Oil & Gas Post - All News Report for Monday, June 20, 2011

Monday, June 20, 2011

• Commodity Corner: Oil Settles Higher on Greek Bailout Hopes
• BP, Weatherford In Settlement on Deepwater Horizon
• Rosneft Sell-off Could Be Brought Forward to 2012 - Report
• Enhanced Oil Updates Operations
• EOG Resources Contracts Seafox Rig for East Irish Sea
• Little Lizard Could Cause Big Disruptions for Texas Drillers
• JEDI to Snaps Up Eagle Ford Assets
• Another Boom?
• Rep. Gardner Bill to Help Oil Cos Drill Off The Coast of Alaska Slate
• Leading Marcellus Geologist Advocates Forced Pooling of Gas
• Nostra Terra Enters Agreement for Verde Stake
• Cooper Plugs, Abandons Westall Well
• Skrugard Estimates Reaffirms Norwegian Continental Shelf Potential
• GSF Labrador Gets New Look
• Fred. Olsen Production CEO to Resign
• Anadarko Pays $17 Million In Royalty Claims
• Caterpillar Sales Up 52%
• Ford Hybrids Will Use Toshiba Inverters
• Gazprom Neft: Schlumberger to Drill Wells at Iraq Badra Field
• Salamander Begins Drilling at East Kalimantan
• Statoil Successfully Drills Peregrino South Sidetracks
• OGX Concludes Drilling at Waikiki HZ Well
• Premier Snatches Stake in Wytch Farm
• Statoil Awards Aker EPCI Contract for Asgard Field
• Ford Spends $1 Billion On Lincoln
• Repsol, Alliance Oil Team Up in Russian JV
• Saipem Lands New Drilling Contracts for $600MM
• General Motors To Idle Two Plants For Two Weeks
• Statoil to Boost Output Levels to 2.5MM boepd in 2020
• Shell, CNPC Form Alliance for Well Manufacturing JV

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Commodity Corner: Oil Settles Higher on Greek Bailout Hopes

- Commodity Corner: Oil Settles Higher on Greek Bailout Hopes

Monday, June 20, 2011
Rigzone Staff
by Matthew V. Veazey

Crude oil for July delivery gained 25 cents Monday to settle at $93.26 a barrel.

Monday's increase reflected investors' optimism that the Greek government will be able to broker a debt restructuring deal with the European Union (EU) and the International Monetary Fund (IMF). Eurozone finance ministers met through the weekend to develop a bailout deal to prevent Greece from defaulting on its public debt.

In order to qualify for a loan from the EU and IMF, the Greek government needs to adopt austerity measures. An austerity plan proposed by the ruling Socialist government includes tax hikes, spending cuts, and privatizations. The proposal has generated considerable discontent among the Greek populace.

Crude oil peaked at $93.49 and bottomed out at $91.14 Monday.

Summer officially begins Tuesday in the Northern Hemisphere, but the Upper Midwest and Northeast regions of the U.S. have been experiencing a dearth of scorching temperatures lately. Thanks to these mild conditions and expectations of more of the same, cooling demand has not been higher than normal. July natural gas lost a penny to end the day at $4.32 per thousand cubic feet.

Natural gas traded within a range from $4.28 to $4.38 Monday.

The front-month price for a gallon of gasoline fell four cents to settle at $2.91 Monday. July gasoline fluctuated from $2.90 to $2.95.

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BP, Weatherford In Settlement on Deepwater Horizon

- BP, Weatherford In Settlement on Deepwater Horizon

Monday, June 20, 2011
Dow Jones Newswires
by Drew FitzGerald

BP on Monday reached a settlement with Weatherford's U.S. subsidiary that indemnifies the oil-services company from future Deepwater Horizon-related disaster claims.

Under the deal, Weatherford agreed to pay BP $75 million to spend on its Gulf Coast recovery fund. The entire cost of the settlement is being funded by insurance policies Weatherford had in place when the disaster happened.

The deal ties up another end in a web of litigation for companies that worked on the drilling rig, which exploded last year and caused one of the largest oil spills in U.S. history. Weatherford provided BP with products and services for the Macondo oil well, along with rig-owner Transocean and contractor Halliburton.

Under the latest agreement, BP indemnified Weatherford from all current and future environmental, pollution, personal, business, property and economic loss claims arising from the accident.

Separately, Transocean said Friday that insurers of its sunken rig have asked a federal judge to decide if BP and other owners of the doomed Macondo well are entitled to any coverage for the accident.

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

LINK 
The Gulf of Mexico Oil Spill
Latest Deepwater Horizon Headlines

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Rosneft Sell-off Could Be Brought Forward to 2012 - Report

- Rosneft Sell-off Could Be Brought Forward to 2012 - Report

Monday, June 20, 2011
Dow Jones Newswires
LONDON
by London Bureau

Russia wants to hasten its planned privatization of state-owned oil giant Rosneft in the wake of the collapsed share swap deal with U.K. supermajor BP, the Guardian reports Monday, citing an interview with one of President Dmitry Medvedev's key economic advisers.

"We want Rosneft to be a normal commercial company," said Arkady Dvorkovich, according to the paper. "The original government proposals were to start [the share sale] in 2013 but maybe now will be brought forward to 2012," Dvorkovich said.

The Russian government was planning to sell more than 85% of its stake in the company in 2013 if BP had gone ahead as planned. Now ministers are looking at bringing this process forward a year, the newspaper reports, adding that state control in the firm could fall below 50%.

The government would be happy if BP bought shares in Rosneft, according to the Guardian.

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

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