Husky Energy boosts spending as profit falls

CALGARY, Alberta, Nov 4 (Reuters) - Husky Energy Inc (HSE.TO) said on Thursday its third-quarter profit fell 24 percent as it struggled with the impact of Enbridge Inc's (ENB.TO) U.S. oil pipeline outages, but the company raised its spending budget for the year by C$900 million ($898 million).
[Read more]
Source: REUTERS

Posted on 11/04/2010 / 0 comments / Read More

InterOil Corporation Announces Public Offerings

THE WOODLANDS, Texas, Nov. 4, 2010 /PRNewswire-FirstCall/ -- InterOil Corporation (NYSE: IOC) (IOC: POMSoX) today announced its intention to offer, subject to market and other conditions, a concurrent public offering of convertible senior notes due 2015 and common shares.  IOC is authorized to raise gross proceeds of up to US$280 million from the combined offerings, including over-allotments.  IOC has granted the underwriters of the offerings a 30-day option to purchase 15% of each security to cover over-allotments, if any, which amount is included in the above number.
[Read more]
Source: PRNewswire

Posted on 11/04/2010 / 0 comments / Read More

Oil prices hit fresh six-month peaks

ENERGY
Oil prices hit fresh six-month peaks on Thursday as the dollar slumped on the back of the US Federal Reserve's new huge stimulus package aimed at boosting the American economy.
New York's main contract, light sweet crude for December, surged to $US86.49 a barrel, up $US1.80 from Wednesday's close. It had earlier reached its highest price since early May at $US86.78.
[Read more]
Source: The Sydney Morning Herald

Posted on 11/04/2010 / 0 comments / Read More

Bonavista posts higher profits

Calgary-Bonavista Energy Trust on Thursday reported a 10 per cent jump in third quarter profits ahead of a conversion to a dividend paying corporation.

The Calgary-based oil and gas producer said it made $36.6 million or 24 cents a share versus $33.3 million or 25 cents a share in the third quarter of 2009. Revenues climbed 23 per cent to $222.66 million from $180.98 million last year. Cash flow of $123.56 million was 18 per cent higher than $180.98 million a year earlier.

[Read more]

Source: Calgaryherald

Posted on 11/04/2010 / 0 comments / Read More

Brazil says oil output falls 4 pct in September

* Brazil production falls to 1.99 million bpd
* Drop in output mostly due to stoppages at Marlim field
* Gas output hits record of 63.9 million cubic meters/day

[Read more]

Source: REUTERS AFRICA

Posted on 11/04/2010 / 0 comments / Read More

Denbury Resources posts higher profit in 3Q

DALLAS 
Oil and gas company Denbury Resources said Thursday its profit grew 8.3 percent in the third quarter as oil and natural gas sales propelled revenue to more than double from a year earlier.

The company reported net income of $29.1 million, or 7 cents a share, for the three months ended Sept. 30. That compares with net income of $26.9 million, or 11 cents a share on fewer shares outstanding, in the prior-year quarter.

[Read more]

Source: Bloomberg

Posted on 11/04/2010 / 0 comments / Read More

Bromwich gets defensive about drilling inspector criticism

A key administration official charged with overseeing the country’s offshore drilling pushed back yesterday against allegations that drilling inspectors in the Gulf of Mexico did not have the necessary knowledge and experience to ensure the safety of rigs.
[Read more]
Source: THE WASHINGTON INDEPENDENT 

Posted on 11/04/2010 / 0 comments / Read More

Murphy buys Kurdish Iraq acreage, follows Marathon

* Rival Marathon entered Kurdistan late last month
SAN FRANCISCO Nov 4 (Reuters) - Murphy Oil Corp (MUR.N: Quote) is buying acreage in Iraq's Kurdistan, the U.S. company said on Thursday, two weeks after rival Marathon Oil Corp (MRO.N: Quote) announced
[Read more]
Source: REUTERS AFRICA

Posted on 11/04/2010 / 0 comments / Read More

Friede & Goldman, Ltd. (F&G) and Alpha Petroleum Services, LLC (APS) Have Entered Into a Joint Marketing Agreement for Release of the Centurion MVP

