Lasmo
Encyclopedia
Lasmo plc was a leading British
oil
and gas
exploration
and production
business. It was listed on the London Stock Exchange
and was a constituent of the FTSE 100 Index
.
. It struck oil in the Ninian Field in 1974 and was first listed on the London Stock Exchange
in 1977. In the early 1990s it expanded its operations into Indonesia
, Algeria
and Pakistan
. It bought Ultramar plc
in 1991 in a hostile takeover battle.
It successfully fought off a hostile bid from Enterprise Oil
in 1994. It expanded into Venezuela
in 1997 paying $453m for an interest in the Dacion Field. In 1999 it acquired Monument Oil & Gas for £460m.
In 2001 it was acquired by Eni
, who successfully outbid an initial offer from Amerada Hess.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
and gas
Gas
Gas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
exploration
Exploration
Exploration is the act of searching or traveling around a terrain for the purpose of discovery of resources or information. Exploration occurs in all non-sessile animal species, including humans...
and production
Production, costs, and pricing
The following outline is provided as an overview of and topical guide to industrial organization:Industrial organization – describes the behavior of firms in the marketplace with regard to production, pricing, employment and other decisions...
business. It was listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and was a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
.
History
The Company was founded in 1971 as London and Scottish Marine Oil (LASMO) to explore the North SeaNorth Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
. It struck oil in the Ninian Field in 1974 and was first listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in 1977. In the early 1990s it expanded its operations into Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
, Algeria
Algeria
Algeria , officially the People's Democratic Republic of Algeria , also formally referred to as the Democratic and Popular Republic of Algeria, is a country in the Maghreb region of Northwest Africa with Algiers as its capital.In terms of land area, it is the largest country in Africa and the Arab...
and Pakistan
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
. It bought Ultramar plc
Ultramar plc
Ultramar plc was a leading British oil and gas exploration and production business. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index.-History:...
in 1991 in a hostile takeover battle.
It successfully fought off a hostile bid from Enterprise Oil
Enterprise Oil
Enterprise Oil was a major British independent exploration and production company based in Europe, with core areas of activity in Britain and Ireland, mainland Europe, Brazil and the Gulf of Mexico...
in 1994. It expanded into Venezuela
Venezuela
Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
in 1997 paying $453m for an interest in the Dacion Field. In 1999 it acquired Monument Oil & Gas for £460m.
In 2001 it was acquired by Eni
Eni
Eni S.p.A. is an Italian multinational oil and gas company, present in 70 countries, and currently Italy's largest industrial company with a market capitalization of 87.7 billion euros , as of July 24, 2008...
, who successfully outbid an initial offer from Amerada Hess.