ENERGY BRIEFS

ENERGY BRIEFS

COLONIAL PIPELINE LIMITS

SHIPMENTS TO NYC AREA

NEW YORK - Colonial Pipeline notified shippers that deliveries of heating oil and gasoline from Greensboro, N.C., to the New York metropolitan area were frozen as of noon Thursday.

The pipeline, which is the primary overland conduit for refined petroleum shipments from the U.S. Gulf Coast to user markets in the East, was forced to take the action because of pressure restrictions that had been placed on the system by the Department of Transportation's Office of Pipeline Safety following a leak in Reston, Va., in March of 1993.

A shipping specialist with Colonial said the order to freeze shipments on the system's 30th pumping cycle means that no volume additions would be permitted.

BP EARNINGS ROSE 21 PERCENT

IN THIRD QUARTER

CLEVELAND - British Petroleum Co. Thursday reported earnings for the third quarter increased 21 percent to $504 million from $415 million during the same period last year.

"BP's third-quarter results are a significant improvement over the second quarter," said David Simon, BP Group executive and deputy chairman. ''Sustained benefits from cost reductions, improved downstream margins and the impact of the U.K. Finance Act to PRT (Petroleum Revenue Tax) changes have more than compensated for the lower crude oil price."

Mr. Simon said debt was reduced in the third quarter by $1 billion to $13 billion as a result of strong cash flow from operations and a high level of divestment proceeds.

FORMER OPEC OFFICIAL

TO HEAD NIGERIAN FIRM

LONDON - Michael Olorunfemi was named executive director of Nigeria's National Petroleum Investments and Marketing Services, the OPEC News Agency said Thursday.

Mr. Olorunfemi is the former head of the Organization of Petroleum Exporting Countries' research division in Vienna, Austria.

NPIMS is a subsidiary of the state-owned Nigerian National Petroleum Corp.