PennEnergy Oil and Gas News Update 5/3

Field trail to extract natural gas from methane hydrates successful U.S. Energy Secretary Steven Chu announced the completion of a successful, unprecedented test of technology in the North Slope of Alaska that was able to safely extract a steady flow of natural gas from methane hydrates. Full Article

OTC poll: Oil and gas operators should be liable for E&P risks Oil and gas professionals at the Offshore Technology Conference say that operators should accept complete liability for exploration and production (E&P) risks, according to a poll conducted by GL Noble Denton. Full Article

India offers $50MM in coverage for Iranian tanker runs Indian oil transportation companies will be able to receive some limited coverage from the government for oil tankers making trips to Iran. Full Article

API: Ohio is poised to be part of shale energy revolution API President and CEO Jack Gerard says Ohio is on the cutting edge of shale energy development that is a game changer for spurring millions of new jobs and economic growth in America. Full Article

Aker Solutions wins major subsea production system contract in Malaysia Aker Solutions has been awarded a contract by Murphy Sabah Oil for the delivery of a subsea production system for the Siakap North - Petai deepwater development. Full Article

NDR enters storage agreement with largest gas distributor in the U.S. Universal Bioenergy Inc. announced that its subsidiary, NDR Energy Group, has signed an agreement for natural gas storage facility services with the largest natural gas distributor in the U.S. Full Article

Dolphin to charter 3D seismic vessel, Sanco Sword Dolphin has signed a long term time-charter on the 3D seismic vessel Sanco Sword from Sanco Shipping AS, for an initial 5 year firm period with options to extend for additional 3 times 2 years. Full Article

GE to mark deepwater drilling breakthrough GE is showcasing its new MaxLift 1800 pump system at the 2012 Offshore Technology Conference. This product will pave the way for the use of dual gradient drilling technology in challenging deepwater applications. Full Article

Investors holding firm on long-term gas holdings despite declining prices Gas remains a key portfolio allocation for institutional investors responding to a poll conducted at SMU Cox Executive Education’s Oil and Gas Investing for Institutional Investors program in April. Full Article