API President and chief executive Jack Gerard said in a statement Wednesday that the petroleum industry is looking forward to working with President-elect Barack Obama and Congress on "meaningful energy policy that contributes to economic stability." Emphasizing the vastness of domestic energy sources, including oil and gas, Gerard said the election was a mandate from the people to set aside partisan bickering.
El Paso Corp. announced Wednesday it will cut capital spending, sell $150 million in assets and find pipeline-expansion partners by mid-2009 to settle debts. The natural gas distributor will release its third-quarter report today.
Royal Dutch Shell reportedly may move a team of 200 workers to Basra, Iraq, which would be the first large-scale Western staff in the country, according to The Times of London. Shell has a preliminary $4 billion deal to process natural gas in Iraq.