Archives February 2015

Feb
3
2015

CNOOC cuts capital budget, starts production from Jinzhou 9-3

CNOOC Ltd. is slashing its capital budget for 2015 by 26-35% to $11.25-12.86 billion compared with last year’s budget. Capital expenditures for exploration, development, and production respectively account for 21%, 67%, and 10% of the budget. …read more Source: Oil Gas Journal   

Feb
3
2015

Anadarko reports 2014 loss, remains upbeat about Wattenberg

Anadarko Petroleum Corp. announced a 2014 net loss of $1.75 billion, or $3.47/share diluted, including a net loss of $4.05 billion associated with the settlement of litigation involving its subsidiary, Tronox Inc., yet company executives remained upbeat about production growth. …read more Source: Oil Gas Journal   

Feb
3
2015

MARKET WATCH: NYMEX crude oil stays positive on lower rig count

Oil prices on the New York and London markets closed higher Feb. 2 on positive momentum generated by a falling US rig count, suggesting cuts in production will follow at some point. …read more Source: Oil Gas Journal   

Feb
2
2015

Obama’s proposed fiscal 2016 budget recycles oil tax increases

US President Barack Obama has proposed his federal budget for fiscal 2016 that he said was designed to help a beleaguered middle class take advantage of a strong economic recovery. It also included proposals from previous years to close what the administration considers oil and gas tax loopholes and the industry regards as necessary provisions […]

Feb
2
2015

Tight oil price test

The basic job for Oil & Gas Journal writers is to pick the right words and put them in the right order, which is often harder to do than it might sound. …read more Source: Oil Gas Journal   

Feb
2
2015

US oil, gas industry eager to build on past successes

The US oil and gas industry entered 2015 optimistically as a dramatically improved US supply outlook’s economic and security benefits became increasingly apparent. …read more Source: Oil Gas Journal   

Feb
2
2015

EIA: Stable oil outlook seen despite near-term rig-count reduction

According to data from Baker Hughes Inc., between the weeks ended Oct. 31, 2014, and Jan. 23, 2015, the number of active onshore drilling rigs in the Lower 48 dropped 16%, reflecting the sharp decline in oil prices over the last quarter of 2014. …read more Source: Oil Gas Journal   

Feb
2
2015

Fluid typing extends production in Chinese gas reservoir

Comprehensive evaluation and classified recognition (CECR) of fluid typing and zonation (FTZ) is a prerequisite for developing multilayer sandstone gas reservoirs (MLSGR). …read more Source: Oil Gas Journal   

Feb
2
2015

Syncrude sees additional $260-400 million in possible budget cuts

The estimate for capital expenditures has also been reduced to $451 million net to COS, which includes $104 million of remaining expenditures on major projects and incorporates $110 million in cost reductions. …read more Source: Oil Gas Journal   

Feb
2
2015

Mud volcanoes show gas hydrates potential in India's Andaman Islands

Minutes after the M9.0 Sumatra-Andaman earthquake in 2004, mud volcanoes erupted on Diglipur Island in North Andaman. The eruptions resulted in an accumulation of debris that reached above the height of the area’s surrounding trees. …read more Source: Oil Gas Journal   

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