Cairn Updates Operations Offshore Greenland

- Cairn Updates Operations Offshore Greenland

Tuesday, September 13, 2011
Cairn Energy plc

The following operational update relates to Cairn's exploration drilling campaign offshore Greenland.

Gamma-1 Well: Eqqua Block, West Disko Area

The Gamma-1 exploration well, drilled by the Ocean Rig Corcovado drillship, located in 1,520 meters (m) of water and 294 kilometers (km) from Aasiaat, in the Eqqua Block in the West Disko area has reached total depth (TD) and preparations are under way to plug and abandon the well. The well had been targeted to test a deep water Tertiary basin floor fan located 100km down dip from the T8-1 well where biogenic and thermogenic gas had been encountered in 2010.

The Gamma-1 well intersected the prognosed basin floor fan at the anticipated depth, although no reservoir or hydrocarbon shows were encountered in the interval.

Delta-1 Well: Napariaq Block, West Disko Area

The Delta-1 exploration well, drilled by the Leiv Eiriksson semisubmersible drilling rig, located in a water depth of 293m and approximately 365km offshore Aasiaat, in the Napariaq Block is currently drilling ahead. The Delta-1 well is aiming to intersect Cretaceous sediments in a large structural closure beneath the Tertiary volcanic interval in which oil shows were encountered in the Alpha-1 well drilled in 2010. The well has so far encountered several hundred meters of Tertiary volcanic section, which is thicker than anticipated and with only minor hydrocarbon indications. A further update will be made later this month, once the well reaches TD.

AT7-1 Well: Atammik Block, South Ungava Area

Following completion of the operations on the Delta-1 Well, the Leiv Eiriksson is scheduled to move south to re-enter the AT7-1 well in the Atammik block, located in 909m of water and 198km offshore Nuuk, and drill to the planned TD.

Fifth Well: AT2 Prospect: Atammik Block, South Ungava Area

Once operations on the Gamma-1 well are complete, the Ocean Rig Corcovado is scheduled to move 597km south, to the Atammik Block, to drill the AT2 prospect as a fifth well in the 2011 exploration drilling campaign.

Further updates will be provided whenever a well is at TD and operations are complete.

Simon Thomson, Chief Executive, said, "The full results of the Gamma-1 well and the update from the Delta-1 well will be reviewed in the context of all the data gathered during the Greenland exploration campaign.

The rigs are scheduled to move south to drill the final two wells of the program on the Atammik block. We remain focused on the potential of our multi-basin position in Greenland."

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QR to Acquire Acreage in Permian, Ark-La-Tex, Mid-Continent

- QR to Acquire Acreage in Permian, Ark-La-Tex, Mid-Continent

Monday, September 12, 2011
QR Energy, LP

QR Energy, LP ( QRE) announced Monday that it has signed a definitive agreement to acquire oil and natural gas properties from its sponsor, Quantum Resources Fund (QRF) for a purchase price of $577 million. The transaction consists of the issuance by QRE to QRF of $350 million of Convertible Preferred Units and cash of $227 million from borrowings under QRE's existing bank credit facility, subject to lender approval of an increase in the facility's borrowing base. The transaction is expected to close on or about October 1, 2011, subject to third party approvals and customary closing conditions.

Transaction Highlights

-- Properties located in existing core areas: Permian Basin, Ark-La-Tex and Mid-Continent

-- Net production of 8,000 Boed expected for the fourth quarter of 2011

-- Total proved reserves of 37.1 MMBoe are 65% proved developed and 41% liquids (oil and NGLs)

-- More than 1,500 producing oil and natural gas wells

-- Inventory of low risk development opportunities

-- Reserve life (R/P) of 12.7 years

-- 77% operated by value based on standardized measure

-- Expected to be immediately accretive to Distributable Cash Flow per unit

Chief Executive Officer Alan L. Smith commented, "This acquisition from our sponsor has assets that fit our investment criteria of mature, longer life properties and more than doubles QR Energy's production and reserves. The properties are located in our existing core areas and offer an inventory of low risk development projects that will supplement our production in the years to come. We are pleased to be able to finance the transaction with a combination of equity and bank debt, and we expect the transaction to deliver significant accretion to our unitholders."

Asset Profile

QR Energy estimates that the acquisition properties contain approximately 37.1 MMBoe of proved reserves as of October 1, 2011, based on internal estimates using spot oil and natural gas prices as of September 2, 2011 ($86.48/Bbl and $3.87/MMBtu). The proved reserves are 65% proved developed and contain 41% liquids. Operations include 1,574 gross and 960 net wells on approximately 109,305 net acres concentrated in Texas, Oklahoma and New Mexico. They provide numerous low risk development opportunities.

Transaction Financing

As part of the total consideration, QR Energy will issue to QRF $350 million of Convertible Preferred Units (16.7 million units) at a par value of $21.00 per unit. For the first three years, the Convertible Preferred Units will receive a quarterly cash distribution equal to a 4.0% annual coupon on the par value of $21.00. After three years, the quarterly cash distribution will be equal to the greater of (a) $0.475 per unit or (b) the cash distribution payable on each common unit for such quarter.

QRF may convert the Convertible Preferred Units to common units on a one-to-one basis during the first two years after the issuance date following 30 consecutive trading days during which the volume-weighted average price for common units equals or exceeds $27.30 per common unit. In addition, QRF may convert the Convertible Preferred Units to common units on a one-to-one basis anytime after two years from the issuance date.

