Oil & Gas Post - All News Report for Monday, September 12, 2011

Monday, September 12, 2011

• Commodity Corner: Oil Settles Higher on Euro Rebound
• Surge Issues Update on Valhalla South Ops
• Ford to Debut 1.0-Liter EcoBoost Engine in Europe
• Nordic Sets Private Placement for Bakken Drilling Funds
• QR to Acquire Acreage in Permian, Ark-La-Tex, Mid-Continent
• Mogul Energy Spuds Stafford Well #2
• Cooper Begins Butlers-4 Drilling
• CNOOC Contracts Drillship Energy Searcher
• Nuvia Names Hill Business Manager
• BOEMRE Names Senior Managers
• Bering Spuds Concordia Parish Well
• Ecopetrol Builds on Cano Sur Success
• La Cortez Boosts Net Production on Mirto-1
• Oceaneering Sells Ocean Legend
• Enegi Prepares Next Stage of Onshore Newfoundland Workover
• Americas Petrogas, Gran Tierra Hit Oil Pay in Argentina
• PetroMagdalene Announces Copa B-1 Discovery
• CNOOC Okays ConocoPhillips' Plans for Depressurizing and Sealing
• Fox Petroleum to Acquire Renfro, Cameron Parish Pipelines
• Weather Watch: 7 of 10 Missing Workers Rescued Alive in Gulf 
• NPD Head: Norway's New Oil Finds May Help Stem Mid-Term Output Fall
• Shell Seeks Okay for 2D Survey Offshore NW Australia
• Petrolimex Wins Laos Investment Contract
• Technip, Global Industries Agree to Merge
• Goldman Sees US As Top Oil Producer In 2017 - Report
• Iraq Energy Panel Approves Gas Deal - Oil Minister

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Oil & Gas Post - All News Report for Friday, September 09, 2011

Friday, September 09, 2011

• Commodity Corner: Oil Falls as Euro Weakens
• API: Obama's Jobs Plan a 'Missed Opportunity'
• Cabot: Minimal Impact on Pa. Operations from Flooding
• Editorial: A Jobs Plan that Really Works
• East Texas, Haynesville Production Stable Despite Wildfires
• Cargotec Enters Vietnamese Market with Mooring Contract
• BOEMRE Issues Final Update on Lee Evacuations
• Abraxas Announces New CFO
• VAALCO Acquires Bakken Interest in Montana
• Salamander Farms Into Gulf of Thailand Block
• Reliance Industries Confident of Unlocking Field Potential with BP
• ADX Increases Stake in Kerkouane Permit
• Kilgore Acquires Additional Klondike Interest
• CAPP Unveils Hydraulic Fracturing Guidelines
• Total Hits Gas Pay in Caspian
• Tullow Reports French Guiana Discovery
• PA Resources Kicks Off Lille John Drilling
• African Petroleum Finds Drilling Success Off Liberia

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Oil & Gas Post - All News Report for Thursday, September 08, 2011

Thursday, September 08, 2011

• Volkswagen Halts Planned Merger with Porsche
• GAO: Water Supply Poses Obstacle to Green River Oil Shale Dev't
• UK Govt, Oil Industry Attempt to Resolve North Sea Tax Issue
• GOM Outlook Brighter as Noble Plans 2012 GOM Plans
• Rocksource Spins Bit at Phoenix Prospect
• Karoon Lines Up Semisub Transocean Legend
• Dart Commences Drilling Ops at China Daijing Proj.
• Noble to Drill Cyprus A Prospect in 4Q
• Treaty to Boost Production at Tx. Leases
• Clough DORIS, Ichthys Execute Binding Contract
• RBG Clinches Apache Contract Extension in North Sea
• Gould: Oilfield Services Spending Likely to Increase
• Weather Watch: BP Evacuates Nonessential Personnel from GOM Platforms
• Hess Boosts Utica Position with $750MM Acquisition
• South Africa Awaits Shale Gas Assessment Outcome
• Apache Gets Environmental Nod for Julimar, Brunello Fields
• Solo Oil Ups Stake in Tanzania Ruvuma Basin
• Elko: Luna Spud Date Anticipated Early December
• Sefton Makes Headway in California, Kansas
• Technip Lands EPC Gig for Satah Full Field Development
• Statoil On Track with Mariner Project
• Reliance, BP Finalize $7.2B Acquisition

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Volkswagen Halts Planned Merger with Porsche

- Volkswagen Halts Planned Merger with Porsche



Sep 8, 2011

Volkswagen (ETR:VOW) says on Thursday it's planned merger with Porsche (ETR:PAH3) will not go through as planned, at least not yet.

