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The administration of US President Barack Obama's cap-and-trade program in its fiscal 2010 budget proposal would have substantial impacts on the oil and gas industry, a new study by Charles River Associates said. Crude prices rebounded above $50/bbl Apr. 29 on the New York market amid mixed signs that the economic recession may be nearing bottom. Fears brought on by the international swine flue outbreak have led to several event cancellations at the annual Offshore Technology Conference (OTC), which is being held at Reliant Park in Houston from May 4 to May 7. Petrobras President and CEO Jose Sergio Gabrielli de Azevedo and several other officials from the Brazilian energy company reportedly have canceled plans to attend OTC. Brazilian energy company Petrobras has started production from the Tupi field (EMGS) has been awarded a contract worth about US$4 million by Shell Exploration and Production B.V. to conduct a 3-D electromagnetic (EM) survey off the coast of Senegal. The Ghana National Petroleum Corp. (GNPC), Vanco Ghana and Lukoil Overseas Ghana have signed a new petroleum agreement covering the Cape Three Points Deepwater block Dana Gas PJSC, the Middle East's first and largest private sector regional natural gas company, outlined the key business achievements made by the company in 2008 at the Annual General Meeting (AGM), which took place today in Sharjah, and is looking ahead to the future with confidence. RAK Petroleum PCL has purchased Eagle Energy (Oman) Limited, a wholly-owned subsidiary of UK-based Heritage Oil Limited, for cash consideration of $28m. Eagle Energy holds a 10% interest in Block 8, Sultanate of Oman. China Oilfield Services Ltd. (COSL) successfully completed a full scale trial of its Atlantis Artificial Seabed System on April 27 on the Chinese Continental Shelf in the South China Sea. Aker Solutions has been awarded contracts from Exxon Neftegas Ltd., as operator on behalf of the Sakhalin-1 Consortium, for designing, constructing and delivering the Arkutun-Dagi gravity base structure (GBS) for the Sakhalin-1 project. CGG-Veritas seismic vessel MV Pacific Titan has completed a 2-D seismic survey to assess the oil and gas potential of the unexplored Reinga Basin offshore New Zealand. The Reinga Basin lies northwest of the northern tip of the North Island and is geologically contiguous with the oil and gas producing Taranaki Basin. Woodside Energy now anticipates that production from the Vincent field will resume by the end of June 2009, and is seeking ways to bring production back before that time. Production has been shut in while an investigation continues into a fire that started on April 13. Sinopec has spudded the Great Auk-1 exploration well in the Puffin field of the Vulcan-Sub Basin in the Timor Sea off the coast of Australia. Sinopec is using Seadrill jackup West Atlas to drill the well. StatoilHydro has encountered a small natural gas discovery in the Canon prospect exploration well, 30/3-10S, about 11 kilometers (6.8 miles) west of the Veslefrikk field in the North Sea. StatoilHydro has been given the go ahead by the Norwegian Petroleum Safety Authority (PSA) to use the Fred Olsen semisubmersible Bideford Dolphin for drilling of two production wells, 30/9-J-15H/AH and 30/9-J-13AH. SUBSEA 7 Inc. has been awarded an exclusive three-year frame agreement contract with Nexen Petroleum U.K. Ltd. for subsea field development works on all its assets in the UK sector of the North Sea. EMGS has entered into a global cooperation agreement with geotechnical, survey and geoscience company Fugro N.V. The agreement is in effect through 2011. PGS has completed the Meluza survey in the Santos Basin offshore Brazil two weeks ahead of schedule. PGS seismic vessel Ramform Valiant started the survey in mid December 2008, taking 80 days to acquire almost 2,000 square kilometers (772 sq miles) of data, with 10 kilometers by 8 kilometers (6.2 mile by 5 mile) streamers.

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