If QRF has not converted the Convertible Preferred Units to common units by the third anniversary, QR Energy may force their conversion at $21.00 provided that conversion is in the 30 calendar days following 30 consecutive trading days during which the volume-weighted average price for common units equals or exceeds (1) $30.00, provided that (a) an effective shelf registration statement covering re-sales for the converted units is in place or (2) $27.30, provided that (a) from directly above is satisfied plus (b) the arrangement for one or more investment banks to underwrite the converted unit sale following conversion (with proceeds equal to not less than $27.30 less (i) a standard underwriting discount and (ii) a customary discount not to exceed 5% of $27.30). For both (1) and (2) above, the conversion will have a value of not less than $100 million in the aggregate (provided that if less than $100 million remains outstanding, such conversion will relate to all remaining Class C Convertible Preferred Units then outstanding).

QR Energy may force conversion after the fifth anniversary at $21.00 and (a) in the 30 calendar days following 30 consecutive trading days during which the volume-weighted average price for common units equals or exceeds $27.30 and (b) subject to having an effective shelf registration statement covering re-sales for the converted units in place. The conversion will have a value of not less than $100 million in the aggregate (provided that if less than $100 million remains outstanding, such conversion will relate to all remaining Class C Convertible Preferred Units then outstanding).

The debt financing for the transaction is estimated to be approximately $234 million including estimated transaction fees, which will be funded with borrowings under the Partnership's revolving credit facility. These borrowings are subject to lender approval of a $300 million increase in QR Energy's borrowing base related to the pending acquisition of additional oil and gas properties, resulting in a total borrowing base of $630 million effective upon closing.

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Nuvia Names Hill Business Manager

- Nuvia Names Hill Business Manager

Monday, September 12, 2011
Nuvia SITA NORM Limited

Nuvia SITA NORM has appointed a manager for its new Stoneyhill NORM Treatment Facility, near Peterhead, U.K.

Ewan Hill has been appointed to the position of Business Manager for Nuvia SITA NORM. He is now tasked, not only with managing the new facility, but also overseeing safe operations, ensuring environmental compliance and developing the business as a whole.

Ewan is a Chartered Waste Manager, has a Masters Degree in Environmental Studies and over 10 years' experience in the waste management industry, having worked previously in contaminated soil remediation and as a waste minimization manager with Glasgow City Council. Ewan also has experience of the oil and gas industry through a position with Denholm Industrial Services.

Nuvia SITA NORM is a specialist joint venture company that brings together the nuclear industry experience of Nuvia Limited, one of the UK's leading radiation protection and radioactive waste experts, with the recycling and waste management capabilities of SITA UK.

The company's new NORM treatment facility at Stoneyhill near Peterhead will clean and recycle equipment from North Sea oil and gas operations affected by naturally occurring radioactive materials. It will present the industry with the means to comply with new environmental regulations governing the treatment and disposal of NORM waste.

NORM is the acronym for Naturally Occurring Radioactive Material and is a term used to describe low levels of radioactivity that exist naturally in the geological environment. It is found in a variety of bulk commodities, process wastes and commercial items, such as sands, china clays and soils, granite, coal and groundwater. It is also a by-product of the oil and gas industry and develops as a mineral scale on the inside of pipes and valves.

NORM-affected equipment delivered to Stoneyhill will be cleaned inside a custom built containment with ultra high powered water jets to safely remove mineral scale. Once de-scaled, metals and pipework will either be reused or recycled and the treated waste consigned to landfill under authorization at SITA UK's adjoining Stoneyhill site.

Commenting on his appointment, Ewan said, "With all major works on the construction of the facility now complete, commissioning is well underway and I'm looking forward to firmly establishing the business as an essential part of the supply chain for the region's oil and gas operators."

The company has also appointed a supervisor for the facility and is now seeking to appoint a number of water jetting and descaling operatives at the site and invites applications in writing to Ewan Hill, Business Manager, Nuvia SITA NORM Treatment Facility, Stoneyhill Resource Recovery Park, Long Haven, Peterhead, AB42 0PR.

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BOEMRE Names Senior Managers

- BOEMRE Names Senior Managers

Monday, September 12, 2011
Bureau of Ocean Energy Management, Regulation and

Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) Director Michael R. Bromwich on Monday announced several key appointments to high-level positions in the two new, independent agencies that will carry out the offshore energy management and enforcement functions currently under the jurisdiction of BOEMRE. The Bureau of Ocean Energy Management (BOEM) and the Bureau of Safety and Environmental Enforcement (BSEE) will begin operating on October 1, 2011.

"I am pleased to announce my selection of a group of exceptionally qualified individuals," said Director Bromwich. "Throughout the recruitment process, we have looked for leaders who are technically skilled and experienced, and who can lead our ongoing efforts to enhance the safety of offshore exploration and production. The new leadership represents a combination of talented people from inside the agency with an exceptionally well-qualified group of people recruited from outside the agency."

BOEM will be responsible for managing development of the nation's offshore resources in an environmentally and economically responsible way. Functions will include: Leasing, Plan Administration, Environmental Studies, National Environmental Policy Act Analysis, Resource Evaluation, Economic Analysis and the Renewable Energy Program.

