OMV Quarterly Net Rises 12 Percent, Beats Estimates

OMV AG, central Europe’s biggest oil company, said third-quarter profit rose 12 percent, beating analyst estimates.
Net income excluding costs of revaluing inventories rose 12 percent to 290 million euros ($400 million), or 97 cents a share, from 259 million euros, or 87 cents, a year earlier, the Vienna-based company said in a statement on its website today. Analysts had expected profit to fall to 249 million euros, according to the median of nine analysts surveyed by Bloomberg.
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Source: Bloomberg

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SBM Offshore sees higher spend by customers in 2011

Dutch maritime engineering group SBM Offshore said on Wednesday that exploration and production companies were expected to increase their capital spend in 2011, driving demand for its products.
SBM's shares have risen 35 percent since hitting a July 1 low, as confidence slowly returned in the floating production, storage and offloading unit (FPSO) market, where its clients commission projects, and as U.S crude oil prices have risen from as low as $64.24 in May to more than $87 a barrel.
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Source: Reuters

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Acergy shareholders clear Subsea 7 takeover

UK-based Acergy, a global engineering and construction contractor to the offshore oil and gas sectors, said on Tuesday that its shareholders have approved its acquisition of Cayman Islands-based rival Subsea 7 and the name change to Subsea 7. The two companies announced the deal on 21 June 2010, saying then it would create a USD5.4bn (EUR3.9bn) global company with 12,000 employees and increased presence in all major offshore oil and gas regions. 
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Source: Trading Markets

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Gazprom to discuss increased gas deliveries to S. Korea

Russian gas monopoly Gazprom may increase its gas deliveries to South Korea to at lest 10 billion cubic meters a year starting in 2017, talks on the issue will begin on December, Gazprom CEO Alexei Miller said.
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Source: RIA Novosti

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Oil and gas industry to benefit from cyclone research

Researchers have been granted more than half a million dollars to investigate the threat cyclones pose to oil and gas projects off the WA coast.
The team, from the University of Western Australia and Woodside, will place instruments in the path of moving cyclones to measure various underwater disturbances.
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Source: ABC

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Taqa's Quarterly Profit More Than Doubles on Prices

Abu Dhabi National Energy Co., the state-run utility known as Taqa, said third-quarter profit more than doubled because of higher oil prices and a one-off gain, as the company presses ahead with expansion plans.
Net income advanced to 218 million dirhams ($59.4 million) from 90 million dirhams a year earlier, Taqa said today in a statement. Revenue rose to 5.2 billion dirhams from 3.9 billion a year earlier.
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Source: Bloomberg

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Dana Gas Posts 3Q Net Pft On Higher Revenues, Cutting Costs

DUBAI Dana Gas PJSC (DANA.AD), the U.A.E. oil and gas company, said Wednesday it made a third-quarter net profit after tax of 33 million U.A.E. dirhams ($8.98 million), reversing an AED79 million loss in the corresponding period a year ago, due to increased revenues from higher output in Egypt and Iraqi Kurdistan, and lower exploration expenses.
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Source: Zawya

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PetroChina, Shell in N.China coalbed methane venture

PetroChina and Royal Dutch Shell have agreed to jointly evaluate coalbed methane gas reserves in the Daning block in Erdos Basin in northern China, China Petroleum Daily reported on Wednesday.
The report on Tuesday did not provide more details on the timeframe of the evaluation or the amount to be invested.
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Source: Reuters

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UK's Serica Energy explores sale of Indonesian assets

Serica Energy said it was looking at strategic options for its Indonesian assets, including a possible sale, sending the British oil and gas explorer's shares up as much as 20 percent.
Serica will consider a range of options, including selling all or part of its Indonesian operations or exchange its output from Indonesia for UK or Western European production.
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Source: Reuters

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Spill panel: BP, firms made 'egregiously bad' decisions, need revamp

A leader of the presidential panel investigating the BP oil spill said the three major companies involved in the disaster need a major overhaul following their “egregiously” bad decisions in drilling the ill-fated Macondo well.
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Source: The Hill

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Spill panel: BP, firms made 'egregiously bad' decisions, need revamp

A leader of the presidential panel investigating the BP oil spill said the three major companies involved in the disaster need a major overhaul following their “egregiously” bad decisions in drilling the ill-fated Macondo well.
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Source: The Hill

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Crude falls as China imports slump, dollar strengthens

