TN PETRÓLEO

Petroleum

Petrobras explores good funding opportunities

07/29/2010

With the Company's growth and with the expansion of its business, Petrobras has been engaged in exploring all funding opportunities offered by the financial market. In this context, in addition to what it already did traditionally, Petrobras has been negotiating and hiring operations with financial institutions in the local market.

Offshore

Acergy Clinches $1.3B Contract for Clov - 07/29/2010

Acergy has been awarded a contract valued at approximately $1.3 billion for the engineering, procurement, fabrication and installation of Total's Clov deepwater development, offshore Angola.

Asia

Oil Flows from Carnarvon's Thai Well - 07/29/2010

Carnarvon reported that the L33-1 exploration well free flowed 35 degree API oil at an average rate of approximately 1,100 barrels of oil per day gross (660 BOPD net POE) with a water cut of 7.72% (with 80,000 ppm chlorides indicating load and drilling fluids) in the last 36 hours of a 108 hour test.

Oil & Gas

Subsea7 Selects BlueView for New AIV Acoustic Imaging Systems - 07/29/2010

Subsea 7 has chosen BlueView Technologies to provide an acoustic imaging system for its new line of Autonomous Inspection Vehicles (AIVs). Under this agreement, BlueView will deliver both forward looking navigation and tracking sonar as well as ultra-high resolution MicroBathymetry sonar for three dimensional tracking and mapping of pipelines.

Companies

Statoil: High activity and good operations - 07/29/2010

Statoil's second quarter 2010 net operating income was NOK 26.6 billion, compared to NOK 24.3 billion in the second quarter of 2009. The quarterly result was affected by a 32% increase in liquids prices measured in NOK, a 6% increase in equity production and a 12% decrease in gas prices measured in NOK. Also impairments, loss on derivatives and a provision for an onerous contract influenced net operating income.

Oil Production

Eni Turns on Taps in Arcadia Field - 07/28/2010

Eni has started oil production from the new Arcadia field, in the Western Desert of Egypt, only 45 days after its discovery. The Arcadia 1X well, located in the historical Meleiha Concession, has been put into production from the Alam El Bueib formation (Lower Cretaceous) thanks to synergies with the nearby operated facilities of Meleiha. Additional gas potential has been also proved by testing the well in the deeper Katatba formation (Jurassic).

Gulf of Mexico

Abanaki's New Oil Skimmer Removes 56,000 Gallons of Oil in One Day - 07/28/2010

Abanaki reported that its patent-pending Fuzzy2™ material being used on a disk oil skimmer in the Gulf picked up 56,000 gallons of oil in one day, triple the removal rate of a standard disk without the material.

Oil & Gas

Sub-Atlantic Secures ROV Contract with Coretech - 07/28/2010

Coretech Resources has contracted Sub-Atlantic Asia Pacific (AP) to enhance its growing ROV fleet with their first general purpose inspection class ROV. The contract will see Sub-Atlantic supply a 600m free swimming Super Mohawk system on an expedited delivery schedule to meet Coretech Resources expanding operational requirements. The period from contract to delivery is less than three months, with delivery planned for September.

Business

Hess Expands Bakken Shale Acreage with Acquisition - 07/28/2010

Hess has agreed to acquire American O&G pursuant to a merger agreement approved by the Boards of Directors of both companies in an all-stock transaction. The acquisition will increase Hess' strategic acreage position in the Bakken oil play in North Dakota by approximately 85,000 net acres.

Companies

Baker Hughes Promotes Martin Craighead to President and Chief Operating Officer - 07/28/2010

Baker Hughes Incorporated announced today (28) that effective immediately, Martin Craighead is promoted to the position of President and Chief Operating Officer (COO).