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Bp Amoco Plc News

16 Jul 1999

ARCO Chief Receives $27.6M BP Pay-Off

Mike Bowlin, chief executive of the U.S. oil major Atlantic Richfield Co. will reportedly receive a $27.6 million severance payoff when his company is acquired by BP Amoco Plc.

26 Jul 1999

BP Amoco Wins Bids On Australian Acreage

BP Petroleum Developments (NWS) Pty Ltd., the Australian exploration arm of BP Amoco Plc, has reportedly bid successfully on three Canning Basin blocks off the coast of Western Australia.

13 Sep 2000

BP Amoco To Update Mammoth GOM Oil Discovery Soon

BP Amoco Plc said it should be able to provide an update on its giant Crazy Horse deepwater oil discovery in the Gulf of Mexico when two appraisal wells are completed during the next couple of months. "I would say the preliminary results are very encouraging and hopefully we will have some news in the near future," BP Amoco's Houston region Vice President David Welch told reporters after addressing the American Petroleum Institute's Houston chapter. The London-based company announced the Crazy Horse discovery last year, estimating that it contained reserves of at least one billion barrels of oil, making it the biggest ever deepwater discovery in the Gulf of Mexico.

12 Oct 2000

World LNG Trade To Grow Steadily

World trade in Liquefied Natural Gas (LNG) will grow at an annual rate of seven to eight percent over the next 10 years, a senior BP Amoco Plc executive said last week. "The large LNG projects that people talk about in Egypt, Iran and Indonesia will support this growth," said Anne Quinn, group vice president of power and gas at an industry conference in Paris. The projects include a $1 billion LNG plant due to be built near Alexandria in Egypt, two major LNG projects in Iran set to produce up to 15 million tons of gas by 2005, and Qatari plans to increase LNG production to 30 million tons from 13 million tons within the next four to seven years.

11 Dec 2000

USCG Considers Admitting Damaged Tanker

The U.S. Coast Guard is considering allowing a damaged tanker, carrying 285,000 barrels of gasoline, to unload its cargo in the New York Harbor before permanent repairs are made -- saving the vessel a long trip to its home port of Panama. "The Highland Faith (ship) has submitted a number of proposals that would allow it to offload its cargo," said Coast Guard spokesman John Hillin. "We are considering those (proposals) now." The 20-year-old Panamanian-flagged ship, which had been due into New York Harbor Dec. 5, was halted after a routine inspection revealed cracks on its deck and fuel vapors in its ballast tanks. As reported Friday, Coast Guard officials said no fuel had leaked into the water.

30 Apr 2001

Samsung Lands $330 Million in Orders

South Korea's Samsung Heavy Industries Co. said on Saturday it won $330 million in orders to build a liquefied natural gas (LNG) carrier for BP Amoco Plc and two large container vessels for Hong Kong's Orient Overseas Container Line Ltd (OOCL) - scheduled for delivery in early 2004. BP Amoco would pay Samsung Heavy $170 million for a 138,000-cu. m. LNG carrier, a Samsung spokesman said. The two container ships for OOCL, a unit of Hong Kong-based Orient Overseas International Ltd would measure 7,400 TEU.

12 Nov 1999

Royal Dutch/Shell Earnings Double

Royal Dutch/Shell's earnings more than doubled in the third quarter from a year ago, due to much higher oil prices and a corporate overhaul. Chairman Mark Moody-Stuart said that although the results are favorable, he continues to be cautious. "We've all had to swallow some harsh medicine in the last year and I can't promise there isn't more to come." Adjusted current cost net income grew 115 percent to $1.81 billion - toward the bottom of the range of analysts' forecasts that stood between $1.79 and $1.96 billion. Unadjusted net income at $2.378 million was up 165 percent and the highest ever third-quarter figure. Eleven months ago, the group responded to the worst oil industry conditions for a quarter century.

17 Aug 1999

Texaco's Profits Drop; ARCO's Surge

Texaco Inc., the nation's fourth largest oil company, reported that second quarter income dropped 13 percent as low refinery profits abroad were only partially offset by stronger crude oil prices. Texaco, which broke off merger discussions with Chevron Corp., slipped past analysts' expectations with second quarter income of $286 million before special items. In the same period last year, Texaco reported income before special items of $335 million. But Texaco's results were overshadowed by a strong showing from nation's fifth largest oil company, Atlantic Richfield Co. (ARCO), which is being acquired by oil giant BP Amoco Plc. Benefiting from a combination of stronger crude oil and California gasoline prices, ARCO said its second quarter income rose 37 percent from a year ago.

03 Sep 1999

ARCO Shareholders Approve BP Amoco Takeover Bid

Giant oil companies are going to be the sole survivors in an increasingly competitive market, the chairman of Atlantic Richfield told stockholders Aug. 30 as they approved a takeover bid. Shareholders of Los Angeles-based ARCO, the seventh- largest U.S. oil company, agreed to a sale of the company to BP Amoco Plc, in a $29 billion stock swap that creates the largest private-sector oil producer in the world. Chairman and Chief Executive Mike Bowlin told a crowd of more than 400 shareholders, mostly retirees of ARCO, that tighter competition and volatile industry conditions spurred the proposed sale. "Two events in 1998 caused the board to reevaluate the future of the company and that was the consolidation of the market and crude oil prices at their lowest levels in...years," he said.

03 Sep 1999

Exxon, Mobil Address EU Concerns Regarding Merger

Exxon Corp. and Mobil Corp. have moved to address European Commission concerns about their merger in the natural gas sector in Germany and over an existing European joint venture between Mobil and BP Amoco Plc, a Commission spokesman said. The Commission was also no longer concerned that the $80 billion merger and a rival deal between BP Amoco and Atlantic Richfield would result in excessive consolidation in oil exploration, the spokesman added, paving the way for regulatory approval in the European Union. The news that the Commission has dropped fears the two oil mergers could significantly reduce competition in the upstream sector…

01 Oct 1999

Chevron To Buy Argentinean Oil Exporter

Chevron Corp. has announced its intention to buy the second largest oil exporter in Argentina to boost its exploration and production overseas. The companies did not disclose financial details of the deal, but industry sources had valued the privately-held Petrolera Argentina San Jorge at some $1 billion. "This transaction will have an immediate positive impact on earnings and cash flow," Dick Matzke, president of Chevron Overseas Petroleum Inc., said. The venture is Chevron's first exploration and production deal in Argentina. Privately held San Jorge produces about 78,000 bpd of oil and 40 million cubic feet of natural gas, Chevron officials said.

20 Jan 2000

Oil Giants To Offer Marine Fuels Site

BP Amoco Plc., Royal Dutch/Shell, Texaco Inc., and Chevron Corp. are developing an Internet site allowing energy companies to buy and sell fuel for ships. The companies said the site (www.OceanConnect.com) would be up and running by the second quarter of this year, marking the latest in a series of projects by energy companies aiming to jump into e-commerce.In the past week Shell, Chevron, and Norway's state-run Statoil have all unveiled separate Internet ventures in an effort to save costs. OceanConnect.com will provide users with up-to-the-minute market and weather information and feature an auction site and e-mail-enabled transactions for purchase and sale of marine fuels and services, the company said.