Oil fell for a second day after China's crude imports tumbled last month and the dollar strengthened, suppressing the bullish effect of an unexpected drop in inventories in top consumer the United States.
U.S. crude for December CLc1 fell 51 cents to $86.21 a barrel by 0320 GMT, after reaching $87.63 on Tuesday, its highest price since October 2008.
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Source: Reuters

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Australia 3rd biggest gas producer by 2035

Australia is poised to overtake Norway to become the third largest gas producer among OECD nations by 2035, driven mainly by the booming liquefied natural gas (LNG) sector.
The International Energy Agency's annual World Energy Outlook report forecasts Australian gas production ranking third among Organisation for Economic Co-operation and Development countries towards the end of the projection period, which is 2035.
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Source: The Sydney Morning Herald

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U.S. noses into Russia's gas domain

The United States may play a role this winter in loosening Russia’s grip on the European market for natural gas by shipping liquefied natural gas across the Atlantic.
Awash with domestic shale gas and with little need to import extra fuel, the United States has started re-exporting LNG cargoes, which firms had previously imported under contract, to countries where gas prices are much higher.
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Source: CTV News

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Seahawk Drilling posts narrower-than-expected Q3 loss

Shallow water driller Seahawk Drilling Inc (HAWK.O: Quote), which is exploring a possible sale, posted a narrower-than-expected quarterly loss as lower costs offset a decline in dayrates, sending its shares up 14 percent in pre-market trading.
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Source: Reuters

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Petrobakken thumped after wet third quarter results

Petrobakken Energy on Tuesday saw its shares slide more than seven per cent on the Toronto Stock Exchange after it reported that wet weather hampered third quarter results.
The Calgary-based oil and gas producer still managed to eke out a third-quarter profit of $9.19-million profit of five cents per share, compared to $9.9 million or nine cents per share in the prior year.
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Source: Calgary Herald

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Sonatrach, E.ON Ruhrgas make gas discovery

Algerian state energy firm Sonatrach has made a new gas find in association with Germany's E.ON Ruhrgas (EONGn.DE: Quote), the official APS news agency reported on Tuesday.
The discovery was made in the Rhourde Yakoub area of Berkine basin at bloc406a, it said, citing a Sonatrach statement.
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Source: Reuters

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IEA sees end to natural gas glut

Relief is on the way for gas investors who got hammered during the recession, but they’ll have to wait a while: The natural gas glut will probably peak next year and fade gradually over the next decade as demand rises strong.
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Source: The Globe And Mail

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IEA predicts oil breaking $200 by 2035 as China keeps on trucking

Oil prices will rise beyond $200 a barrel as global supplies, strained by rising demand from China, India and other emerging economies, near their peak in 2035, the International Energy Agency (IEA) predicted yesterday.
Ahead of that, the Paris-based IEA's 2010 World Energy Outlook also forecast prices of more than $100 a barrel in 2015. "Production in total does not peak before 2035, though it comes close to doing so," the agency said.
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Source: The Independent

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EPA subpoenas Halliburton on drilling chemicals

The Environmental Protection Agency has subpoenaed energy giant Halliburton, seeking information on the chemicals used in a controversial drilling technique known as "fracking."
The EPA said Tuesday that it issued the subpoena because Texas-based Halliburton was the only one of nine companies that refused to voluntarily disclose the chemical composition of fluids used in hydraulic fracturing.
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Source: USA Today

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Brazil's Petrobras says to borrow $32 bln by 2014

RIO DE JANEIRO Nov 9 (Reuters) - Brazilian state oil company Petrobras (PETR4.SA: Quote) will raise $32 billion by 2014, CEO Jose Sergio Gabrielli said on Tuesday, as part of a five-year investment plan focused on developing offshore crude reserves.
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Source: Reuters

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Noreco and Partners Sign FPSO contract for Huntington Field

Norwegian Energy Company ASA announces that the joint venture partners in the Huntington field development today signed a leasing contract for the FPSO Sevan Voyageur.
The FPSO Sevan Voyageur is currently in the Nymo yard in Arendal, Norway, where gas compression and water injection upgrades will be carried out. The FPSO will be installed on the Huntington field in the fourth quarter of 2011. Production is expected to commence in the first quarter of 2012.
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Source: Oilvoice

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Carrizo Oil & Gas Turns To Profit In Q3

