Rosneft CEO: Exxon May Replace Chevron in Black Sea Project -Report

- Rosneft CEO: Exxon May Replace Chevron in Black Sea Project -Report

Tuesday, September 13, 2011
Dow Jones Newswires
MOSCOW
by Jacob Gronholt-Pedersen

Russian state oil company Rosneft is in talks with two companies, including Exxon Mobil, to replace Chevron as partner in the Black Sea offshore Val Shatsky field, the Interfax news agency reports Tuesday citing Rosneft Chief Executive Eduard Khudainatov.

Khudainatov also said that by the end of the year, Rosneft and Exxon Mobil will conclude drafting a plan to develop three Arctic fields in the Kara Sea. Exxon Mobil replaced BP as partner in the project two weeks ago.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Chevron Strikes Oil in Deepwater GOM

- Chevron Strikes Oil in Deepwater GOM

Tuesday, September 06, 2011
Chevron Corp.

Chevron announced a new oil discovery at the Moccasin prospect in the deepwater U.S. Gulf of Mexico.

The Keathley Canyon Block 736 Well No. 1 encountered more than 380 feet of net pay in the Lower Tertiary Wilcox Sands. The well is located approximately 216 miles off the Louisiana coast in 6,759 feet of water and was drilled to a depth of 31,545 feet.

"The Moccasin discovery underscores the importance of the deepwater Gulf of Mexico as a source of domestic energy for the United States and as a focus area for Chevron's worldwide exploration portfolio," said George Kirkland, vice chairman, Chevron Corporation. "Moccasin is an important addition to our queue of high-quality opportunities around the globe."

Chevron began drilling the Moccasin well in March 2010. That activity was stopped in June 2010 when the U.S. government imposed a moratorium on deepwater drilling in the Gulf of Mexico. Drilling resumed in March 2011 after the U.S. Bureau of Ocean Energy Management, Regulation and Enforcement approved Chevron's revised drilling permit application.

The well results are still being evaluated, and additional work will be needed to determine the extent of the resource. Chevron, with a 43.75 percent working interest in the prospect, was the operator of the Moccasin discovery well. Other Moccasin owners are BP, with 43.75 percent, and Samson Offshore Company, with 12.5 percent.

Chevron is one of the largest leaseholders in the Gulf of Mexico and is currently developing the $7.5 billion Jack/St. Malo and the $4.1 billion Big Foot projects.

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Chevron Lines Up Atwood Semisub

- Chevron Lines Up Atwood Semisub

Tuesday, August 16, 2011
Atwood Oceanics Inc.

Atwood Oceanics announced that one of its subsidiaries has been awarded a six month contract by Chevron Australia Pty. Ltd. for the Atwood Eagle. With this contract, the firm contractual commitments for the Atwood Eagle are expected to extend through July 2012. The day rate will be approximately $370,000.

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EMAS AMC, Chevron Cement Installation Services Deal

- EMAS AMC, Chevron Cement Installation Services Deal

Tuesday, August 16, 2011
EMAS

EMAS and operating brand for Ezra continues to boost its orderbook of marine and/or offshore construction contracts. The latest contract win was awarded to EMAS AMC, the Group's offshore construction division, by Chevron Thailand Exploration and Production Ltd, Chevron Offshore (Thailand) Ltd and Chevron Pattani Ltd (collectively, "Chevron Thailand").

This award will see EMAS AMC installing a number of wellhead platforms and associated pipelines in the Gulf of Thailand. This project is expected to commence in early 2012 for a three year firm period (2012 – 2014) with an option period for an additional two years (2015 – 2016), which in aggregate is estimated to increase the orderbook for EMAS AMC to over US $600 million.

Mr. Lionel Lee, EMAS's Managing Director, said, "This award is an important milestone for us and reaffirms the growing relationship that we have with Chevron in the Asia Pacific region."

"The total subsea orderbook for EMAS AMC is now past the halfway mark and is closer to our short-term target of US $1 billion for the segment. EMAS AMC is moving steadily closer towards becoming fully integrated within the EMAS Group and the combined entity will propel us towards our objective of being a global leader in marine and offshore construction."

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First Subsea Scores Chevron Contract for Jack/St. Malo Facility

- First Subsea Scores Chevron Contract for Jack/St. Malo Facility

Thursday, August 11, 2011
First Subsea Ltd.