The company said the merger could not be implemented within the time frame agreed upon due to uncertainty of the economy, legal hurdles, as well as proper valuation of Porsche.

In the announcement the company said, "From Volkswagen's perspective, the continuing legal hurdles mean that it is currently impossible to quantify the economic risks of a merger and therefore to perform the valuation of Porsche SE required to determine the exchange ratio. The main causes of uncertainty are the ongoing proceedings and actions brought against Porsche SE in Germany and the USA for alleged market manipulation. According to the information currently available, these legal hurdles are no longer expected to be removed in time. One factor influencing the Board of Management's assessment was an indication by the Stuttgart public prosecutors of the length of time needed for the preliminary investigations."

In the coming weeks, members of Volkswagen's Board of Management will analyze whether there are other potential avenues to explore to complete the agreement. Both companies still believe the planned merger will continue at a later time

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Oil & Gas Post - All News Report for Wednesday, September 07, 2011

Wednesday, September 07, 2011

• Commodity Corner: Oil Follows Stocks' Lead
• BP Appeals Russian Court Ruling That Permitted Office Search
• Industry Professionals Optimistic about N. Sea Future
• MWCC's First Non-Member Gets Permit Approval
• Tethys Posts Initial Logging Results from Kalypso Well
• GE Selected for Centrica's Projects in N. Sea, Irish Sea
• Viking Moorings Inks 2-Year Agreement with Deep Sea Anchors
• Swire Oilfield Services Sets Up Shop in Aberdeen
• Cobalt Names COO
• Schlumberger Offers Intervention Services through SERVCO
• All Evacuated Personnel nearly Returned - BOEMRE
• API: Policy Shift Could Create 1.4 Million New Jobs
• Computer Model May Be Able to Predict Pipeline Fractures
• US Lawmaker Pushes For Drilling In Alaska Refuge
• Russia Can Double Oil Reserves By Tapping Arctic Potential -Lukoil Exec.
• FuelCell Reported Q3 Results, Top Line Up 65% YoY
• Hess Bids High to Extend Utica Footprint
• ConocoPhillips To Establish Bohai Bay Fund
• BP Unleashes Additional Reserves at Mad Dog Field
• SOCO Spuds Well Offshore Congo-Brazzaville
• Eastern African Energy Riches Attract Interest
• Premier Oil Granted Drilling Permit in North Sea
• Coastal's Bua Ban North A-05 Encounters Net Pay
• Brinx, Partners Complete Development Oil Well in Oklahoma
• Wood Group Lands Engineering Gig at BP's Quad 204 Proj.
• Northern Starts Extended Well Test at Markwells Wood
• Oilex Notes Progress in Cambay Clean-Up Ops
• FOGL Briefs Interim Results for 1H11

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FuelCell Reported Q3 Results, Top Line Up 65% YoY

- FuelCell Reported Q3 Results, Top Line Up 65% YoY



Sep 7, 2011

FuelCell Energy (NASDAQ:FCEL) reported a Q3 loss of $0.07 per share, narrower than consensus estimates for a loss of $0.09 per share. Revenues for the quarter rose 65.1% year-over-year to $31.2 million, topping consensus estimates of $29.0 million.

Chip Bottone, President and CEO of FuelCell Energy, Inc said, "The team at FuelCell Energy achieved an important milestone this quarter by generating a gross margin for the first time since we began the commercialization process of Direct FuelCells. We are executing our revenue growth plan and benefitting from operating leverage that is driving down costs. We have record product and service backlog of $230.6 million and we are producing at a record rate and have substantially increased our production run rate to a level of 56 megawatts annually compared to 22 megawatts of production for fiscal year 2010."

FuelCell Energy has a potential upside of 186.4% based on a current price of $1.03 and an average consensus analyst price target of $2.95.

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ConocoPhillips To Establish Bohai Bay Fund

- ConocoPhillips To Establish Bohai Bay Fund



Sep 7, 2011

ConocoPhillips (NYSE:COP) announced on Wednesday that it will establish a fund related to the incidents at the Peng Lai field in Bohai Bay, China.

This fund will be designed to address ConcoPhillips' responsibilities in accordance with relevant laws of China and to benefit the general environment in Boahi Bay.

ConocoPhillips (NYSE:COP) has a potential upside of 26% based on a current price of $65.7 and an average consensus analyst price target of $82.8.

