Statoil ASA has submitted a plan for development and operation of the Trestakk discovery on the Halten Bank to the minister for petroleum and energy in Bodo, Norway. Capital expenditures are estimated at 5.5 billion kroner. Source: News

Mubadala Petroleum awarded a modified contract to Petrofac that extended contracts related to the FPF-003 floating production, storage, and offloading vessel (Jasmine FPSO) for Jasmine oil field offshore Thailand. Source: News

Occidental Petroleum Corp. has acquired 35,000 net acres in the Permian basin horizontal drilling play and expanded its enhanced oil recovery holdings in the basin through transactions with private sellers totaling $2 billion. Source: News

HollyFrontier Corp., Dallas, has entered a definitive agreement to acquire Petro-Canada Lubricants Inc. (PCLI) from Suncor Energy for $1.125 billion (Can.), including working capital estimated at $342 million. Source: News

Crude oil prices continued falling on the New York and London markets Oct. 31 while doubts continued to grow that the Organization of Petroleum Exporting Countries will actually reach any agreement to cut production at its Nov. 30 meeting. Source: News