First Subsea has been awarded a contract by Chevron U.S.A. Inc. to supply the mooring connectors for the Jack/St. Malo semisubmersible hub production facility in the Jack/St. Malo fields located approximately 280 miles south of New Orleans, Louisiana, in water depths of 2,133 m (7,042 feet) in the Gulf of Mexico.

The semisubmersible, floating production unit (FPU) will be moored by 16 Ballgrab, ball and taper, mooring connectors attached to polyester mooring lines in a 4x4 arrangement. The Ballgrab Series III male connectors will be the largest produced so far with an un-corroded 2,599mT (25,491kN) MBL, and the first to comply with the new ABS Mooring Guide 2009.

The Ballgrab connector comprises a male connector and female receptacle. The female receptacle will be installed subsea with the mooring system's suction piles, mounted on docking porches. When the FPU is in position, the male connector, attached to the mooring line, is lowered from the surface into the female receptacle to complete the mooring installation. The process is then repeated until all 16 mooring lines are connected.

"We are delighted to have been awarded the Jack & St Malo FPU mooring connector contract," said Brian Green, general manager, First Subsea Ltd. "The Ballgrab mooring connector provides an efficient method of deploying deepwater mooring lines. For the Jack & St Malo connectors, we will be drawing on our world leading research into large scale forgings to optimize mooring performance."

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Chevron Subsidiary Spuds Well in Agbami Field

- Chevron Subsidiary Spuds Well in Agbami Field

Thursday, August 11, 2011
Pacific Drilling S.A.

Pacific Drilling announced that its ultra-deepwater drillship the Pacific Bora commenced operations at the Agbami Field in Nigeria on August 10, 2011. The rig is contracted for three years to a wholly owned Chevron subsidiary.

The Pacific Bora is capable of operating in water depths of up to 10,000 feet and drilling wells 37,500 feet deep.

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RBG Scores Chevron QA/QC Inspection Contract

- RBG Scores Chevron QA/QC Inspection Contract

Monday, August 08, 2011
RBG

RBG has been awarded a three year contract to provide Chevron North Sea Limited with global QA/QC (quality assurance/quality control) inspection services. RBG have provided similar inspection services to Chevron since 2002.

The contract involves the provision of both full time and ad-hoc quality personnel, including principal and senior QA/QC inspectors, which deliver expert third party vendor inspection services for Chevron onshore and offshore, across the UK, Continental Europe, Americas and Asia-Pacific.

The experienced RBG team supports new build works and servicing of equipment for Chevron's drilling, completion, subsea and topside activity and supports Chevron in ensuring that the work is carried out in accordance with the required industry standards and meets the company's specifications. Activities can range from witnessing the manufacture of pipe being produced at pipe mills in Japan to inspecting wellheads fabricated in Europe and North America.

Doug Bolton, RBG's quality services manager, said, "We are very happy to have been awarded this significant three-year contract. Since 2002, we have developed an excellent working relationship with Chevron and I am confident that the high quality of work carried out by our embedded team of inspectors was a significant factor in securing this contract award. We look forward to continuing our work with Chevron over the next three years.

"We have experienced a notable rise in vendor inspection activity in recent years and our truly international reach means we can provide a cost-effective service that ensures product quality and timely delivery."

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Chevron Beats Estimates For Q2 Earnings

- Chevron Beats Estimates For Q2 Earnings



Jul 29, 2011

Chevron (NYSE:CVX) reported Q2 EPS of $3.85, beating analyst estimates of $3.56 per share. Revenues for the quarter were $71.58 billion, topping analyst estimates with $66.70 billion.

Chairman and CEO John Watson said, "Our second quarter financial performance was very strong. Earnings gains versus last year's quarter were primarily in our oil and gas exploration and production business, resulting from higher crude oil prices on world markets. We continued to advance our major capital projects, resumed important exploration and development drilling activity in the deepwater Gulf of Mexico and acquired new upstream resource opportunities in the second quarter."

Chevron (NYSE:CVX) has a potential upside of 16.9% based on a current price of $105.03 and an average consensus analyst price target of $122.79.

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Chevron Reports $7.7B in 2Q11

- Chevron Reports $7.7B in 2Q11

Friday, July 29, 2011
Chevron Corp.

Chevron reported earnings of $7.7 billion ($3.85 per share - diluted) for the second quarter 2011, compared with $5.4 billion ($2.70 per share - diluted) in the 2010 second quarter.

