Venezuela To Pay Total $834M In Compensation

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Gas to day in US, 2,48 here 7,70 a gallon.......Don't miss an issue. Add Rigzone to your Address Book. Learn how.Forward This NewsletterFriday, February 15, 2008Mexico Energy Minister Hopes to See Pemex Form Deepwater JVsReliance Seeks Another $2 Billion for KG Basin HuntOil Prices Rise on Economic OptimismTransocean to Drill Indonesia WellsVenezuela To Pay Total $834M In CompensationPut Up Your Dukes: Venezuela Wants $110M in Taxes from ExxonVenezuela To Pay Total $834M In Compensation Venezuela's Petroleos de Venezuela, PdVSA, will pay a European oil company $834 million in compensation for its stake in a nationalized oil project, the company said Thursday. continue reading >> Industry HeadlinesMexico Energy Minister Hopes to See Pemex Form Deepwater JVs [Latin America] -- Mexico's energy minister said Thursday she hopes an upcoming reform will allow the state oil company to form alliances to develop reserves in deep waters of the Gulf of Mexico.Venezuela To Pay Total $834M In Compensation [south America] -- Venezuela's Petroleos de Venezuela, PdVSA, will pay a European oil company $834 million in compensation for its stake in a nationalized oil project, the company said Thursday.Put Up Your Dukes: Venezuela Wants $110M in Taxes from Exxon [south America] -- The battle ensues as Venezuela and Exxon Mobil duke it out over lost compensations concerning the country's nationalization of oil and gas projects. Now, Venezuelan municipality Independencia claims that Exxon Mobil owes $110 million in taxes.Petrobras Data on 'Massive Discoveries' Stolen, Police Investigate [south America] -- Brazil's federal police are investigating the theft of "important information" from state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras.EDITORIAL: Hugo Chavez vs. Exxon [south America] -- Chavez says the "bandits" at Exxon are trying to rob Venezuela. From where we sit, it looks like the other way around.Expert Says Chavez Is in Over His Head more Industry Headlines articles >>ExplorationTransocean to Drill Indonesia Wells [Austral-Asia] -- The Makassar Strait Explorers Consortium, including StatoilHydro, has signed a two-year contract with Transocean to lease the ultra deep-water drill ship GSF Explorer to conduct a drilling campaign on the Karama block off west Sulawesi in Indonesia.Drilling Success Rate of 98% for EnerJex Ups Reserves to 1.2M boe [united States] -- EnerJex has closed four acquisitions, drilled 90 new wells (with a 98% success rate), and increased its pre-tax PV-10 (present value) of Proved Reserves by more than $30,900,000 or 1.2 million barrels of oil equivalent.Loon et al Case Colombia Well, Testing to Follow [south America] -- Loon Energy Inc. reported that the Delta-1 well in Colombia has reached total depth of 8,183 feet (2,494 metres) and preparations are underway to log the well.Empire Carries Out Farmout of Exploration Permits to DVM International [Austral-Asia] -- DVM will contribute 40% of the costs of drilling the Star Finch-1 exploration well to earn a 20% interest in EP-5. The Star Finch structure is a compressional anticline feature.Victory Energy Intensifies Presence in Gas Field [united States] -- The Corporation is working with the drilling contractor in an effort to acquire additional drilling rigs to support an increase in drilling capacity beyond the current two (2) wells per month.Fox Petroleum Scores UK Onshore License Application ZETA Acquires 2D Seismic in Northern Turkey EMGS Awarded $10 Million Scanning Contract in Ghana more Exploration articles >>ProductionProved Reserves Reach Record Levels for Chesapeake [united States] -- Chesapeake Energy began 2007 with estimated proved reserves of 8.956 trillion cubic feet of natural gas equivalent (tcfe) and ended the year with 10.879 tcfe, an increase of 1.923 tcfe, or 21%.Chesapeake Ups Production 10% in Q4 2007 [united States] -- Chesapeake Energy Corporation reported production and proved reserves for the 2007 fourth quarter and full year. Daily production for the 2007 fourth quarter averaged 2.219 bcfe, an increase of 193 mmcfe.OPEC