WorldOil CGG cuts spending after quarterly loss narrows on crude oil drop CGG SA’s second-quarter loss narrowed and the French oilfield seismic surveyor will make further spending reductions as exploration companies cut their own investments and delay projects amid falling crude prices. BG Group second-quarter profit declines 65% after oil price drop BG Group, which agreed to be acquired by Royal Dutch Shell for more than $70 billion in April, reported a 65% drop in second-quarter profit following a slump in oil prices. Shell Arctic support vessel turned back by Greenpeace activists Greenpeace USA activists suspended from the St. John’s Bridge in Portland, Oregon, for more than 30 hours have prevented Shell’s Arctic drilling support vessel, the Fennica, from leaving Portland. First deviated Pierre wellbore completed in Colorado Austin Exploration advises that the drilling of the company's deviated exploration well has encountered natural gas in the Pierre formation at its flagship Pathfinder project in Colorado. Exploration program to commence on Montana prospect Black Stallion Oil and Gas, Inc. confirms that it will start to execute a detailed exploration program on the 12,233-acre Woodrow Prospect in Teton county, northwest Montana, within the Alberta Basin Bakken fairway. Exxon, Rosneft file joint bids for Mozambique license round RN-Exploration, a wholly owned subsidiary of Rosneft, and Exxon Mobil Exploration and Production Mozambique Offshore Limited have filed joint bids to participate in the fifth license round organized by the Republic of Mozambique’s Institute of National Petroleum. Inpex Corp. to drill wildcat offshore Japan Inpex has been commissioned by the Agency of Natural Resources and Energy of Japan’s Ministry of Economy, Trade and Industry to drill one exploratory well for the agency’s Heisei 26~28 Domestic Offshore Drilling Program. Khaled Kacem appointed president of BG Egypt BG Egypt has announced the appointment of Khaled Kacem as the company’s new president. Subsea 7 awarded BP contract offshore Egypt Subsea 7 has announced the award of a contract with a value of about $500 million by BP, and partner DEA, for the development of the Taurus and Libra subsea fields offshore Alexandria, Egypt. Technip swings to loss as oil industry downturn lasts Technip SA swung to a loss in the second quarter after Europe’s biggest oil-services provider took a writedown amid an industry downturn it expects to last for longer than anticipated. Wood Group awarded FEED contract from Woodside Wood Group has secured a new contract to carry out front-end engineering and design (FEED) for the Woodside operated proposed Browse Floating Liquefied Natural Gas (FLNG) Development, offshore Western Australia.