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Petrobras says that during a meeting held Monday night the company announced its intent to hire 40 drillships and semisubs to operate in deep and ultra-deep waters. The plan foresees the construction and receipt of the 40 units through 2017.

The Transocean jackup GSF Rig 127 set a world record for the longest extended-reach well ever drilled at 40,320 feet MD with a 35,770-foot horizontal section.

Former Mexican president Vicente Fox said Mexico's oil industry needs investments in the tens of billions of dollars to find and produce oil and build refineries.

Crude oil futures set new record highs in London trade Wednesday as front-month Nymex light, sweet crude futures breached $130 a barrel for the first time on record.

Crude oil futures leaped past $133 a barrel Wednesday, as ongoing market momentum pushed prices deeper into record territory after an unexpected slump in U.S. oil inventories.

Mexico's declining oil production is turning into a boom for drillers.

Crescent Resources has begun construction on a 312-unit apartment development and retail center on 134 acres along Concord Mills Road at Thunder Road. (WMT) (DUK)

The Arlington City Council has approved Huffines Communities' plan to develop Viridian, a 2,000-acre riverfront mixed-use development.

The first tenants of a planned $4.1 million shopping center on Columbus' Near East Side are open, months ahead of the project's second phase development. (SVU)