Oil & Gas Post - All News Report for Thursday, August 11, 2011

Thursday, August 11, 2011

• Commodity Corner: Oil Rallies on Market Rebound
• First Subsea Scores Chevron Contract for Jack/St. Malo Facility
• Baker Hughes Prices Senior Notes
• Entek Preps Battle Mountain Well for Testing in Niobrara Play
• Astec to Acquire GEFCO
• SBM Offshore Clinches LOI for FPSO Lease Offshore Brazil
• Salamander Appoints New CFO
• Europa O&G Welcomes New CEO
• GM Confirms A123 Systems Awarded Contract For Future Batteries
• W&T Offshore Seals Stake in Shell's Fairway Field, Yellowhammer Facility
• Mancos Oil Drilling Possible in 2012
• Crown Point Flows Oil at Argentina Well
• Chesapeake to Start Deducting Some Costs from Royalty Checks
• El Paso Names E&P Spinoff
• Shale Plays, Foreign Investments Drive U.S. Oil & Gas M&A Value
• Gas Damage Recovery Fund Proposal Premature, Official Says
• UK O&G Industry Successfully Tests Emergency Spill Response Equipment
• BP Readies for Major North Sea Projects
• Completion Operations Underway at Breitling-Turner Well
• Chevron Subsidiary Spuds Well in Agbami Field
• Imperial Commences Drilling Ops at Green Tide SWDF
• Aurora Drills Ahead at Tx. Alwan West Prospect
• OGX Intensifies Appraisal Campaign; Posts 2Q Loss
• Kosmos to Boost Jubilee Production, Exploration Targets
• Nautical Captures Kraken
• Bowleven Spins Bit Offshore Cameroon
• Gas Drillers Have Work To Do To Address Environmental Concerns
• TAG Confirms O&G Discoveries in Taranaki Basin
• Aker Solutions Scores Subsea Contract for Kikeh Proj.

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Commodity Corner: Oil Rallies on Market Rebound

- Commodity Corner: Oil Rallies on Market Rebound

Thursday, August 11, 2011
Rigzone Staff
by Saaniya Bangee

Soaring to its highest all week, NYMEX crude rallied Thursday as U.S. equities opened higher and the Labor Department reported positive job data.

Front-month crude oil futures gained 3.4 percent, or $2.83, to settle at $85.72 a barrel. Likewise, Brent crude also advanced, settling up $1.34 at $108.02 a barrel.

Following the worst plunge in almost a year, U.S. stocks opened higher Thursday. The S&P 500 advanced 4.6 percent, while the Dow Jones Industrial Average increased by 3.9 percent in New York.

According to the U.S. Labor Department, the number of initial unemployment claims fell by 7,000 to a seasonally adjusted 395,000, marking a four-month low.

The intraday range for WTI was $81.03 to $85.97 and $104.51 to $108.19 for its European counterpart.

Natural gas for September delivery traded up 10 cents to $4.11 per thousand cubic feet. The September contract price for natural gas fluctuated between $3.94 and $4.14 Thursday.

The Energy Information Administration said stockpiles grew by 25 billion cubic feet in the week ended Aug. 5.

Two of three low-pressure systems in the Atlantic have a 40 percent chance of forming into a tropical cyclone, reported the U.S. National Hurricane Center.

Reformulated gasoline blendstock held on to yesterday's gains settling up 4.48 cents at $2.83 a gallon. Prices peaked at $2.839 and bottomed out at $2.745 Thursday.

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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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Baker Hughes Prices Senior Notes

- Baker Hughes Prices Senior Notes

Thursday, August 11, 2011
Baker Hughes Inc.

Baker Hughes announced the pricing of $750 million aggregate principal amount of its 3.20% senior notes due August 15, 2021. Interest is payable on February 15 and August 15 of each year. The first interest payment will be made on February 15, 2012, and will consist of interest from closing to that date. The offering is expected to close on August 17, 2011, subject to customary closing conditions.

The company intends to use the net proceeds of the offering to redeem all of its outstanding 6.50% senior notes due 2013, of which an aggregate principal amount of $500 million is currently outstanding. The company will use any remaining net proceeds for general corporate purposes, which could include funding ongoing operations, business acquisitions and repurchases of the company's common stock. The net proceeds of the offering may be invested temporarily in short-term marketable securities pending such usages.

The notes to be offered have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes will be offered and issued only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S.

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