Some of the key leaders for BOEM will include:

• Dr. Walter D. Cruickshank, who will serve as the BOEM Deputy Director. Dr. Cruickshank has more than 25 years of experience at the Department of Interior. He most recently served as the BOEMRE Deputy Director. He earned a Bachelor of Arts in Geological Sciences from Cornell University and Doctorate in Mineral Economics from the Pennsylvania State University.
• Renee Orr, who will serve as BOEM's Strategic Resources Chief in BOEM. She has more than 23 years of experience with the Department of the Interior. Ms. Orr has overseen the staff implementation teams that have been at the core of the bureau's reorganization effort, and previously served as Chief of Leasing where she was responsible for the development and completion of several 5-Year Oil and Gas Leasing Programs. She earned Bachelor of Arts degrees in Economics and History from Metropolitan State College in Denver.
• Maureen Bornholdt, who will serve as the BOEM Renewables Chief. Ms. Bornholdt has more than 27 years of experience with the Department of the Interior. She most recently served as the Project Manager for BOEMRE's Offshore Renewable Energy Program. Ms. Bornholdt earned a Bachelor of Science in Public Administration from George Mason University.
• Ellen G. Aronson, who will serve as the BOEM Pacific Region Director. Ms. Aronson has over 33 years of experience with the Department of the Interior. She most recently served as the BOEMRE Pacific Region Director. Ms. Aronson earned a Bachelor of Arts in Liberal Arts from Sara Lawrence College and a Master's of Urban and Regional Planning from the University of Southern California.
• Dr. James Kendall, who will serve as the BOEM Alaska Region Director. Dr. Kendall has over 27 years of experience with the Department of the Interior. He most recently served as the BOEMRE Alaska Region Director. Dr. Kendall earned a bachelor's degree in biology from Old Dominion University, Ph.D. in oceanography from Texas A&M University, and a Post-doctoral Fellowship in Marine Biology from the Hebrew University of Jerusalem, Israel. He is also a graduate of the Federal Executive Institute, Charlottesville, Virginia, and the Senior Executive Fellows Program of the John F. Kennedy School of Government at Harvard University.
• John Rodi, who has been the Deputy Regional Director of BOEMRE's Gulf of Mexico Region since November 2007 and will serve as the BOEM Gulf of Mexico Acting Regional Director until a permanent Regional Director is selected. Mr. Rodi has more than 40 years of federal service with five different agencies. Mr. Rodi has both Bachelor and Master Degrees in Economics from Tulane University and the University of New Orleans, respectively.

BSEE will enforce safety and environmental regulations. Functions will include: All field operations including Permitting and Research, Inspections, Offshore Regulatory Programs, Oil Spill Response, and newly formed Training and Environmental Compliance functions.

Some of the key leaders for BSEE will include:

• Charles Barbee, who will serve as the BSEE Chief of the Environmental Enforcement Division. Mr. Barbee has more than 20 years of experience with the U.S. Coast Guard. Most recently, he was the Coast Guard's program manager for both marine investigations and environmental crime. During his career, Mr. Barbee has specialized in oil spill contingency planning, pollution investigation and response, marine inspections and marine casualty investigations. He graduated and received his commission from the U.S. Coast Guard Academy and earned a Master's Degree in Organizational Management from the University of Phoenix.
• Chris Barry, who will serve as the BSEE Director of the National Offshore Training Center. Mr. Barry currently serves as Chief of National Training and Leadership for the Federal Emergency Management Agency in the National Preparedness Directorate. He earned a Bachelor of Arts (dual) degree in Art History and Special Education and a Master of Instructional Systems Design.
• David Moore, who will serve as the BSEE Oil Spill Response Supervisor. Mr. Moore has more than 14 years of experience with the Department of the Interior. He most recently served as the Coordinator of BOEMRE's Oil Spill Program. He earned a Master of Engineering degree from Tulane University and a Master of Urban and Regional Planning degree from the University of New Orleans.
• Bob Brown, who will serve as the BSEE Associate Director for Administration. Mr. Brown has more than 30 years of experience at the Department of the Interior, Small Business Administration and U.S. Navy. He most recently served as the BOEMRE Associate Director for Administration and Budget and Chief Information Officer. Mr. Brown earned a Bachelor of Arts degree from Seton Hall University and pursued post-graduate studies in History at Georgetown University.
• Lars Herbst, who will serve as the BSEE Gulf of Mexico Regional Director. Mr. Herbst has over 27 years of experience with the Department of the Interior. He most recently served as the Gulf of Mexico Regional Director for BOEMRE. He is a registered professional engineer in the State of Louisiana and earned a Bachelor of Science in Petroleum Engineering from Louisiana State University.
• Jaron E. Ming, who will serve as the BSEE Pacific Region Director. Mr. Ming most recently served as the Pacific Region's Lead Leasing Specialist. He previously served as the Senior Policy Advisor to the Regional Director. He started his career in the federal government as a Presidential Management Fellow. Mr. Ming earned a Bachelor of Arts degree from Georgetown University, a Master of Arts degree in Marine Affairs and Policy from the University of Miami's Rosenstiel School of Marine and Atmospheric Science, and a Juris Doctorate degree from the University of Miami School of Law.
• Mark Fesmire, who will serve as the BSEE Alaska Region Director. Mr. Fesmire most recently served in the New Mexico Energy Minerals and Natural Resources Department, where he has was the Director of the state oil and gas regulatory agency and Chairman of the Oil and Gas Commission for the past seven years. Prior to attending New Mexico State University where he received bachelor's degrees in Geological and Civil Engineering, Mr. Fesmire worked in the offshore oil fields of the Gulf of Mexico. After 12 years as a petroleum engineer, he completed Law School at the Texas Tech University School of Law. He is a Registered Professional Petroleum Engineer and Licensed Attorney.

