The blizzard that blanketed the Mid-Atlantic and Northeastearlier this week forced the cancellation of a major meeting thatwas called to consider whether the Gas Industry Standards Board(GISB) should expand its reach to develop national standards forthe retail gas market, as well as for the retail and wholesalepower markets.
Atlantic
Articles from Atlantic
NRG Buys 1,875 MW of Generation from Conectiv
Conectiv is selling 1,875 MW of fossil-fired generation andrelated assets that are owned by its subsidiaries, Atlantic CityElectric Co. and Delmarva Power & Light, to NRG Energy ofMinneapolis, a subsidiary of Northern States Power, for $800million. The deal includes a power sales contract at closing, inwhich Delmarva will buy 500 MW from NRG.
NRG Buys 1,875 MW of Generation from Conectiv
Conectiv is selling 1,875 MW of fossil-fired generation andrelated assets that are owned by its subsidiaries, Atlantic CityElectric Co. and Delmarva Power & Light, to NRG Energy ofMinneapolis, a subsidiary of Northern States Power, for $800million. The deal includes a power sales contract at closing, inwhich Delmarva will buy 500 MW from NRG.
BP Amoco, Arco Restarting Clock at FTC
Growing weary of waiting, BP Amoco and Atlantic Richfield Co. hope to step up the pace of their ongoing merger procedures by restarting the required 20-day notice period, suspended Nov. 2, at the US Federal Trade Commission (FTC). The companies concede the FTC has concerns about their pairing, but the merger partners said they don’t agree with the issues raised by the commission.
BP Amoco, Arco Restarting Clock at FTC
BP Amoco and Atlantic Richfield Co. plan to take the next formalstep to close their merger by restarting the required 20-day noticeperiod, suspended Nov. 2, to the US Federal Trade Commission (FTC).The companies concede the FTC has concerns about their pairing, butthe merger partners said they don’t agree with the issues raised bythe commission.
Industry Briefs
Alaska’s North Slope area-wide 2000 lease sale has been put onhold due to the pending merger of BP Amoco and Atlantic RichfieldCo. (ARCO). Alaska Department of Natural Resources CommissionerJohn Shively said, “[T]here are too many uncertainties in futureleaseholdings to proceed with a sale at this time. Until theiraggregate onshore holdings have been reduced to 500,000 acres, asrequired by Alaska law, I believe it will be difficult forprospective bidders to properly evaluate oil and gas opportunitieson the lands we can offer. “Should the merger be finalized by theend of the year, BP-Amoco must make their seismic and well dataavailable for purchase by the end of March. These data shouldincrease the interest in state lease sales. We are tentativelyrescheduling the North Slope sale for late October or earlyNovember of 2000, at which time we intend to include with it thepostponed Beaufort Sea area-wide sale.” The North Slope saleincludes all available state acreage lying north of the UmiatMeridian, between the NPRA and ANWR.
Industry Briefs
Alaska’s North Slope area-wide 2000 lease sale has been put onhold due to the pending merger of BP Amoco and Atlantic RichfieldCo. (ARCO). Alaska Department of Natural Resources CommissionerJohn Shively said, “[T]here are too many uncertainties in futureleaseholdings to proceed with a sale at this time. Until theiraggregate onshore holdings have been reduced to 500,000 acres, asrequired by Alaska law, I believe it will be difficult forprospective bidders to properly evaluate oil and gas opportunitieson the lands we can offer. “Should the merger be finalized by theend of the year, BP-Amoco must make their seismic and well dataavailable for purchase by the end of March. These data shouldincrease the interest in state lease sales. We are tentativelyrescheduling the North Slope sale for late October or earlyNovember of 2000, at which time we intend to include with it thepostponed Beaufort Sea area-wide sale.” The North Slope saleincludes all available state acreage lying north of the UmiatMeridian, between the NPRA and ANWR.
BP Amoco Adding Arco to Its Arsenal
BP Amoco might want to change its name to BP, Etc. now that ithas announced plans to acquire Los Angeles-based Atlantic RichfieldCo. (Arco) in a $26.8 billion deal. The news comes only monthsafter the closing late last year of the marriage of BP and Amoco.
With Arco, BP Amoco Also Would Get Vastar
If acquisition talks between BP Amoco and Atlantic Richfield Co.(Arco) do lead to a deal, BP Amoco also would acquire the 82% ofVastar Resources held by Arco. What could or would happen afterthat is anybody’s guess, said John S. Herold analyst John Parry.
California Oil for Gulf Gas
Atlantic Richfield (ARCO) and Mobil Exploration & ProducingU.S. last week announced they closed an exchange transaction thatwill allow ARCO subsidiary Vastar Resources to boost its gasproduction and reserve activity level in the Gulf of Mexico shelfby one third, and Mobil’s exploration and production arm tosignificantly increase its stake in California oil production. Thedeal closed on Oct. 31st.