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Petroleum companies courting power deals

Issue 1 and Volume 101.

Petroleum companies courting power deals

U.S. petroleum companies are increasingly drawn to power generation and collaboration, including joint ventures and marketing alliances, according to the “1996 Price Waterhouse Petroleum Industry Review.” The recent report surveyed accounting practices from 30 leading U.S. oil and gas companies.

Bill Byerley, a partner at Price Waterhouse, said petroleum companies are “forward integrating” into power generation to help meet the burgeoning demand for electricity around the world. “With surging demand for gas-fired power, particularly in developing countries, the convergence of petroleum and power is a win-win for both industries,” Byerley said.