WorldOil Technip bags subsea contract for South Santa Cruz, Barataria fields in GoM Technip has been awarded a lump sum contract by Deep Gulf Energy III, LLC (DGE) for the development of the South Santa Cruz and Barataria fields. These ultra-deepwater fields are located in Mississippi Canyon, offshore New Orleans, in the Gulf of Mexico, in approximately 2,000 m of water depth. Wood Group extends Chevron contract in the North Sea Wood Group has secured an extension to continue to support Chevron Upstream Europe across four offshore assets in the North Sea. Wood Group PSN (WGPSN) will deliver operations and maintenance services to the Alba Northern platform, Alba floating storage unit, Captain floating production, storage and offloading vessel and Captain wellhead protector platform, under the one year contract that extends an agreement in place since 2010. GE oil deal offers new model to prevent BP-Like offshore spills General Electric Co. is expanding its focus on offshore drilling rig safety with a new business that will take over handling of massive underwater equipment designed to prevent well blowouts and oil spills. Canadian oil sands Kubik replaced as Suncor wins takeover Ryan Kubik, the Canadian Oil Sands Ltd. CEO who fought a C$4.3 billion ($3.1 billion) hostile bid from Suncor Energy Ltd., was replaced after the suitor won over more than two-thirds of the shareholders. Oil drillers exposed in three-way hedges as crude dips below $30 Oil at $30/bbl is blowing a hole in the insurance that U.S. shale drillers bought to protect themselves against a crash. Oil drillers must slash another $24 billion this year, IHS says North American oil and natural gas drillers will need to cut an additional 30% from their capital budgets to balance their spending with the cash coming in their doors even if crude rises to $40/bbl, according to an analysis by IHS Inc. Oil bankruptcies seen spurring MandA on signal prices near low About 150 oil and gas companies tracked by energy consultant IHS Inc. may go bust as a supply glut pressures prices and punishes revenues. Pemex CEO resigns after three years of losses Emilio Lozoya resigned as Petroleos Mexicanos’ CEO after the oil giant failed to reverse falling output and reported 12 straight quarterly losses. Billions more in cuts needed from North American drillers: IHS HOUSTON -- The depressed oil price environment is painting a gloomy outlook for North American EandP companies, and further, significant CAPEX cuts are needed in order for the group to demonstrate real financial discipline and align spending more closely with cash flow, according to new analysis from IHS. Chesapeake says it has no plans to pursue bankruptcy Chesapeake Energy Corp. said it has no plans to seek bankruptcy protection, dismissing a report that wiped out half the U.S. natural gas driller’s value. 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.