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Energy News: Chevron and Transocean Take Heat From Brazil

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Plus, everything you need to know about liquid natural gas.

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This column highlights the most interesting and useful business and financial commentary on energy from around the Web.
Daily Finance
Link: Chevron and Transocean Are in Brazilian Hot Water
"On Tuesday and Thursday of last week, Brazil's government decided to crack its whip in their ruling on Chevron (NYSE:CVX) and Transocean's (NYSE:RIG) involvement in last November's Frade field oil spill. Both companies have been dealt an injuction that gives them 30 days to cease operations off the up-and-coming oil producer's coast. Petrobras (NYSE:PBR) and ANP, Brazil's national petroleum agency, are both fighting to keep the companies in operation because of their perceived importance in the country's future oil production, but the Supreme Court struck down ANP's first attempt last week."

The Oil Drum
Link: The Cold Facts About a Hot Commodity: LNG
"LNG touches only a small portion of the world's gas supply, but it's the fastest-growing portion. Since 2000, global demand for LNG has grown 140 percent and now accounts for roughly 10 percent of the methane consumed worldwide. The rest moves to market by pipeline."

Rigzone
Link: ExxonMobil to Drill Irish Atlantic Frontier Early Next Year
"ExxonMobil (NYSE:XOM) plans to drill the huge Dunquin gas/condensate prospect out to the west of Ireland early next year using the Eirik Raude semisubmersible rig owned by Norwegian group Ocean Rig UDW.

"A letter of intent to use the rig is seen as hugely welcome news by London-listed Irish explorer Providence Resources, which has played a huge role in the early assessments of Dunquin prior to Exxon's farm-in."

Yahoo News
Link: Shell Shuts Major Oil Pipeline in Nigeria
"Shell's (NYSE:RDS.A) Nigerian unit shut its Bonny oil pipeline and deferred 150,000 barrels per day of production on Sunday after oil thieves caused a fire, the company said.

"'Shell ... has shut the 28-inch Bomu-Bonny Trunkline after discovering a fire on it early this morning,' a statement from the company said.'"

Forbes
Link: After Lackluster Asset Sales, Chesapeake Energy Lenders Extend A Lifeline
"So much for Chesapeake Energy's (NYSE:CHK) plan of selling assets to reduce debt. After a lackluster sale of acreage in west Texas and a delay of closing other deals, Chesapeake last night announced that it has convinced its lenders to amend borrowing terms to give the company more wiggle room.

"Before now, Chesapeake's borrowing ceiling was capped by covenants at an amount equal to four times Ebitda. But with the company unlikely to stay below that level for long, lenders have agreed to a temporary maximum leverage threshold of 6 times Ebitda. This will gradually fall to 4.25 times Ebitda a year from now."
No positions in stocks mentioned.
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