| Topic: |
Politics > Politics-USA |
| User: |
"Captain Compassion" |
| Date: |
13 Sep 2006 07:51:12 PM |
| Object: |
Government To Sell Elk Hills to Occidental Petroleum for $3.65 Billion |
Issued on: October 6, 1997
Government To Sell Elk Hills to Occidental Petroleum for $3.65
Billion
http://www.fossil.energy.gov/news/techlines/1997/tl_elksl.html
Largest Privatization in History of U.S. Government
The Department of Energy has executed agreements preparing for the
sale of the United States' interest in the Naval Petroleum Reserve No.
1 (Elk Hills) to Occidental Petroleum Corp. The sales price will be
$3.65 billion in cash, making it the largest privatization in the
history of the United States Government.
"We're getting maximum value for this asset, and we're turning one of
the nation's premier oil and gas fields over to the private sector --
to a respected and experienced U.S. oil and gas producer," said DOE
Assistant Secretary Patricia Fry Godley, who has been overseeing the
sales process. "The Navy no longer needs Elk Hills, and this sale
helps get the government out of the oil and gas business."
The Elk Hills field is located near Bakersfield, Calif. The property
encompasses more than 47,000 acres and includes significant oil and
gas reserves, more than 1,000 producing wells, a 47-megawatt
electricity-generating facility and two large gas plants. Current
daily production from the field is approximately 60,000 barrels of oil
and almost 400 million cubic feet of natural gas.
The sale to Occidental will complete a two-year privatization process
mandated by Congress in the 1996 National Defense Authorization Act.
Closing of the transaction is subject to a Justice Department
antitrust review, completion of the environmental impact assessment
process under the National Environmental Policy Act and a 31-day
Congressional review period. Closing is expected to occur prior to the
statutorily-mandated deadline of Feb.10, 1998.
The Energy Department offered to sell Elk Hills in two types of
segments: one "operatorship" segment consisting of 74 percent of the
United States interest in Elk Hills and 13 non-operating segments each
consisting of 2 percent of the U.S. interest. Potential purchasers
could bid on one, some, or all of the segments. Under the Energy
Department's offering guidelines, if a single purchaser wanted to buy
all of the Government's interest, its bid would have to exceed the
total of highest bids for all of the individual segments.
"The sales strategy was designed to maximize competition and to allow
all qualified bidders to compete on an equitable basis," Godley said.
"I am pleased to report that the process worked."
The Energy Department's offer solicitation process involved contacts
with more than 200 companies from the United States and abroad, 46 of
which attended the Department of Energy's technical data presentations
in Bakersfield, Calif., and Houston, Texas. The Energy Department
received a total of 22 bona fide offers from 15 parties acting alone
or in concert.
"Our bidder group was diverse and included major oil companies,
independent oil companies, independent oil refiner interests and
financial parties," Godley noted.
In the transaction announced today, Occidental will acquire 100
percent of the United States interest and will become the new operator
at Elk Hills. "The proposed sales price satisfies the statutory
requirements that we maximize proceeds to the Government," Godley
said. "It also exceeds the minimum acceptable price established under
the provisions of the sales statute."
Elk Hills is one of the 11 largest oil and natural gas fields in the
lower 48 States. Originally set aside in the early 1900s to ensure a
future source of crude oil for the U.S. Navy, the field no longer
serves a national security purpose. (The country's emergency oil
supplies are now held in the Strategic Petroleum Reserve.)
Elk Hills has been in commercial production since Congress authorized
its development in 1976. It reached peak production of 181,000 barrels
of oil per day in 1981. President Clinton included the sale of the Elk
Hills Naval Petroleum Reserve in his 1996 budget proposal as part of
an effort to remove the Federal government from non-Federal functions.
The Energy Department's advisors in the sale were investment bankers
Petrie Parkman & Co. and Credit Suisse First Boston and the law firm
O'Melveny & Myers, LLP.
--
"Science is the record of dead religions." -- Oscar Wilde
"There are no absolute certainties in this universe. A man must try to
whip order into a yelping pack of probabilities, and uniform success is
impossible." -- Jack Vance
"Civilization is the interval between Ice Ages." -- Will Durant.
"War is God's way of teaching Americans geography" -- Ambrose Bierce
"Progress is the increasing control of the environment by life.
--Will Durant
Joseph R. Darancette
daranc@NOSPAMverizon.net
.
|
|
| User: "Scotius" |
|
| Title: Re: Government To Sell Elk Hills to Occidental Petroleum for $3.65 Billion |
14 Sep 2006 09:02:23 AM |
|
|
On Wed, 13 Sep 2006 17:51:12 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
Issued on: October 6, 1997
Government To Sell Elk Hills to Occidental Petroleum for $3.65
Billion
http://www.fossil.energy.gov/news/techlines/1997/tl_elksl.html
Largest Privatization in History of U.S. Government
The Department of Energy has executed agreements preparing for the
sale of the United States' interest in the Naval Petroleum Reserve No.
1 (Elk Hills) to Occidental Petroleum Corp. The sales price will be
$3.65 billion in cash, making it the largest privatization in the
history of the United States Government.
3.65 billion. and Occidental will probably make more than 300
billion off of it. When are people going to stand up and make the
federal government quit selling things it doesn't own?
"We're getting maximum value for this asset, and we're turning one of
the nation's premier oil and gas fields over to the private sector --
to a respected and experienced U.S. oil and gas producer," said DOE
Assistant Secretary Patricia Fry Godley, who has been overseeing the
sales process. "The Navy no longer needs Elk Hills, and this sale
helps get the government out of the oil and gas business."
The Elk Hills field is located near Bakersfield, Calif. The property
encompasses more than 47,000 acres and includes significant oil and
gas reserves, more than 1,000 producing wells, a 47-megawatt
electricity-generating facility and two large gas plants. Current
daily production from the field is approximately 60,000 barrels of oil
and almost 400 million cubic feet of natural gas.
The sale to Occidental will complete a two-year privatization process
mandated by Congress in the 1996 National Defense Authorization Act.
