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Ex-DMT exec says Senator's donor ordered $100K payments

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March 29, 2009

MINNEAPOLIS — The former finance chief of a Texas company controlled by Nasser Kazeminy, a close friend of former Sen. Norm Coleman, said in a deposition last week that Kazeminy ordered $100,000 in fees be paid to a Minneapolis insurance agency where Coleman’s wife was employed.

B.J. Thomas, who was chief financial officer of Deep Marine Technology Inc., said that $75,000 of that sum was paid to Hays Companies even though he saw no evidence of Deep Marine receiving any consulting services from Hays.

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StatoilHydro to invest up to US$10 billion in next 10 years in Brazil

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March 29, 2009

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RIO DE JANEIRO — The Norwegian oil company StatoilHydro is now planning to invest some US$5 -$10 billion in Brazil over the next 5-10 years with a focus on deepwater heavy oil fields. “Brazil is one of the most important areas in the world for StatoilHydro outside Norway,” company head of the South Atlantic region, Thore Kristiansen, told reporters in Rio de Janeiro at a press conference after presenting at the 15th Latin Oil Week.

StatoilHydro intends to invest some US$13.5bn in 2009 worldwide, with part of that going to Brazilian operations. “The company is very well funded. We recently raised US$3.5bn in the financial markets,” he added.

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Hard times mean new opportunities for USA Big Oil

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March 29, 2009

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The plunging crude prices have begun to play out in favour of Western oil companies in one regard, giving them leverage with oil-rich countries that only months ago had no reason to compromise. Countries like Venezuela, Libya and Russia have kept a tight grip on their vast oil reserves in recent years as crude prices soared above $100 per barrel, translating into big revenues. Much of that money, rather than going back into the oil industry, was spent on unrelated political and social programs.

At $50 per barrel, these countries are far more constrained and can’t adequately fund some oil and gas projects.

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ConocoPhillips: "We have not altered our long-term view"

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March 29, 2009

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NEW YORK — At their annual analyst meeting today in New York last week ConocoPhillips’ senior leadership team outlined the compny’s strategic objectives and operating plans for 2009, and explained how the company will maximize the value of its asset portfolio in a challenging economic and political environment.

“While we have adjusted to the near-term environment, we have not altered our long-term view. ConocoPhillips is a self-sustaining and competitive international, integrated energy company with a high-quality asset base, strong operating expertise and substantial financial capabilities,” said Jim Mulva, chairman and chief executive officer. “We responded aggressively to the current industry operating environment by adjusting our operational plans and capital program, implementing cost reductions and enhancing our focus on maintaining our balance sheet strength and flexibility.

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Settlement reached in Brazil oil worker strike

Unions

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March 29, 2009

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RIO DE JANEIRO — Brazil’s FUP oil workers federation said on Friday that it was ending a five-day-old strike after reaching agreement with state-controlled Petrobras.

While the accord must still be approved by the rank and file, FUP leaders said they were confident their members would accept the company’s proposal.

The strike, which began at midnight Sunday, centered on issues of profit-sharing, worker safety and job security.

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Fewer rigs, more foreign oil dependence

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March 29, 2009

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It appears that oil stability and a large percentage rise off of lows is not enough for drillers. Baker Hughes Inc. (NYSE: BHI) released its weekly total rig counts for the US and Canada and for offshore rigs. Again, despite the notion that oil is now back above $50.00 and despite calls to get off foreign energy dependence the drilling rigs in North America are falling. And falling. It still looks like Canada is getting out of the oil industry entirely. Here are this week’s new rig counts showing how far these keep getting idled:

U.S. Rig Count down 46 from last week at 1,039; down 769 year over year.
Canadian Rig Count down 55 from last week at 104; down 67 year over year.
The US Offshore rig count is 41, down 2 from last week; down 19 year over year.
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StatoilHydro focuses on costs on Norwegian shelf

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March 27, 2009

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by Patrick Mcloughlin

StatoilHydro is continuing its push for lower costs and better quality production at its Norwegian shelf operations, the Norwegian major told an industry conference in the country’s oil capital of Stavanger.

A StatoilHydro executive for its development of offshore projects, Bard Heimset, told the Modifications Conference 2009 organised by Offshore Media Group, that half of the projects StatoilHydro is now working with are at break-even with current oil prices.

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Venezuela slashes oil investment

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March 27, 2009

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State-owned Petroleos de Venezuela S.A. (PDVSA) has cut its investment plan for this year by almost 40 percent to $12 billion, PDVSA Vice President Eulogio Del Pino told an industry group.

He said, however, that PDVSA “is maintaining its policy” of devoting at least 10 percent of its investment budget “to social development,” state news agency ABN reported Thursday.

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Lula de Silva changing his tune regarding joining OPEC

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March 27, 2009

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Eric Watkins, OGJ Oil Diplomacy Editor

LOS ANGELES — Brazil’s President Luiz Lula da Silva, apparently reversing earlier decisions, said his government is again considering an invitation to join the Organization of Petroleum Exporting Countries.

“Very, very soon Brazil is going to participate in OPEC,” said the Brazilian president, according to Argentina’s Empresas News. If correct, the statement would reverse earlier remarks by Lula, who last year said he preferred Brazil to export refined products, not crude.

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Obama revives battle with oil industry, wants to raise taxes

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March 27, 2009

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by Stephen Power and Siobhan Hughes

WASHINGTON — The Obama administration’s push to raise taxes on the oil industry is reigniting a battle the industry fought and won last year.

Under pressure to narrow projected deficits, President Barack Obama’s 2010 budget proposal calls for raising more than $31 billion over the next decade by eliminating the oil and gas industry’s eligibility for various tax breaks.

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