ARGENTINA: China Helps Buy-Up BP's Pan American Energy For $7 Billion USD.

BLOOMBERG/
   Bridas Corp., owned by Cnooc and Argentina’s Bulgheroni family will pay BP $7.06 billion usd for the 60 percent it doesn’t already own of Pan American Energy.
    Cnooc is adding to its March $3.1 billion acquisition of 50 percent of Bridas to expand China's access to Latin American resources. Pan American is Argentina’s largest crude exporter, producing about 240,000 barrels a day with proven reserves of 1.54 billion barrels.

BRASIL: Petrobras Deepwater Insurance Surges Vs Pemex.

BLOOM/     BP's gulf gusher disaster is rapidly pushing-up deepwater costs. The cost for protecting against a default by Petrobras the largest oil producer in waters below 1,000 feet is surging relative to Pemex for fears that deep-water drilling costs will escalate. Credit default swaps that protect against non-payment by Petrobras, over five years cost 187 basis points, or 36 more than its Mexican counterpart, which has no production deeper than 1,000 feet.

SATIRE/ U.S: A Gusher Appears In The BP Offices.

El Chigüire Bipolar/ YOUTUBE Video 2:48 with actors from  UCBComedy / "Derrame de café en oficinas de BP"..."/A coffee spill happens in the offices of BP."/ In English with esp.subtitles/

MEXICO: 1979 Ixtoc Spill Provides Grim Lessons For BP's Gulf Gusher.

AP/ MIAMI HERALD/    For now, the 1979 Ixtoc disaster in shallow waters off Campeche still remains the Gulf of Mexico's - and the world's - worst peacetime oil spill. It took 10 months to stop the massive leak of 140 million gallons as Pemex tried methods similar to those that BP has attempted at its Deepwater Horizon rig as slicks reached the northern Mexican Gulf coast and Texas. "Unfortunately, from a science standpoint, not much was followed up on, to learn from," says researcher Larry McKinney. "That was a mistake that was made that hopefully won't be repeated."

ENVIRONMENT: Let The Blame Game Over Massive Oil Spill...Begin.

BBC/ Analysis/    Who's to blame for the explosion and the faulty blow-out valve that was designed to save oil from spilling out into the Gulf of Mexico? Is is just BP? BP, of course, must pay to stop the leak and  clean the mess. But here's also Transocean, the world's largest offshore drilling contractor, that owns and operated the rig for BP. Finally, don't forget Cameron International - the company that manufactured the blowout preventer in 2001.

BRASIL: BP Betting $7 Billion On Campos Oil Field.

TELEGRAPH.UK/    BP chief executive Tony Hayward is betting on Brasil's Campos basin for the company's biggest acquisition in seven years with the $7 billion purchase of leases there, in the Gulf of Mexico and Azerbaijan from Devon Energy. "There's no doubt it's absolutely key in terms of getting a foot in the door in Brazil," says energy analyst Malcolm Graham-Wood. "The blocks are not huge but it's very important for BP to be part of the pack." BP has become expert in deepwater drilling in the Gulf of Mexico, a necessary skill in the sub-salt Campos basin. BP is the last major petrol company to enter the Brasilian deepwater oil sweepstakes. Experts say the Campos basin has been less fruitful for oil discoveries than the Santos basin to the south but they still have "great potential."

Petrobras Hopes to Rival BP

Petrobras hopes to rival BP and Exxon in trading operations...as its production increases.

http://www.bloomberg.com/apps/news?pid=20601086&sid=aUOgTLtQ5rdc