Northern Oil and Gas Inc. agreement access to $25 million in debt financing
The Wayzata-based oil exploration and production company has signed a letter of intent with an unnamed financial institution. The firm plans to use $15 million in capital for drilling in North Dakota. The additional $10 million in financing would be made available to Northern Oil based on use of the principal amount.
The company will have access to the credit facility for four years.
Exxon plans investment $100 in Philippine basin
U.S. oil major Exxon Mobil Corp has committed to invest up to $100 million to search for oil and gas in the southwestern Philippines, according to documents from the Department of Energy.
Exxon earlier took a 50 percent interest in a contract held by Malaysian exploration firm Mitra Energy Ltd to search for oil and gas in the deepwater portion of the Sandakan basin.
An official at the energy department, who declined to be named because he was not authorised to speak, confirmed on Tuesday that Exxon is planning to invest up to $100 million on a its drilling programme, adding the agency was waiting for company to provide details of its spending plans.
Interest in oil and gas in the Southeast Asian nation has increased following the discovery of Galoc oilfield, the country’s first major oil find since the 1990s, in the southwestern Philippines.
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Silent on acquisitions of new head of BP’s U.S. unit
Source:
By LYNN COOK and KRISTEN HAYS Copyright 2009 Houston Chronicle
The incoming head of BP’s U.S. operations said Tuesday that he’s committed to developing ongoing projects on the continent but was mum about possible future oil and gas acquisitions in a volatile economy.
The company said Tuesday that Lamar McKay will succeed Robert Malone, who announced his retirement effective Feb. 1 as chairman and president of BP America, the Houston-based U.S. arm of the British oil giant.
Malone, 56, led the division through the cleanup of a string of serious blunders that savaged the company’s reputation.
He took the helm of BP America in June 2006, when the company was grappling with operational troubles that had sapped BP’s competitive edge as well as public and investor confidence in the London-based company.
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Franklin Mining and Exploration Oil & Gas Projects for 2009
Franklin Mining, Inc. executives and consultants from the US and South America are this week meeting with William Petty, Chairman, CEO & President and Franklin’s Board of Directors as they begin a review of all properties and pending projects in both the Mining and Oil & Gas divisions of the company.
Franklin’s oil and gas projects in Argentina remain under negotiation pending approval by government agencies. A recommendation of approval for a final report on the economic development of a designated natural gas allocation will be presented to Franklin’s Board this week by Fernando Infante, Franklin Mining Executive Vice-President and Howard Dunn, President of Franklin’s Oil & Gas Division. With Board approval, an international business consulting and accounting firm will prepare their review and assessment of planned gas-to-liquid processing plants.
Paul Baker, International Mining Consultant, La Paz, Bolivia, will meet with the Franklin Board for a discussion and review of his December 2008 Summary Evaluation of the Escala Mine joint-venture. As previously announced, Mr. Baker’s assessment is that the Escala’s 2008 pre-production development has resulted in three excellent cross cut haulage tunnels having been driven to intersect east/west vein structures.
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Ukraine’s start using fuel oil instead of gas
Ukraine’s government, smarting after Russia stopped gas supplies, said on Tuesday it had ordered regional utilities to start using fuel oil instead of gas.
“Regions have been ordered … to take necessary measures to prepare and move all heat generation companies to work on reserve fuel — fuel oil,” the government said in a statement.
“A government decision is being prepared which will cover the purchase of necessary fuel oil volumes abroad,” it said.
–Reuters
DCP Midstream announces completion second phase of pipeline projrct
DCP Midstream Partners, LP today announced the completion of the second phase of its pipeline integrity and system enhancement project on its Douglas natural gas gathering system in Wyoming, returning approximately 80 percent of system capacity to service. The project continues according to plan, with the final phase scheduled for completion during the first quarter of 2009. Producers are returning volumes to the system. As previously announced, volumes were curtailed in the second quarter of 2008 following pipeline integrity testing. The system upgrade project is being conducted to assure pipeline integrity, improve system reliability and reduce operating costs. The Douglas system gathers approximately 20-25 million cubic feet per day of natural gas from wells in Wyoming’s Powder River Basin. Read more
Oil companies shares mixed at the close of trading
NEW YORK (AP) –
Shares of some top oil companies were mixed at the close of trading:
Chevron rose $.69 or .9 percent, to $77.35.
ConocoPhillips rose $.21 or .4 percent, to $55.68.
Exxon Mobil fell $1.33 or 1.6 percent, to $80.30.
Marathon Oil rose $.53 or 1.8 percent, to $29.87.