News Archive for Petrochemical News

BASF further develops its corporate strategy

BASF plans to strengthen its position as the world’s leading chemical company. In its further developed strategy “We create chemistry,” the company outlines how it wants to achieve this. The Chairman of BASF’s Board of Executive Directors Dr. Kurt Bock, Vice Chairman Dr. Martin Brudermüller and CFO Dr. Hans-Ulrich Engel presented the details at a press conference today in Ludwigshafen. Read more…

RPSEA Selects First Round of Projects to Award $9.6 Million for the Ultra-Deepwater Program

The Research Partnership to Secure Energy for America (RPSEA) announces six proposals under the Ultra-Deepwater Program have been selected for negotiations leading to an award under its contract with the Department of Energy’s (DOE) National Energy Technology Laboratory and in support of the Ultra-Deepwater and Unconventional Natural Gas and Other Petroleum Resources Research and Development Program that was established pursuant to the Energy Policy Act of 2005. Read more…

Official inauguration of new base oil plant in Bahrain held today, Tuesday 29 November

Neste Oil, The Bahrain Petroleum Company (Bapco), and nogaholding are celebrating the official opening of their new joint base oil plant in Bahrain today. The companies started up commercial production at the facility in October, 2011. The plant has a capacity of 400,000 t/a and is located at Bapco’s refinery in Sitra on Bahrain’s east coast. Read more…

Lightbridge Enters into Agreement with the Korea Atomic Energy Research Institute to Explore Nuclear Fuel Collaboration Opportunities

MCLEAN, Va., Nov. 28, 2011 /PRNewswire/ – Lightbridge Corporation (NASDAQ: LTBR), a leading innovator of advanced nuclear fuel designs and provider of nuclear energy consulting services to commercial and governmental organizations, today announced that it has entered into a Memorandum of Agreement (MOA) with the Korea Atomic Energy Research Institute (KAERI) to explore nuclear fuel collaboration opportunities. Read more…

Ithaca Energy Inc. Announces Crathes Well Encounters Light Oil

Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces today that the Crathes exploration well, 21/13a-5, encountered a 52ft light oil column in excellent quality reservoir sands. The well is currently undergoing wireline logging, before drilling ahead to intersect the Moon prospect. Read more…

Storm Resources Ltd. Announces Acquisition of Long Reserve Life Light Oil Pool in North Eastern B.C.

STORM RESOURCES LTD. (“Storm”) (TSX VENTURE:SRX) is pleased to announce the execution of a purchase and sale agreement in relation to the acquisition of 150 Boe per day in the Mica area of north eastern British Columbia (the “Acquisition”). Production comprises approximately 70% light oil (38 degrees API) and natural gas liquids and 30% natural gas. Read more…

Paramount Resources Ltd. Announces Reorganization of Bitumen Assets into New Wholly-Owned Subsidiary “Pixar Petroleum Corp.”

Paramount Resources Ltd. (TSX:POU) (“Paramount” or the “Company”) is pleased to announce the reorganization of all of the Company’s oil sands and carbonate bitumen interests into a new wholly-owned subsidiary, Pixar Petroleum Corp. (“Pixar”). The reorganization is being undertaken to create a focused, self-funding oil sands entity in order to accelerate the development of Paramount’s bitumen interests. Dr. William Roach has been appointed as Pixar’s President and Chief Executive Officer. In addition, the initial independent resource estimates for the Saleski and other carbonate bitumen properties have now been completed and the Company is pleased to announce the results. Read more…

Canacol Announces Successful Bid for Carrao Energy Ltd.

Canacol Energy Ltd. (TSX:CNE) (BVC:CNEC) (“Canacol”) is pleased to announce that its offer (the “Offer”) to acquire all of the outstanding shares (“Common Shares”) of Carrao Energy Ltd. (“Carrao”) has expired with approximately 97% of the Carrao Shareholders tendering. Read more…

Connacher Increases Cash Balances to $120.3 Million on Sale of Latornell Properties and Gran Tierra Shares

CALGARY, Nov. 28, 2011 /CNW/ – Connacher Oil and Gas Limited (CLL – TSX) announced today that it has increased its cash balances to $120.3 million as of the close of business on Friday, November 25, 2011, principally as a result of the successful sale of its Latornell properties and its shares of Gran Tierra Energy Inc. Read more…

Dejour Energy to Present at RedChip’s Small-Cap Equities Virtual Conference XI Undiscovered Growth & Value Opportunities

Dejour Energy Inc. (NYSE AMEX: DEJ / TSX: DEJ) (“Dejour” or the “Company”), an independent oil and natural gas company, announced today that its Director of Investor Relations, Craig Allison, will present at RedChip’s Small-Cap Equities Virtual Conference XI: Undiscovered Growth & Value Opportunities on November 30, 2011 at 1:45 pm ET. The event will be webcast live and archived for 90 days at http://www.redchip.com. Read more…

Industrial Gas Markets in Asia

Research and Markets has announced the addition of Global Research and Data Services’ “Industrial Gases – Asia” report to their extensive offering of chemical industry research publications. Read more…

UGI and AmeriGas to Re-file Hart-Scott-Rodino Act Notification For Proposed Acquisition by AmeriGas Partners of the Propane Operations of Energy Trans