BSEE is currently accepting applications for the Deputy Director position.

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CNOOC Okays ConocoPhillips' Plans for Depressurizing and Sealing

- CNOOC Okays ConocoPhillips' Plans for Depressurizing and Sealing

Monday, September 12, 2011
CNOOC Limited

CNOOC Limited (the "Company") announced that State Oceanic Administration of People's Republic of China ("SOA", according to its decision on September 2, 2011, required ConocoPhillips China Inc ("COPC"), the Operator of Penglai 19-3 oil field to, on the condition of imposing no further environmental damage, develop an effective plan for fluid discharge and depressurization ("Depressurization Plan") in order to ensure safety of the field, protect the reservoir as well as reduce reservoir pressure. In addition, the Operator is required to develop a drilling plan for sealing seep sources ("Sealing Plan"). Those Plans should receive approval from China National Offshore Oil Corporation ("CNOOC").

On Sunday, CNOOC announced that it has approved such Depressurization Plan and Sealing Plan.

According to the Depressurization Plan, a number of wells in the field will be restarted to discharge the fluid from the reservoir and to reduce the pressure. The Plan will be implemented step by step. The general principle for depressurization established in the Plan is to discharge fluid and reduce pressure from the wells located at the high pressure zones or near the natural fault.

According to the Sealing Plan, the Operator will carry out the drilling activities and other related operations on six wells in the area of Platform B and C, as additional measures for sealing seep sources.

CNOOC requires the Operator to strengthen its monitoring of the dynamic reservoir condition, in particular the reservoir pressure during the process of fluid discharge and depressurization. Such monitoring results need to be reported to CNOOC in a timely manner. For the Sealing Plan, CNOOC also requires the Operator to ensure the safety of relevant operations.

As the non-operator, the Company will continue to assist COPC to ensure the implementation of those Plans.

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Fox Petroleum to Acquire Renfro, Cameron Parish Pipelines

- Fox Petroleum to Acquire Renfro, Cameron Parish Pipelines

Monday, September 12, 2011
Fox Petroleum Inc.

Fox Petroleum Inc. announced Monday that it is acquiring Renfro Energy LLC and Cameron Parish Pipelines LLC.

Renfro Energy LLC is a Dallas, Texas based limited liability company formed in March 2002 as an asset holding company to house existing oil and gas assets located in Texas, Oklahoma and for acquisitions identified in Louisiana. Since 1995, Renfro Energy LLC and its predecessor company have bought and sold over $6 million of oil and gas properties through approximately fifteen acquisitions.

Renfro Energy LLC and Cameron Parish Pipelines LLC assets are located in the heart of the Johnson Bayou, Louisiana. The Cameron Parish School Board Lease has cumulatively produced over six million barrels of oil since the 1930s.

Terms of the deal are expected in the upcoming days.

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Petrolimex Wins Laos Investment Contract

- Petrolimex Wins Laos Investment Contract

Monday, September 12, 2011
Vietnam National Petroleum Corp.

Vietnam National Petroleum Corp. (Petrolimex) on Saturday received an investment license in Laos.

The investment license granting ceremony was held during the Vietnam-Laos Cooperation and Investment Conference at the International Convention Center with the presence of H.E Prime Minister Nguyen Tan Dung of the Socialist Republic of Vietnam Government and H.E Prime Minister Thongsing Thammavong of the People's Democratic Republic of Laos Government.

Petrolimex investment project in Laos was granted license No. 452/BKHDT-DTRNN of June 21st, 2011, by which Petrolimex would directly conduct business activities in Laos with the cooperation of Chevron.

Chevron is the world third-largest oil group in oil reserve and the fourth largest in oil and natural gas exploitation.

Petrolimex and Chevron are partners in energy sector, having good cooperation and mutual trust.

This investment project in Laos is in line with Petrolimex development strategy. Besides, the project contributes to the materialization of agreements between Vietnam-Laos governments in the direction of all-sided cooperation, in conformity with the tradition of friendship and special solidarity between Vietnam and Laos.

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Technip, Global Industries Agree to Merge

- Technip, Global Industries Agree to Merge

Monday, September 12, 2011
Technip

Technip announced Monday an agreement to acquire the entire share capital of Global Industries and reinforce its leadership in the fast-growing subsea segment of oil services. The two companies have entered into a definitive merger agreement whereby Technip will pay US$8.00 per Global Industries share. The transaction values Global Industries at US$1,073 million (EUR768 million at current exchange rates), including approximately US$136 million of net debt. The Board of Directors of Global Industries has unanimously approved the transaction.

The transaction price represents a 55% premium to Global Industries' share closing price on September 9, 2011, the last day prior to announcement of the transaction. The transaction is to be funded using existing cash balances and credit facilities.

Global Industries brings to Technip its complementary subsea know-how, assets and experience, comprising 2,300 employees operating 14 vessels, including notably two newly-built leading edge S-Lay vessels, as well as strong positions in the Gulf of Mexico (US and Mexican waters), Asia-Pacific and the Middle East.