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Oil & Gas Post - All News Report for Tuesday, September 06, 2011

Tuesday, September 06, 2011

• Commodity Corner: Oil Edges Lower on Econ Woes
• BP Announces North Sea Development
• Chevron Strikes Oil in Deepwater GOM
• GE Bags Causeway Development Deal
• Ithaca Selects GE O&G for Stella Development
• Africa Oil, Denovo to Close Transaction in Few Weeks
• 2H Offshore Adds to Management Team
• Flexlife Expands Ops across South America
• Europa Appoints Director
• RBG Names New CNNS Operations Director
• Sunoco Announced It Plans To Exit Refining Business
• Halliburton: 'Phenomenal' Opportunities for Global Pressure Pumping Growth
• BOEMRE: Additional Personnel Redeployed at GOM
• Foreign Companies Apply for Czech Shale Gas Exploration Permits
• Cooper, Beach Make New Oil Field Discovery
• Activities Underway at Strike's US Projects
• CNPC Wins Bid for Afghan Blocks
• Imperial Reaches TD at Green Tide SWDF
• UK Govt Reveals Device to Cap Underwater Oil Blowout
• Technip Scores Maersk Gig in North Sea
• Lufkin Industries Announced It Signed Agreement To Acquire All Assets Of Quinn's Oilfield Supply Ltd
• ConocoPhillips Completes Shutdown of Bohai Bay Oilfield
• BP Gets Govt OK for Kinnoull Field Development
• Frontera Commences Drilling Ops at Georgia Field
• TGS, Fugro Team Up in Greenland Survey

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Sunoco Announced It Plans To Exit Refining Business

- Sunoco Announced It Plans To Exit Refining Business



Sep 6, 2011

Sunoco (NYSE:SUN) announced that it plans to exit its refining business and has begun a process to sell its refineries located in Philadelphia and Marcus Hook, Pennsylvania. The company also announced it is conducting a comprehensive strategic review of the company to determine the best way to deliver value to shareholders.

Lynn L. Elsenhans, Sunoco's chairman and chief executive officer said, "We have made progress in increasing the efficiency of our refineries over the last several years, but given the unacceptable financial performance of these assets, it is clear that it is in the best interests of shareholders to exit this business and focus on our profitable retail and logistics businesses which have higher returns, growth potential, and provide steady, ratable cash flow."

Sunoco has a potential upside of 27% based on a current price of $36.11 and an average consensus analyst price target of $45.86.

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ConocoPhillips Completes Shutdown of Bohai Bay Oilfield

- ConocoPhillips Completes Shutdown of Bohai Bay Oilfield



Sep 6, 2011

ConocoPhillips China (NYSE:COP) has completed the shutdown of its Bohai oilfield operations, as ordered by China marine authority.

The company says it will continue to work with CNNOC (NYSE:CEO), which holds a 51% stake of in the oil field, to develop a plan to reduce reservoir pressure to ensure the safety of the field

ConocoPhillips (NYSE:COP) has a potential upside of 24.6% based on a current price of $66.44 and an average consensus analyst price target of $82.8.

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Dow Chemical Awarded $12.8 Million by Department of Energy To Develop Photovoltaics

- Dow Chemical Awarded $12.8 Million by Department of Energy To Develop Photovoltaics



Sep 2, 2011

As part of the U.S. Department of Energy's SunShot initiative, Dow Solar, a business unit of The Dow Chemical Company (NYSE:DOW), has been awarded a $12.8 million, 3-year grant to fund a program to dramatically reduce the cost of building integrated solar products. The program's goal to ensure that solar power is a viable source for the nation's power needs and economic growth, and accelerate widespread solar adoption.

The Department of Energy grant will help fund a $22.4 million program that brings together leaders from across the entire value chain, including solar solutions providers, national laboratories, universities, leading electronics companies and national home builders to create a new solar technology that reduces the total installation costs and provide reliable, low cost solar energy to residential consumers.

Dow Chemical (NYSE:DOW) has a potential upside of 53.4% based on a current price of $26.83 and an average consensus analyst price target of $41.15.

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Halliburton Filed Claims Against BP In Texas State Court

- Halliburton Filed Claims Against BP In Texas State Court



Sep 2, 2011

Halliburton (NYSE:HAL) filed claims against BP (NYSE:BP) in Texas state court for negligent misrepresentation, business disparagement and defamation related to the April 20, 2010, Macondo incident.

The company also moved to amend its claims against BP in the multi-district litigation in New Orleans, Louisiana, to include fraud.

Halliburton has a potential upside of 66.9% based on a current price of $43.02 and an average consensus analyst price target of $71.79.

