Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.energy,americast.usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Wed, Sep 9 1992 Date: Wed, 9 Sep 92 04:29:47 EDT Message-ID: 09-09 0000 DECISIONLINE: Energy USA TODAY Update Sept. 9, 1992 Source: USA TODAY:Gannett National Information Network CRUDE OIL UP; NATURAL GAS DOWN: Most energy futures prices advanced on the New York Mercantile Exchange Tuesday. Light sweet crude oil for October delivery was 19 cents higher at $21.96 a barrel. Natural gas for delivery in October was 10.3 cents lower at $2.044 per 1,000 cubic feet. HEATING OIL UP; GASOLINE DOWN: Heating oil posted strong gains Tuesday on the New York Mercantile Exchange as traders bought those futures and sold gasoline, marking the change in seasons. Heating oil for delivery in October was .93 cent higher at 61.77 cents a gallon; unleaded gasoline for October delivery was .13 cent lower at 61.04 cents a gallon. ETHANOL INDUSTRY IS CRITICIZED: A coalition of environmentalists and lobbyists Tuesday criticized the ethanol industry for seeking a waiver from proposed clean air regulations. Archer-Daniels-Midland, the USA's top ethanol maker, and the National Corn Growers Association want ethanol to qualify as a smog-cutting fuel despite findings that it makes gas evaporate faster, creating more air pollution. ETHANOL SHOULD BE LIMITED: Under rules of the 1990 Clean Air Act, clean-burning fuel - known as reformulated gasoline - must be used by 1995 in nine cities. Ninety other cities could join the program. An agreement was reached with the federal government last year on implementing the Clean Air Act. Included in the agreement: Limiting ethanol use to cut smog. APACHE TO APPEAL $4.5M AWARD: Apache Corp. said Tuesday it will ask for a reduction in the $4.5 million punitive damages awarded for a 1981 natural gas well blowout. The award is thought to be the largest ever in Texas. A jury awarded the amount to eight plaintiffs. They can collect punitive damages and $81,000 in actual damages, but no interest; or $191,000 plus interest, but no punitive damages. OWNERS SUED OVER BLOWOUT: Apache Corp., which is appealing a punitive-damages award of $4.5 million in a natural gas well blowout, was sued by royalty owners on nearby land who claimed they suffered sizeable gas losses as a result. The well was returned to production about 18 months after the blowout and still is producing, said Apache spokeswoman Jeanne Buchanan. SETTLEMENT INCORRECTLY REPORTED: Star Enterprise:Texaco said Tuesday a settlement Friday in Fairfax, Va., was incorrectly reported. The company said the reported $150 million settlement was inaccurate. The company said the cost of the property protection part of the settlement will be determined over 10 years and may range from no cost to a fraction of $150 million. SEISMIC SURVEY IN LIBYA BEGINS: International Petroleum Corp. Tuesday announced it has begun a seismic survey in three onshore tracts in the Sirte Basin, Libya. The survey started Aug. 26. The first 190 kilometers of the 510-kilometer survey are being shot in two of the tracts. Lasmo Grand Maghreb Limited and Hardy Oil & Gas (UK) Limited hold 40% and 15% interests in the two blocks. WELL NETS 1,530 BARRELS PER DAY: Maxus Energy Corp. Tuesday announced test results of the Surubi No. 2 well on its Mamore Block in Bolivia. The well tested at a combined rate of 1,530 barrels of oil per day and 920 thousand cubic feet of gas per day from two zones. Maxus previously announced that multiple zones were found in the well. Maxus is operator and holds 100 percent working interest in the block. MESA COMPLETES EXPLORATORY WELL: MESA Inc. Tuesday reported that it has successfully completed an exploratory well in Jefferson Davis Parish, La. The well has tested at a combined rate of 8 million cubic feet of natural gas and 240 barrels of condensate per day. The G.A. Lyon No. 1 has been completed in two intervals between 11,500 feet and 12,500 feet. MESA expects to begin sales from the well in the fourth quarter. EXXON WELL GIVES 7,400 BARRELS: Exxon Corp. Tuesday announced that a third oil discovery from a block off the coast of Malaysia produced 7,400 barrels of oil a day in tests. The discovery is the third this year for Exxon in Block PM-8; discoveries also occurred in January and April. The latest well was completed Aug. 6 and found oil between 1,550 and 2,350 meters. An appraisal to decide the size of reserves will be needed. EXXON OPENS MOSCOW OFFICE: Exxon Corp. said Tuesday it has opened an office in Moscow and will set up Exxon Ventures C.I.S. Inc. to solicit business in the Commonwealth of Independent States. Exxon said it will ask for accreditation from the Russian Ministry of Foreign Economic Relations. Nicholas Govoroff has been named president of the new company and head of the Moscow office. RUSSIAN REPORT BOOSTS PRICES: A report that Russia, the world's second-largest heating oil producer, was halting exports to northern Europe and Japan to bolster supplies caused oil and product futures to soar in Europe Tuesday. But the Russian government hasn't confirmed an export ban on heating oil production. Traders cited a Reuters report quoting an official at the state oil company, Rosnefteprodukt. Energy Editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution purposes violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. 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