Closing of the transaction is subject to a Justice Department
antitrust review, completion of the environmental impact assessment
process under the National Environmental Policy Act and a 31-day
Congressional review period. Closing is expected to occur prior to the
statutorily-mandated deadline of Feb.10, 1998.
The Energy Department offered to sell Elk Hills in two types of
segments: one "operatorship" segment consisting of 74 percent of the
United States interest in Elk Hills and 13 non-operating segments each
consisting of 2 percent of the U.S. interest. Potential purchasers
could bid on one, some, or all of the segments. Under the Energy
Department's offering guidelines, if a single purchaser wanted to buy
all of the Government's interest, its bid would have to exceed the
total of highest bids for all of the individual segments.
"The sales strategy was designed to maximize competition and to allow
all qualified bidders to compete on an equitable basis," Godley said.
"I am pleased to report that the process worked."
The Energy Department's offer solicitation process involved contacts
with more than 200 companies from the United States and abroad, 46 of
which attended the Department of Energy's technical data presentations
in Bakersfield, Calif., and Houston, Texas. The Energy Department
received a total of 22 bona fide offers from 15 parties acting alone
or in concert.
"Our bidder group was diverse and included major oil companies,
independent oil companies, independent oil refiner interests and
financial parties," Godley noted.
In the transaction announced today, Occidental will acquire 100
percent of the United States interest and will become the new operator
at Elk Hills. "The proposed sales price satisfies the statutory
requirements that we maximize proceeds to the Government," Godley
said. "It also exceeds the minimum acceptable price established under
the provisions of the sales statute."
Elk Hills is one of the 11 largest oil and natural gas fields in the
lower 48 States. Originally set aside in the early 1900s to ensure a
future source of crude oil for the U.S. Navy, the field no longer
serves a national security purpose. (The country's emergency oil
supplies are now held in the Strategic Petroleum Reserve.)
Elk Hills has been in commercial production since Congress authorized
its development in 1976. It reached peak production of 181,000 barrels
of oil per day in 1981. President Clinton included the sale of the Elk
Hills Naval Petroleum Reserve in his 1996 budget proposal as part of
an effort to remove the Federal government from non-Federal functions.
The Energy Department's advisors in the sale were investment bankers
Petrie Parkman & Co. and Credit Suisse First Boston and the law firm
O'Melveny & Myers, LLP.
.
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|
| User: "Captain Compassion" |
|
| Title: Re: Government To Sell Elk Hills to Occidental Petroleum for $3.65 Billion |
14 Sep 2006 10:48:32 AM |
|
|
On Thu, 14 Sep 2006 07:02:23 -0700, Scotius <wolvzbro@mnsi.net> wrote:
On Wed, 13 Sep 2006 17:51:12 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
Issued on: October 6, 1997
Government To Sell Elk Hills to Occidental Petroleum for $3.65
Billion
http://www.fossil.energy.gov/news/techlines/1997/tl_elksl.html
Largest Privatization in History of U.S. Government
The Department of Energy has executed agreements preparing for the
sale of the United States' interest in the Naval Petroleum Reserve No.
1 (Elk Hills) to Occidental Petroleum Corp. The sales price will be
$3.65 billion in cash, making it the largest privatization in the
history of the United States Government.
3.65 billion. and Occidental will probably make more than 300
billion off of it. When are people going to stand up and make the
federal government quit selling things it doesn't own?
So who owns it? You? If you were smart you would by stock in
Occidental Petroleum. Al Gore owns some.
"We're getting maximum value for this asset, and we're turning one of
the nation's premier oil and gas fields over to the private sector --
to a respected and experienced U.S. oil and gas producer," said DOE
Assistant Secretary Patricia Fry Godley, who has been overseeing the
sales process. "The Navy no longer needs Elk Hills, and this sale
helps get the government out of the oil and gas business."
The Elk Hills field is located near Bakersfield, Calif. The property
encompasses more than 47,000 acres and includes significant oil and
gas reserves, more than 1,000 producing wells, a 47-megawatt
electricity-generating facility and two large gas plants. Current
daily production from the field is approximately 60,000 barrels of oil
and almost 400 million cubic feet of natural gas.
The sale to Occidental will complete a two-year privatization process
mandated by Congress in the 1996 National Defense Authorization Act.
Closing of the transaction is subject to a Justice Department
antitrust review, completion of the environmental impact assessment
process under the National Environmental Policy Act and a 31-day
Congressional review period. Closing is expected to occur prior to the
statutorily-mandated deadline of Feb.10, 1998.
The Energy Department offered to sell Elk Hills in two types of
segments: one "operatorship" segment consisting of 74 percent of the
United States interest in Elk Hills and 13 non-operating segments each
consisting of 2 percent of the U.S. interest. Potential purchasers
could bid on one, some, or all of the segments. Under the Energy
Department's offering guidelines, if a single purchaser wanted to buy
all of the Government's interest, its bid would have to exceed the
total of highest bids for all of the individual segments.
"The sales strategy was designed to maximize competition and to allow
all qualified bidders to compete on an equitable basis," Godley said.
"I am pleased to report that the process worked."
The Energy Department's offer solicitation process involved contacts
with more than 200 companies from the United States and abroad, 46 of
which attended the Department of Energy's technical data presentations
in Bakersfield, Calif., and Houston, Texas. The Energy Department
received a total of 22 bona fide offers from 15 parties acting alone
or in concert.
"Our bidder group was diverse and included major oil companies,
independent oil companies, independent oil refiner interests and
financial parties," Godley noted.
In the transaction announced today, Occidental will acquire 100
percent of the United States interest and will become the new operator
at Elk Hills. "The proposed sales price satisfies the statutory
requirements that we maximize proceeds to the Government," Godley
said. "It also exceeds the minimum acceptable price established under
the provisions of the sales statute."
Elk Hills is one of the 11 largest oil and natural gas fields in the
lower 48 States. Originally set aside in the early 1900s to ensure a
future source of crude oil for the U.S. Navy, the field no longer
serves a national security purpose. (The country's emergency oil
supplies are now held in the Strategic Petroleum Reserve.)
