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The Wall Street Journal: Oil News Roundup: September 14, 2006 5:18 p.m.

THE WALL STREET JOURNAL ONLINE
September 14, 2006 5:18 p.m.

Crude-oil futures tumbled for the eighth time in the past nine sessions on the New York Mercantile Exchange, settling at nearly $63 a barrel, as supply concerns continued to ebb. Here is Thursday’s roundup of oil and energy news.

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ANADARKO SHEDS CANADA UNIT: Anadarko Petroleum Corp., which is seeking to pay down debt after a major acquisition spree, agreed to sell its Anadarko Canada Corp. unit to Canadian Natural Resources Ltd. for $4.1 billion. Anadarko put the unit up for sale in June to help pay down debt from its $21 billion acquisition of Kerr-McGee and Western Gas Resources.

•Refiner Partly Blamed for Philippines Spill: The Philippines’ largest oil refiner, Petron Corp., was partly responsible for the sinking of a tanker that caused a major oil spill last month because it overloaded the vessel, a special investigation board said.

•West Worries Over Gulf of Guinea: Western analysts are nervous about security in Africa’s Gulf of Guinea, a region that fills about 16% of U.S. energy needs, Reuters reports.

•Nuke-Plant Contractor Accused of Coverup: A contractor at FirstEnergy Corp.’s Beaver Valley nuclear power plant failed to do required reviews on a repair project and tried to cover it up, the Nuclear Regulatory Commission says.

•Qatar Plans Spending Spree: Qatar, flush with oil-and-gas cash, plans to put its billions to work with international acquisitions, the Financial Times reports.

•GeoResources in Two Small Deals: Petroleum producer GeoResources Inc. on Thursday said it has agreed to buy two private oil and gas companies with assets in the Rocky Mountains and Gulf Coast for about $78 million.

•Oil Rout Overdone: It seems a little too early to call oil’s recent collapse the start of a bear market in crude, writes Marc Gerstein, director of investment research at Reuters.com.

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