Technip's global presence, world-class technologies, assets and services and strong project management track record will realize the full value and potential of Global Industries' know-how, assets and experience, and broaden opportunities for Global Industries' employees.

The acquisition of Global Industries reinforces Technip's leadership in the fast-growing subsea market. Strong revenue synergies are expected as the acquisition will substantially increase Technip's current capabilities and expand its addressable market by around 30% in deep-to-shore subsea infrastructure. Cost synergies are estimated to be at least US$30 million.

Given the anticipated synergies, the transaction is expected to be accretive to Technip's earnings per share by around 5 to 7% in 2013.

The transaction is expected to close early in 2012. The management teams of Global Industries and Technip will work closely together to define the integration plan. Thierry Pilenko, Chairman and Chief Executive Officer of Technip, said:

"The acquisition of Global Industries reinforces Technip's leadership in Subsea, one of our three market segments alongside Onshore and Offshore. The subsea market looks likely in 2011 to show a record amount of orders for our industry and our own backlog at end-June 2011 is above its previous peak. We see that our customers continue to firm up a substantial number of large offshore developments with Brazil, the Gulf of Mexico, West Africa and Asia Pacific leading the way to drive future growth. Our investment in Global Industries substantially expands our addressable market in subsea. Global Industries' capabilities, know-how and experience, notably in S-Lay and Heavy Lift, add to our already unique vertically integrated range of products and services, enabling us to offer our clients greater value in the execution of complex projects from deep-to-shore. We expect that the application of Technip's own skills in offshore and subsea developments, its commercial footprint and its project management experience will drive a rapid deployment of the Global Industries teams and assets on customer projects. The transaction is expected to meet our hurdle rate, create value for Technip's shareholders, and raise earnings per share starting by around 5 to 7% in 2013."

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Cabot: Minimal Impact on Pa. Operations from Flooding

- Cabot: Minimal Impact on Pa. Operations from Flooding

Friday, September 09, 2011
Cabot Oil & Gas

Cabot Oil & Gas Corporation, in response to a significant volume of inquiries, today announced that its drilling operations in Susquehanna County, Pennsylvania have experienced only minimal disruptions as a result of the flooding. The Company elected, out of an abundance of caution, to temporarily shut-down its drilling operations last evening to insure the safety of its workers and to allow for individuals to take care of their personal needs. At the same time it reached out to the local emergency providers to offer assistance.

"Clearly the most important thing at this time is to help the community begin the recovery process and immediately help all of the residents who have been impacted," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "To that end, we have committed both monetary and equipment resources to the area and are working with our service providers to engage their assistance as well."

Dinges added, "Least important at the moment, but in response to the questions being asked, the Company has restarted its operations and has continued to produce its wells at pre-flooding levels throughout this crisis, with no anticipated disruptions expected. Because of our closed loop drilling systems and frac staging that is contained in closed containers, the environmental impact to the drilling operation is significantly mitigated."

Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent natural gas producer with its entire resource base located in the continental United States.

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BOEMRE Issues Final Update on Lee Evacuations

- BOEMRE Issues Final Update on Lee Evacuations

Friday, September 09, 2011
BOEMRE

The Bureau of Ocean Energy Management, Regulation, and Enforcement (BOEMRE) Hurricane Response Team is concluding its activities related to Tropical Storm Lee. This is the final update of evacuation and shut-in production statistics for Tropical Storm Lee.

Based on data from offshore operator reports submitted as of 11:30 a.m. CDT today, personnel remain evacuated from a total of 4 production platforms, equivalent to 0.7 percent of the 617 manned platforms in the Gulf of Mexico. Production platforms are the structures located offshore from which oil and natural gas are produced. Unlike drilling rigs, which typically move from location to location, production facilities remain in the same location throughout a project’s duration

None of the 70 rigs currently operating in the Gulf remain evacuated. Rigs can include several types of self-contained offshore drilling facilities including jackup rigs, submersibles and semisubmersibles.

As part of the evacuation process, personnel activate the applicable shut-in procedure, which can frequently be accomplished from a remote location. This involves closing the sub-surface safety valves located below the surface of the ocean floor to prevent the release of oil or gas. During the recent hurricane seasons, the shut-in valves functioned 100 percent of the time, efficiently shutting in production from wells on the Outer Continental Shelf and protecting the marine and coastal environments. Shutting-in oil and gas production is a standard procedure conducted by industry for safety and environmental reasons.

From operator reports, it is estimated that approximately 6.2 percent of the current oil production in the Gulf of Mexico has been shut-in. It is also estimated that approximately 4.0 percent of the natural gas production in the Gulf of Mexico has been shut-in. The production percentages are calculated using information submitted by offshore operators in daily reports. Shut-in production information included in these reports is based on the amount of oil and gas the operator expected to produce that day. The shut-in production figures therefore are estimates, which BOEMRE compares to historical production reports to ensure the estimates follow a logical pattern.

After the storm has passed, facilities are inspected. Once all standard checks have been completed, production from undamaged facilities will be brought back on line immediately. Facilities sustaining damage may take longer to bring back on line. BOEMRE will no longer report Tropical Storm Lee statistics.

This survey information is reflective of 21 companies’ reports as of 11:30 a.m. CDT today.

