Archives December 2015

Dec
10
2015

ConocoPhillips cuts 2016 capital budget to $7.7 billion

ConocoPhillips foresees a 2016 capital budget of $7.7 billion, down 55% compared with 2014 capital spending and down 25% compared with expected 2015 capital spending. …read more Source: Oil Gas Journal   

Dec
9
2015

Murphy oil slashes 2016 budget to less than $1 billion

Murphy Oil Corp. is expected to cut its budget for 2016 by more than half to below $1 billion, according to a Raymond James & Associates Inc. energy update on Dec. 9. …read more Source: Oil Gas Journal   

Dec
9
2015

Statoil lets three pipeline contracts for Johan Sverdrup

Statoil ASA has let three contracts totaling 2.5 billion kroner for the oil and natural gas pipelines for the Johan Sverdrup development in the Norwegian North Sea. …read more Source: Oil Gas Journal   

Dec
9
2015

EIA: Latest STEO shows US crude output fell 60,000 b/d in November

Total US crude oil production declined by about 60,000 b/d in November compared with October, according to estimates by the US Energy Information Administration in its Short-Term Energy Outlook for December. …read more Source: Oil Gas Journal   

Dec
8
2015

APICORP: Price not only way Mideast producers defend Asian markets

Aggressive pricing is just one of three main strategies Middle East producers use to defend their collective share of important Asian oil markets, says Arab Petroleum Investments Corp. (APICORP). …read more Source: Oil Gas Journal   

Dec
8
2015

Flemish Pass appraisal work advances; rig contracted for White Rose

Statoil ASA and partner Husky Energy Inc. continue to advance appraisal work on the Bay du Nord oil discovery offshore Newfoundland and Labrador. …read more Source: Oil Gas Journal   

Dec
7
2015

BSEE will launch pilot risk-based offshore facilities inspections

The US Bureau of Safety and Environmental Enforcement will launch a pilot risk-based inspection program for offshore oil and gas facilities, the US Department of the Interior agency reported. The pilot will complement its existing inspections and audits, it said on Dec. 7. …read more Source: Oil Gas Journal   

Dec
7
2015

EIA: US shale oil output to fall 116,000 b/d in January

Crude oil production in January from seven major US shale plays is expected to drop 116,000 b/d to 4.86 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). The agency last month projected a 118,000-b/d decline for December. …read more Source: Oil Gas Journal   

Dec
7
2015

Reserves grow modestly as crude oil production climbs

The world’s crude oil and condensate reserves total 1.656 trillion bbl at yearend 2015 compared with 1.654 trillion a year earlier, according to Oil & Gas Journal’s annual assessment. Total natural gas reserves are 6.95 quadrillion cu ft, up 30.7 tcf from those reported a year ago. …read more Source: Oil Gas Journal   

Dec
7
2015

Saudi carbonate MSF well analysis determines optimal horizontal drilling direction

Stress variations and drilling directions affect fracture geometry in open-hole multistage fracturing (MSF). Determining whether to drill toward the minimum horizontal stress (σmin) or maximum horizontal stress (σmax) impacts fracture behavior and ultimate production in tight, heterogeneous carbonate reservoirs. …read more Source: Oil Gas Journal   

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