Sales and other operating revenues in the second quarter 2011 were $67 billion, up from $51 billion in the year-ago period, mainly due to higher prices for crude oil and refined products.

"Our second quarter financial performance was very strong," said Chairman and CEO John Watson. "Earnings gains versus last year's quarter were primarily in our oil and gas exploration and production business, resulting from higher crude oil prices on world markets."

Watson commented, "We continued to advance our major capital projects, resumed important exploration and development drilling activity in the deepwater Gulf of Mexico and acquired new upstream resource opportunities in the second quarter." These achievements include:

• Kazakhstan/Russia - Marked the start of the construction phase for expansion of the Caspian Pipeline Consortium's pipeline, which carries crude oil from western Kazakhstan to a dedicated terminal on the Black Sea. The design capacity of the pipeline will increase to 1.4 million barrels per day from its current capacity of 730,000 barrels per day. The project is planned to be implemented in three phases, with capacity increasing progressively from 2012 to 2015.
• Australia - Received recommendation of conditional environmental approval for the Wheatstone liquefied natural gas (LNG) project from Western Australia's Environmental Protection Authority. The company will continue negotiations to finalize the permit conditions as it works toward a final investment decision on the project in the second half of this year.
• Australia - Signed binding Sales and Purchase Agreements with Tokyo Electric for Wheatstone LNG.
• Bulgaria -Awarded an exploration permit for a prospective shale gas block of more than 1 million acres in northeastern Bulgaria.
• United States - Returned to work in the Gulf of Mexico with three rigs active in the deepwater, drilling the Moccasin exploration well, the Buckskin appraisal well and the Tahiti 2 development program. The company is also drilling on the Gulf of Mexico Shelf to test the ultra-deep gas play.
• United States -Acquired additional acreage in the Marcellus Shale, including from Chief Oil and Gas LLC and Tug Hill, Inc., primarily in Pennsylvania.

"We reached an important milestone in streamlining our downstream asset portfolio with receipt of government approval for the planned sale of our refining and marketing assets in the United Kingdom and Ireland," Watson added. The sale is expected to close in the third quarter. The company also completed the sale of its fuels-marketing and aviation businesses in three Central American countries in the second quarter 2011, as well as other assets in China and North America.

The company purchased $1 billion of its common stock in the second quarter 2011 under its share repurchase program.
UPSTREAM

Worldwide net oil-equivalent production was 2.69 million barrels per day in the second quarter 2011, down from 2.75 million barrels per day in the 2010 second quarter. Production increases from project ramp-ups in Canada and the United States and new volumes stemming from the acquisition of Atlas Energy, Inc. were more than offset by an approximately 40,000 barrels per day negative effect of higher prices on volumes related to cost-recovery and variable-royalty contract terms, and normal field declines.

U.S. upstream earnings of $1.95 billion in the second quarter 2011 were up $860 million from a year earlier. The benefit of higher crude oil realizations was partly offset by higher operating expenses.

The company's average sales price per barrel of crude oil and natural gas liquids was $104 in the second quarter 2011, compared with $71 a year ago. The average sales price of natural gas was $4.35 per thousand cubic feet, up from $4.01 in last year's second quarter.

Net oil-equivalent production of 694,000 barrels per day in the second quarter 2011 was down 2 percent, or 14,000 barrels per day, from a year earlier. The decrease in production was associated with normal field declines and maintenance-related downtime. Partially offsetting this decrease was production from the acquisition of Atlas Energy, Inc. and increases at Perdido in the Gulf of Mexico.The net liquids component of oil-equivalent production decreased 2 percent in the 2011 second quarter to 478,000 barrels per day, while net natural gas production declined 1 percent to 1.30 billion cubic feet per day.

International upstream earnings of $4.92 billion increased $1.47 billion from the second quarter 2010. Higher realizations for crude oil increased earnings between quarters. This benefit was partly offset by higher operating expenses, including fuel, and increased exploration expense. Tax charges were also higher between periods. Foreign currency effects increased earnings by $26 million in the 2011 second quarter, compared with an increase of $107 million a year earlier.

The average sales price for crude oil and natural gas liquids in the 2011 second quarter was $107 per barrel, compared with $71 a year earlier. The average price of natural gas was $5.49 per thousand cubic feet, up from $4.40 in last year's second quarter.

