Friday, May 21, 1999 Maritime News

Venezuela Revises Down 10-Year Oil Output Target

May 21, 1999

Venezuela has reportedly revised its 10-year oil production capacity target downward by more than a million bpd between 4.8 million and 5.2 million bpd.

ABP Says Opens New Bulk Terminal at Scottish Port

May 21, 1999

A new dry bulk commodities terminal was reportedly inaugurated at the west Scotland port of Ayr.

Saga Says Capable of Staying Independent

May 21, 1999

Saga Petroleum is reportedly fully capable of remaining independent if shareholders reject a takeover bid by industrial group Norsk Hydro ASA, according to company reports.

Malaysia Port Klang Sees 1999 Container Volume Up

May 21, 1999

Container volume at Port Klang, Malaysia's busiest port, is expected to rise to 2.1 million TEUs in 1999 from 1.82 million TEUs in 1998.

OPEC's Indonesia Victim of Supply Cuts-Trade

May 21, 1999

OPEC member Indonesia has reportedly become a victim of the very oil supply cuts it helped to shape, as it has tendered to buy Saudi Arabian, Iranian and Iraqi

Devon to Buy PennzEnergy in $2.42 Billion Deal

May 21, 1999

Devon Energy Corp. reportedly plans to acquire PennzEnergy Co. in a friendly $2.4 billion deal that would create one of the 10 largest independent U.S. oil and gas producers.

Brazil says 42 Firms to Bid For Oil Area Licenses

May 21, 1999

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U.S. Oil Drilling Rig Count Up 11, Canada Downs One

May 21, 1999

The number of rigs exploring for oil and natural gas in the United States reportedly rose 11 from last week to stand at 518 as of May 21, and down from 855 a year ago.

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