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Abraxas Announces New CFO

- Abraxas Announces New CFO

Friday, September 09, 2011
Abraxas Petroleum Corporation

Abraxas Petroleum Corporation today announced that Barbara M. Stuckey has been elected to serve as Vice President and Chief Financial Officer and George William “Bill” Krog, Jr. has been elected to serve as Chief Accounting Officer and Treasurer of the Company. The Company also announced that Chris E. Williford, Executive Vice President, Chief Financial Officer and Treasurer, has resigned from the Company to accept a job in an executive position with a private company.

Ms. Stuckey has been with the Company since 1997 and most recently served as Vice President – Corporate Finance. Ms. Stuckey received a Bachelor of Arts degree from the University of Texas at San Antonio and a Master of Business Administration degree from the Bordeaux Business School. Mr. Krog has been with the Company since 1995 and most recently served as Information Systems / Financial Reporting Director. Mr. Krog received a Bachelor of Business Administration degree from the University of Texas at Austin and is a Certified Public Accountant.

“I am pleased to announce two promotions from within the Company. Both Barbara and Bill have been instrumental in the growth and success of the Company over the past decade. On behalf of the entire Abraxas family, we thank Chris for 18 years of service and wish him well in his future endeavors,” commented Bob Watson, President and CEO of Abraxas.

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and Gulf Coast regions of the United States and in the province of Alberta, Canada.

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CAPP Unveils Hydraulic Fracturing Guidelines

- CAPP Unveils Hydraulic Fracturing Guidelines

Friday, September 09, 2011
Canadian Association of Petroleum Producers

Canadian natural gas producers on Sept. 8 announced new guiding principles for hydraulic fracturing that guide water management and improved water and fluids reporting practices for shale gas development in Canada. The principles were created by members of the Canadian Association of Petroleum Producers (CAPP) and apply to all CAPP natural gas producing members, large and small, operating in Canada.

“Protecting Canada’s water resources is fundamental to our social licence to operate and to grow,” said CAPP president Dave Collyer. “Canada’s upstream industry has a strong track record as a safe and reliable producer of natural gas. With the increase in natural gas production from unconventional sources such as shale, Canadians have told us they want more information as to how industry uses and protects water. We respect that request, and these CAPP principles articulate our water management objectives and water protection practices, as well as our focus on improving our water performance over time.”

CAPP’s guiding principles for hydraulic fracturing apply in all jurisdictions in which the upstream industry operates in Canada. They were created with the understanding that some provinces are working on regulation, and we expect the principles to complement potential future regulatory requirements.

Canada has abundant unconventional natural gas resources, including shale gas. Technological innovations, particularly horizontal multi-well pad drilling and hydraulic fracturing, have made it possible for industry to economically develop shale gas resources in tight rock formations. The application of hydraulic fracturing technology requires the use of significant quantities of water, which necessitates increased focus by industry on both water use and water quality.

“The Canadian natural gas industry supports all regulations that govern hydraulic fracturing, water use and water protection, because we recognize water is a valuable resource,” said Michael McAllister, executive vice-president of Encana. “Strong regulations exist in regions of active unconventional gas development. Similar regulations are being developed in regions with an emerging unconventional natural gas sector, to ensure protection of water resources and provide the public confidence that these resources are being developed responsibly.”

The guiding principles for hydraulic fracturing are available on CAPP’s website at capp.ca . CAPP is also developing recommended practices to support the guiding principles for hydraulic fracturing. For example, a recommended practice describing CAPP member companies’ requirements for disclosure of fracturing fluid additives is under development. These recommended practices will be available on CAPP’s website as each is finalized.

The Canadian Association of Petroleum Producers (CAPP) represents companies, large and small, that explore for, develop and produce natural gas and crude oil throughout Canada. CAPP’s member companies produce more than 90 per cent of Canada’s natural gas and crude oil. CAPP's associate members provide a wide range of services that support the upstream crude oil and natural gas industry. Together CAPP's members and associate members are an important part of a national industry with revenues of about $100 billion-a-year. CAPP’s mission is to enhance the economic sustainability of the Canadian upstream petroleum industry in a safe and environmentally and socially responsible manner, through constructive engagement and communication with governments, the public and stakeholders in the communities in which we operate.

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RBG Clinches Apache Contract Extension in North Sea

- RBG Clinches Apache Contract Extension in North Sea

Thursday, September 08, 2011
RBG

RBG has secured a major £30 million two year contract extension to provide Apache North Sea Limited with fabric maintenance and deck crew services.

The contract, which RBG has held since 2008, will see the continued delivery of a wide range of integrated services, including coatings specification, application and repair, passive fire protection, thermal insulation, special access solutions and scaffolding, across the five Forties field platforms, located in the North Sea.

Working with Apache, RBG has established an excellent safety record over the past three years, recording more than 542,000 hours without a lost time incident. RBG deploys multi-disciplined teams that execute the complex workscopes whilst minimizing pressures on bed space and travel logistics.

Dave Workman, RBG, chief executive officer, said, "Securing this contract underlines our position as the leading support contractor of choice in the UKCS and highlights the benefits of our integrated service offering. The region is still a major growth area and securing this extension positions us well for our plans in the region in 2011 and beyond.

