Archives January 2015

Jan
12
2015

Moody's sees no quick supply response to spending cuts

Spending cuts announced so far by oil and gas companies will have a limited effect on oil supplies in a year beginning with oil price weakness and promising trouble for the producing and support industries, says a report from Moody’s Investors Service. …read more Source: Oil Gas Journal   

Jan
12
2015

CNR cuts capital spending by $2.4 billion (Can.)

In response to lower oil prices, Canadian Natural Resources Ltd., Calgary, plans to cut 2015 capital spending to $6.2 billion (Can.) from its original budget of $8.6 billion (Can.). …read more Source: Oil Gas Journal   

Jan
12
2015

Statoil to extend Norne field production to 2030

Originally scheduled to be taken off stream during 2014, Statoil ASA’s Norne field will remain in operation until 2030, the Norwegian company said. Statoil cited regular maintenance, improved recovery, and recent hydrocarbon discoveries for the field’s extended life. …read more Source: Oil Gas Journal   

Jan
12
2015

Barclays sees likely downside to North American E&P budgets

Global exploration and production spending is expected to decline at least 8.8% in 2015 vs. 2014, according to 225 companies surveyed in the Barclays E&P Spending Outlook. North American budgets, meanwhile, are expected to fall at least 14.1% with significant downside potential, Barclays said. …read more Source: Oil Gas Journal   

Jan
12
2015

BHI: US rig count plunges 61 units in last week

The US drilling rig count plunged 61 units—almost entirely land-based oil rigs—to settle at 1,750 rigs working during the week ended Jan. 9, Baker Hughes Inc. reported. …read more Source: Oil Gas Journal   

Jan
8
2015

Sharp drop expected in global E&P spending in 2015, study says

Global capital expenditures for oil and gas exploration and production projects are expected to drop 17% to $571 billion in 2015, according to Cowen and Co.’s annual study of 476 oil and gas companies’ E&P capex budgets. The study assumes an average West Texas Intermediate price of $70/bbl. …read more Source: Oil Gas Journal   

Jan
5
2015

Eni starts production from Nene Marine offshore Congo (Brazzaville)

Eni SPA has started production from Nene Marine field, 17 km offshore Congo (Brazzaville) in 28 m of water on the Marine XII block. …read more Source: Oil Gas Journal   

Jan
5
2015

IEA finds US energy policy improved in latest in-depth review

US energy policies have come into sharper focus in the last six years, the International Energy Agency said in its latest periodic review. It specifically cited the US Department of Energy’s establishment of a Quadrennial Energy Review and US President Barack Obama’s strategy to address climate change as major steps since 2008. …read more Source: […]

Jan
5
2015

For the US economy, a falling oil price has drawbacks, too

Cheer in the US about an economic lift from falling oil prices needs qualification. …read more Source: Oil Gas Journal   

Jan
5
2015

BHI: US rig count drops 109 units in last month

Again led by losses in Texas and California, the US drilling rig count dropped 29 units to settle at 1,811 units working during the week ended Jan. 2, Baker Hughes Inc. reported. …read more Source: Oil Gas Journal   

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