Elk Hills has been in commercial production since Congress authorized
its development in 1976. It reached peak production of 181,000 barrels
of oil per day in 1981. President Clinton included the sale of the Elk
Hills Naval Petroleum Reserve in his 1996 budget proposal as part of
an effort to remove the Federal government from non-Federal functions.
The Energy Department's advisors in the sale were investment bankers
Petrie Parkman & Co. and Credit Suisse First Boston and the law firm
O'Melveny & Myers, LLP.
--
"Science is the record of dead religions." -- Oscar Wilde
"There are no absolute certainties in this universe. A man must try to
whip order into a yelping pack of probabilities, and uniform success is
impossible." -- Jack Vance
"Civilization is the interval between Ice Ages." -- Will Durant.
"War is God's way of teaching Americans geography" -- Ambrose Bierce
"Progress is the increasing control of the environment by life.
--Will Durant
Joseph R. Darancette
daranc@NOSPAMverizon.net
.
|
|
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| User: "kirtland" |
|
| Title: Re: Government To Sell Elk Hills to Occidental Petroleum for $3.65 Billion |
15 Sep 2006 12:41:00 AM |
|
|
On Thu, 14 Sep 2006 17:41:20 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Thu, 14 Sep 2006 18:07:22 -0700, Scotius <wolvzbro@mnsi.net> wrote:
On Thu, 14 Sep 2006 08:48:32 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Thu, 14 Sep 2006 07:02:23 -0700, Scotius <wolvzbro@mnsi.net> wrote:
On Wed, 13 Sep 2006 17:51:12 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
Issued on: October 6, 1997
Government To Sell Elk Hills to Occidental Petroleum for $3.65
Billion
http://www.fossil.energy.gov/news/techlines/1997/tl_elksl.html
Largest Privatization in History of U.S. Government
The Department of Energy has executed agreements preparing for the
sale of the United States' interest in the Naval Petroleum Reserve No.
1 (Elk Hills) to Occidental Petroleum Corp. The sales price will be
$3.65 billion in cash, making it the largest privatization in the
history of the United States Government.
3.65 billion. and Occidental will probably make more than 300
billion off of it. When are people going to stand up and make the
federal government quit selling things it doesn't own?
So who owns it? You? If you were smart you would by stock in
Occidental Petroleum. Al Gore owns some.
Ah, they steal it, and so I should buy stock and then it's
okay because I'm making a profit from it? No.
What was the government going to do with it? The government doesn't
drill or refine oil. Paying $3.65 Billion for the property is hardly
stealing.
It is stealing from the people of the US to put money in the pockets
of big oil.
Ecuador wants to use it's resources for the people of Ecuador and not
to enrich the stockholders of Oxy. (The majority of the people also
want nothing to do with America's FTAA.)
http://www.msnbc.msn.com/id/12807114/
Ecuador seizes Occidental Petroleum assets
No. 5 South American oil-producing nation voids contract with U.S.
giant
QUITO, Ecuador - Ecuador's energy minister said Monday the government
would revoke a contract held by Occidental Petroleum and strip the
U.S. company of its assets in South America's fifth biggest oil
producer.
"We accept the demand and petition of Petroecuador (the state oil
company) and the country's attorney general and declare the annulment
of the contract," Minister Ivan Rodriguez told reporters.
The long-running legal row with Occidental has sparked repeated
protests by indigenous groups and poor Amazon regions demanding the
government expel the company and introduce reforms giving the poor
more benefits from oil revenues.
....
Asset loss a big blow
The loss of its Ecuador assets would be a big blow to Occidental,
which has otherwise enjoyed record profit and cash levels alongside
the rise in oil and gas prices.
Its Ecuadorean assets represent about 7 percent of Occidental's total
production and about 4 percent of its proved reserves, analysts
estimate.
.....
Other thefts by big oil:
http://www.chron.com/disp/story.mpl/business/4184169.html
Sept. 13, 2006, 1:10PM
Oil lease mistake costs government billions
"We're getting maximum value for this asset, and we're turning one of
the nation's premier oil and gas fields over to the private sector --
to a respected and experienced U.S. oil and gas producer," said DOE
Assistant Secretary Patricia Fry Godley, who has been overseeing the
sales process. "The Navy no longer needs Elk Hills, and this sale
helps get the government out of the oil and gas business."
The Elk Hills field is located near Bakersfield, Calif. The property
encompasses more than 47,000 acres and includes significant oil and
gas reserves, more than 1,000 producing wells, a 47-megawatt
electricity-generating facility and two large gas plants. Current
daily production from the field is approximately 60,000 barrels of oil
and almost 400 million cubic feet of natural gas.
The sale to Occidental will complete a two-year privatization process
mandated by Congress in the 1996 National Defense Authorization Act.
Closing of the transaction is subject to a Justice Department
antitrust review, completion of the environmental impact assessment
process under the National Environmental Policy Act and a 31-day
Congressional review period. Closing is expected to occur prior to the
statutorily-mandated deadline of Feb.10, 1998.
The Energy Department offered to sell Elk Hills in two types of
segments: one "operatorship" segment consisting of 74 percent of the
United States interest in Elk Hills and 13 non-operating segments each
consisting of 2 percent of the U.S. interest. Potential purchasers
could bid on one, some, or all of the segments. Under the Energy
Department's offering guidelines, if a single purchaser wanted to buy
all of the Government's interest, its bid would have to exceed the
total of highest bids for all of the individual segments.
"The sales strategy was designed to maximize competition and to allow
all qualified bidders to compete on an equitable basis," Godley said.
"I am pleased to report that the process worked."
The Energy Department's offer solicitation process involved contacts
with more than 200 companies from the United States and abroad, 46 of
which attended the Department of Energy's technical data presentations
in Bakersfield, Calif., and Houston, Texas. The Energy Department
received a total of 22 bona fide offers from 15 parties acting alone
or in concert.
