WorldOil RWE plans to close sale of Dea unit to LetterOne RWE, Germany’s second-largest utility, said it will proceed with the sale of its oil and gas unit to a Russian billionaire on Mar. 02 and may buy back the U.K. business should the new owner face sanctions. Subsea 7 bags $240 million worth contract extensions, offshore UK Subsea 7 has been awarded a two-year extension to two Underwater Services Contracts (USCs) by Shell Upstream International Europe, worth approximately $240 million. Belzona pioneers multipurpose metal repair system for oil contaminated and wet surfaces, even underwater One of the major challenges faced by maintenance engineers across many industries is the extremely limited amount of time in which an urgent repair, such as a pipe or tank leak, must be carried out. OMEGA Engineering inaugurates new office in Mexico OMEGA Engineering has inaugurated its new office in Mexico. This is in line with OMEGA's strategy to expand its business and leadership globally. Increased well decommissioning activities gain abandonment focus, says SPE Aberdeen In the UK and North Sea alone, around 475 installations will eventually have to be decommissioned and the associated costs for the rest of this decade are expected to average at $2 billion (£1.3billion) per year, noted Society Of Petroleum Engineers-Aberdeen Section (SPE Aberdeen). Pemex negotiates lower rig rates as crude collapse hurts profits MEXICO CITY -- Petroleos Mexicanos is negotiating reduced rig rates with all of its providers after the state-owned oil producer posted a ninth straight quarterly loss on slumping crude prices. U.S. oil drilling retreat slows as fewest rigs shut in eight weeks HOUSTON -- The tide may be turning in the retreat of the U.S. oil explorers. Rigs targeting oil fell by 33 to 986, the smallest decline since Jan. 2, according to Baker Hughes. Rigs in the Permian basin dropped by seven to 355 after dropping by as much as 49 earlier in the month. The Eagle Ford in Texas lost three rigs. Petrobras board member resigns, replaced by corruption prevention attorney Márcio Zimmermann has resigned as a Petrobras board member, and has been replaced by newly-elected Luiz Navarro. YPF defies oil industry with same budget amid price slump Argentina's YPF SA is defying the oil industry trend after crude prices collapsed by keeping last year’s capital budget intact without laying off workers. U.S. oil drillers idle rigs for 12th week, Baker Hughes says U.S. oil explorers idled rigs for the 12th straight week, extending the steepest drop-off in drilling on record as crude prices headed for a second week of losses. Guardian's Select Fire Switch successfully deployed offshore Trinidad Guardian Global Technologies announced the successful deployment of its Select Fire Switch technology offshore Trinidad.