TOP NEWS PICK: JANUARY 30, 2013

Developments in International Oil & Gas | Energy | Extractive Industries

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Brent stays above $114 on US economic optimism Brent prices held above $114 per barrel on Wednesday on confidence in the US economy after a string of data out of the world's biggest oil consumer showed a recovery was gaining ground | Upstream Online 

Nigeria doles out $1bn from Excess Crude Account President Goodluck Jonathan has approved distribution of $1billion from the excess crude account among the 36 States and FCT | SweetCrude 

Iraqi Kurds woo more oil majors in contest with Baghdad (Reuters) - Iraqi Kurdistan said it is negotiating with two or three major international companies to operate oilfields and expects to announce the outcome in about a month, in a move likely to further heighten tensions with Baghdad | Reuters 

Petrobras rolls out fuel hike Petrobras said on Tuesday it would raise fuel prices charged to distributors as the company grapples with its balance sheets amid rising costs | Upstream Online 

Russia plans oil, gas projects in Venezuela CARACAS, Venezuela (AP) -- The chief executive of Russian energy company Rosneft said Tuesday that Russia will keep deepening cooperation with Venezuela's government in oil, natural gas and electrical projects | Associated Press 

Nigeria: NSCDC uncovers illegal depot in Arepo Arepo village, in Obafemi-Owode Local Government Area of Ogun State, has been in the news recently, no thanks to activities of pipeline vandals | SweetCrude 

BP to pay $4B in Deepwater criminal plea NEW ORLEANS, Jan. 29 (UPI) -- BP will pay $4 billion to settle criminal charges arising from the Deepwater Horizon drilling rig disaster under a plea deal approved Tuesday by a U.S. judge | UPI 

Nigeria losesN1.011trn to oil theft,flooding The CBN,has said the country lost N1.011 trillion ($6.439 billion) to oil theft and production losses arising from the flooding that ravaged most parts of the country last year, as the country recorded a decline in crude oil production in November 2011 | SweetCrude 

Tanker Glut Worsens on Steepening OPEC Production Cuts Bloomberg reports that OPEC’s deepest output cut since the global recession in 2008 is creating the biggest surplus of oil tankers in the Persian Gulf in at least three years and lowering earnings for Frontline Ltd. and other ship owners | Oil and Gas Eurasia 

Nigeria’s oil production faces immense threat Nigeria’s record achievement of 2.6 million barrels of crude oil daily has come under immense threats as oil pipeline vandals appear set to resume operations with intensity due to the long recess they’ve been forced to embark upon since the government contracted ex-militants who know the creek better to embark on surveillance of all oil facilities in the Niger-Delta | SweetCrude 

Oando rig achieves 3 years of drilling without LTI Oando Energy Services Limited (“OESL”) one of Nigeria’s leading indigenous provider of swamp drilling rigs services and a subsidiary of Oando PLC, has announced that the OES Teamwork, one its four rigs, has recorded a safety milestone of three years of uninterrupted operations without a Loss Time Injury (LTI) | SweetCrude 

TRANSACTIONS 

Aker Solutions Acquires Enovate Aker Solutions has agreed to acquire a majority stake in Aberdeen-based Enovate Systems Limited - a leading technology company within subsea well control equipment. The financial details of the acquisition are undisclosed | Oil and Gas Eurasia 

TNK-BP to Allocate 145 Million Rubles for Social Investment in Orenburg in 2013 TNK-BP informs that in 2013 it will invest over 145 mln rubles in social and charity projects in the Orenburg region. In accordance with the agreement on socio-economic cooperation with the regional Government, the money will be used to build or recondition social facilities, support youth movements and organizations working with children, and implement healthcare, cultural and sports projects | Oil and Gas Eurasia 

AUDIO 

How well has the North Asian LNG market weathered the harsh winter? As we near the end of the North Asian winter buying season, and with record low temperatures having been reported in the region, LNG supply and demand fundamentals have come under the spotlight, especially against a backdrop of a lack of nuclear power. Vandana Hari, Platts Asia editorial director, and LNG editors,Chloe Hang and Max Gostelow, discuss in-depth how effectively the LNG market has weathered this winter so far | PLATTS 

ARTICLES 

Nigeria: Are we implementing a National Strategy for Development? As Nigeria awaits the official announcement of the winner of the bid for the Egina FPSO Project,due process for awarding contracts is being put to test. Bearing in mind that the project has been in the pipeline for almost 10 years, and TOTAL sees the field as an opportunity, it is my prayer that we make the right decision that would showcase the Government of Nigeria as one that follows due process | SweetCrude 
Iran on the Offensive 
Until now, the Arab oil producing countries of the Persian Gulf, also called the Arabian Gulf, or to those seeking political neutrality, simply the Gulf, looked at their Persian neighbour with suspicion and trepidation. The fear came from mainly the military superiority that Iran wields over the Gulf, Persian or Arabian, depending on how you prefer to call it | Oil Price