Oil & Gas Post - All News Report for Wednesday, September 07, 2011

Wednesday, September 07, 2011

• Commodity Corner: Oil Follows Stocks' Lead
• BP Appeals Russian Court Ruling That Permitted Office Search
• Industry Professionals Optimistic about N. Sea Future
• MWCC's First Non-Member Gets Permit Approval
• Tethys Posts Initial Logging Results from Kalypso Well
• GE Selected for Centrica's Projects in N. Sea, Irish Sea
• Viking Moorings Inks 2-Year Agreement with Deep Sea Anchors
• Swire Oilfield Services Sets Up Shop in Aberdeen
• Cobalt Names COO
• Schlumberger Offers Intervention Services through SERVCO
• All Evacuated Personnel nearly Returned - BOEMRE
• API: Policy Shift Could Create 1.4 Million New Jobs
• Computer Model May Be Able to Predict Pipeline Fractures
• US Lawmaker Pushes For Drilling In Alaska Refuge
• Russia Can Double Oil Reserves By Tapping Arctic Potential -Lukoil Exec.
• FuelCell Reported Q3 Results, Top Line Up 65% YoY
• Hess Bids High to Extend Utica Footprint
• ConocoPhillips To Establish Bohai Bay Fund
• BP Unleashes Additional Reserves at Mad Dog Field
• SOCO Spuds Well Offshore Congo-Brazzaville
• Eastern African Energy Riches Attract Interest
• Premier Oil Granted Drilling Permit in North Sea
• Coastal's Bua Ban North A-05 Encounters Net Pay
• Brinx, Partners Complete Development Oil Well in Oklahoma
• Wood Group Lands Engineering Gig at BP's Quad 204 Proj.
• Northern Starts Extended Well Test at Markwells Wood
• Oilex Notes Progress in Cambay Clean-Up Ops
• FOGL Briefs Interim Results for 1H11

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Commodity Corner: Oil Follows Stocks' Lead

- Commodity Corner: Oil Follows Stocks' Lead

Wednesday, September 07, 2011
Rigzone Staff
by Matthew V. Veazey

Thanks to a German court ruling supporting bailouts in the euro-zone, world equities markets posted healthy gains Wednesday. The WTI and Brent crude oil benchmarks followed suit.

Light sweet crude oil for October delivery gained nearly four percent to end the day at $89.34 a barrel. Brent, meanwhile, climbed 2.7 percent to settle at $115.80 a barrel. Buoying stock markets on both sides of the Atlantic as well as Asia was the German Constitutional Court's rejection of an attempt to block German involvement in bailouts of other euro-zone countries.

The Dow Jones Industrial Averaged gained nearly 2.5 percent while the S&P 500 and Nasdaq rose by 2.86 percent and 3.04 percent, respectively. In Europe, the London-based FTSE 100 finished more than 3.1 percent higher and the CAC 40 in Paris gained 3.63 percent. Major exchanges in Shanghai, Tokyo, and Hong Kong posted more modest increases.

The WTI traded within a range from $86.15 to $89.74 while the Brent contract price fluctuated from $112.81 to $115.98.

Natural gas for October delivery managed to break the $4.00 mark, peaking at $4.04 per thousand cubic feet. The midweek momentum faded by the close of floor trading, however, with the front-month contract settling at $3.94 for the second straight day.

October natural gas bottomed out at $3.90 Wednesday.

The price of a gallon of gasoline gained nearly nine cents to settle at just under $2.91, also the intraday high. The price floor during Wednesday's trading was $2.82.

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BP Appeals Russian Court Ruling That Permitted Office Search

- BP Appeals Russian Court Ruling That Permitted Office Search

Wednesday, September 07, 2011
Dow Jones Newswires
ABERDEEN
by Alexis Flynn

BP said Wednesday its subsidiary BP Exploration Operating Company Ltd. is appealing a Russian court order that allowed bailiffs to search the company's Moscow office last week.

BP said the raid by authorities, to seize documents related to a lawsuit filed by a minority shareholder in BP's Russian joint venture TNK-BP, was unlawful as BP EOC had no connection with TNK-BP.

The minority shareholder is seeking compensation for losses following the failure of BP's Arctic exploration agreement with Rosneft.

"BP EOC believes that the court decision contradicts the applicable Russian legislation and is misconceived," said the U.K. energy giant.

"The request to BP EOC to hand over documents is based on an inaccurate and false premise and should not be allowed to stand," BP said in a statement. "The ruling authorizes a search for documents which would allow the plaintiff's representatives to gain access to almost all corporate documentation of BP EOC, which cannot be lawful or reasonable."

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

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Industry Professionals Optimistic about N. Sea Future -Study

- Industry Professionals Optimistic about N. Sea Future -Study

Wednesday, September 07, 2011
GL Noble Denton

Oil and gas industry professionals are optimistic that there will be increased investment activity in the North Sea next year, according to a poll conducted Tuesday at the Offshore Europe conference in Aberdeen. 57% of participants believe that activity will increase, while 22% think that activity will decrease in the region. 21% of survey respondents had no opinion on the matter.

The poll forms part of a survey being conducted by the Economist Intelligence Unit and commissioned by global independent technical advisor GL Noble Denton. It will contribute to a comprehensive report on the outlook for the sector, to be published in January 2012. The report will gather the opinions of oil and gas professionals and provide a complete view of the challenges the sector expects to face next year and beyond.

Pekka Paasivaara, Member of the GL Executive Board, said, "The result of this poll clearly shows that recent concerns over hefty taxes, aging assets and increased operating costs have not dampened optimism for further investment in North Sea oil and gas operations next year.

"This finding will be valuable to the research that GL Noble Denton has commissioned the Economist Intelligence Unit to undertake, and it will be interesting to see whether this optimism for investment in North Sea operations is reflected in other regions."

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