Union Texas Natural Gas Independent Oil And Gas Producing Company

Union Texas Natural Gas, formerly known as Union Texas Petroleum Holdings, Inc. is among the largest independent oil and gas producing companies in the United States. Although the company is engaged in the exploration of oil and gas overseas, it conducts its main operations in the United Kingdom sector of the North Sea, Indonesia, and Pakistan. Union Texas also deals in manufacturing of Petrochemicals.

Union Texas implanted the root of corporate history with the Union Sulphur Company, which was founded in southern Louisiana in 1896. Union Sulphur entered the oil business in the year 1926 and was extending its exploration activities into the Rio Grande Valley of Texas. Union Texas Natural Gass one of the first major oil was discovered in 1953 in Lake Arthur South field in Louisiana and which became the biggest domestic oil producing property of the company.
In 1960, the company - then called as Union Oil & Gas Corporation, merged with Texas Natural Gas Corporation and combined all the processing and marketing facilities of both the companies under the name Union Texas Natural Gas Corporation.
Union Texas Natural Gas expanded its oil and gas activities after a year of the merge up when it purchased an oil refinery and pipeline system from Anderson-Prichard Oil Corporation. The two-year-old Union Texas Natural Gas was renamed as the Union Texas Petroleum Holdings, Inc. in 1962 after Allied Chemical Corporation acquired it.
Union Texas spread its principal business during the 1960s in some of the joint ventures of construction and exploration programs in Louisiana and North Sea respectively. Union Texas Natural Gas not only explored its operations in the United Kingdom North Sea, but also in Indonesia, Pakistan, and Argentina. In 1972 Union Texas and its partners very steadily entered Indonesia and then in 1977 Pakistan, for some of its major explorations in the field of oil and gas.
In 1991, Union Texas Natural Gas sold its United States natural gas processing business for about $135 million to Western Gas Resources Inc. During the year 1992, the Company launched a number of fresh new exploration programs highlighted by a crude oil discovery offshore northern Alaska.
At that time itself, the companys joint venture in Indonesia and Pakistan set production records and Union Texas entered French gas market in France using coalbed methane technology. By the mid 1990s, the company tried to secure a growing foothold in Alaska, Argentina, and Papua New Guinea. Union Texas Petroleum Holdings, Inc celebrated its 100th anniversary in January 1996, and its board of directors approved a capital-spending budget of approximately $220 million. union texas petroleum