"Our bidder group was diverse and included major oil companies,
independent oil companies, independent oil refiner interests and
financial parties," Godley noted.
In the transaction announced today, Occidental will acquire 100
percent of the United States interest and will become the new operator
at Elk Hills. "The proposed sales price satisfies the statutory
requirements that we maximize proceeds to the Government," Godley
said. "It also exceeds the minimum acceptable price established under
the provisions of the sales statute."
Elk Hills is one of the 11 largest oil and natural gas fields in the
lower 48 States. Originally set aside in the early 1900s to ensure a
future source of crude oil for the U.S. Navy, the field no longer
serves a national security purpose. (The country's emergency oil
supplies are now held in the Strategic Petroleum Reserve.)
Elk Hills has been in commercial production since Congress authorized
its development in 1976. It reached peak production of 181,000 barrels
of oil per day in 1981. President Clinton included the sale of the Elk
Hills Naval Petroleum Reserve in his 1996 budget proposal as part of
an effort to remove the Federal government from non-Federal functions.
The Energy Department's advisors in the sale were investment bankers
Petrie Parkman & Co. and Credit Suisse First Boston and the law firm
O'Melveny & Myers, LLP.
.
|
|
|
| User: "Captain Compassion" |
|
| Title: Re: Government To Sell Elk Hills to Occidental Petroleum for $3.65 Billion |
15 Sep 2006 10:35:50 AM |
|
|
On Fri, 15 Sep 2006 05:41:00 GMT, kirtland <kland@noway.org> wrote:
On Thu, 14 Sep 2006 17:41:20 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Thu, 14 Sep 2006 18:07:22 -0700, Scotius <wolvzbro@mnsi.net> wrote:
On Thu, 14 Sep 2006 08:48:32 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Thu, 14 Sep 2006 07:02:23 -0700, Scotius <wolvzbro@mnsi.net> wrote:
On Wed, 13 Sep 2006 17:51:12 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
Issued on: October 6, 1997
Government To Sell Elk Hills to Occidental Petroleum for $3.65
Billion
http://www.fossil.energy.gov/news/techlines/1997/tl_elksl.html
Largest Privatization in History of U.S. Government
The Department of Energy has executed agreements preparing for the
sale of the United States' interest in the Naval Petroleum Reserve No.
1 (Elk Hills) to Occidental Petroleum Corp. The sales price will be
$3.65 billion in cash, making it the largest privatization in the
history of the United States Government.
3.65 billion. and Occidental will probably make more than 300
billion off of it. When are people going to stand up and make the
federal government quit selling things it doesn't own?
So who owns it? You? If you were smart you would by stock in
Occidental Petroleum. Al Gore owns some.
Ah, they steal it, and so I should buy stock and then it's
okay because I'm making a profit from it? No.
What was the government going to do with it? The government doesn't
drill or refine oil. Paying $3.65 Billion for the property is hardly
stealing.
It is stealing from the people of the US to put money in the pockets
of big oil.
Did not big oil put $3.65 billion in the peoples pocket to get the
land? I don't see what your problem is here. Is it your opinion that
Oxy didn't pay enough for the property or is it that private
enterprise should not have the right to own property.
Ecuador wants to use it's resources for the people of Ecuador and not
to enrich the stockholders of Oxy. (The majority of the people also
want nothing to do with America's FTAA.)
http://www.msnbc.msn.com/id/12807114/
Ecuador seizes Occidental Petroleum assets
No. 5 South American oil-producing nation voids contract with U.S.
giant
QUITO, Ecuador - Ecuador's energy minister said Monday the government
would revoke a contract held by Occidental Petroleum and strip the
U.S. company of its assets in South America's fifth biggest oil
producer.
"We accept the demand and petition of Petroecuador (the state oil
company) and the country's attorney general and declare the annulment
of the contract," Minister Ivan Rodriguez told reporters.
The long-running legal row with Occidental has sparked repeated
protests by indigenous groups and poor Amazon regions demanding the
government expel the company and introduce reforms giving the poor
more benefits from oil revenues.
...
Asset loss a big blow
The loss of its Ecuador assets would be a big blow to Occidental,
which has otherwise enjoyed record profit and cash levels alongside
the rise in oil and gas prices.
Its Ecuadorean assets represent about 7 percent of Occidental's total
production and about 4 percent of its proved reserves, analysts
estimate.
....
I see now. You are into theft. Ask Castro and Cuba how that works out.
Other thefts by big oil:
http://www.chron.com/disp/story.mpl/business/4184169.html
Sept. 13, 2006, 1:10PM
Oil lease mistake costs government billions
"We're getting maximum value for this asset, and we're turning one of
the nation's premier oil and gas fields over to the private sector --
to a respected and experienced U.S. oil and gas producer," said DOE
Assistant Secretary Patricia Fry Godley, who has been overseeing the
sales process. "The Navy no longer needs Elk Hills, and this sale
helps get the government out of the oil and gas business."
The Elk Hills field is located near Bakersfield, Calif. The property
encompasses more than 47,000 acres and includes significant oil and
gas reserves, more than 1,000 producing wells, a 47-megawatt
electricity-generating facility and two large gas plants. Current
daily production from the field is approximately 60,000 barrels of oil
and almost 400 million cubic feet of natural gas.
The sale to Occidental will complete a two-year privatization process
mandated by Congress in the 1996 National Defense Authorization Act.
Closing of the transaction is subject to a Justice Department
antitrust review, completion of the environmental impact assessment
process under the National Environmental Policy Act and a 31-day
Congressional review period. Closing is expected to occur prior to the
statutorily-mandated deadline of Feb.10, 1998.
The Energy Department offered to sell Elk Hills in two types of
segments: one "operatorship" segment consisting of 74 percent of the
United States interest in Elk Hills and 13 non-operating segments each
consisting of 2 percent of the U.S. interest. Potential purchasers
could bid on one, some, or all of the segments. Under the Energy
Department's offering guidelines, if a single purchaser wanted to buy
all of the Government's interest, its bid would have to exceed the
total of highest bids for all of the individual segments.
