Word: chevrontexaco
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...Conoco deal, Britain's BP is investing a whopping $7 billion in a joint venture that controls huge fields in western Siberia, and in September France's Total agreed to pay $1 billion for a 25% stake in Novatek, Russia's largest private gas producer. Many other companies, including ChevronTexaco, PetroCanada and Norway's Statoil, are trying to get a foothold. All three recently signed preliminary agreements to work with state-controlled Gazprom, an oil-and-gas behemoth in which Germany power company E.On holds a 6% stake. There is widespread speculation in Moscow that Sibneft, an oil company controlled...
...foreign investors as perhaps the most Western-like company in Russia. It has a cluster of Americans on its board; among top management, it uses U.S. accounting standards; and it was the first Russian company to detail its precise ownership structure. Yukos has been talking with both ExxonMobil and ChevronTexaco about the possible sale to one of them of as much as 40% of its equity, according to people familiar with the negotiations...
Driving the oil rush are the prospect of higher prices and Washington's search for reliable oil suppliers outside the Middle East. European companies such as TotalFinaElf and Royal Dutch/Shell have long been players in the region but leading the new charge are U.S. giants ExxonMobil and ChevronTexaco and independents such as Amerada Hess, based in New York...
Were increasing the profits of U.S. energy companies actually President Bush’s driving motivation, he would not be preparing the American military for a massive operation. The reason ChevronTexaco and ExxonMobil are currently unable to tap the wealth of resources in Iraq is because of the U.N.-imposed economic sanctions that have been in place since Hussein’s invasion of Kuwait in 1990. The easiest way to get at Iraqi oil, therefore, is to end sanctions. Peter Beinart, editor of the New Republic magazine, illustrated this point in early October. “Attacking Saddam...
...Money still gets pumped into oil and gas?Indonesia's largest export industry?but there are considerable operational risks. In August, Caltex Pacific Indonesia, a subsidiary of ChevronTexaco, was forced to turn over management of an oil field in Sumatra to a joint venture between a local government and Pertamina, the country's big domestic producer. Caltex ran the field for 30 years, but when its production contract expired, the company was unable to get a standard extension. Under Suharto, Jakarta controlled the country's natural resource industries. But now, power is devolving to the provinces and local politicians want...