Two published reports Friday indicated that the third largest oil and natural gas company in China was considering a takeover bid to acquire all or part of Unocal Corp. Both the Wall Street Journal and London’s Financial Times said that China National Offshore Oil Corp. (CNOOC) was considering making a bid of more than $13 billion for the El Segundo, CA-based company. Unocal is ranked as the ninth largest U.S. energy company in terms of reserves. According to sources, the state-owned CNOOC has asked financiers to study taking over the entire company and then selling the U.S. assets. The Journal cited unnamed sources and called CNOOC’s interest “highly preliminary.” Unocal had no comment on the reports.
Published
Articles from Published
NYT Article Spotlights Natural Gas Line Vulnerability
An article published in the Sunday New York Times points out the security risks posed by natural gas pipelines, focusing on a website (www.cryptome.org) that shows a photo purported to be an exposed natural gas pipeline in New York City near the site of the Republican National Convention.
August 31, 2004
Shell Denies Report It May Put Ex-SEC Chairman on Payroll
London-based Royal Dutch/Shell Group denied a published report Monday that it is considering hiring the former Securities and Exchange Commission (SEC) chairman to help it deal with the complexities associated with the agency’s ongoing inquiry into the company’s overbooking of oil and natural gas reserves.
March 16, 2004
MMS Finalizes Details on Gulf of Mexico Lease Sale 189
The U.S. Department of the Interior’s Minerals Management Service (MMS) published in the Federal Register its final notice for Eastern Gulf of Mexico (GOM) Sale 189. The lease sale, which will be held at 9 a.m. CST on Dec. 10, in New Orleans, encompasses 256 blocks in the Eastern GOM Planning Area and covers 1.47 million acres. Available unleased blocks in the planning area number 138 and cover 794,880 acres.
October 20, 2003
MMS Finalizes Details on Gulf of Mexico Lease Sale 189
The U.S. Department of the Interior’s Minerals Management Service (MMS) published in the Federal Register its final notice for Eastern Gulf of Mexico (GOM) Sale 189. The lease sale, which will be held at 9 a.m. on Dec. 10, in New Orleans, encompasses 256 blocks in the Eastern GOM Planning Area and covers 1.47 million acres. Available unleased blocks in the planning area number 138 and cover 794,880 acres.
October 16, 2003
Canadian Mounties Probe Ex-Energy Trader’s Role in Alleged Money Laundering Scheme
Alberta, Canada’s Justice Department said Wednesday that it has been cooperating with a Royal Canadian Mounted Police investigation into allegations that an ex-trader with Merrill Lynch & Co.’s energy trading arm laundered $42 million of funds stolen from the investment firm through a Canadian offshore banking company.
August 14, 2003
S&P: Next Few Weeks ‘Crucial’ For Aquila
Aquila Inc.’s financial struggles are far from over, according to a report published Thursday by Standard & Poor’s Ratings Services (S&P). Analysts noted that the Kansas City-based utility has several serious concerns ahead, including the maturity of its credit facility in mid-April and a cash drain from natural gas prepay contracts and tolling agreements.
March 31, 2003
S&P: Next Few Weeks ‘Crucial’ For Aquila
Aquila Inc.’s financial struggles are far from over, according to a report published Thursday by Standard & Poor’s Ratings Services (S&P). Analysts noted that the Kansas City-based utility has several serious concerns ahead, including the maturity of its credit facility in mid-April and a cash drain from natural gas prepay contracts and tolling agreements.
March 28, 2003
FERC Focusing on Price Indices
FERC Chairman Pat Wood would like to see confidence in published gas price indices restored, but he is open to suggestions as to how that should be accomplished, he told reporters recently.
November 25, 2002
FERC Focusing on Price Indices
FERC Chairman Pat Wood would like to see confidence in published gas price indices restored, but he is open to suggestions as to how that should be accomplished, he told reporters recently.
November 22, 2002
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