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Petroleum Industry

NEWS
May 21, 1994 | MICHAEL PARRISH, TIMES STAFF WRITER
Secret negotiations have cleared away the key obstacle to lifting the ban on export of Alaskan crude oil, a move that could lead to the revival of California's moribund oil industry and create thousands of jobs in the state. Independent California oil producers estimate that ending the export ban could trim more than $2 billion annually from the U.S. trade deficit with Japan, the likeliest market for the oil. Until now, U.S. maritime unions--whose crews by law now tanker the Alaskan oil to U.S.
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NEWS
May 19, 1994 | RICHARD KAHLENBERG, SPECIAL TO THE TIMES
The prospectors of oil were doing some prospecting for talent last week at the Ventura County Fairgrounds. It was Energy Information Night, on which the local chapter of the American Petroleum Institute held an energy careers fair and honored several of its professional members for their accurate--and spill-free--deep water drilling. The chapter also handed out $1,000 scholarship checks, as it does annually, to 16 local students.
BUSINESS
December 10, 1992
Modtech Inc., a Perris-based manufacturer of modular classrooms, announced Wednesday that it has signed a letter of intent to merge with Besteel Industries, an Irvine company that builds modular structures for prisons and the petroleum industry. Chief executives of the two companies issued a joint statement saying that the merger would give both companies a boost by providing economies of scale and would provide each with manufacturing facilities closer to untapped markets.
BUSINESS
August 26, 1992 | JUANITA DARLING, TIMES STAFF WRITER
Mexico is taking steps to sell a majority interest in a small unit of its state-owned oil monopoly in what would be the first divestiture at Petroleos Mexicanos, the company known as Pemex. The announcement late Monday that the government will take bids on the purchase of a 51% interest in the Pemex subsidiary that sells motor oils and lubricants could be the first step toward placing a larger share of Pemex in private hands.
OPINION
October 13, 1991
I wish to commend The Times for its editorial. This was an important and insightful commentary on what I believe to be the most significant issue facing California today--economic growth and prosperity. While your editorial properly addressed such things as housing, personal income, employment, transportation and education, it did not mention the role of energy. As a spokesman for the petroleum industry, I am not reticent to tell you that I believe we are the backbone of California's economy.
BUSINESS
October 2, 1990 | MARK POTTS and THOMAS W. LIPPMAN, THE WASHINGTON POST
Why do people hate oil companies? Many in the industry think that it goes back to John D. Rockefeller's notorious Standard Oil Trust, broken up by the Supreme Court in 1911. Others blame the industry's environmental disasters--spills from the oil tankers Amoco Cadiz and Exxon Valdez, and the oil well blowout in the Santa Barbara Channel. Others cite television's J. R. Ewing, political grandstanding, alarmist media reports and Americans' innate distrust of Big Business.
NEWS
June 29, 1989 | From Times wire services
The House Appropriations Committee, citing concerns about a possible oil spill, approved legislation today imposing a yearlong moratorium on oil or gas exploration in Alaska's Bristol Bay, one of the nation's premier fishing areas. The legislation also would extend existing prohibitions against oil or gas exploration along vast stretches off the coasts of California, Florida and New England, and impose a new moratorium on leases along a coastal stretch from Rhode Island to Maryland.
BUSINESS
May 4, 1989
Varco International Inc. of Orange reported net income of $120,000 for the first quarter, down from the $788,000 reported for that period last year. Revenue rose 22% to $19.7 million from $16.1 million. The company said the results for the quarter reflect the acquisition of the BJ Machinery Division, which was concluded last September. W.B. Reinhold, Varco chairman, said: "In spite of the continuing weakness in drilling activity, our level of business is relatively flat, and we remain profitable.
NEWS
August 21, 1988 | Associated Press
Rising expenses are combining with stagnant prices to squeeze any remaining fat out of the Canadian petroleum industry, a prominent Calgary economist reported. Costs of finding oil are climbing "because we're working in a maturing reserves basin" where the size of discoveries is shrinking, while expenses involved in making them are not, Janice Pasay said Thursday. World oil prices have been hovering around $15 to $16 a barrel for several months.
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