Oil & Gas Post - All News Report for Monday, August 22, 2011

Monday, August 22, 2011

• Commodity Corner: Brent Falls on Libyan Woes
• OEG Wins Series of Contracts
• GL Noble Denton Adds Member to Management Team
• Pulse's New Flexible Riser Monitoring System Scores 100% in Testing
• Transocean Strengthens Management with New Appointments
• Hamworthy Opens New Service Center in Brazil
• Exxon Mobil Estimates Oil spill in Yellowstone River will Cost Over $42 Million
• Ford, Toyota to Collaborate On Developing Hybrid System
• Honda Civic Design Faults Hurt Its Reputation
• EXCO Resources Announces Expiration of Shareholder Rights Plan
• O&G Companies Monitoring Libya As Rebels Roll into Tripoli
• Mexico's Pemex Finds Light Crude in Shallow Gulf Waters
• GeoEnpro Drills 2nd Well in Kharsang Drilling Campaign
• Exoma Starts Drilling 5th Well in 2011 Exploration Campaign
• Engineering Work Underway at Sound Oil's Montemarciano
• More Than 108.4 Bcf Produced from Shah Deniz Field
• Hycarbex Resumes Production at Haseeb Gas Field in Pakistan
• TAMM O&G Briefs on Manning Program
• Petrofac Touts $2.71B in Revenue, Up 25%
• Blake International Adds Another Rig to its Fleet
• API Expands Fracking Remarks to U.S. Energy Dept.
• Petro Matad Sees 'Live Oil Shows' at DT-9 Well
• Noreco to Sell Stake in Flyndre Discovery
• Hyperdynamics: Drillship En Route to Drilling Site Offshore Guinea
• GeoEnpro Drills 2nd Well in Kharsang Drilling Campaign
• Anadarko Hits Gas Pay Offshore Mozambique
• Rockhopper Spuds Exploration Well 14/10-7
• SOCO, Partners Tame First Flow from Te Giac Trang Field

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Commodity Corner: Brent Falls on Libyan Woes

- Commodity Corner: Brent Falls on Libyan Woes

Monday, August 22, 2011
Rigzone Staff
by Saaniya Bangee

With Libya's six-month conflict nearing an end, crude futures rose 2.3 percent Monday. On Monday, Libyan rebels announced they had taken control of a majority of the country's capital, advancing in efforts to oust leader Moammar Gadhafi.

Light, sweet crude for September delivery gained $1.86 to settle at $84.12 a barrel. Priced traded as low as $81.13 a barrel, after an earlier intraday peak of $84.67. The front-month contract expired at the end of the floor trading session.

Brent, which serves as a barometer for international oil, fell 36 cents on expectations that Libyan oil exports could resume fairly soon. Prior to the civil war, Libya exported 1.3 million barrels a day of high-quality oil. Supply disruptions in Libya and the North Sea have pushed Brent futures past the $100-mark this year. Earlier in the session, Brent futures bottomed out at $105.15 a barrel before settling at $108.26 a barrel.

September natural gas traded 5.1 cents lower at $3.89 per thousand cubic feet Monday on bearish weather forecasts. Forecasts predict a significant drop in temperatures for the upcoming weeks. Higher temperatures boost the demand for natural gas.

In addition, forecasts predict that Hurricane Irene, the first hurricane of this year's Atlantic hurricane season, is unlikely to disrupt vital production areas in the Gulf of Mexico.

The intraday range for natural gas was $3.853 to $3.928 Monday.

Reformulated gasoline blendstock, or RBOB, lost less than a penny Monday to settle at $2.835 a gallon.

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OEG Wins Series of Contracts

- OEG Wins Series of Contracts

Monday, August 22, 2011
OEG Offshore

OEG Offshore (OEG) has been awarded a series of contracts worth £1.3 million ($2.08 million USD) with Schlumberger, Schilling Robotic, Sub Atlantic and Halliburton.

OEG's Aberdeen design and manufacturing base will supply a Zone 2, A60 fire rated DNV271 integrated module design to house Variable Speed Drives (VSDs) for Schlumberger.

The company will also deliver 11 specialist A60 fire rated, DNV 271 ROV control and maintenance workshop units to Schilling Robotic and Sub Atlantic for various projects around the world. The modules have been designed to meet international standards to allow a high degree of flexibility geographically.

OEG will also deliver specialist Zone 2 test cabins to Halliburton for use in West Africa. The cabins will be used by offshore well service personnel and have been designed and manufactured utilizing OEG's standard engineering cabin design providing commercial and delivery advantages.

OEG's commercial director Craig Russell said, "Providing bespoke design services is an integral part of OEG's offering to the industry locally, and internationally. Our experienced design team work closely with our customers to ensure that every unit specifically meets their exact requirements.

"These latest contract wins are with customers that we have worked with previously, which are testament to our ability to consistently provide a quality product that exceeds our customers' expectations. Establishing a loyal customer base is a result of delivering a focused and personal service and fulfilling customers' orders on time and within budget.

"OEG has continued to develop its international customer base and we are committed to the ongoing expansion of our global network of offices and partner link-ups. We believe that this strategic positioning will ensure that we can continue to provide a service for containers and modules anywhere in the world."

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GL Noble Denton Adds Member to Management Team

- GL Noble Denton Adds Member to Management Team

Monday, August 22, 2011
GL Noble Denton

GL Noble Denton has appointed Peter Russell-Smith to its Management Team as Executive Vice President for Business Development, General Manager.

A qualified engineer and certified management accountant, Peter brings considerable energy industry and business consultancy experience to GL Noble Denton, where he will play a lead role in developing the company's product and service offerings, business development activity and management systems during a period of significant growth.

Peter joins GL Noble Denton from global engineering software provider Intergraph, where he was Senior Vice President for the Asia Pacific region. He has also held international leadership positions at Hewlett Packard and PricewaterhouseCoopers, where he fostered successful business expansion in the divisions for which he was responsible.

Commenting on Peter's appointment, GL Executive Board Member Pekka Paasivaara said, "We are delighted to welcome Peter to the GL Noble Denton Management Team. He has a strong track record in managing business growth, and will make a significant contribution to expanding the company's global operations and client base.

"GL Noble Denton continues to experience exceptional demand for its services, particularly from our growing portfolio of clients in Asia,
Australia, West Africa and the Middle East, where the sector is looking to develop complex oil and gas infrastructures quickly to address rapid growth in the demand for energy. Peter's role will be particularly crucial in helping us further develop business opportunities across the globe."

Added Peter, "This is an exciting time to be joining GL Noble Denton. The company has a strong reputation for providing expert technical
advice and software solutions to the oil and gas industry's elite, and the company is in an excellent position to continue to take advantage of a rapidly expanding market."

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