Sydney. DeepFlex reported one of its all-composite flexible pipes has been used by Saipem S.p.A. to commission a deepwater export line offshore Brazil for Petrobras. The Saipem vessel Normand Cutter deployed the DeepFlex downline in 1500 meters of water to prepare the 174 kilometer, 18 inch Urugua export pipeline for operation in the Santos basin.

Queensland. Santos announced a net profit of $198 million after tax for the half year ended June 30, 2010, up 94% on the previous half year. Profit was up due to higher product prices and lower exploration expense, partly offset by asset impairments of $25 million after tax. Underlying net profit of $210 million for the half year was up 121% on the previous half year.

Sydney. Global Petroleum has signed an amendment to the Participation Agreement with Texon Petroleum expanding the contract area of the Leighton Prospect to 1,651 acres for all depths beneath the Olmos Formation by cross-assigning its 15% working interest in the existing 873.691 acres, with 777.059 acres in which Texon holds an average 96% working interest. Global will now own an undivided 7.939% working interest across the expanded area including the Eagle Ford Shale (131.05 net acres).

Sydney. Shell and PetroChina today welcomed the successful completion of their joint acquisition of Australian coal seam gas company, Arrow Energy Limited. The acquisition follows an offer in March 2010 to purchase 100% of the shares of Arrow by CS CSG (Australia) Pty Ltd, a 50/50 joint venture company owned by Shell Energy Holdings Australia Limited and a subsidiary of PetroChina Company Limited. CS CSG (Australia) Pty Ltd agreed to pay A$4.70 cash per share for all of the shares in Arrow, representing a total consideration of approximately A$3.5 billion.

Camberra, Australia. ConocoPhillips, the third-largest U.S. oil company, and its Australian partner, Origin Energy, may make a decision to approve a $31 billion Australian gas project in December after making progress to catch up to rivals in the country.

Camberra, Australia. Caltex Australia is another company that continues to benefit from the strong Australian dollar and the volatility of market forces.

New York. Buy-recommended ConocoPhillips (COP) offers unlevered appreciation potential of 47% to a McDep Ratio of 1.0 where stock price would equal Net Present Value (NPV) of $95 a share. In second quarter results released today, downstream refining and marketing operations were much improved.

Camberra, Australia. Europe's largest oil and gas company, Royal Dutch Shell, plans to spend up to $50 billion over the next 10 years developing gas projects in Australia, Bloomberg reports.
"The stars have aligned for Australia" because of improving technologies and increasing demand in Asia for cleaner-burning fuel, Ann Pickard, Shell Australia's chairman and executive vice president for exploration and production, said.