"Over the past 35 years we have established an unrivaled track record for delivering fabric maintenance services across the North Sea. Securing this extension is recognition of the great work our projects team carry out and the safe, quality service they deliver, both onshore and offshore."

Bill Logan, Apache North Sea's production manager, said, "RBG has delivered a high quality service over the past three years and we are happy to continue our working relationship with the company."

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Viking Moorings Inks 2-Year Agreement with Deep Sea Anchors

- Viking Moorings Inks 2-Year Agreement with Deep Sea Anchors

Wednesday, September 07, 2011
Viking Moorings

Viking Moorings has signed a two-year agreement with Norwegian company, Deep Sea Anchors (DSA) to supply its industry leading deep water 'torpedo' anchors to mooring installations worldwide. The announcement was made at Offshore Europe in Aberdeen where Viking Moorings is exhibiting in the Deep Water Zone.

The agreement, which will cover all regions of the world outside Norway, will allow Viking Moorings to provide an even greater breadth of integrated anchoring solutions to its clients with, once a suitable project is identified, an exclusive agreement with DSA put in place to supply it anchors.

The Deep Penetrating Anchor (DPA), also known as the 'torpedo' anchor, is a dynamically installed anchor which is released freely from a predetermined height over the seabed using gravity as the installation force. The anchor penetrates well below the mudline and sets into stiff clay sediments providing a secure and cost effective anchoring solution irrespective of water depths and allowing for both taut leg and catenary mooring installations.

Other benefits include simplified installation, precise positioning and the elimination of the need for hydraulic and electrical lines which are often used for traditional anchor installations.

"Viking is all about providing greater innovation, greater choice and the optimal mooring solution for our customers," said Viking Moorings Chief Executive – Mooring Solutions, Wolfgang Wandl.

"Having considered a number of our recent mooring installations to be ideal for torpedo anchoring, the formal teaming up with DSA, one of the few providers of such anchors, was an obvious fit. There's no better forum to showcase these new capabilities than the Deep Water Zone and Offshore Europe this year and we look forward to a mutually collaborative arrangement with DSA."

"Deep Sea Anchors is very pleased to have signed this agreement with Viking Moorings," said Ivar Erdal, CEO of Deep Sea Anchors. "Working with Viking Moorings is a perfect match for us, combining our unique anchoring solutions for soft seabed and deep waters with Viking Moorings' comprehensive mooring services and dedicated team of experts.

He continued, "Viking Moorings' knowledge and presence in many countries and regions where our DPA's can be applied with success and to the great benefit of clients was a major reason for entering into this agreement. Being a small and focused company, market entrance remains a challenge - a challenge which can be made easier through this agreement."

Using gravity, the DPA™ anchor starts its descent under cable control before accelerating at up to 100 kilometers per hour for the final 75 meter drop, shooting the anchor deep into the seabed sediments to attain sufficient holding capacity. The anchor penetrates typically 25-35m into stiff clay sediments thus allowing for taut leg as well as catenary mooring. The anchors are not affected by waves and can be deployed at depths of between 500 and 3000 meters. Deep Sea Anchors is based in Trondheim, Norway.

Viking Moorings provides total mooring solutions to operators and drilling contractors, consisting of initial mooring design and analysis, rig move procedures, risk assessments and safety approvals, equipment rental, installation and support, chain inspection, spooling services and logistics services, marine sales, repair and maintenance.

Through a comprehensive evaluation of seabed conditions, Viking Moorings decides upon the optimal anchoring solution for each client whether it be a DPA or more traditional anchoring solution. Other anchors that Viking Moorings supplies to its customers includes the Vryhof Stevpris MK6 and MK 5 anchors, the Vryhof Stevshark anchor, the Stevin anchor, the Bruce Twin Shank and Dennla MK4 anchors and a number of others.

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Swire Oilfield Services Sets Up Shop in Aberdeen

- Swire Oilfield Services Sets Up Shop in Aberdeen

Wednesday, September 07, 2011
Swire Group

Swire Oilfield Services has started work on its £4million Aberdeen headquarters, which will create up to 50 new jobs on completion.

The construction is part of a £50million investment for the company this year, supporting its global business development strategy. Around £20million is earmarked for North Sea operations, including providing new rental fleet units and support infrastructure.

The premises, which will be able to house 150 employees, will more than double the existing headquarters' capacity of 70 people. Its opening will create new positions in areas such as finance, human resources, marketing, fleet design and global fleet procurement positions; underpinning the company's commitment to the north-east of Scotland.

The new headquarters will be based in the Altens Industrial Estate on Souter Head Road. The building work is due for completion in summer 2012.

Chief operating officer, Rupert Bray said, "The Aberdeen headquarters is a significant move, both internationally and regionally. Its opening will contribute to the success of our global business development strategy, as well as helping to consolidate the position of Swire Oilfield Services as a leader in its field. The new headquarters will also contribute towards the local economy, creating a range of new jobs requiring a variety of different skills."

As part of the £50million global investment, Swire Oilfield Services has also recently opened its North America corporate office in Houston, an area with a fast expanding marketplace. Located in one of the major oil capitals, the strategically positioned office will house the North American executive management and Houston commercial teams. Centrally locating the company in a growing marketplace, the new office will serve as the corporate hub for Swire's North American operations as well as supporting other regions around the globe.

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Cobalt Names COO

- Cobalt Names COO

Wednesday, September 07, 2011
Cobalt International Energy Inc.

