Statoil ASA (STO) reported its third quarter results of 38 cents per share, compared to the Zacks Consensus Estimate of 40 cents and in line with the year-earlier quarter earnings. Revenue for the quarter was NOK 123.1 billion ($20.1 billion), down 29% year over year.  Though the company’s results were hurt by lower commodity prices, Statoil continues to maintain a high activity level both in Norway and internationally. Equity and entitlement productions were up 8% and 10% year over year, respectively, with the start-up of operations on several new oil and gas fields such as Tyrihans in the Norwegian Sea, Tune Sor in the North Sea and Thunder Hawk in the Gulf of Mexico.  Total oil and gas entitlement production during the quarter averaged 1.71 million barrels of oil equivalent per day (MMBOE/d), 62% of which was oil and 38% natural gas, compared to 1.55 MMBOE/d ...

Oilfield service provider Acergy S.A. (ACGY)  yesterday announced the receipt of a $500 million contract from the Nigerian subsidiary of Chevron Corp. (CVX). As per the deal, Acergy will support Chevron Nigeria Ltd’s gas development program in Escravos, offshore Nigeria, in water depths of up to 40 meters.    The contract, encompassing engineering, procurement, fabrication, transportation, installation, tie-in and commissioning, calls for Acergy to obtain and install over 130 kilometers of pipelines, to fabricate and install 15 risers and 3 subsea tie-ins, and to install over 40 crossings. Acergy is due to commence engineering work immediately, while offshore installation is likely to begin during the fourth quarter of 2010.   The London-based seabed-to-surface service provider described the award as recognition of its strong local engineering and project management skills in Nigeria. Acergy further said that the contract award will re-enforce its strong presence in the upgrade ...

This post provides links to a number of interesting articles I have read over the past few days that you may also enjoy.

• Andy Xie (Caijing.com.cn): Why one bubble burst deserves another, September 28, 2009. The financial crisis taught crucial lessons about the dangers of bubbles, loose regulation and debt. It’s a pity we didn’t learn.

• John Hussman (Hussman Funds): Zen lessons in market analysis, October 11, 2009. The best way of preparing for the future is to take good care of the present, because we know that if the present is made up of the past, then the future will be made up of the present.

• John Authers (Financial Times): Manufactured surprises will keep stocks rolling, October 10, 2009. A stronger recovery would help earnings but would also bring the risk of higher interest rates to

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After drilling an appraisal well in the northeastern segment of the Smorbukk deposit (part of the Asgard field in the Norwegian Sea), StatoilHydro (STO) has confirmed the existence of oil, gas and condensate.

The result is encouraging, and development in association with the Asgard B platform will be considered. The company said that production may start in three to four years. The proven resources are estimated to be between 15 and 25 million barrels of recoverable oil equivalent.

The Asgard field development includes 58 production and injection wells divided on 16 subsea templates. Two vessels and one platform are located on the field. Discovered in 1984, the Smorbukk field has been on stream since 1999.

As of year-end 2008, StatoilHydro had approximately 5.58 billion oil-equivalent barrels in proved reserves. It is the operator of 39 producing oil and gas fields, and accounts for 60% of all Norwegian petroleum production. Due to

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Recently, Norway-based energy firm StatoilHydro ASA (STO) gained a permit from the country’s top petroleum resources regulatory agency, the Norwegian Petroleum Directorate (NPD), to drill wellbore 25/2-17 in production license 442. The company plans to drill "wildcat" wells (those drilled in an area where no current oil or gas production exists) on the license using semi-submersible facility Ocean Vanguard. StatoilHydro has a 40% operated interest in production license 442, which was awarded in June 2007. Well 25/2-17 is located about 20 kilometers east of the company’s Frigg field in the central part of the North Sea and is the first well to be drilled on the production license. We believe that the 25/2-17 well, if successful and rendered economically feasible, will further consolidate StatoilHydro’s leading position in the Norwegian Continental Shelf (NCS). The company’s current production from NCS is expected to decrease somewhat in the short ...