Full news
- Halliburton Sues BP In Texas - Alleges Misrepresentation <<


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Oil & Gas Post - All News Report for Thursday, September 01, 2011

Thursday, September 01, 2011

• Commodity Corner: Crude Up on Weather Threat
• Libya Oil Contracts Won't Be Political Favors - NTC
• InterMoor Clinches Mooring System Offshore Vietnam
• Global Petroleum CEO Embarks On Appointment
• Fox Petroleum Names New President
• BMT Snags Decommissioning Support Gig for CNRI
• AGR Notes New Drilling Technology and Growth Strategy
• Weather Watch: Producers Evacuate Workers as Storms Threaten Gulf of Mexico
• Gasco to Start Drilling Uinta Wells in October
• Gulf Shores Reports Bakken Oil Discovery in Saskatchewan
• Entek Updates Activities in Niobrara Shale Oil Proj.
• Saratoga Commences Production at Main Pass 46 Field
• Integrys Energy Group Announces Two Acquisitions
• GM Reports Sales In August Were Up
• Reef Resources to Ramp Production at Ausable #5 We...
• Canacol Awarded Contract by Ecopetrol for Colombian Field
• Range Energy Takes New Name
• Buccaneer to Acquire Transocean Jackup
• Cooper Begins Drilling Well South of Butlers Field
• Northern Offshore Secures New Contract for Jackup Energy Enhancer
• GSP Extends Drilling Fleet with 2 New Jackups
• Myanmar O&G Exploration Tender Draws over 50 Bids
• San Leon to Spud Polish Exploration Well
• TGS Scores Seismic Survey in Utica Shale
• Atwood Semisubs Win Apache Work in AU
• Sub-Commercial Discovery Disappoints Salamander Offshore Vietnam
• Noble to Build 4th High-Spec Newbuild This Year
• Ukraine, Shell Sign Shale Gas Exploration Deal
• Watson: Energy Renaissance Possible with Right Regulatory, Tax Policies

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Integrys Energy Group Announces Two Acquisitions

- Integrys Energy Group Announces Two Acquisitions



Sep 1, 2011

Integrys Energy Group (NYSE:TEG) announced the acquisition of two operating businesses involved in the compressed natural gas fueling business, Pinnacle CNG Systems and Trillium USA, previously owned by Wagner & Brown, Ltd.

Charlie Schrock, Integrys Chairman, President and Chief Executive Officer said, "Expansion into this business is consistent with our mission of providing customers with the best value in energy and related services. Our decision to enter this market is in response to customer needs, and this is complementary to our existing skill sets in regulated and nonregulated natural gas and electric services."

Integrys Energy has a potential upside of 2.4% based on a current price of $49.79 and an average consensus analyst price target of $51.

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GM Reports Sales In August Were Up

 - GM Reports Sales In August Were Up



Sep 1, 2011

General Motors (NYSE:GM) reported that U.S. August sales were up to 18% to 218,479 units.

The company also said that the month-end dealer inventory in the United States was 556,884 units, including 212,520 full-size pick up trucks and it's on track to meet its target of ending 2011 with a full-size pick up inventory of 200,000 units.

General Motors (NYSE:GM) has a potential upside of 75.6% based on a current price of $23.41 and an average consensus analyst price target of $41.12.

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Oil & Gas Post - All News Report for Wednesday, August 31, 2011

Wednesday, August 31, 2011

• BP Moscow Office Raided As Pressure In Russia Rises
• Study: Fracking Priciest for Wells
• Williams CEO Says Future of Natural Gas Looks Good
• Oil Spill Safety Bill Fails, Supporters Vow to Bring It Up Again
• Federal Review Calls for Changes in State Oil Regulations
• DNR Secretary Spotlights 3rd Possible Shale Play in La.
• Silvermere Shareholders Approve Mustang Interest Purchase
• Solstad Offshore Inks Contract with Ocean Installer for CSV
• Royal Dutch Shell Awards Enterprise Framework Agreement to Tyco
• Ford, Zipcar Announce New 2 Year Strategic Alliance for U.S. University Members
• Lukoil Reports $3.25B in 2Q Earnings, Up 67%
• BP Sees Russian Office Raids As 'Pressure' - Interfax
• Lundin Extends Avaldsnes Field with Second Appraisal Well
• OMV Makes Gas Discovery in Norwegian Sea
• GDF Suez Gets NPD Nod for North Sea Drilling
• Circle Oil Updates Ops at Geyad Field in Egypt
• Antrim Submits Development Plan for N. Sea Causeway Field
• Phoenix Reaches TD at Marathon Well
• JGC Bags Major EPC Contract for Bir Seba Field in Algeria
• RWE Dea's UK Fields Breagh and Clipper South on Track
• Oilex Prepares Cambay Well for Clean-Up Ops
• Texon Runs Production Tests at 2nd Eagle Ford Well
• Cameron to Acquire LeTourneau Technologies Drilling Systems

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Royal Dutch Shell Awards Enterprise Framework Agreement to Tyco

- Royal Dutch Shell Awards Enterprise Framework Agreement to Tyco



Aug 31, 2011

Tyco International's (NYSE:TYC) flow control unit has been selected by Shell (NYSE:RDS-A) to provide butterfly valves to Shell globally.