"The sales strategy was designed to maximize competition and to allow
all qualified bidders to compete on an equitable basis," Godley said.
"I am pleased to report that the process worked."
The Energy Department's offer solicitation process involved contacts
with more than 200 companies from the United States and abroad, 46 of
which attended the Department of Energy's technical data presentations
in Bakersfield, Calif., and Houston, Texas. The Energy Department
received a total of 22 bona fide offers from 15 parties acting alone
or in concert.
"Our bidder group was diverse and included major oil companies,
independent oil companies, independent oil refiner interests and
financial parties," Godley noted.
In the transaction announced today, Occidental will acquire 100
percent of the United States interest and will become the new operator
at Elk Hills. "The proposed sales price satisfies the statutory
requirements that we maximize proceeds to the Government," Godley
said. "It also exceeds the minimum acceptable price established under
the provisions of the sales statute."
Elk Hills is one of the 11 largest oil and natural gas fields in the
lower 48 States. Originally set aside in the early 1900s to ensure a
future source of crude oil for the U.S. Navy, the field no longer
serves a national security purpose. (The country's emergency oil
supplies are now held in the Strategic Petroleum Reserve.)
Elk Hills has been in commercial production since Congress authorized
its development in 1976. It reached peak production of 181,000 barrels
of oil per day in 1981. President Clinton included the sale of the Elk
Hills Naval Petroleum Reserve in his 1996 budget proposal as part of
an effort to remove the Federal government from non-Federal functions.
The Energy Department's advisors in the sale were investment bankers
Petrie Parkman & Co. and Credit Suisse First Boston and the law firm
O'Melveny & Myers, LLP.
--
"Science is the record of dead religions." -- Oscar Wilde
"There are no absolute certainties in this universe. A man must try to
whip order into a yelping pack of probabilities, and uniform success is
impossible." -- Jack Vance
"Civilization is the interval between Ice Ages." -- Will Durant.
"War is God's way of teaching Americans geography" -- Ambrose Bierce
"Progress is the increasing control of the environment by life.
--Will Durant
Joseph R. Darancette
daranc@NOSPAMverizon.net
.
|
|
|
| User: "kirtland" |
|
| Title: Re: Government To Sell Elk Hills to Occidental Petroleum for $3.65 Billion |
15 Sep 2006 12:07:58 PM |
|
|
On Fri, 15 Sep 2006 08:35:50 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Fri, 15 Sep 2006 05:41:00 GMT, kirtland <kland@noway.org> wrote:
On Thu, 14 Sep 2006 17:41:20 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Thu, 14 Sep 2006 18:07:22 -0700, Scotius <wolvzbro@mnsi.net> wrote:
On Thu, 14 Sep 2006 08:48:32 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Thu, 14 Sep 2006 07:02:23 -0700, Scotius <wolvzbro@mnsi.net> wrote:
On Wed, 13 Sep 2006 17:51:12 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
Issued on: October 6, 1997
Government To Sell Elk Hills to Occidental Petroleum for $3.65
Billion
http://www.fossil.energy.gov/news/techlines/1997/tl_elksl.html
Largest Privatization in History of U.S. Government
The Department of Energy has executed agreements preparing for the
sale of the United States' interest in the Naval Petroleum Reserve No.
1 (Elk Hills) to Occidental Petroleum Corp. The sales price will be
$3.65 billion in cash, making it the largest privatization in the
history of the United States Government.
3.65 billion. and Occidental will probably make more than 300
billion off of it. When are people going to stand up and make the
federal government quit selling things it doesn't own?
So who owns it? You? If you were smart you would by stock in
Occidental Petroleum. Al Gore owns some.
Ah, they steal it, and so I should buy stock and then it's
okay because I'm making a profit from it? No.
What was the government going to do with it? The government doesn't
drill or refine oil. Paying $3.65 Billion for the property is hardly
stealing.
It is stealing from the people of the US to put money in the pockets
of big oil.
Did not big oil put $3.65 billion in the peoples pocket to get the
land? I don't see what your problem is here. Is it your opinion that
Oxy didn't pay enough for the property or is it that private
enterprise should not have the right to own property.
I don't think that was a fair deal. The royalties they were collecting
would be at least 15% under current world prices and profits. Maybe
that's why OXY bought the government out.
Ecuador wants to use it's resources for the people of Ecuador and not
to enrich the stockholders of Oxy. (The majority of the people also
want nothing to do with America's FTAA.)
http://www.msnbc.msn.com/id/12807114/
Ecuador seizes Occidental Petroleum assets
No. 5 South American oil-producing nation voids contract with U.S.
giant
QUITO, Ecuador - Ecuador's energy minister said Monday the government
would revoke a contract held by Occidental Petroleum and strip the
U.S. company of its assets in South America's fifth biggest oil
producer.
"We accept the demand and petition of Petroecuador (the state oil
company) and the country's attorney general and declare the annulment
of the contract," Minister Ivan Rodriguez told reporters.
The long-running legal row with Occidental has sparked repeated
protests by indigenous groups and poor Amazon regions demanding the
government expel the company and introduce reforms giving the poor
more benefits from oil revenues.
...
Asset loss a big blow
The loss of its Ecuador assets would be a big blow to Occidental,
which has otherwise enjoyed record profit and cash levels alongside
the rise in oil and gas prices.
Its Ecuadorean assets represent about 7 percent of Occidental's total
production and about 4 percent of its proved reserves, analysts
estimate.
....
I see now. You are into theft. Ask Castro and Cuba how that works out.
Is it theft when Alaska takes 15% (minimum) royalties from oil
companies in Alaska? Why do you support less for foreign nations?
Other thefts by big oil:
http://www.chron.com/disp/story.mpl/business/4184169.html
Sept. 13, 2006, 1:10PM
Oil lease mistake costs government billions
"We're getting maximum value for this asset, and we're turning one of
the nation's premier oil and gas fields over to the private sector --
to a respected and experienced U.S. oil and gas producer," said DOE
Assistant Secretary Patricia Fry Godley, who has been overseeing the
sales process. "The Navy no longer needs Elk Hills, and this sale
helps get the government out of the oil and gas business."
