Lead stories: BP signs extension to the giant ACG project in Azerbaijan. Macro: Brent breaks through US$55/bbl; Bahrain bond issue – what does it mean for investment in the Middle East? Companies: Shell to exit Iraq's Majnoon oil field; BP moves ahead with restructuring its US midstream business. Exploration: Total proves extension of the Zohr play into Cyprus. M&A: BP to hold a 50% stake in new Latin American integrated powerhouse; Premier reveals private equity-backed buyer for Wytch Farm in the UK; Chevron cores up in the Permian. Other: Seadrill files for chapter 11 bankruptcy protection.