Ultra Petroleum, Denver, plans to acquire Houston-based Pendaries Petroleum Ltd., which owns participating interests in contract areas 04/36 (18.2%) and 05/36 (15%) in Bohai Bay, offshore China. Pendaries will become a subsidiary of Ultra. Chieftain International Inc., Edmonton, Alberta, plans to acquire 50% of the Qatar oil and gas interests of Gulfstream Resources Canada Ltd. Chieftain also purchased, for US$5 million, 4.9 million Gulfstream common shares, representing approximately 8% of Gulfstream common. Noble Affiliates Inc., Ardmore, Okla., subsidiary, Samedan, Mediterranean Sea, plans to increase to approximately 47% its 40% share in an exploration agreement covering 11 licenses, permits or leases, and involving 1 million gross acres offshore Israel. Noble will purchase approximately half of the 15% interest held by RB Mediterranean Ltd., a subsidiary of R&B Falcon, for approximately $53.6 million. The remainder of RB Mediterranean's interest is expected to be purchased by the two other working interest partners in the agreement, Delek Drilling LP and Avner Oil Exploration LP. Delek and Avner will hold approximately 27.8% and 25.2% working interests, respectively. China Petroleum and Chemical Corp., China's largest oil conglomerate, plans to cut 100,000 jobs, or about 20% of its workforce of 511,000, in the next five years to slash costs and improve efficiency. The company, also known as Sinopec, completed an initial public offering in October. -Heather H. Read
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