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RME Petroleum Company history
RME Petroleum Company company history timeline
Anadarko's involvement in offshore exploration began in 1970.
Bushong (1970) A well that produced oil was drilled in Hancock County near Pellville on the T.H Brown farm.
In 1971, Robert Stephens succeeded Dixon as Anadarko's president, and under Stephens, the company placed increasing emphasis on offshore operations, developing its own methods for collecting and analyzing geological and geophysical information used to evaluate potential offshore drilling leases.
In 1972, Panhandle created Pan Eastern Exploration Company, a new wholly owned subsidiary.
Anadarko's headquarters were moved from Fort Worth to Houston in 1974.
1975, Kentucky :Discovery of Knox production at Lee Chapel, Clinton CountyW.R. Jillson passes away
KGS-USGS cooperative mapping project initiated to map surface geology of Kentucky at 1:24,000 (W. Hagen, 10th Survey). Program completed in 1978, the first state to do so.
By 1979, the company was contributing about 30 percent of Panhandle's net income.
1980, Kentucky : Ordovician Knox oil boom, Clinton and Cumberland Counties.
In 1982, the first well at Matagorda 622 was completed, and the block was found to have huge gas reserves.
A producing natural gas and oil-like condensate discovery well, 100 percent owned and operated by Anadarko, was completed in San Patricio County, Texas, in 1982.
By the time Algeria began shipping the gas in 1982, however, conditions in the United States had changed, and there was no longer a market for the wildly overpriced Algerian gas.
Robert Finney, Phillips, The First 66 Years (Bartlesville, Okla.: Phillips Petroleum Co., 1983).
1984, Kentucky : Kentucky Geological Survey begins scanning oil and gas well record data for preservation and public access.
Anadarko Petroleum Corporation was created in 1985, and all of Anadarko Production Company's oil and gas assets were handed over to the new company.
By 1987, Anadarko had natural gas reserves of 1.7 trillion cubic feet, of which only 200 to 250 million cubic feet per day were being produced.
1987, Kentucky : Nelson Bishop drills the No.
Michael Wallis, Oil Man: The Story of Frank Phillips and the Birth of Phillips Petroleum (New York: Doubleday, 1988).
By 1989, the company's revenue had grown to $361 million.
The company had initially entered that country in 1989, the first year it was opened to foreign investment.
However, the company's earnings dropped further, sinking to $27 million, half that reported in 1990.
Drilled to a depth of 980 feet, Bishop completes the well for 3 barrels of oil per day in the Ordovician High Bridge Group (Stones River). 1990, Kentucky: The 4A Ferguson Brothers well is abandoned after Nelson Bishop passes away.
Anadarko's revenue slipped to $336.6 million in 1991, but rebounded slightly to $375 million the following year.
9372 Ferguson Brothers well, this well started the drilling boom in fractured Ordovician carbonate reservoirs that peaked in 1992 with about 488,000 barrels produced in Clinton and Cumberland Counties.
1992, Kentucky : Drahovzal and others (1992) publish their findings of a deep rift basin filled with a layered Proterozoic clastic sequence, the Middle Run Formation, that underlies the Cincinnati Arch.
In early 1993, Anadarko became the first foreign-owned company to discover oil in Algeria.
Anadarko increased its exploration activities in the Gulf in early 1994.
Anadarko's Algerian operations began to reap significant dividends by 1995, when new discoveries increased the company's total reserves in the region to approximately one billion barrels.
In March 1998, the company acquired several new oil fields in Oklahoma from the Occidental Petroleum Corporation.
The company began to experience a turnaround in July 1998, when it uncovered a reserve of more than 140 million barrels of oil in the Gulf of Mexico.
The company's earnings fell by nearly 80 percent for the first quarter of 1998, with overall sales declining by 14 percent.
To this end, in April 2000 Anadarko announced its intention to acquire the Union Pacific Resources Group.
In February 2001, the company further increased its presence in the Canadian oil market with the acquisition of Berkley Petroleum in Alberta for $777 million.
The Indian Asphalt Co (a precursor of Texaco) moved its offices to Georgetown, Kentucky, and built a refinery (Hinds, 2001).
However, the loss did not prevent the company from pursuing further opportunities for growth, and by October 2002, it was able to invest more than $200 million to acquire two substantial oil fields in Wyoming, a state where potential reserves were estimated to exceed 500 million barrels.
In 2002 Phillips, Oklahoma's then-largest company, and Conoco, Inc., merged to become ConocoPhillips and relocated to Houston, Texas.
Production begins with the Model A (Ford Motor Company, 2003)
2003, Kentucky : Kentucky Geological Survey closes the oil and gas well record files to general public access.
House Bill 577 to create KRS Chapter 349 was signed into law by Governor Ernie Fletcher, April 7, 2004.
In 2004, IBM worked with Petrobras, one of the world’s largest oil companies, based in Sao Paolo, Brazil.
2004, Kentucky : Coalbed methane legislation considered by Kentucky Legislature.
2006, Kentucky : Equitable Resources (EQT, Pittsburgh, Pa) begins program of horizontal drilling for development of their eastern Kentucky properties for Devonian Ohio Shale (Cleveland and Lower Huron) gas and Mississippian Berea oil.
2007, Kentucky : Steve Beshear is elected Governor of Kentucky and creates the Energy and Environment Cabinet.
Using the IBM PowerXCell™ 8i processor, originally developed for next-generation gaming consoles, IBM began work in 2008 with Repsol and the Barcelona Supercomputing Center in Spain to develop a new class of seismic technology.
2009, Kentucky : Kentucky Geological Survey reaches a TD of 8,126 feet at the #1 Marvin Blan well in Hancock County, an HB-1 project.
In 2010, Norway’s leading oil and gas company, Statoil, joined with IBM to pilot the IBM Integrated Information Framework to improve and optimize operational processes across the company.
2012, Kentucky : The Kentucky Geological Survey conducts a CO2 pressure transient test in a Devonian shale well, Johnson County, eastern Kentucky, an HB-1 project.
2013, Kentucky : The Kentucky Geological Survey initiates the program to drill a deep test well in Carter County, eastern Kentucky, an HB-1 project.
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