Pumps 32.25 Mmbbl/d Crude Oil in Jan., Up 220,000 bbl/d [united States] -- The 13 members of the Organization of Petroleum Exporting Countries (OPEC) pumped an average 32.25 million (m) barrels per day (b/d) of crude oil in January, or a 220,000 b/d increase from December's rate of 32.03 million b/d.Magnum Begins Oil Production at Cardium [Canada] -- Magnum Energy Inc. reported that the previously announced Cardium exploratory well has now been placed on production. The operator has informed Magnum that free flowing flush production exceeded initial flow test rates.Man Accused of Gas Well Fraud Appears in Court [united States] -- When confronted in 2006 by a private investigator with elevated flow readings from his gas well, Bill Monahan admitted it would be impossible for his well to produce that much gas.Cabot's Field Production Up to 40 Mmcf/d Peyto Improves Reserve Replacement Efficiency in 2007 Pilgrim's President Year-End Report Touts Production Increase Canada's Extraction Industry to Enjoy Another Year of Record Profits Improving Recovery with Subsea Facility a World's First Universal Gets Revenue from Amberjack Prospect for Dec. Production more Production articles >>Company OperationsReliance Seeks Another $2 Billion for KG Basin Hunt [southern Asia] -- Reliance Industries -- which is set to begin production from its D6 block in the Krishna Godavari basin by June -- now wants the government to approve its capital cost yet again albeit for producing additional oil and gas.Baker Hughes Opens $80M Dubai HQ This Week [Middle East] -- Oilfield Services giant Baker Hughes is ready to invest $80 million on a headquarter located in Dubai. The facility will be the workplace of around 800 full-time employees.New President for Woodside Energy [united States] -- Woodside is pleased to announce that Jeff Soine has been appointed President of Woodside Energy (USA) Inc.Hyperdynamics Secures Seismic Acquisition Partner [West Africa] -- The Company's new partner has agreed to invest significantly and work closely under a multi-client approach. Basically the data will be acquired and processed and there is a revenue sharing arrangement for future licensing fees on the acquired data.Nitro Signs Agreement to Purchase Buccaneer's Oil Asset in Oklahoma [united States] -- "The inclusion of the Buccaneer interest is a major step for Nitro whereby, as sole operator can proceed with the remedial well workovers, secondary recovery projects and to implement plans for the offset well drilling program."Swift Energy Announces New Executive Appointments Marksmen Sells Non-Core Saskatchewan Properties Wood Group Appoints Service Director, Operations Manager Global Resource Names Kimberly Chief Operating Officer Terra Energy to Market Its Montney Asset New Stream Capital Finances Oil/Gas Leases in TX Expro Named Subsea Co of the Year ZETA: Romanian Govt. Fully Ratifies Bobocu Concession Financial Heavy-Weights Join Triton Group Perry Slingsby Systems Secures Contract with DOF Subsea Indonesia's Elnusa Wins Contracts Worth U.S. $24.2M Aker Kvaerner Acquires 3D Drilling Simulation and Visualization Co more Company Operations articles >>Finance & InvestingOil Prices Rise on Economic Optimism [united States] -- Oil futures extended their upward march Thursday after new trade deficit figures fed optimism that the economy may dodge a serious downturn.Ocean Rig Enjoys Record-High Day Rates [Europe & Russia] -- Revenue for the 4th quarter 2007 was USD 41.3 million, decreasing from USD 67.3 million in the 3rd quarter 2007, mainly due 61 days yard stay for Leiv Eiriksson, preparing for the North Sea contract with Shell.FMC Technologies Increases Revenue to $4.6 Billion for 2007, Up 23% [united States] -- FMC Technologies reported a full year 2007 revenue of $4.6 billion increased 23 percent from $3.8 billion in 2006, reflecting the continued growth of Energy Systems' businesses led by a 28 percent increase in subsea systems revenue.Lucas Energy Gets Approval to List On The ASE as 'LEI' [united States] -- "Lucas Energy is very proud to achieve this milestone in our corporate development. We feel the AMEX listing will enable more visibility