Word: petroleum
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Peru, which would receive some 45% of the oil revenues from a Mobil find, agreed to provide security for company crews and to fly them to remote sites aboard military helicopters. Peru furnished similar services to Occidental Petroleum, which recently completed a yearlong exploration of a less dangerous region about 120 miles to the east. Occidental is currently evaluating its findings...
...discuss tourism when they meet later this year, but they are more likely to be preoccupied with the growing debate over the future of oil and mineral development. Concern first arose after the 1973 oil crisis, when it became clear that there might someday be pressure to drill for petroleum, even in the harsh Antarctic environment. Eventually, the treaty nations decided it was best to have rules in effect before that happened. The result was the Wellington Convention, agreed to by representatives of 20 treaty nations in New Zealand's capital in June 1988. The document essentially forbids any mineral...
...Petroleum and heating-oil traders were equally bullish. The price of home heating oil for January delivery rose to a 3-year high of more than $1 per gal. in the futures market. Retail prices are soaring. In parts of the . Northeast, consumers are paying as much as $1.40 for a gallon of home heating oil, up more than 40 cents in three weeks...
Prince of the Panhandle. T. Boone Pickens has few regrets about his raiding career. "Our motives were sincere," says the Amarillo, Texas, oilman. "We believed we could run those companies better than they were being run." Pickens, 61, never managed to acquire such energy giants as Gulf Oil, Phillips Petroleum and Unocal, all of which he attacked in the mid-'80s. Yet he enriched himself by acquiring stock in the companies and then selling the shares at a profit, making nearly $400 million on his Gulf raid alone...
...Koito Manufacturing, a Tokyo auto-parts maker in which he controls a 20% share. Pickens says Koito has hired Wall Street consultants to advise the company on how to keep him at bay. Meanwhile, a federal appeals court in Philadelphia last August reinstated a class-action suit that Phillips Petroleum shareholders brought against Pickens in 1984. The plaintiffs claim that the value of their stock collapsed when Pickens abruptly abandoned his Phillips takeover...