Net oil-equivalent production of 2.00 million barrels per day in the second quarter 2011 was down 38,000 barrels per day from a year ago. Production increases from project ramp-ups in Canada and Brazil were more than offset by an approximately 40,000 barrels per day negative effect of higher prices on volumes related to cost-recovery and variable-royalty contractual terms, and normal field declines. The net liquids component of oil-equivalent production decreased 2 percent to 1.39 million barrels per day, while net natural gas production declined 1 percent to 3.67 billion cubic feet per day.
CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in the first six months of 2011 were $13.4 billion, compared with $9.4 billion in the corresponding 2010 period. This represents 52 percent of the company's planned annual capital and exploratory expenditures announced in December 2010. The amounts included $584 million in 2011 and $609 million in 2010 for the company's share of expenditures by affiliates, which did not require cash outlays by the company. Expenditures for upstream represented 91 percent of the companywide total in 2011. These amounts exclude the acquisition of Atlas Energy, Inc., which was accounted for as a business combination.

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Chevron Cites Dividend

- Chevron Cites Dividend

Wednesday, July 27, 2011
Chevron Corp.

Chevron declared a quarterly dividend of seventy-eight cents ($0.78) per share, payable September 12, 2011, to holders of common stock as shown by the transfer records of the Corporation at the close of business on August 19, 2011.

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Danos & Curole Bags Multi-Million Dollar Contract for Chevron Liberia

- Danos & Curole Bags Multi-Million Dollar Contract for Chevron Liberia

Wednesday, July 27, 2011
Danos & Curole

Danos & Curole was awarded a multi-million dollar contract from Chevron Liberia to provide drilling support services in Liberia, West Africa.

Danos & Curole's consultant service business will carry out preparation work for exploratory drilling activities off the coast of Liberia for Chevron Liberia and will participate in performing the operations in the first deepwater well in the 4th quarter of 2011.

Executive Vice President, Eric Danos commented, "Danos & Curole is excited to build on its long time partnership with Chevron to explore Liberia. Our focus has been on innovating ways to improve the safety and quality of our services throughout the world, and we believe our
success is recognized through additional opportunities such as this one."

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Chevron Puerto Rico Fined $600,000

- Chevron Puerto Rico Fined $600,000



Jul 26, 2011

Chevron Puerto Rico(NYSE:CVX) has agreed to improve safety standards at about 100 of its underground storage tank facilities for leakage violations.

The U.S. Environmental Protection Agency says the company will pay a $600,000 fine and has decided to spend $5.2 million in improvements as part of a settlement.

On Tuesday, the agency stated that Chevron plans to install leak detection, monitoring and alarm systems by March 2013.

The settlement arrives as Chevron plans to sell its 187 Texaco stations across the U.S. Caribbean territory.

Chevron has a potential upside of 13.3% based on a current price of $108.24 and an average consensus analyst price target of $122.67.


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Chevron Sells Union Oil Cook Inlet Assets to Independent

- Chevron Sells Union Oil Cook Inlet Assets to Independent

Thursday, July 21, 2011
Knight Ridder/Tribune Business News
by Lisa Demer, Anchorage Daily News, Alaska

Chevron, the biggest oil and gas operator in Cook Inlet, is selling its assets there to an independent company, Hilcorp Alaska LLC.

Chevron and Hilcorp announced Tuesday that Chevron's subsidiary, Union Oil Co. of California, is selling contracts and interests in the Granite Point, Middle Ground Shoals, Trading Bay and MacArthur River fields.

The sale to Hilcorp also covers Chevron's interests in 10 offshore platforms, onshore gas fields, two gas storage facilities and two pipeline companies.

Terms were not disclosed. The companies said the deal should close by the end of the year, after it clears regulatory steps. Chevron plans to maintain its interests in Alaska's North Slope fields and the trans-Alaska oil pipeline.

The current net production for Chevron in Cook Inlet is 3,900 barrels of oil and 85 million cubic feet of natural gas per day, the company said.

A state senator from Kenai said the changeover should be good for Cook Inlet production. An environmentalist said he wanted to look into whether the new player has the will and the ability to invest in Cook Inlet's crumbling infrastructure.

Hilcorp is one of the biggest privately held oil and natural gas exploration and production companies in the United States, but it is dwarfed by big producers like Exxon Mobil, BP and Conoco Phillips.

"The standard pattern is the majors come in and pick the low-hanging fruit, and then the independents and juniors come in and mop up," said Bob Shavelson, executive director of the environmental advocacy group Cook Inletkeeper. "The biggest question is: Do they have the assets to deal with aging infrastructure in Cook Inlet?"

