones, S.A. de C. V. and sold its interest in CCC to its partner in the project, Grupo Consorcio de Fabricaciones y Construcciones, S.A. de C.V. Global Offshore Mexico S. de R.L. de C.V., a wholly owned subsidiary of Global, will now own and operate the offshore marine construction business in the Bay of Campeche and other areas offshore Mexico. Through this transaction, Global acquired four marine vessels and the marine support base at Cuidad del Carmen, Mexico, including existing offshore marine construction contracts of CCC for about $72 million. Global will also assume the liabilities of CCC related to the offshore marine construction business, including about $32 million of debt and $33 million of net accounts payable.

Gulf Canada Resources Ltd. agreed to sell its only remaining Australian interest (Cooper basin) to Novus Petroleum Ltd.

Talisman Energy Inc. and Rigel Energy Corp. agreed for Talisman to make a takeover bid for Rigel.

Aker Maritime and AKER RGI have agreed to swap their respective minority holdings in Aker Yard and Aker Geo.

An affiliate of El Paso Energy acquired a 49% interest in Enron Corp. subsidiary East Coast Power. Enron will retain 51% interest through an affiliate.