Cobalt announced that Van P. Whitfield has been promoted to the new position of Chief Operating Officer. Mr. Whitfield previously held the position of Executive Vice President, Operations and Development.

Joseph H. Bryant, Cobalt Chairman and Chief Executive Officer said, "Van has been an indispensable member of Cobalt's management team from the earliest days of the company, and I believe this new role will take advantage of the full range of his management talent and experience. Van's many years of senior management experience in worldwide operations will serve him well in his expanded role. As Cobalt executes its deepwater exploration program in two of the world's highest potential basins, the Board of Directors and I are very pleased that Van has accepted this position, and are confident that he will excel in this new role."

Mr. Whitfield joined Cobalt in May 2006. Mr. Whitfield has 37 years of experience leading oil and gas production operations and marketing activities in North America, the United Kingdom and Europe, Africa, the Middle East and Asia. Prior to joining Cobalt, Mr. Whitfield served in executive positions at CDX Gas LLC, BP Exploration (Angola) Limited, and was seconded to ExxonMobil Saudi Arabia (Southern Ghawar) Ltd in the position of Vice President, Power and Water. Mr. Whitfield has also held the positions of Senior Vice President of BP Global Power, President and General Manager of Amoco Netherlands BV and Production Manager of Amoco (U.K.) Exploration Company. In addition, he has held numerous operational and technical leadership positions in various Amoco Production Company locations throughout the globe. Mr. Whitfield has a Bachelor of Science Degree—Petroleum Engineering from Louisiana State University and is a graduate of the Executive Program at Stanford University.

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Schlumberger Offers Intervention Services through SERVCO

- Schlumberger Offers Intervention Services through SERVCO

Wednesday, September 07, 2011
Schlumberger Ltd.

Schlumberger announced at the Offshore Europe 2011 Oil and Gas Conference and Exhibition the combining of its fishing and intervention services, which will be delivered through SERVCO services. The new service organization will offer fishing and pipe recovery, wellbore departure, wellbore abandonment, and thru-tubing well intervention tools and services.

"Increased and more challenging industry activity especially in shale plays and additional government regulations for offshore drilling in the United States and the North Sea is growing demand for well intervention and abandonment services," said Wesley Heiskell, vice president, SERVCO services. "With SERVCO services we have a global network of experts dedicated to this important service area."

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2H Offshore Adds to Management Team

- 2H Offshore Adds to Management Team

Tuesday, September 06, 2011
Aceton Group Ltd.

2H Offshore announced two new appointments. Tim Eyles becomes the managing director of the 2H Offshore group of companies. He will also continue to share the running of 2H Offshore's engineering office in Woking, UK.

At the same time, David Walters, joint leader of the company's Houston, USA, office, has been added to the 2H Offshore global management team as a principal director.

Eyles and Walters joined 2H Offshore in 1998 and 1997 respectively, both directly after graduating from the University of Surrey, UK.

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Flexlife Expands Ops across South America

- Flexlife Expands Ops across South America

Tuesday, September 06, 2011
Flexlife

Flexlife has expanded its operations in Brazil to increase its capacity across South America.

The company is targeting initial revenue of approximately £4million per year, but that is expected to ramp up by 30-60% per year within two years.

As well as investing in new office accommodation in Rio de Janeiro at Rua Assembleia, Flexlife is manufacturing its ground-breaking integrity management products locally and offering a full assembly, deployment and maintenance service by staff based in the region.

The company has a suite of game-changing products to identify breaches in flexible pipes and repair them without interruption to production, a first in the 40 year history of the Oil & Gas industry.

Flexlife Chief Executive Stuart Mitchell said, "Flexlife is experiencing a period of significant growth and our new South American operation will expand our capability to offer specialised support to clients.

"Flexlife has continued to build on its reputation for offering a full subsea integrity and project management package, assisting clients to cost-effectively manage all of their subsea assets and infrastructure. We have built up high levels of expertise in deepwater markets and have a proven track record of providing a service that helps operators reduce risk in a cost-effective manner."

Leonardo Dias, Executive Manager Brazil, said, "Our aim is to establish ourselves in Brazil and also target work in Venezuela. We have recruited a team of engineering, technical and support staff who are all highly experienced in the Brazilian Oil & Gas market."

As part of a continuing global growth strategy Flexlife recently appointed Stephen Burgdorf as Vice President of Business Development for North America.

Based in Houston, Texas, he will focus on promoting Flexlife's award-winning offshore project and integrity management services to operators in the region.

A Newcastle base has also been opened in the last few months and the plans are in place to open an additional base in Angola.

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Europa Appoints Director

- Europa Appoints Director

Tuesday, September 06, 2011
Europa O&G Holdings plc

Europa announced the appointment of Hugh Mackay as a director of the Company.

As announced on August 11, 2011, Mr. Mackay will take up his position as Chief Executive Officer with effect from October 10, 2011. In order that he can participate in key decisions of the Company fully until that date, the Board has decided to appoint Mr. Mackay as a non-executive director in the meantime.

Europa announced the appointment of Hugh Mackay as a director of the Company.

As announced on August 11, 2011, Mr. Mackay will take up his position as Chief Executive Officer with effect from October 10, 2011. In order that he can participate in key decisions of the Company fully until that date, the Board has decided to appoint Mr. Mackay as a non-executive director in the meantime.

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