The Elk Hills field is located near Bakersfield, Calif. The property
encompasses more than 47,000 acres and includes significant oil and
gas reserves, more than 1,000 producing wells, a 47-megawatt
electricity-generating facility and two large gas plants. Current
daily production from the field is approximately 60,000 barrels of oil
and almost 400 million cubic feet of natural gas.
The sale to Occidental will complete a two-year privatization process
mandated by Congress in the 1996 National Defense Authorization Act.
Closing of the transaction is subject to a Justice Department
antitrust review, completion of the environmental impact assessment
process under the National Environmental Policy Act and a 31-day
Congressional review period. Closing is expected to occur prior to the
statutorily-mandated deadline of Feb.10, 1998.
The Energy Department offered to sell Elk Hills in two types of
segments: one "operatorship" segment consisting of 74 percent of the
United States interest in Elk Hills and 13 non-operating segments each
consisting of 2 percent of the U.S. interest. Potential purchasers
could bid on one, some, or all of the segments. Under the Energy
Department's offering guidelines, if a single purchaser wanted to buy
all of the Government's interest, its bid would have to exceed the
total of highest bids for all of the individual segments.
"The sales strategy was designed to maximize competition and to allow
all qualified bidders to compete on an equitable basis," Godley said.
"I am pleased to report that the process worked."
The Energy Department's offer solicitation process involved contacts
with more than 200 companies from the United States and abroad, 46 of
which attended the Department of Energy's technical data presentations
in Bakersfield, Calif., and Houston, Texas. The Energy Department
received a total of 22 bona fide offers from 15 parties acting alone
or in concert.
"Our bidder group was diverse and included major oil companies,
independent oil companies, independent oil refiner interests and
financial parties," Godley noted.
In the transaction announced today, Occidental will acquire 100
percent of the United States interest and will become the new operator
at Elk Hills. "The proposed sales price satisfies the statutory
requirements that we maximize proceeds to the Government," Godley
said. "It also exceeds the minimum acceptable price established under
the provisions of the sales statute."
Elk Hills is one of the 11 largest oil and natural gas fields in the
lower 48 States. Originally set aside in the early 1900s to ensure a
future source of crude oil for the U.S. Navy, the field no longer
serves a national security purpose. (The country's emergency oil
supplies are now held in the Strategic Petroleum Reserve.)
Elk Hills has been in commercial production since Congress authorized
its development in 1976. It reached peak production of 181,000 barrels
of oil per day in 1981. President Clinton included the sale of the Elk
Hills Naval Petroleum Reserve in his 1996 budget proposal as part of
an effort to remove the Federal government from non-Federal functions.
The Energy Department's advisors in the sale were investment bankers
Petrie Parkman & Co. and Credit Suisse First Boston and the law firm
O'Melveny & Myers, LLP.
.
|
|
|
| User: "Captain Compassion" |
|
| Title: Re: Government To Sell Elk Hills to Occidental Petroleum for $3.65 Billion |
15 Sep 2006 02:38:21 PM |
|
|
On Fri, 15 Sep 2006 17:07:58 GMT, kirtland <kland@noway.org> wrote:
On Fri, 15 Sep 2006 08:35:50 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Fri, 15 Sep 2006 05:41:00 GMT, kirtland <kland@noway.org> wrote:
On Thu, 14 Sep 2006 17:41:20 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Thu, 14 Sep 2006 18:07:22 -0700, Scotius <wolvzbro@mnsi.net> wrote:
On Thu, 14 Sep 2006 08:48:32 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Thu, 14 Sep 2006 07:02:23 -0700, Scotius <wolvzbro@mnsi.net> wrote:
On Wed, 13 Sep 2006 17:51:12 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
Issued on: October 6, 1997
Government To Sell Elk Hills to Occidental Petroleum for $3.65
Billion
http://www.fossil.energy.gov/news/techlines/1997/tl_elksl.html
Largest Privatization in History of U.S. Government
The Department of Energy has executed agreements preparing for the
sale of the United States' interest in the Naval Petroleum Reserve No.
1 (Elk Hills) to Occidental Petroleum Corp. The sales price will be
$3.65 billion in cash, making it the largest privatization in the
history of the United States Government.
3.65 billion. and Occidental will probably make more than 300
billion off of it. When are people going to stand up and make the
federal government quit selling things it doesn't own?
So who owns it? You? If you were smart you would by stock in
Occidental Petroleum. Al Gore owns some.
Ah, they steal it, and so I should buy stock and then it's
okay because I'm making a profit from it? No.
What was the government going to do with it? The government doesn't
drill or refine oil. Paying $3.65 Billion for the property is hardly
stealing.
It is stealing from the people of the US to put money in the pockets
of big oil.
Did not big oil put $3.65 billion in the peoples pocket to get the
land? I don't see what your problem is here. Is it your opinion that
Oxy didn't pay enough for the property or is it that private
enterprise should not have the right to own property.
I don't think that was a fair deal. The royalties they were collecting
would be at least 15% under current world prices and profits. Maybe
that's why OXY bought the government out.
Oxy will have to pay federal taxes on profit from the oil sale and if
California Proposition 87 were to pass in November than they would
have to pay hefty state oil production taxes as well.
Ecuador wants to use it's resources for the people of Ecuador and not
to enrich the stockholders of Oxy. (The majority of the people also
want nothing to do with America's FTAA.)
http://www.msnbc.msn.com/id/12807114/
Ecuador seizes Occidental Petroleum assets
No. 5 South American oil-producing nation voids contract with U.S.
giant
QUITO, Ecuador - Ecuador's energy minister said Monday the government
would revoke a contract held by Occidental Petroleum and strip the
U.S. company of its assets in South America's fifth biggest oil
producer.
"We accept the demand and petition of Petroecuador (the state oil
company) and the country's attorney general and declare the annulment
of the contract," Minister Ivan Rodriguez told reporters.
