WorldOil Big Oil deferring spending lowers costs for India's top explorer The worst commodity slump in a generation has a silver lining for India’s state-run energy explorer. California’s Monterey shale holds 21 MMbbl of recoverable oil: USGS The Monterey formation in the deepest parts of California’s San Joaquin basin contains estimated mean volumes of 21 MMbbl of oil, 27 Bcf of gas and 1 MMbbl of NGL, according to the first USGS assessment of unconventional, technically recoverable resources in the Monterey formation. Brazil tries to shake oil industry gloom with new bidding round Brazil will auction crude-exploration blocks on Wednesday for the first time since a colossal corruption scandal crippled the nation’s oil industry and forced state-run Petroleo Brasileiro SA to scale back investments. Pulse wins NOV contract for acoustic mooring line monitoring system in Norway Pulse Structural Monitoring, an Acteon company, has been awarded a contract with National Oilwell Varco (NOV) Arendal in Norway to provide an acoustic mooring line subsea monitoring system to measure mooring line inclination and tension. Shell sees signs of oil recovery though ‘rebalance’ to take time More than a year after oil began to tumble, Europe’s largest oil company said the first signs of a recovery are only now starting to show. Penn Virginia Corp. sells non-core South Texas assets for $13 million Penn Virginia Corp. has sold certain non-core South Texas assets to an undisclosed buyer for gross cash proceeds of $13 million. Willbros Group to sell professional services segment Willbros Group has executed a purchase agreement for the sale of its professional services segment to TRC Companies for $130 million. Freeport-McMoRan may spin off oil and gas business Freeport-McMoRan is undertaking a review of strategic alternatives for its oil and gas business, the Phoenix-based company said Tuesday. PESA names Ryan Bowley as new V.P. Ikon Science announces geopressure RokDoc plug-ins for Petrel Ikon Science has added two new RokDoc plug-ins for Petrel to its portfolio of existing tools on the Ocean platform. This latest addition contributes the first plug-ins covering geopressure data calculation, analysis and viewing to the EandP subsurface community. Fugro awarded contract extension by Pemex Fugro, in conjunction with long-time associates, Diavaz, has been awarded an extension of the ongoing offshore geophysical and geotechnical campaign by Pemex.