UGI Corporation (NYSE: UGI) and its wholly-owned subsidiary AmeriGas Propane, Inc., the general partner of AmeriGas Partners, L.P. (NYSE: APU) (“AmeriGas Partners”) announced today that UGI has voluntarily withdrawn and will re-file the notification and report form filed under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”) in connection with the proposed acquisition by AmeriGas Partners of the propane operations of Energy Transfer Partners, L.P. (NYSE: ETP) (“Energy Transfer”). UGI, the ultimate parent of AmeriGas Partners for HSR Act purposes, originally filed its required notification and report form under the HSR Act on October 28, 2011, and plans to re-file this submission on November 30, 2011 in order to begin a new waiting period under the HSR Act and to provide the Federal Trade Commission (“FTC”) additional time to review AmeriGas’s proposed acquisition of Energy Transfer’s propane operations. Upon re-filing of the HSR notification and report form, the FTC will have an additional 30-day period in which to determine whether to close its investigation or issue a request for additional information and documentary material, commonly referred to as a “second request.” AmeriGas Partners and Energy Transfer have been working cooperatively with the FTC as it conducts its review of the proposed transaction, and are committed to continuing to do so. Read more…

Crosstex to Present December 6 at Wells Fargo Securities 10th Annual Pipeline and MLP Symposium

Crosstex Energy, L.P. (NASDAQ: XTEX) (the Partnership) and Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation) announced today that Barry E. Davis, President and Chief Executive Officer, will present at the Wells Fargo Securities 10th Annual Pipeline and MLP Symposium in New York at 10:35 a.m. Eastern Standard Time on Tuesday, December 6. Read more…

RPSEA Selects First Round of Projects to Award $9.6 Million for the Ultra-Deepwater Program

The Research Partnership to Secure Energy for America (RPSEA) announces six proposals under the Ultra-Deepwater Program have been selected for negotiations leading to an award under its contract with the Department of Energy’s (DOE) National Energy Technology Laboratory and in support of the Ultra-Deepwater and Unconventional Natural Gas and Other Petroleum Resources Research and Development Program that was established pursuant to the Energy Policy Act of 2005. Read more…

Pioneer Southwest Energy Partners L.P. to Present at The Wells Fargo MLP Conference

Pioneer Southwest Energy Partners L.P. (“Pioneer Southwest”) (NYSE:PSE) today announced that Rich Dealy, Executive Vice President and CFO, will present at The Wells Fargo MLP Conference on December 6 at 3:25 p.m. ET. Read more…

Antonoil Makes Full Entry into Pressure Pumping Services Market

HONG KONG, Nov. 28, 2011 /PRNewswire-Asia/ – Anton Oilfield Services Group (“Antonoil” or the “Group”, stock code: 3337HK), the leading independent oilfield services provider in China, is delighted to announce that Antonoil will make a full entry into China’s burgeoning pressure pumping market. The Group has placed an order for 10 pressure pumping trucks and ancillary equipments from a professional domestic manufacturer to form a service capacity of 20,000 hydraulic horsepower (“HHP”). Combined with Antonoil’s leadership position and established expertise in multistage fracking to develop both conventional and unconventional gas in China, the Group is well poised to tap into the growing demands for pressure pumping services in China particularly in fracking. Read more…

Central Petroleum announces surprise-1 – 20m of continiuos oil show

Central Petroleum Limited (ASX:CTP) (“Central” or the “Company”) has pleasure in announcing that at 0600 this morning CST (Central Standard Time Northern Territory), the well had  reached a depth of 2,672m RKB in the Pacoota Sandstone.  Read more…

EnQuest sanctions the development of Alma and Galia Production guidance shows growth potential of over 20% p.a.

Alma/Galia: 29 MMboe of net 2P reserves
EnQuest PLC (‘EnQuest’) is pleased to announce that it has sanctioned the development of the Alma and Galia fields, subject to anticipated regulatory approvals. This $850 million project will add a fourth hub to EnQuest’s existing operating base, will increase EnQuest’s net 2P oil reserves by 29 MMboe and is expected to increase EnQuest’s production levels to over 40,000 Boepd in 2014. This project will be a central feature in presentations which EnQuest is giving to investors today. Read more…

Nexen Announces Sale and Joint Venture Partnership for Northeast British Columbia Shale Gas Assets

Nexen Inc. (TSX, NYSE: NXY) today announced that it has reached agreement to create a strategic partnership with a consortium led by INPEX CORPORATION of Japan regarding the development of our shale gas lands in the Horn River, Cordova and Liard basins in northeast BC. Nexen will sell a 40% working interest in its northeast BC assets and will remain the operator. Read more…

CNOOC Limited Completed Acquisition of OPTI

On November 28, 2011, CNOOC Limited announced that CNOOC Luxembourg S.à r.l, an indirect wholly-owned subsidiary of the Company, has completed its acquisition of OPTI Canada Inc. (“OPTI”). The total value of the consideration is approximately US$2.1 billion. An application to delist the OPTI Shares will be filed by OPTI with the TSX Venture Exchange on the completion date to go with the completion of the transaction. Subject to approval by the TSX Venture Exchange, the delisting of the OPTI Shares is anticipated to be effective on December 1, 2011. In addition, OPTI will redeem on December 28, 2011 all of its outstanding First Lien Notes at a price equal to 102% of the principal amount of the First Lien Notes plus accrued and unpaid interest to the date of redemption, pursuant to the indentures governing the First Lien Notes. The First Lien Notes consist of US$525 million principal amount of 9% First Lien Notes due 2012 and US$300 million principal amount of 9.75% First Lien Notes due 2013. Read more…

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