WorldOil Chesapeake falls most since ‘93 debut as bankruptcy looms Chesapeake Energy Corp., the U.S. natural gas driller that’s been slashing jobs and investor payouts to conserve dwindling cash flows, lost half its value after a report that it hired a restructuring law firm. Qatar buys stake in deepwater Chevron leases offshore Morocco Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corp., to acquire a 30% participating interest from Chevron’s 75% share in three deepwater leases offshore Morocco. Acteon launches Field Life Service offering Subsea services company Acteon has launched a new service offering to directly address the demands and changing conditions of the global oil and gas industry. Technology firm celebrates key milestone with deployment of perforation guns Scottish technology company, Delphian Ballistics, is celebrating a key milestone in the commercialization of its product. NOC in West Libya warns about ‘illicit’ oil sales from East National Oil Corp. in western Libya warned traders against loading “illicit” cargoes of oil at Hariga port in the eastern part of the country amid claims by a competing organization that it’s arranging such sales. Vitol says it’s ‘business as normal’ as it buys Iranian oil The world’s largest independent oil trader said it’s "business as normal" with Iran as Vitol Group BV confirmed it has already bought cargoes from the country after the end of economic sanctions. Diamond Offshore, GE enter performance-based subsea BOP service agreement Diamond Offshore Drilling and GE Oil and Gas have announced the offshore drilling industry's first-of-its-kind contractual service agreement (CSA) that transfers full accountability for BOP performance to GE Oil and Gas. Murphy Oil terminates contract for Transocean’s Discoverer Deep Seas Transocean Ltd. announced that Murphy Exploration and Production Company - USA, a subsidiary of Murphy Oil Corporation, has elected to terminate the contract for the ultra-deepwater drillship Discoverer Deep Seas. Total starts production at Laggan-Tormore in the West of Shetland Total has started production from the Laggan and Tormore gas and condensate fields, located in 600 m of water in the West of Shetland area. The fields will produce 90,000 boed. World’s largest energy trader sees a decade of low oil prices Oil prices will stay low for as long as 10 years as Chinese economic growth slows and the U.S. shale industry acts as a cap on any rally, according to the world’s largest independent oil-trading house. Oil trades near $31 after Saudi-Venezuela talks as bets increase Oil traded near $31/bbl after Saudi Arabia and Venezuela met to discuss cooperating to stabilize the market and U.S. data signaled investors are split on the direction for prices.