The five-year Enterprise Framework Agreement covers more than 2,500 of Tyco's Vanessa, Winn, NeoTecha, Sapag brand butterfly valves, for use in projects, maintenance repair operations and turnaround applications.

David Dunbar, president of Tyco Valves & Controls, a unit of Tyco Flow Control said, "We appreciate the confidence Shell has shown in Tyco Flow Control with this EFA. As Shell grows, Tyco can scale with the company, bringing technology, leadership and service wherever they are needed."

Tyco International (NYSE:TYC) has a potential upside of 25.3% based on a current price of $41.9 and an average consensus analyst price target of $52.5.

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Ford, Zipcar Announce New 2 Year Strategic Alliance for U.S. University Members

- Ford, Zipcar Announce New 2 Year Strategic Alliance for U.S. University Members



Aug 31, 2011

Ford (NYSE:F) and Zipcar (NASDAQ:ZIP) announced a new a strategic alliance establishing Ford as Zipcar's largest university vehicle partner, reaching students at more than 250 campuses.

The first of its kind, two-year tie up introduces a new generation of drivers to Ford vehicles with the highly-fuel efficient Focus and Escape now part of Zipcar's existing fleet of environmentally friendly, reliable and fun vehicles.

Zipcar will offer $10 off the $35 annual membership fee for the first 100,000 new University members who sign up for Zipcar, plus $1 off the hourly rate for the first 1 million hours of use on any of the new Ford vehicles at select colleges and universities

New Ford vehicles start arriving on campuses this week. The program, which could generate 2 million hours behind the wheel of Ford vehicles for college-age drivers, also helps reduce parking demand, congestion and emissions.

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Oil & Gas Post - All News Report for Tuesday, August 30, 2011

Tuesday, August 30, 2011

• Commodity Corner: WTI, Brent Settle Higher
• PwC Names Niloufar Molavi as Firm's U.S. Energy Leader
• Penn State Study Finds Smaller Marcellus Jobs Impact; 'Still Big Numbers'
• Noble Energy, Delek, Ratio Start Drilling Dolphin 1
• W.Va. Official Signs Emergency Marcellus Rule
• EPA Seeks Comments on Drilling Air Quality
• Cambodia Calls for Talks with Thailand on Disputed Oil and Gas Zone
• Sionix to Build Bakken Water Treatment Plant
• Pa. Gas Lease, Royalty Income Taxes Top $100MM
• Repsol: Sacyr, Pemex Deal Excludes Majority Shareholders
• Lucrative Mineral Rights Driving Force to Find Rightful Heirs
• Eni, Libyan Rebels Sign Deal to Restore Pre-Civil War Role
• Texas Suit Focuses on Drilling Site Attendant Status
• Exxon Mobil and Rosneft Team Up
• Rosneft and ExxonMobil Plan $3.2B Program in Black, Kara Seas
• Alberta Makes Concessions To Oil-Sands Producers In Parks Plan
• BOEMRE Unveils New Development, Permit Tools
• ExxonMobil, Americas Petrogas to Explore Argentina Shale
• Novatek Awarded Yamal-Nenets Licenses
• MEO Australia, Fugro Execute Zeus Survey Contract
• Treaty Updates Belize Operations
• Western Australia Advances Wheatstone LNG
• Petrofac Wins North Sea Contracts
• Foster Wheeler Awarded Karsto Engineering Contract
• Fluor, Shell Kick Off Malampaya Project
• CIC Negotiating for GDF SUEZ E&P Stake
• ONGC Videsh Seeks Producing Assets In Politically Stable Countries
• Jubilant Energy Joyful Over Kharsang Well Spud
• EGPI Negotiating for East Texas, La. Properties
• BP, Reliance Make India Alliance Official

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Exxon Mobil and Rosneft Team Up

- Exxon Mobil and Rosneft Team Up



Aug 30, 2011

Exxon Mobil (NYSE:XOM) and Rosneft teamed up with U.S. company ExxonMobil to develop Russian Arctic oil fields, that had eluded BP earlier this year.

Rustam Kazharov, a spokesman for Rosneft told the Associates Press the deal was signed Tuesday in the presence of Russia's Prime Minister Vladimar Putin.

Rosneft struck a deal with BP in January to jointly increase Russia's Arctic but the deal fell through after BP's Russian shareholders managed to block the deal.

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