Some of the platforms date back to the post-statehood era of the late 1960s, and there are serious maintenance and corrosion issues, Shavelson said.

Sen. Tom Wagoner, R-Kenai, said he didn't think Hilcorp would be making the deal if it wasn't ready to invest.

"They have looked at the assets. They know what's here in Cook Inlet," said Wagoner, who got a call from Hilcorp about the sale Tuesday.

Hilcorp may be better situated for upgrading and expanding than Chevron, which has numerous projects around the world competing for its investment dollars, the senator said.

Hilcorp, headquartered in Houston, Texas, operates in nine areas including the Gulf Coast and the Rockies. It has more than 700 employees and is actively growing. It's been recognized for a progressive corporate culture. Last year, the Houston Chronicle ranked Hilcorp the No. 1 midsize workplace.

Wagoner said he hopes Cook Inlet workers hold onto their jobs.

"Those are the people I worry about," Wagoner said. "Those platforms -- those are a lot of jobs in Cook Inlet. Most of those people are my neighbors."

The Hilcorp acquisition comes after the federal government announced there's far more oil and natural gas in Cook Inlet than previously thought.

Copyright (c) 2011, Anchorage Daily News, Alaska

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Chevron Awards Gorgon Subsea Umbilicals Contract

- Chevron Awards Gorgon Subsea Umbilicals Contract

Monday, July 18, 2011
Subsea 7

Subsea 7 S.A. announced today the award of a contract valued at approximately $80 million from Chevron Australia Pty Ltd for the Chevron operated Gorgon Project, offshore Western Australia.

The work involves the transportation and installation of subsea umbilicals and structures from Barrow Island – 56km off the north-west coast of Western Australia, to the Gorgon and Jansz Fields. The Gorgon and Jansz umbilicals are 59km and 135km in length respectively. These will be transported from Europe to Australia onboard the Seven Seas, and then installed from the vessel in water depths of up to 1,350m using the onboard advanced deepwater flex-lay system. A major trenching scope of work, of up to 70km, will also be undertaken from the Rockwater 2, to stabilise and protect the main umbilicals.

Project management and engineering will commence immediately from Subsea 7’s office in Perth, Australia, with offshore operations scheduled to commence in early 2013.

Darren Cormell, Subsea 7's Vice President, Australia & New Zealand said: “We are pleased to have been awarded this deepwater contract from Chevron. The Gorgon Project represents an important development for the Subsea Umbilicals market in Australia. This award provides an excellent opportunity for Subsea 7 to build upon our strong local presence and long standing track record of working on significant subsea projects in Australia.”

The Gorgon Project is one of the world's largest natural gas projects and the largest single-resource project in Australia's history. It is operated by Chevron and is a joint venture of the Australian subsidiaries of Chevron (approximately 47%), ExxonMobil (25%) and Shell (25%), Osaka Gas(1.25%), Tokyo Gas (1%) and Chubu Electric Power (0.417%).

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Royal Bank of Scotland Threatened by Anonymous Hacker Group

-  Royal Bank of Scotland Threatened by Anonymous Hacker Group



Jul 14, 2011

Royal Bank of Scotland (NYSE:RBS) has been threatened with cyber-attacks by the Anonymous hacker collective for lending financial support to oil projects in Canada, accruing to a report in the Independent this morning. Oil giants Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) are also said to be on the "hit list" of companies to be targeted by Anonymous.

Royal Bank of Scotland is currently below its 50-day moving average (MA) of $13.04 and below its 200-day MA of $13.60. In the last five trading sessions, the 50-day MA has fallen 1.13% while the 200-day MA has slid 0.43%.

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Halliburton awarded contract from Chevron for integrated services

- Halliburton awarded contract from Chevron for integrated services



Jul 13, 2011

Halliburton (NYSE:HAL) announced that it has been awarded a contract from Chevron (NYSE:CVX) for integrated services for shale natural gas exploration in Poland. Work on the initial shale gas exploration drilling program is expected to begin in the fourth quarter and the contract award is for three years, with extension opportunities. Halliburton services to be provided will include drilling services, mud logging, cementing, coiled tubing, slickline services, well testing, completion and hydraulic fracturing. Halliburton will support the project with project management services. Halliburton has a potential upside of 21.1% based on a current price of $52.66 and an average consensus analyst price target of $63.76. Halliburton is currently above its 50-day moving average (MA) of $48.44 and above its 200-day of $43.06. In the last five trading sessions, the 50-day MA has climbed 0.31% while the 200-day MA has risen 0.73%.

