http://www.worldoil.com WorldOil Pemex negotiates lower rig rates as crude collapse hurts profits http://www.worldoil.com/news/2015/3/1/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 http://www.worldoil.com/news/2015/3/1/us-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 http://www.worldoil.com/news/2015/2/27/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Márcio Zimmermann has resigned as a Petrobras board member, and has been replaced by newly-elected Luiz Navarro.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 http://www.worldoil.com/news/2015/2/27/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 http://www.worldoil.com/news/2015/2/27/us-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 http://www.worldoil.com/news/2015/2/27/guardians-select-fire-switch-successfully-deployed-offshore-trinidad Guardian Global Technologies announced the successful deployment of its Select Fire Switch technology offshore Trinidad. Oil sails from Russia to Asia faster on smaller ships http://www.worldoil.com/news/2015/2/27/oil-sails-from-russia-to-asia-faster-on-smaller-ships With supertankers booked solid carrying cheap crude, smaller vessels are taking advantage of the opportunity by hauling record volumes of Russian oil to Asia. Transocean reports loss of $739 million, debt downgraded to junk http://www.worldoil.com/news/2015/2/27/transocean-reports-loss-of-739-million-debt-downgraded-to-junk Leading offshore drilling contractor Transocean has reported a net loss of $739 million, or $2.04 per diluted share. To add to the contractor's troubles, Moody’s downgraded Transocean debt to junk after the company booked over $1 billion in write offs. Obama could end crude export ban by executive order, Hamm says http://www.worldoil.com/news/2015/2/27/obama-could-end-crude-export-ban-by-executive-order-hamm-says U.S. President Barack Obama could authorize crude oil exports with an executive order, according to Harold Hamm, founder and CEO of Continental Resources Inc. BP, Helix agree to amend multi-year Q5000 contract http://www.worldoil.com/news/2015/2/27/bp-helix-agree-to-amend-multi-year-q5000-contract Helix Energy Solutions Group has entered into an agreement with BP Exploration and Production to amend their existing 2013 agreement for the Q5000 to provide well intervention services in the U.S. Gulf of Mexico to defer the commencement of the work, previously scheduled to begin in the third quarter of 2015, to April 1, 2016. Total appointed operator of PRL 15 JV, InterOil says http://www.worldoil.com/news/2015/2/27/total-appointed-operator-of-prl-15-jv-interoil-says InterOil Corporation has announced that all participants in the PRL 15 Joint Venture have unanimously voted to appoint Total EandP PNG Limited as the operator.