with the global investment community as well as increased liquidity for our Common stock...."Fourth Quarter Performance Yields 28% Increase for FMC [united States] -- FMC Technologies, Inc. reported fourth quarter 2007 revenue of $1.4 billion, up 28 percent over the fourth quarter of 2006 led by the strength of its subsea systems business.Nabors Places $575 Million of Senior Unsecured Notes Torrent Retains Gordian Group to Provide Investment Services Occidental Expands Share Repurchase Program EnerJex Increases Oil/Gas Revenues 258% EnCana Generates 2007 Cash Flow of $8.5 Billion CGGVeritas Nabs 2007 Revenue of $3.25 Billion, Up 30% Occidental Petroleum Declares Dividend Unconventional, Foreign Gas Could Depress Prices Carrizo Prices Public Offering of Common Stock Copeland Acquires Additional Common Shares of Upper Lake Cabot Gains Net Income of $167.4 Million for 2007 Futures Rise on EIA Report, Another Reason to Buy Oil Hedge Position Expanded for Cabot Amarone Closes Overd Equity Financings of $77 Million ICE Futures Europe Achieves Daily Record Gas/Oil Futures Volume Pantera Petroleum Reports $10 Million Equity Financing Magellan's Q2 Earnings Drop on Gross Revenues Petro Andina Reports $31.2 Million Bought Deal Equity Financing Seadrill Discloses Odfjell Invest Share Purchase Noreco Strong in Q4 2007 Operations more Finance & Investing articles >>Brought To You By:rigzone advertisingOil & Gas Prices:Brent Crude Oil :$95.50/BBL2.30%Light Crude Oil :$95.46/BBL2.29%Natural Gas :$8.77/MMBtu4.33%Unleaded Gasoline :$2.48/gal3.48%prices from:2/14/2008change since:2/13/2008What's In Store:World Offshore Field Development Guide - Volume One: Mediterranean, Middle East, AfricaOilfield Seamanship Series - Volume 9: Dynamic Positioning, 2nd Ed.Career Center:-Senior Driller-Commissioning Engineer-Oiler-Contract Engineer - 4516search jobs >>featured candidates:-Electrical,Operations and Safety expertise-Production And Stimulation Engineer-20yrs mudlogging exp w/5yrs field sup. & opps exp-Mechanical Technician/ MWD/LWD, 3DRSsearch for candidates >>Offshore Rig Utilization:Drill Barge90.9%(10/11)Drillship83.3%(30/36)Inland Barge100.0%(4/4)Jackup87.8%(323/368)Semisub83.4%(131/157)Submersible33.3%(2/6)Tender79.2%(19/24)view complete utilization reportEquipment Market:THERMOFLEX Spoolable High-Pressure PipeBall Jointmore equipmentOil & Gas Stocks:Gainers:Allis-Chalmers Energy13.00%Gulf Island Fabricatio..6.40%Cabot Oil & Gas5.86%Parallel Petroleum5.54%Trican Well Service Lt..5.28%Losers:Edge Petroleum-5.19%FX Energy-5.10%Toreador Resources-3.98%Grey Wolf-3.76%Parker Drilling-3.26%% change in last 2 days of tradingmore finance & investingUpcoming Featured EventsFeb. 14Gas Business Understanding SeminarNew YorkFeb. 20Optimising Production from IOR/EOR TechniquesThe Marcliffe Hotel, Aberdeen, UKFeb. 20Optimising Production from EOR/IOR TechniquesAberdeenFeb. 26HSE Risk Management & Process SafetyAberdeenFeb. 2713th Asia Oil Week 2008SingaporeFeb. 27Oil & Gas Talent Summit USHoustonFeb. 28Optimising Supply Chain & Procurement for Upstream Oilfield ServicesAberdeenMar. 3Gas Business Understanding SeminarLos AngelesMar. 5Electric Business Understanding SeminarLos AngelesMar. 10World Heavy Oil CongressEdmonton, AlbertaMar. 11Gas and Electric Business Understanding SeminarBostonMar. 13Energy Regulation FundamentalsBostonMar. 1714th Latin Oil Week 2008Rio de JaneiroMar. 31Environmental Monitoring & OSPAR ComplianceAberdeenMar. 31Floating Production & Storage Systems Europe 2008Thistle Hotel Marble Arch, London, UKlist your eventfeature your eventview all upcoming eventsMember ServicesThis email was sent to kennj (AT) webspeed (DOT) dk.Un | Change to Weekly Edition | Update My Email Address | My AccountComments and QuestionsIf you have any questions about your newsletter subscription, please send an email to newsletter (AT) rigzone (DOT) com or contact us at: 5870 Highway 6 North | Suite 107 | Houston, TX 77084Promotional OpportunitiesTo learn how you can market your products and services within this email and on the Rigzone.com website, please see our online media kit at http://www.rigzone.com/advertise/ or call us at 281-345-4040.