The long-running legal row with Occidental has sparked repeated
protests by indigenous groups and poor Amazon regions demanding the
government expel the company and introduce reforms giving the poor
more benefits from oil revenues.
...
Asset loss a big blow
The loss of its Ecuador assets would be a big blow to Occidental,
which has otherwise enjoyed record profit and cash levels alongside
the rise in oil and gas prices.
Its Ecuadorean assets represent about 7 percent of Occidental's total
production and about 4 percent of its proved reserves, analysts
estimate.
....
I see now. You are into theft. Ask Castro and Cuba how that works out.
Is it theft when Alaska takes 15% (minimum) royalties from oil
companies in Alaska? Why do you support less for foreign nations?
Royalties is a cost of doing business. The government of Ecuador
seizing the assets of Oxy is theft.
Other thefts by big oil:
http://www.chron.com/disp/story.mpl/business/4184169.html
Sept. 13, 2006, 1:10PM
Oil lease mistake costs government billions
"We're getting maximum value for this asset, and we're turning one of
the nation's premier oil and gas fields over to the private sector --
to a respected and experienced U.S. oil and gas producer," said DOE
Assistant Secretary Patricia Fry Godley, who has been overseeing the
sales process. "The Navy no longer needs Elk Hills, and this sale
helps get the government out of the oil and gas business."
The Elk Hills field is located near Bakersfield, Calif. The property
encompasses more than 47,000 acres and includes significant oil and
gas reserves, more than 1,000 producing wells, a 47-megawatt
electricity-generating facility and two large gas plants. Current
daily production from the field is approximately 60,000 barrels of oil
and almost 400 million cubic feet of natural gas.
The sale to Occidental will complete a two-year privatization process
mandated by Congress in the 1996 National Defense Authorization Act.
Closing of the transaction is subject to a Justice Department
antitrust review, completion of the environmental impact assessment
process under the National Environmental Policy Act and a 31-day
Congressional review period. Closing is expected to occur prior to the
statutorily-mandated deadline of Feb.10, 1998.
The Energy Department offered to sell Elk Hills in two types of
segments: one "operatorship" segment consisting of 74 percent of the
United States interest in Elk Hills and 13 non-operating segments each
consisting of 2 percent of the U.S. interest. Potential purchasers
could bid on one, some, or all of the segments. Under the Energy
Department's offering guidelines, if a single purchaser wanted to buy
all of the Government's interest, its bid would have to exceed the
total of highest bids for all of the individual segments.
"The sales strategy was designed to maximize competition and to allow
all qualified bidders to compete on an equitable basis," Godley said.
"I am pleased to report that the process worked."
The Energy Department's offer solicitation process involved contacts
with more than 200 companies from the United States and abroad, 46 of
which attended the Department of Energy's technical data presentations
in Bakersfield, Calif., and Houston, Texas. The Energy Department
received a total of 22 bona fide offers from 15 parties acting alone
or in concert.
"Our bidder group was diverse and included major oil companies,
independent oil companies, independent oil refiner interests and
financial parties," Godley noted.
In the transaction announced today, Occidental will acquire 100
percent of the United States interest and will become the new operator
at Elk Hills. "The proposed sales price satisfies the statutory
requirements that we maximize proceeds to the Government," Godley
said. "It also exceeds the minimum acceptable price established under
the provisions of the sales statute."
Elk Hills is one of the 11 largest oil and natural gas fields in the
lower 48 States. Originally set aside in the early 1900s to ensure a
future source of crude oil for the U.S. Navy, the field no longer
serves a national security purpose. (The country's emergency oil
supplies are now held in the Strategic Petroleum Reserve.)
Elk Hills has been in commercial production since Congress authorized
its development in 1976. It reached peak production of 181,000 barrels
of oil per day in 1981. President Clinton included the sale of the Elk
Hills Naval Petroleum Reserve in his 1996 budget proposal as part of
an effort to remove the Federal government from non-Federal functions.
The Energy Department's advisors in the sale were investment bankers
Petrie Parkman & Co. and Credit Suisse First Boston and the law firm
O'Melveny & Myers, LLP.
--
"Science is the record of dead religions." -- Oscar Wilde
"There are no absolute certainties in this universe. A man must try to
whip order into a yelping pack of probabilities, and uniform success is
impossible." -- Jack Vance
"Civilization is the interval between Ice Ages." -- Will Durant.
"War is God's way of teaching Americans geography" -- Ambrose Bierce
"Progress is the increasing control of the environment by life.
--Will Durant
Joseph R. Darancette
daranc@NOSPAMverizon.net
.
|
|
|
| User: "kirtland" |
|
| Title: Re: Government To Sell Elk Hills to Occidental Petroleum for $3.65 Billion |
15 Sep 2006 10:43:02 PM |
|
|
On Fri, 15 Sep 2006 12:38:21 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Fri, 15 Sep 2006 17:07:58 GMT, kirtland <kland@noway.org> wrote:
On Fri, 15 Sep 2006 08:35:50 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Fri, 15 Sep 2006 05:41:00 GMT, kirtland <kland@noway.org> wrote:
On Thu, 14 Sep 2006 17:41:20 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Thu, 14 Sep 2006 18:07:22 -0700, Scotius <wolvzbro@mnsi.net> wrote:
On Thu, 14 Sep 2006 08:48:32 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
On Thu, 14 Sep 2006 07:02:23 -0700, Scotius <wolvzbro@mnsi.net> wrote:
On Wed, 13 Sep 2006 17:51:12 -0700, Captain Compassion
<daranc@NOSPAMverizon.net> wrote:
Issued on: October 6, 1997
Government To Sell Elk Hills to Occidental Petroleum for $3.65
Billion
http://www.fossil.energy.gov/news/techlines/1997/tl_elksl.html
Largest Privatization in History of U.S. Government
The Department of Energy has executed agreements preparing for the
sale of the United States' interest in the Naval Petroleum Reserve No.
1 (Elk Hills) to Occidental Petroleum Corp. The sales price will be
$3.65 billion in cash, making it the largest privatization in the
history of the United States Government.
