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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Commodity Corner: Crude Up on Weather Threat

- Commodity Corner: Crude Up on Weather Threat

Thursday, September 01, 2011
Rigzone Staff
by Saaniya Bangee

Despite shaky equities and a rising dollar, crude futures inched modestly higher Thursday on weather reports of a storm brewing in the Gulf of Mexico.

October oil added 12 cents to its final price tag, settling at $88.93 a barrel on the New York Mercantile Exchange. Oil traded as low as $88.21 a barrel after an earlier intraday peak of $89.90.

The National Hurricane Center reported an 80 percent chance that a tropical wave in the Gulf of Mexico could develop into a tropical cyclone within the next 48 hours. Oil majors such as Shell, ExxonMobil, BP, Anadarko and BP have evacuated nine platforms in the Gulf of Mexico and shut in nearly 80,000 barrels of oil production, according to the Bureau of Ocean Energy Management, Regulation and Enforcement. In addition, 127 million cubic feet per day of natural gas was also shut in.

In other forecasts, initial unemployment claims fell by 12,000 to 409,000 last week. Data reported by the Labor Department helped boost optimism about the economy.

Brent crude, which is used to price many international oil varieties, lost 56 cents to settle lower at $114.29 barrel on fresh concerns over Greece's debt problems. The intraday range for Brent was $113.89 to $115.31 a barrel on the ICE future exchange.

Natural gas for October delivery remained unchanged at $4.05 per thousand cubic feet Thursday.

Gasoline gained 1.64 cents for the first trading session for the October contract. Reformulated gasoline settled at $2.89 a gallon. Some East Coast refineries remain shut down due to Hurricane Irene. Prices fluctuated between $2.85 and $2.92 Thursday.

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Libya Oil Contracts Won't Be Political Favors - NTC

- Libya Oil Contracts Won't Be Political Favors - NTC

Thursday, September 01, 2011
Dow Jones Newswires
LONDON
by James Herron

New contracts to produce oil and gas in Libya won't be awarded as political favors, but will be given to companies on merit after an open bid process, the U.K.-based coordinator and spokesman for the rebel National Transitional Council said Thursday.

"Oil contracts will be awarded on merit, not political favoritism," said Guma El-Gamaty in a telephone interview with Dow Jones Newswires. New oil contracts will be published and international companies invited to bid, he said.

French newspaper Liberation reported Thursday, citing a letter to the Emir of Qatar, that the NTC had promised "to assign 35% of [Libya's] crude oil to France in exchange for its total and permanent support of our council."

French Foreign Minister Alain Juppe told the paper he "had no knowledge" of a "formal accord" but it was "logical" that countries like France which helped the NTC take power should take part in reconstruction.

El-Gamaty declined to comment on the report.

International oil companies, including France's Total, will most likely continue to play a prominent role in Libya's oil sector because of their long experience producing oil in the country already, El-Gamaty said.

"We expect them to be bidding," he said.

French oil company Total's Chief Executive earlier said he wasn't aware of such a deal.

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

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InterMoor Clinches Mooring System Offshore Vietnam

- InterMoor Clinches Mooring System Offshore Vietnam

Thursday, September 01, 2011
Aceton Group Ltd.

InterMoor, an Acteon company, was awarded a prelay mooring system by Petro Vietnam Technical Services (PTSC) for a project offshore Vietnam, announced InterMoor President Tom Fulton.

The prelaid mooring spreads were installed in July for the two offshore Vietnam locations. The moorings for each location consisted of eight conventional lines with insert wire, grounded chain and eight 12T Stevpris NG Anchors. In total, InterMoor successfully prelaid 29 anchors including 13 piggybacks in less than two weeks on both locations.

InterMoor worked in cooperation with a local Vietnam company, Thiennam Offshore Services, who chartered DOF Subsea's vessel, the Skandi Hercules, to perform the mooring installations.

The PVD 5 Tender-assisted Drilling Rig will arrive on location in October 2011 and be moored to the prelaid spread. Water depths at the locations range from 118m (387 ft.) to 135m (443 ft.).

"This is our first project offshore Vietnam and we had the full support of PTSC for the entire project duration," said Rick Luck, General Manager for InterMoor's Singapore office. "This project offers InterMoor the opportunity to further expand in this region, while continuing its focus on international growth."

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