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 Thu, Oct 1 1992 Date: Thu, 1 Oct 92 04:57:26 EDT Message-ID: 10-01 0000 DECISIONLINE: Energy USA TODAY Update Oct. 1, 1992 Source: USA TODAY:Gannett National Information Network CRUDE CLOSES HIGHER: Crude oil prices closed higher Wednesday on moderate volume on the New York Mercantile Exchange as traders let October gasoline and heating oil contracts expire before taking a more active role in the market, brokers said. November light sweet crude finished up 4 cents per barrel, settling at $21.71, while December light sweet crude closed 3 cents higher at $21.63. REFINED PRODUCTS CLOSE UP: The October unleaded gasoline contract settled its life of contract up 0.52 cents per gallon at 58.22 cents on the New York Mercantile Exchange Wednesday. The October heating oil contract cleared the board 0.26 cents a gallon higher, expiring at 63.20 cents. The November contract gained 0.07 cents to finish at 63.62 cents. Natural gas futures contract traded at $2.525, up 1.2 cents. SHELL ENTERS CONSORTIUM: Shell said Wednesday it has taken a 20% stake in a consortium with Marathon Oil, McDermott International and Mitsui. The consortium will do a feasibility study to develop two offshore oil and gas fields near Russia's Sakhalin Island. The Shell Development Sakhalin subsidiary signed an agreement with the already-established Japanese-American consortium. COMPANY TO BUY INTO BAHAMAS: Southern Electric International Inc. announced Wednesday it has reached an agreement in principle with the Grand Bahama Development Co. to purchase 50% of Freeport Power Co. Freeport Power provides electricity to about 40,000 residents on the island of Grand Bahama. The island, fourth-largest in the Commonwealth of the Bahamas, is located some 60 miles east of Palm Beach, Fla. CHEVRON, PENNZOIL SETTLE: Chevron will sell a group of oil and natural gas fields to Pennzoil in a $1.2 billion stock swap, ending three years of litigation. Pennzoil will give up 15.8 million shares of Chevron, cutting its stake to 5.3% from 9.7% in exchange for 266 fields in and near the Gulf of Mexico. Chevron Chairman Kenneth Derr said the deal will result in a profit of about $375 million. PHIBRO TO LICENSE TO MOBIL: Phibro Energy Inc. said Wednesday it will license an integrated energy trading system to Mobil Oil Corp. Phibro is a unit of Mobil Oil Corp. Phibro's software unit, MC2 Technologies Inc., will provide Mobil's sales, supply and trading divisions with Next Computer Inc. workstations running MC2's energy trading information. Terms of the deal were not disclosed. MAPCO BUYS PROPANE OPERATIONS: Mapco Gas Products Wednesday announced the purchase of 22 retail propane operations from M-V Gas, Eden Gas, Rapids Gas, Jamestown Gas and Northwood Gas. The operations, located in Minnesota and North Dakota, add 27.2 million gallons to Mapco's annual retail propane sales volume. Mapco Gas Products markets under the Thermogas brand name. EPA TO BUY OLD CARS: The Illinois Environmental Protection Agency has offered to pay $1,000 each for 200 cars built before 1980 and being driven in the Chicago area. Buyouts for the pilot program begin this month. The program's goal is to reduce pollutant emissions 15% by 1996 and by 3% every year after that. FINE MAY NOT BE LEVIED: A federal regulator has decided that it has yet to be determined whether a fine will be levied over a leak of radiation at Carolina Power & Light's nuclear plant in Brunswick, N.C. The radiation was released Sept. 22 when a contract worker cut a metal tube that contained radioactive material. OIL LEASING WITHDRAWN: Shoshone National Forest officials have withdrawn a decision to allow oil and gas leasing near Brooks Lake and Lava Mountain, Wyo. The area will be included in a forest-wide leasing study instead, officials say. PG&E WINS CORPORATE AWARD: The Minority Business Development Agency of the U.S. Department of Commerce Wednesday announced the selection of Pacific Gas and Electric Company as the 1992 Distinguished Corporate Award winner. The utility was recognized for its achievements in promoting and supporting minority business development. LOCAL TRADERS STEER MARKET: Local traders in London sold the market down despite a fall in U.S. crude oil stocks, while major crude buyers stayed on the sidelines. Crude oil futures normally rise if inventories decline, brokers said. But traders didn't think U.S. figures were enough to counterbalance the weak trend, they said. COMPANY SELLS LOG UNIT: Petroleum Information Corp. Wednesday announced it was selling its well log services division to Riley's Electric Log Inc. Riley's is an Oklahoma-based hardcopy log reproduction company. Terms of the sale were not disclosed. Riley's acquires PI's nationwide well log collection and reproduction capabilities in addition to its inventory of approximately 2.4 million well logs. 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. For more information, send-email to usa@AmeriCast.COM