3.65 billion. and Occidental will probably make more than 300
billion off of it. When are people going to stand up and make the
federal government quit selling things it doesn't own?
So who owns it? You? If you were smart you would by stock in
Occidental Petroleum. Al Gore owns some.
Ah, they steal it, and so I should buy stock and then it's
okay because I'm making a profit from it? No.
What was the government going to do with it? The government doesn't
drill or refine oil. Paying $3.65 Billion for the property is hardly
stealing.
It is stealing from the people of the US to put money in the pockets
of big oil.
Did not big oil put $3.65 billion in the peoples pocket to get the
land? I don't see what your problem is here. Is it your opinion that
Oxy didn't pay enough for the property or is it that private
enterprise should not have the right to own property.
I don't think that was a fair deal. The royalties they were collecting
would be at least 15% under current world prices and profits. Maybe
that's why OXY bought the government out.
Oxy will have to pay federal taxes on profit from the oil sale and if
California Proposition 87 were to pass in November than they would
have to pay hefty state oil production taxes as well.
Ecuador wants to use it's resources for the people of Ecuador and not
to enrich the stockholders of Oxy. (The majority of the people also
want nothing to do with America's FTAA.)
http://www.msnbc.msn.com/id/12807114/
Ecuador seizes Occidental Petroleum assets
No. 5 South American oil-producing nation voids contract with U.S.
giant
QUITO, Ecuador - Ecuador's energy minister said Monday the government
would revoke a contract held by Occidental Petroleum and strip the
U.S. company of its assets in South America's fifth biggest oil
producer.
"We accept the demand and petition of Petroecuador (the state oil
company) and the country's attorney general and declare the annulment
of the contract," Minister Ivan Rodriguez told reporters.
The long-running legal row with Occidental has sparked repeated
protests by indigenous groups and poor Amazon regions demanding the
government expel the company and introduce reforms giving the poor
more benefits from oil revenues.
...
Asset loss a big blow
The loss of its Ecuador assets would be a big blow to Occidental,
which has otherwise enjoyed record profit and cash levels alongside
the rise in oil and gas prices.
Its Ecuadorean assets represent about 7 percent of Occidental's total
production and about 4 percent of its proved reserves, analysts
estimate.
....
I see now. You are into theft. Ask Castro and Cuba how that works out.
Is it theft when Alaska takes 15% (minimum) royalties from oil
companies in Alaska? Why do you support less for foreign nations?
Royalties is a cost of doing business. The government of Ecuador
seizing the assets of Oxy is theft.
OXY was selling off properties in Ecuador to other oil companies
illegally (a standard practise in third world countries). That would
even be illegal in the US. The oil companies have to learn to play
nice like they have to in the US.
Other thefts by big oil:
http://www.chron.com/disp/story.mpl/business/4184169.html
Sept. 13, 2006, 1:10PM
Oil lease mistake costs government billions
"We're getting maximum value for this asset, and we're turning one of
the nation's premier oil and gas fields over to the private sector --
to a respected and experienced U.S. oil and gas producer," said DOE
Assistant Secretary Patricia Fry Godley, who has been overseeing the
sales process. "The Navy no longer needs Elk Hills, and this sale
helps get the government out of the oil and gas business."
The Elk Hills field is located near Bakersfield, Calif. The property
encompasses more than 47,000 acres and includes significant oil and
gas reserves, more than 1,000 producing wells, a 47-megawatt
electricity-generating facility and two large gas plants. Current
daily production from the field is approximately 60,000 barrels of oil
and almost 400 million cubic feet of natural gas.
The sale to Occidental will complete a two-year privatization process
mandated by Congress in the 1996 National Defense Authorization Act.
Closing of the transaction is subject to a Justice Department
antitrust review, completion of the environmental impact assessment
process under the National Environmental Policy Act and a 31-day
Congressional review period. Closing is expected to occur prior to the
statutorily-mandated deadline of Feb.10, 1998.
The Energy Department offered to sell Elk Hills in two types of
segments: one "operatorship" segment consisting of 74 percent of the
United States interest in Elk Hills and 13 non-operating segments each
consisting of 2 percent of the U.S. interest. Potential purchasers
could bid on one, some, or all of the segments. Under the Energy
Department's offering guidelines, if a single purchaser wanted to buy
all of the Government's interest, its bid would have to exceed the
total of highest bids for all of the individual segments.
"The sales strategy was designed to maximize competition and to allow
all qualified bidders to compete on an equitable basis," Godley said.
"I am pleased to report that the process worked."
The Energy Department's offer solicitation process involved contacts
with more than 200 companies from the United States and abroad, 46 of
which attended the Department of Energy's technical data presentations
in Bakersfield, Calif., and Houston, Texas. The Energy Department
received a total of 22 bona fide offers from 15 parties acting alone
or in concert.
"Our bidder group was diverse and included major oil companies,
independent oil companies, independent oil refiner interests and
financial parties," Godley noted.
In the transaction announced today, Occidental will acquire 100
percent of the United States interest and will become the new operator
at Elk Hills. "The proposed sales price satisfies the statutory
requirements that we maximize proceeds to the Government," Godley
said. "It also exceeds the minimum acceptable price established under
the provisions of the sales statute."
Elk Hills is one of the 11 largest oil and natural gas fields in the
lower 48 States. Originally set aside in the early 1900s to ensure a
future source of crude oil for the U.S. Navy, the field no longer
serves a national security purpose. (The country's emergency oil
supplies are now held in the Strategic Petroleum Reserve.)
Elk Hills has been in commercial production since Congress authorized
its development in 1976. It reached peak production of 181,000 barrels
of oil per day in 1981. President Clinton included the sale of the Elk
Hills Naval Petroleum Reserve in his 1996 budget proposal as part of
an effort to remove the Federal government from non-Federal functions.
The Energy Department's advisors in the sale were investment bankers
Petrie Parkman & Co. and Credit Suisse First Boston and the law firm
O'Melveny & Myers, LLP.
.
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