Energy Biz Review: ATP HITS New Gas Off Israel, Statoil Loses to STRIKE
Sunoco (NYSE:SUN) and Carlyle Group (NYSE:CG) are said to have reached a deal to keep the former’s 335,000 barrels per day Philadelphia refinery, the East Coast’s biggest, online. The firms have been in discussions since April to keep the facility open, and union members were expected to okay a labor agreement that would remove an obstacle to the deal; the refinery would likely have been shut otherwise.
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ATP Oil & Gas (NASDAQ:ATPG) shares gain almost 20 percent on the day, following word that the Shimson well off the Israeli coast hit more than 62 feet of natural gas pay. The bore is in a water depth of 3,622 feet and reaches a subsea depth of 14,445 feet. ATP owns more than 40 percent of the discovery, and promises to supply more data about the discovery during the third quarter.
Optimism that the work stoppage in Norway could be resolved in the weekend was quashed Monday, as the talks stalled out. One party said that the “positions are completely locked”, as talks failed to make progress. And in a case of ‘perfect timing’ the country’s Statoil (NYSE:STO), which is the most impacted by the strike, announces that it made a significant gas and condensate find in its North Sea King Lear prospect.
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