Before Southern California was a sprawling megalopolis of 20 million people it was one of the largest fossil fuel basins in the world, and with global oil prices approaching $150/bbl, the region’s lightly drilled or previously abandoned fields are being eyed for a lot of new drilling activity. This prospect has stirred concerns among many residential communities that surround still-producing fields in parts of southeast and west Los Angeles County, Long Beach and the Ventura area northwest of the city of Los Angeles.
Sprawling
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Duke Sells 49% of Crescent to Morgan Stanley for $1.4B, Names Spin-Off Execs
A day after it made regulatory filings to spin off its sprawling gas transmission, storage and field services business, including Ontario utility Union Gas, as a separate company, Duke Energy on Friday named an executive team for the new corporation. It also announced the sale of a 49% stake in its massive real estate operations, Crescent Resources, to Morgan Stanley Real Estate for $1.4 billion after tax.
September 11, 2006