Stone Energy Corporation signed an agreement with BP, plc, providing for the acquisition by Stone of BP’s 75% operated working interest in the five block deep water Pompano field in Mississippi Canyon, a 51% operated working interest in the adjacent Mississippi Canyon block 29, a 50% non-operated working interest in the Mica field which ties back to the Pompano platform, and interests in certain deep water exploration leases located in the vicinity of the Pompano field. The purchase price under the agreement is a $204 million cash transaction. The Pompano platform is a fourleg, twelve-pile fixed structure situated in 1,300 feet of water with 23 producing wells and production capacity of 60,000 bopd and 135 mmcfg/d. The acquisition is expected to close by early 2012.

ConocoPhillips’ newly designated Chief Executive Officer, Ryan Lance, has selected three members of his executive management team, including Matt Fox who will become Executive Vice President, Exploration and Production. Alan J. Hirshberg will become Executive Vice President, Technology and Projects and Don E. Wallette, Jr. will become Executive Vice President, Business Development and Commercial.

Chevron Corporation reported its subsidiary, Chevron Brasil Upstream Frade, Ltda., has voluntarily suspended its current and future drilling operations, offshore Brazil. ...

Noble Energy, Inc. has been named operator of the Gunflint discovery in Mississippi Canyon 992 and 993 after a unitization agreement was finalized, and the company’s working interest has been revised to 26 percent. Reserve estimates at the Gunflint discovery are 70 to 500 MMBoe, and the first appraisal well is expected to spud next month.

McMoRan Exploration Co. announced its Lafitte ultradeep prospect, located on Eugene Island Block 223 in approximately 140 ft of water, has encountered additional hydrocarbons. The well has been drilled to a TVD of 29,756 ft and has been logged to 29,740 ft. Log results indicated 56 net ft of hydrocarbon-bearing sand over a 58-ft gross interval. Jackup Rowan EXL-I is drilling the well, and it was originally spudded in October 2010.

Diamond Offshore has signed a deal with ExxonMobil Corporation to take semi Ocean Victory for a four-well P&A program in the Zinc field in Mississippi Canyon Block 354. Work is expected to last for 105 days and will begin between January 1 and April 15, 2012, depending on when work with Walter Oil & Gas Corporation is completed. It is further understood ExxonMobil could have additional drilling work for the rig upon completion of the P&A program. The rig is currently working for ATP O&G in Green Canyon Block 299 and is next scheduled to go to the Walter work in Ewing Bank Block 834 in late November, with operations scheduled to last 45 days. Walter has also picked up previously idle semi Ocean Saratoga for a 21-day well in Viosca Knoll Block 821. The rig, which had been idle since late September, began mobilizing to location from Galveston, Texas, on November 13. Work will be completed in early December. Diamond also reports that jackup Ocean Titan has departed the AmFELS yard in Brownsville, Texas, for Mexico, where it has a 777-day contract with Pemex starting later this month. Semi Ocean Yorktown will depart the same yard in late November, ...

Stone Energy Corporation drilled two successful oil development wells -- Frost Up and Buzzjet -- in the Gulf of Mexico during the third quarter 2011. Frost Up is the seventh consecutive successful well at the Amberjack field, and Buzzjet is the second consecutive successful well at Ship Shoal 113 field. Both wells are currently being completed, with production expected in November. In deep water, Stone Energy’s Pyrenees development project is progressing, with production expected for the first quarter of 2012.

ATP Oil & Gas reported that drilling operations at the fourth Telemark Hub well at Mississippi Canyon (MC) Block 942 #2 have been completed. ATP encountered 167 feet of new net pay sands above pre-drill estimates. These sands are in addition to the 72 feet of logged net oil pay seen in the original target sand. With this additional pay sand, ATP is modifying completion plans for well #2 and now expects to complete both hydrocarbon sands and establish production in late January 2012.

In the wake of the Deepwater Horizon tragedy, the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) reported it has issued 67 new shallow water well permits since new standards were put in place during June 2010. Permits have averaged more than six per month over the past eight months. In addition, the agency has approved deepwater permits for 26 unique wells since mid-February, with 19 permits pending, and 26 permits returned to operators requiring additional information.

BP has exercised its six-month option on the contract of Transocean drillship Discoverer Enterprise, and the operator further agreed to an additional one-year extension for the rig. The six-month extension, which keeps the day rate at $435,000, will begin August 1, 2012, with the one-year term beginning January 2012 at a rate of $492,000. The rig, which recently underwent a deep cleaning and decontamination process after completing work at the Macondo oil spill site in Mississippi Canyon Block 252, is currently on standby for BP in Grand Isle Block 61.

Diamond Offshore semi Ocean Saratoga has completed its sublet contract for Nexen Petroleum in Green Canyon Block 50. The rig’s contract with Taylor Energy is now completed and the rig ...

LLOG Exploration reported that the Mandy development, located in Mississippi Canyon 199, will consist of three wells tied back to the Matterhorn TLP production system in Mississippi Canyon 243. All three wells have been drilled, completed and successfully flow tested, and modifications to Matterhorn are underway. Meanwhile, the Anduin discovery at Mississippi Canyon 754 has been placed on production as a single-well subsea tieback to the Innovator FPS in Mississippi Canyon 711, and the Condor discovery in Green Canyon 448 was placed on production in June as a single-well subsea tieback to the Marquette facility in Green Canyon 52. The company’s Goose development, located in Mississippi Canyon 751, will be a single-well subsea tieback to LLOG’s existing production manifold at Mississippi Canyon 707.

Chevron Corp., in its second quarter earnings statement, announced that the company has returned to work in the Gulf of Mexico with three rigs drilling in deepwater, including the Moccasin exploration well, the Buckskin appraisal well, and the Tahiti 2 development program. The company is also drilling on the Shelf to test the ultra-deep gas play.

Murphy Oil Corp. reported its 2011 crude oil production in the Gulf of Mexico was below year ago levels ...