Friede & Goldman, Ltd. (F&G) and Alpha Petroleum Services, LLC have entered into a joint marketing agreement to offer full field development solutions to owners of previously abandoned offshore oil and gas resources.
Friede & Goldman’s engineers and Alpha Petroleum Services’ project managers recognize that small field development is increasingly becoming an industry priority. The development of such discoveries is dependent upon new and improved floating production technology in combination with innovative and cost-effective field development solutions. Working together, F&G and Alpha Petroleum have achieved this unique combination by utilizing F&G’s newly designed floating production facility, the Centurion MVP, along with Alpha Petroleum’s expertise in field development project management that will ultimately result in the highest possible returns for their clients.
Friede & Goldman’s vast rig design experience results in hull designs that require minimal cost along with the most efficient construction plan.  They designed the Centurion with the majority of the machinery and equipment located above deck in order to significantly reduce the cost and time involved during the construction phase.  For further construction efficiency, the modular production facilities can be installed and pre-commissioned quayside.
In keeping with Friede & Goldman’s hallmark design feature of operational flexibility, the Centurion was designed to make relocation easier while also retaining the ability to remain at an operating site for 20 years without the need for drydocking.  And, in order to accommodate the changing needs of future fields, the Centurion includes provisions to facilitate the upgrade of additional production modules and risers.
Alpha Petroleum Services specializes in full field development and on-going support to ensure their clients achieve maximum returns through the life of their projects. Alpha’s project managers develop a clear understanding of client project goals, then design and implement fit-for-purpose solutions to achieve those objectives. Alpha brings an Operator’s focus on the bottom-line to every project management engagement.
Alpha Petroleum Services’ principals and associates have an average of over 30 years experience in all areas of field development and offshore operations and specialize in small field development in hostile environments. Alpha’s multi-discipline project management teams oversee all aspects of field development including well drilling and completion, subsea equipment procurement, production facility construction, installation, commissioning and start-up. These teams begin working with clients during conceptual rig design and front-end engineering, then offer management of field development, technical support of on-going operations and, even, oversee field abandonment.
Collectively, Friede & Goldman and Alpha Petroleum Services offer world-class engineering and project management skills with an unparalleled focus on small field development. This unique combination provides owners of small discoveries their best opportunity to develop those resources profitably, safely, and quickly.

[Read more]
Source: Press Releas

Posted on 11/04/2010 / 0 comments / Read More

Gran Tierra Energy Inc. Announces Third Quarter 2010 Results

Quarter highlighted by entry into Brazil and delineation drilling at the Moqueta oil field discovery in Colombia 

CALGARY, Nov. 4 /PRNewswire-FirstCall/ - Gran Tierra Energy Inc. ("Gran Tierra Energy") (NYSE Amex: GTE, TSX: GTE), a company focused on oil and gas exploration and production in South America, today announced financial and operating results for the quarter ended September 30, 2010.  All dollar amounts are in United States dollars unless otherwise indicated. 

[Read more]

Source: PR Newswire

Posted on 11/04/2010 / 0 comments / Read More

Warburg puts $250 million behind new Houston E&P

Private equity firm Warburg Pincus is putting $250 million behind a group of experienced E&P managers to create a new Houston firm, Gulf Coast Energy Resources.
[Read More]
Source: FuelFix

Posted on 11/04/2010 / 0 comments / Read More

Storm stops Venezuela oil upgrader again

Venezuela's troubled 130,000 barrels-per-day (bpd) Petroanzoategui heavy crude upgrader has stopped again after a storm caused a fault in its compressor unit, a source at state oil company PDVSA said on Wednesday.
[Read More]
Source: Reuters

Posted on 11/04/2010 / 0 comments / Read More

Anadarko says studying new U.S drilling rules

Anadarko Petroleum Corp (APC.N: Quote) says it was still trying to understand new U.S regulations aimed at offshore drilling industry following the BP (BP.L: Quote) oil spill, a senior official said on Wednesday.
[Read More]
Source: Reuters

Posted on 11/04/2010 / 0 comments / Read More

Suncor places big order for GE turbines

Suncor Energy Inc. has ordered 55 General Electric Co. 1.6-megawatt wind turbines for a wind-power project in Alberta, GE said yesterday.
[Read More]
Source: Calgary Herald

Posted on 11/04/2010 / 0 comments / Read More

Chesapeake Energy Third-Quarter Profit Rises to $558 Millione

Chesapeake Energy Corp., the second- largest U.S. natural-gas producer, said third-quarter profit rose as production increased.

Net income was $558 million, or 75 cents a share, compared with $192 million, or 30 cents, a year earlier, Oklahoma City- based Chesapeake said today in a statement on Business Wire. Gains from contracts used to lock in commodity prices added $687 million to Chesapeake’s income in the same period last year.
[Read more]
Source: Bloomberg

Posted on 11/04/2010 / 0 comments / Read More

Oil States Awarded Contracts by FloaTEC Totaling $29 Million for Tendon Mooring Equipment for a Tension Leg Platform

HOUSTON, Nov 3, 2010 (GlobeNewswire via COMTEX) -- Oil States International, Inc. (OIS 51.84, 0.00, 0.00%) announced today that Oil States Industries, its wholly owned subsidiary headquartered in Arlington, Texas, was awarded contracts valued at approximately $29 million by FloaTEC de Mexico S.A. for tendon mooring equipment for a tension leg platform (TLP) located in the Campos Basin, offshore Brazil.

