-- Petrobras, Sevan sign production MOU for Piranema field off Brazil Petroleo Brasileiro SA (Petrobras) has signed a memorandum of understanding with Sevan Marine do Brasil Ltda., a unit of Norway's Sevan Marine, for the use of Sevan's SSP300 floating production, storage, and offloading vessel in Piranema field off Brazil under a long-term contract.
-- Varg field decreases production pending new production riser Petroleum Geo-Services ASA subsidiary Pertra AS, operator of Varg field on Block 15/12 (Production License 038) in the Norwegian North Sea, plans to continue operating the field at the lower rate of 15,000 b/d until the main production riser can be replaced in March 2005.
-- US drilling rebounds this week US drilling activity rebounded this week, up by 9 rotary rigs to 1,268 working, compared with 1,107 during the same period a year ago, Baker Hughes Inc. reported Friday.
-- MMS projects increased Gulf of Mexico oil, gas production Production incentives could help push Gulf of Mexico oil production to 2.5 million b/d by 2011�with almost 80% coming from deepwater wells�from the current 1.5 million b/d, US Interior Department and Minerals Management Service officials said.
-- Partial financing approved for P-52 semi off Brazil The Brazilian Development and Social Bank approved a $387 million loan for construction of a semisubmersible platform to be used in the second phase of development of deepwater Roncador oil and gas field off Brazil.
-- Devils Tower production restarted in Gulf of Mexico Production from Devils Tower oil and gas field on Mississippi Canyon Block 773 in the deepwater Gulf of Mexico has returned to pre-Hurricane Ivan levels, Pioneer Natural Resources Ltd. reported.