Word: petroleum
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...would become Canada's largest corporate takeover, and it is already a political football. When the House of Commons returns to work this week from Easter recess, lawmakers may take up the proposed $3.9 billion buyout of Dome Petroleum by the Canadian arm of Chicago-based Amoco, fifth largest U.S. oil company. Dome's board, faced with $4.9 billion in debt, last week accepted the offer. But Toronto-based TransCanada PipeLines, which underbid Amoco by $600 million, vows to keep up the fight...
...Broadbent, leader of the socialist New Democratic Party, calls the Amoco bid a "black day for Canada," because it would tip foreign control of the $49 billion petroleum industry well past 50%. The deal could also test Prime Minister Brian Mulroney's vow to seek friendly foreign investment...
Over the next two decades Texaco steadily developed its vast petroleum reserves and sold more gasoline than any of its rivals. But the world changed for the company when the Organization of Petroleum Exporting Countries jacked up the price of oil in the 1970s. In 1979 Texaco and other U.S. producers were accused of overcharging for their crude. Throughout the decade, many of Texaco's vast but maturing oil reserves began to dwindle. At the same time, consumption of gasoline leveled off and Texaco's network of filling stations became something of a burden. Many were eventually folded...
...disputed patch of the Aegean Sea. Yet last week Greece and Turkey came close to blows over just that argument. Athens ordered its military forces on full alert and threatened to forcibly prevent the Turkish research vessel Sismik 1, with an escort of two warships, from conducting petroleum explorations in waters near the Greek islands of Lesbos, Lemnos and Samothrace...
Whenever the moment of truth arrives, it would seem, the beleaguered U.S. petroleum industry will be in no position to respond to a resurgent OPEC. Fully 75% of all U.S. drilling rigs now stand idle. A total of 806 rigs are currently operating in the U.S., down from 4,530 in 1981. The oil is there for the taking, of course, but it is simply too expensive to get out of the ground. While Middle East producers can find and lift a new barrel of oil for about $1, U.S. companies spend an average of more than...