WorldOil Subsea 7 installs world's first subsea wet gas compressor at Statoil's Gullfaks platform After several years of technology development, construction and testing the first subsea wet gas compressor in the world is now installed at the Statoil's Gullfaks C platform in the North Sea. 4Subsea receives research grant for corrosion in flexible pipes The Research Council of Norway has through the “Petromaks 2” program has awarded 4Subsea funding for a research initiative on corrosion in flexible pipes. BP’s spill deal is ‘catalyst’ for acquirers as uncertainty ends BP’s $18.7 billion U.S. legal settlement is being cheered by investors and analysts as it ends five years of financial uncertainty. It also makes the British oil producer a more attractive takeover target. Indian tycoon plans to invest $2.5 billion in Brazil oil and gas Videocon Industries Ltd., an Indian maker of consumer electronics with ambitions to become a major energy producer, plans to invest as much as $2.5 billion over three years in Brazilian oilfields, Chairman Venugopal Dhoot said. Millions from BP settlement to benefit Texas Gulf Research With Thursday’s announcement that BP has settled federal, state and local claims related to the 2010 Deepwater Horizon oil spill for a total of more than $18.7 billion, leaders with Texas’ RESTORE Centers of Excellence are moving forward with plans to use millions in spill-related Clean Water Act funding on research and science activities that will benefit Texas and help to restore the health of the Gulf of Mexico. Lundin gains increased unitized interest in Johan Sverdrup Lundin Petroleum has announced that the Norwegian Ministry of Petroleum and Energy has determined the allocation of resources in the Johan Sverdrup oil field and has decided to increase the unitized interest for Lundin Petroleum from 22.12 to 22.6%. ION launches MexicoSPAN in Mexico’s offshore Gulf waters ION Geophysical Corporation has launched the first phase of MexicoSPAN, encompassing more than 22,000 km of deep-imaged 2D seismic data. Oil oversupply meets rising demand in quietest market since 2013 The sleepiest oil market since 2013 will probably limp through the second half of the year as well. Shale boom shows resilience as rigs rebound with oil under $60 For the first time in almost seven months, America’s shale drillers put rigs in oil fields back to work, and they’re doing it at a lower price. Mexico unveils licensing plan to add million barrels output Mexico plans to auction 914 onshore and offshore oil areas in the next five years as the historic opening of the country’s energy industry aims to add 1 MMbbl of production by 2025. Drillers boost U.S. oil rigs for first time in 30 weeks Drillers put rigs in U.S. oil fields back to work for the first time since December, driving down crude futures on speculation that an unprecedented retreat from the country’s prolific shale formations is ending.