Earlier today, CNOOC Ltd. (CEO) reported results for the six months ended June 30. Net income for the period was 12.4 billion yuan ($1.82 billion), down 55% from 27.54 billion yuan ($3.9 billion) a year earlier. The steep fall in net income was primarily due to significantly lower oil prices despite excellent production performance.   The average realized oil and gas prices for the period were $49.35 per barrel and $3.90 per thousand cubic feet, respectively.   During the first half, the company’s crude oil and natural gas production reached 87.3 million barrels and 106.3 billion cubic feet, respectively. Total net oil and gas production reached 105.8 million barrels-of-oil-equivalent (BOE), up 15.2% year over year. Net oil and gas production from overseas reached 15.0 million BOE, up 38.9% year over year.   CEO’s overseas production was boosted by successful start up of Akpo oilfield and Phase I of OML130

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BBT, BB & T Corp.

ERHE, ERHC Energy Inc, ERHE.OB

PennyOmega.com Watch List!

PennyOmega.com Watch List ! for Monday August 17, 2009

Our Picks at PennyOmega.com for Monday August 17, 2009 are:

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BBT, BB & T Corp.

BBT operates as the holding company for Branch Banking and Trust Company that provides banking and trust services for small and mid-size businesses, public agencies, local governments, and individuals in the United States.

**Last Friday after Closing Bell, BBT reported that it has acquired the banking operations of Colonial Bank of Montgomery, Ala. BB&T has acquired $22 billion in assets and assumed $20 billion in deposits in the transaction. The FDIC and BBT have entered into a loss sharing agreement covering substantially

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When I'm abroad, I often get asked who of the leaders of the Russian opposition I think stands out in some way. Usually I name Boris Nemtsov, Garry Kasparov, and Vladimir Ryzhkov. In doing so I always reiterate that I am not a political scientist, not a specialist, not an expert, and god knows not some kind of maven on the subject of Russian political reality... My opinion, it is absolutely subjective, as such I'll explain some of my perspectives before getting into this interview, so the reader knows what they are getting.

Если Вы хотите прочитать оригинал данной статьи на русском языке, нажмите сюда.

Personal impressions play a role: I am acquainted with Vladimir

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Gazprom has announced it will delay the launch of the Bovanenkovo field on Siberia's Yamal peninsula until the third quarter of 2012.  Ukraine is looking for $4 billion in credit from Europe to buy Russian gas for its subterranean storage facilities.  Vladimir Putin has decried regulators who make 'bureaucratic obstacles' to accessing Russia's oil and gas fields.  Sinopec is drilling a seventh exploration well in Saudi Arabia in the hope of finding a significant amount of natural gas.  Iraq's oil ministry has asserted that it will have auctioned contracts to foreign companies by the end of June, despite the Oil Minister being called to ask questions regarding the deals.  China and Russia's increasing crude oil trade is an 'important breakthrough' in their relationship, according to Chinese President Hu Jintao.  Korea National Oil Company and China's Sinopec ...

Avalon Oil & Gas Inc. is an independent domestic oil and natural gas producer. The company’s strategy is to use efficient reservoir maintenance and innovative technology to generate stable cash flows and production from a portfolio of oil and gas lease properties in Texas, Oklahoma, Louisiana and Arkansas.

Here is a brief overview of a few more of Avalon Oil & Gas properties:

Avalon has a property in Grant Parish, Louisiana. The Grant Parish leasehold consists of the Doris Hall and Fletcher leases. The company owns an undivided 25% interest in both the Doris Hall and Fletcher leases. The entire leasehold has six wells which were drilled in 1979 and had produced in excess of 200 barrels per day of oil. The wells, however, have been shut-in for several years. Avalon has managed to sell over 1,500 barrels of oil over the past six months

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