Overseas

Even with the sale of some overseas assets, Devon Energy Corp.’s on- and offshore operations in the United States will help to deliver an 8% increase in oil and natural gas production this year, the company said Monday.

Growing industrial consumption, a prolonged spell of poor prices, competition from rising overseas tanker imports and looming Alberta royalty hikes spell accelerating deterioration of Canadian natural gas supplies, industry analysts predict.

Growing industrial consumption, a prolonged spell of poor prices, competition from rising overseas tanker imports and looming Alberta royalty hikes spell accelerating deterioration of Canadian natural gas supplies, industry analysts predict.

Enron Corp. said late Thursday it will sell Prisma Energy International Inc., which holds its once estimable overseas assets, to London-based Ashmore Energy International Ltd. in a two-stage transaction. Prisma, formed following Enron’s bankruptcy, is the company’s last major entity to be sold.

Amerada Hess Corp. has set aside $4 billion for its capital budget this year, with about $766 million earmarked for overseas opportunities. The New York-based producer plans to spend $570 million for exploration and exploitation, with more than half of the exploratory program focused on the deepwater Gulf of Mexico.

Greater development of liquefied natural gas (LNG) and pipeline facilities in the U.S. and overseas could provide the incentive for energy firms to capture gas that is wasted during production as a result of flaring and venting, according to a new report issued by the congressional Government Accountability Office (GAO) last week.

Greater development of liquefied natural gas (LNG) and pipeline facilities in the U.S. and overseas could provide the incentive for energy firms to capture gas that is wasted during production as a result of flaring and venting, according to a new report issued by the congressional Government Accountability Office (GAO).

Tulsa, OK-based Vintage Petroleum announced last week that it might sell its Canadian reserves and exploration and production operations, which have provided disappointing returns. Vintage purchased the assets in 2001 through its acquisition of 100% of Genesis Exploration Ltd. The Canadian proved reserves at year-end 2003 represented about 3% its total proved reserves or about 13 MMboe.

Because some of its oil and natural gas sales were delayed in overseas operations, Murphy Oil Corp. said Monday that its first quarter net income will be lower, averaging between 90 cents and $1.10 per share.