 Energy company Carrizo Oil & Gas, Inc. (CRZO: News ) Tuesday posted a profit for the third quarter, as against a loss last year, helped by lower one-time charges. On an adjusted basis, earnings rose from last year, helped by improved production and higher oil and gas revenues.
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Source: RTT News

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Burgas-Alexandroupolis EIA Unsatisfactory, Project Protracted

The environmental impact assessment of the Burgas-Alexandroupolis oil pipeline is inadequate and needs to be reworked, according to the Bulgarian Ministry of Environment.
This announcement is set to protract even more the long drawn out project, adding to uncertainty about whether it will be realized at all.
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Source: Sofia News Agency

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Chevron to buy Atlas Energy for $4.3 billion

The deal, which calls for a $3.2-billion cash payment and the assumption of $1.1 billion in debt, boosts the oil giant's presence in the U.S. shale-gas business.
Chevron Corp. said Tuesday that it would buy Atlas Energy Inc. for $3.2 billion in cash as the oil giant bolsters its market position in the U.S. shale-gas business.
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Source: Los Angeles Times

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Petrobras Says Drill-Ships Contracts Aren't Behind Schedule

RIO DE JANEIRO (Dow Jones) -- Brazilian oil giant Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, denied reports that the process for contracting oil-well drilling ships in Brazil is behind schedule, local Estado newswire said Tuesday.
Contracting will proceed in line with planned delivery schedules which can still be met, Estado said, citing Chief Executive Officer Jose Sergio Gabrielli. Gabrielli was speaking during an event in Rio de Janeiro.
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Source: The Wall Street Journal

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Teekay Offshore Contemplates Norwegian Bond Issuance

HAMILTON, BERMUDA, Nov 09, 2010 (MARKETWIRE via COMTEX) -- Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) /quotes/comstock/13*!too/quotes/nls/too (TOO 28.22, +0.46, +1.66%) announces that it intends to issue 500-700 million NOK in new senior unsecured bonds in the Norwegian bond market that mature in November 2013 which, at current conversion rates, have an aggregate principal amount equivalent to approximately USD 85-120 million. The proceeds of the bonds are expected to be used for general partnership purposes including repayment of existing credit facility debt. Teekay Offshore expects to apply for listing of the bond on the Oslo Stock Exchange. 
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Source: Marketwatch

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Arrow adds to Qld cancer scare

QUEENSLAND'S $50 billion coal seam gas industry has been rocked for the second time in three weeks after cancer-causing chemicals were detected at Arrow Energy's coal seam gas wells.
Arrow Energy, a venture between Shell and PetroChina, said yesterday it had detected traces of the cancer-causing agent benzene in samples taken from its Moranbah coal seam gas project in the Bowen Basin in central Queensland, The Australian Financial Review reports.
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Source: Queensland Country Life

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New Oil Field discovery at Arbuzovskaya

PetroNeft Resources plc (AIM: PTR), the owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to announce the discovery of a new oil field at Arbuzovskaya in Licence 61.
Highlights:
-Arbuzovskaya No. 1 well discovers oil in main Upper Jurassic target 
-Approximately five metres of net oil pay in J1 interval 
-Open hole inflow test of 289 bopd (unstimulated) 
-Drilling continuing with secondary targets of Middle and Lower Jurassic 
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Source: European Investor

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Regulators give go-ahead for Desire Petroleum to drill second Rachel well

 Desire Petroleum (LON:DES) , the oil and gas exploration group operating in the north basin of the Falkland Islands, confirmed this morning that it had been given the go-ahead by regulators and its partner in the region to press ahead with drilling a second well on the Rachel prospect. The news comes just a week after Desire was hit with mechanical problems on its first Rachel well, which meant that it was unable to carry out the necessary tests to establish how successful the well had been. So far, the company, its investors and partners in the region know only that Desire was encouraged enough by what it saw to consider drilling another well in more or less the same place. 
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Source: Stockopedia

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Aker Solutions wins Hebron GBS project

9 November 2010 - Kiewit-Aker Contractors, a 50/50 joint venture between Peter Kiewit Infrastructure and Aker Solutions, has been awarded a contract by ExxonMobil Canada Properties (EMCP) for the Hebron Project gravity based structure (GBS). The contract is for Front End Engineering and Design (FEED) and site preparation, with the option at ExxonMobil's discretion to subsequently provide detailed engineering, procurement and construction (EPC) services. The contract value for Aker Solutions' share of the FEED and site preparation is USD 70 million. 
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Source: Akers Solutions

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