TN PETRÓLEO

PETROLEUM

Petrobras inaugurates modernization work at the Presidente Getúlio Vargas Refinery

03/12/2010

The president of the Republic, Luiz Inácio Lula da Silva, and Chief-of-Staff, Dilma Rousseff, participated in the ceremony held for the completion of the first stage of the enhancement and modernization work done at the Presidente Getúlio Vargas Refinery (Repar), in Araucária (state of Paraná). Petrobras’ CEO, José Sergio Gabrielli de Azevedo, and Downstream director, Paulo Roberto Costa, also attended the event.Before the ceremony, President Lula and his delegation visited the Propene Production Unit, one of the plants that were completed in this first stage. In total, the unit will receive investments in the order of $5,4 billion for the construction of 19 new units.

Gas

Pioneer Files Water Augmentation Plan In Colo - 03/15/2010

A gas-drilling company has filed an application to replace water used in producing coal bed methane in Division 2 Water Court. Pioneer Natural Resources filed its application last month under new state rules brought on by a Supreme Court decision and legislation last year. The company operates nearly 3,000 wells in Las Animas County, mostly above Trinidad Lake in the Purgatoire River Basin.

United States

Petrohawk to Sell Stake in N. La. Field - 03/15/2010

Petrohawk has entered into a definitive agreement to sell its interest in Terryville Field, located in Lincoln and Claiborne Parishes, Louisiana, to a private company for $320 million. The sale is the second of four asset packages expected to be sold by the Company during 2010.

Oil

BW Offshore Signs Letter of Intent for FPSO - 03/15/2010

BW Offshore has signed a Letter of Intent for the use of the FPSO BW Carmen with Ithaca Energy and partners. The FPSO will be employed on the Athena oil field on the UK sector and is expected to commence production mid-2011.

Business

CNOOC to Build LatAm Foothold with Bridas JV - 03/15/2010

CNOOC announced that the Company proposes to form a 50%/50% joint venture with Bridas Energy Holdings in Bridas Corporation for a consideration of approximately USD3.1 billion in cash. In this connection, CNOOC International Limited, a wholly owned subsidiary of the Company, entered into the relevant transaction documents with BEH on March 13, 2010. The JVCo is currently a wholly owned subsidiary of BEH and could have its name changed after transaction completion. The transaction will be funded from the internal resources of the Company.

Latin America

GeoPark, LG to target new upstream projects in region - 03/15/2010

London-listed GeoPark (AIM: GPK) and Korean conglomerate LG announced a new partnership to acquire and develop upstream oil and gas projects in Latin America, the firms said in a joint statement. The companies aim to build a risk-balanced portfolio of upstream opportunities ranging between US$100mn and US$500mn in size. The first acquisition is targeted for 2010.

OGX Hits Pay In Southern Campos - 03/12/2010

OGX Petroleo e Gas Participacoes S.A. announced Friday that it has identified an oil-bearing interval in the Aptian section of well 1-OGX-6-RJS, located in the BM-C-41 block, in the shallow waters of the southern part of the Campos Basin. OGXholds a 100% working interest in this block.

Arrow Bid Kicks Australian Coal Seam Gas Ventures Into High Gear - 03/12/2010

In May last year a little known entrepreneur called Paul Fudge signed a deal that instantly made him one of Australia's richest men.

Dragon Oil Completes Wells Offshore Turkmenistan - 03/12/2010

Dragon Oil announced the completion and initial testing of both the Dzheitune (Lam) A/142 and 13/143 development wells. Dzheitune (Lam) A/142 well was drilled to a depth of3,961 meters by the Iran Khazar rig.

WorleyParsons Canada Expands Services to NL - 03/12/2010

Larry M. Benke, P.Eng, Managing Director, WorleyParsons Canada and its' wholly owned subsidiary INTECSEA Canada announced the expansion of services into Newfoundland and Labrador.