Oil States will provide FlexJoints(R), Merlin(TM) Couplings, Tendon Top and Bottom Connectors and Tendon Connector installation services for the first TLP in Brazilian waters. The majority of the work will be managed and executed at Oil States' facility in Aberdeen, Scotland. Equipment deliveries are scheduled to begin during 2011 for installation thereafter.

Oil States International, Inc. is a diversified oilfield services company. With locations around the world, Oil States is a leading supplier of a broad range of services to the oil and gas industry, including remote site accommodations, production-related rental tools, oil country tubular goods distribution and land drilling services as well as a leading manufacturer of products for deepwater production facilities and subsea pipelines. Oil States is publicly traded on the New York Stock Exchange under the symbol OIS. For more information on the Company, please visit Oil States International's website at http://www.oilstatesintl.com.

The foregoing contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included therein will be based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Business" and "Risk Factor" sections of the Form 10-K for the year ended December 31, 2009 filed by Oil States with the SEC on February 22, 2010 and the "Risk Factor" section of the Form 10-Q for the three months ended June 30, 2010 filed by Oil States with the SEC on August 5, 2010.

Source: Oil States International, Inc.

Posted on 11/04/2010 / 0 comments / Read More

Brazil Petrobras questions BG oil reserve estimate

Brazilian state oil company Petrobras (PBR.N: Quote) on Wednesday questioned British gas producer BG Group's (BG.L: Quote) move to boost its oil reserve estimates for discoveries in Brazil, saying the company should await the completion of wells being drilled there.
[Read More]
Source: Reuters

Posted on 11/04/2010 / 0 comments / Read More

Pride International, Inc. Provides Fleet Contract Status Update

HOUSTON, TX, Nov 03, 2010 (MARKETWIRE via COMTEX) -- Pride International, Inc.today announced that its report of drilling rig status and contract information covering the company's fleet of offshore drilling rigs and its two drilling management projects has been updated through today's date. The updated report, titled "Monthly Fleet Update," is available through the company's website at www.prideinternational.com and can be accessed at the Investor Relations link.

Pride International, Inc., headquartered in Houston, Texas, operates a fleet of 25 rigs, including four deepwater drillships, 12 semisubmersible rigs, seven independent leg jackups, and two managed deepwater rigs. The company also has two ultra-deepwater drillships under construction. The company's floating rig fleet operates primarily offshore Brazil and West Africa.

Statements regarding the estimated duration of client contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects, other out of service time, expected shipyard deliveries, as well as any other statements that are not historical facts in the report are forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

Source: Press Release

Posted on 11/04/2010 / 0 comments / Read More

WorleyParsons snares gas contracts

WorleyParsons Ltd says it has been awarded contracts relating to two major offshore gas projects.Energy giant ConocoPhillips awarded the Sydney-based engineering firm a contract to provide detailed design and procurement services for parts of its Jasmine joint venture in the North Sea, WorleyParsons said on Thursday.
[Read More]
Source: Sydney Morning Herald

Posted on 11/04/2010 / 0 comments / Read More

ExxonMobil to explore gas in German state

Germany's most populous state, North-Rhine Westphalia, home to mining and utilities, has awarded exploration licences to ExxonMobil (XOM.N: Quote) and nine other firms to search for unconventional gas, a newspaper said on Wednesday.
[Read More]
Source: Reuters

Posted on 11/04/2010 / 0 comments / Read More

ExxonMobil builds islands in Gulf to drill oil

The production platform at the Sakhalin field in Russia where oil reserves that lay underneath pack-ice were tapped.

ExxonMobil is to use technology developed in the Russian Arctic to boost output from the giant Upper Zakum oilfield off the coast of Abu Dhabi.
ExxonMobil's plan to use "extended reach" drilling from four artificial islands will allow the total volume of crude recovered from Upper Zakum to reach an exceptionally high 70 per cent of oil in place, while production capacity rises to 750,000 barrels per day (bpd) from about 550,000 bpd. "We didn't come up with the concept of an artificial island," said Andrew Swiger, the senior vice president of ExxonMobil. "That had been thought about by other people.
[Read More]
Source: The National

Posted on 11/04/2010 / 0 comments / Read More

HNA to build 40 ships

China’s Fujian Shipbuilding Industry Group Corporation (FSIGC) recently signed strategic cooperation with Hainan Airlines, which was the shareholder of Grand China Logistics and Jinhai Heavy Industry.
[Read More]
Source: Asiasis

Posted on 11/04/2010 / 0 comments / Read More

China’s orders rise by 200%

According to China Association of the National Shipbuilding Industry (CANSI) fresh statistics, in the past three quarters of 2010, national output hit 45.82m dwt, rising by 65% while new orders reached 50.71m dwt which was the three times of that in last year.
[Read More]
Source: Asiasis

Posted on 11/04/2010 / 0 comments / Read More