Aran sweating

Article Abstract:

Aran Energy faces a hostile bid from Atlnatic Richfield, and the company's shares have risen as a result. A counterbid may also be made, especially if petroleum reserves are larger than stated. Allied Irish Banks holds a 6.4% stake in Aran Energy, while FMR Corp holds 6.3% and Fidelity International holds 5.7%. These three investors are likely to have a major say in the outcome of the takeover bid. Hostile bidders could point to the dual role of Michael Whelan, both chief executive and chairman, and to an unpaid loan made to him to buy a house in 1988, a loan which has yet to be repaid.

Oil & Gas Fields, Mergers, acquisitions and divestments, Natural gas fields, Oil fields, Aran Energy Corp.

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Oversupply

Article Abstract:

Crude petroleum prices have dropped since early Jan 1997 and prices could weaken due to oversupply, according to UBS. A petroleum surplus is starting to develop in Mar 1997. Demand for petroleum tends not to be price-sensitive, partly due to subsidies and taxes which mean that price changes are not fully appreciated by consumers. Supply is rising more rapidly than demand, and production from countries in the Organization of Petroleum Exporting Countries (Opec) is increasing.

Crude petroleum and natural gas, Prices and rates

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Oil: on the up

Article Abstract:

Theprice of petroleum has held despite a mild winter for 1994-1995. Demand for heating oil hasbeen weak in Europe and North America, but demand for other types of petroleum has risen.There is uncertainty over when supplies of petroleum will be exported from Iraq, though this isunlikely to occur prior to 4th qtr 1995. Demand for petroleum is forecast at 69.1 million barrelsdaily in 1995, rising to 70 b/d for 1996, according to Lehman Brothers.

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