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Halliburton Secures Gig in Chevron's Polish Shale Exploration

- Halliburton Secures Gig in Chevron's Polish Shale Exploration

Wednesday, July 13, 2011
Halliburton Co.

Halliburton has been awarded a contract from Chevron for integrated services for shale natural gas exploration in Poland.

Work on Chevron Polska's initial shale gas exploration drilling program is expected to begin in the fourth quarter and the contract award is for three years, with extension opportunities. Halliburton services to be provided will include drilling services, mud logging, cementing, coiled tubing, slickline services, well testing, completion and hydraulic fracturing. Halliburton will support the project with project management services.

"Halliburton is committed to delivering the same industry-leading expertise and service for shale gas projects in Europe as we are delivering every day in North America," said Brady Murphy, Halliburton senior vice president, Europe/West Africa Region. "We have invested early in Poland, and we have the people and the technologies in place to support this growing market."

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Chevron Sees Increase in 2Q Earnings on Higher Oil Prices

- Chevron Sees Increase in 2Q Earnings on Higher Oil Prices

Tuesday, July 12, 2011
Chevron Corp.

Chevron reported in its interim update that earnings for the second quarter 2011 are expected to be higher than in the first quarter 2011. Upstream results are projected to improve between sequential quarters, benefiting from higher crude oil prices.

Basis for Comparison in Interim Update

The interim update contains certain industry and company operating data for the second quarter 2011. The production volumes, realizations, margins and certain other items in the report are based on a portion of the quarter and are not necessarily indicative of Chevron's full quarterly results to be reported on July 29, 2011.

Unless noted otherwise, all commentary is based on two months of the second quarter 2011 versus full first quarter 2011 results.

UPSTREAM

U.S. net oil-equivalent production during the first two months of the second quarter was in line with the first quarter 2011. International net oil-equivalent production declined 76,000 barrels per day, largely reflecting maintenance activity in Kazakhstan.

U.S. crude-oil realizations for the first two months of the second quarter increased about $18 per barrel to $111.11, and International liquids realizations improved approximately $13 to $108.46 per barrel. U.S. natural gas realizations increased $0.28 to $4.32 per thousand cubic feet, and international natural gas realizations increased $0.41 to $5.44 per thousand cubic feet.

International Upstream earnings in the second quarter are expected to reflect higher exploration expenses.

The company's general guidance for the quarterly net after-tax charges related to corporate and other activities is between $250 million and $350 million. Due to foreign currency effects and the potential for irregularly occurring accruals related to income taxes and other matters, actual results may significantly differ from the guidance range.

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Chevron, Apache, PTTEP Awarded Australia Exploration Permits

- Chevron, Apache, PTTEP Awarded Australia Exploration Permits

by Ross Kelly
Friday, July 08, 2011
Dow Jones Newswires
SYDNEY

Chevron, Apache and Thailand's PTT Exploration & Production (PTTEP) are among six companies that have been awarded new offshore oil and gas exploration permits by Australia's government.

Resources and Energy Minister Martin Ferguson on Friday estimated that exploration work on the six permits in waters off Western Australia and South Australia states will have a combined value of nearly A$137 million over three years, with further investment possible depending on exploration success.

Special conditions have been placed on PTTEP, which was responsible for the Montara oil spill offshore northern Australia in 2009. These include lodging governance processes with the regulator prior to drilling, preparing a spill mitigation report, and being open to a peer review of drilling operations at the regulator's discretion.

Other companies to win permits include MEO Australia and little-known Australian firms Flow Energy Ltd. and Bight Petroleum Corp.

Copyright (c) 2011 Dow Jones & Company, Inc.

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GE Unit Receives $45M Contract to supply TLP Tensioner System for Chevron

- GE Unit Receives $45M Contract to supply TLP Tensioner System for Chevron



Jul 6, 2011

GE (NYSE:GE) Oil & Gas' Drilling & Production business has been awarded a contract of approximately $45M to supply and service the industry's largest tension leg platform to Chevron (NYSE:CVX) for deployment in its Big Foot oil and gas field in the deepwater Gulf of Mexico. Installation of the TLP is scheduled to begin in November 2012 and first oil is expected in 2014.

Chevron has a potential upside of 17.1% based on a current price of $104.86 and an average consensus analyst price target of $122.75.

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