More Oil & Gas Drilling and Production News

Norway liquids production declined in December, NPD says

Jan 16, 2015

Norway’s oil, natural gas liquids, and condensate production averaged 1.916 million b/d in December, about 2% less than November.

Range cuts 2015 capital budget to $870 million

Jan 15, 2015

Range Resources Corp., Ft. Worth., has reduced its capital budget for 2015 to $870 million from the previously reported $1.3 billion, which already represented an 18% cut compared with the 2014 budget.

Conoco’s Lance calls for repeal of US crude oil export ban

Jan 15, 2015

The US crude export ban that was imposed in 1975 should be repealed 40 years later to ensure the US oil and gas renaissance continues, ConocoPhillips Chief Executive Officer Ryan Lance said.

NPD provides Norwegian continental shelf summary for 2014

Jan 15, 2015

The Norwegian Petroleum Directorate reported that oil production from the Norwegian continental shelf increased 3% in 2014, the first increase since 2000. Total production of oil and gas was 1.4% higher than in 2013.

In lower price environment, Tullow Oil writes off $2.7 billion

Jan 15, 2015

Reviewing assets in a declining oil-price environment, Tullow Oil PLC reported pretax write-offs totalling $2.7 billion.

 

Total starts production from West Franklin Phase 2 in UK North Sea

Jan 15, 2015

Total SA has started natural gas and condensate production from its West Franklin Phase 2 project in the Central Graben area of the UK North Sea. The company says the project will supply 40,000 boe/d to the Elgin-Franklin hub.

White House orders steps to curb oil and gas methane emissions

Jan 15, 2015

The Obama administration set a new goal to cut methane emissions from the oil and gas sector from 2012 levels by 40–45% by 2025, and a set of actions to put the US on a path to achieve this goal. Trade associations across the industry reiterated earlier statements that regulations would try to solve problems which already are being addressed.

Statoil lets FSU contract for Mariner field

Jan 14, 2015

Statoil ASA has let a contract to OSM Offshore Aberdeen Ltd., a subsidiary of OSM Offshore AS, to operate the Mariner floating storage unit (FSU) in Mariner oil field, within part of Block 9/11a of the UK continental shelf (UKCS).

Suncor cuts capital budget by $1 billion (Can.) and 1,000 jobs

Jan 14, 2015

Suncor Energy Inc., Calgary, is cutting $1 billion (Can.) from its 2015 capital spending program and reducing its workforce by 1,000 because of lower crude oil prices.

EIA: Continued global oil stock build to keep pressure on oil prices

Jan 13, 2015

In its most recent monthly Short-Term Energy Outlook (STEO), the US Energy Information Administration reported it expects global oil inventories to continue to build in 2015, keeping downward pressure on oil prices.  

OGUK: Major tax changes urgently needed

Jan 13, 2015

Oil & Gas UK said falling oil prices are creating an urgent need for fundamental changes to the tax regime.

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

Jan 12, 2015

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.).

That was then...

Jan 12, 2015

Thirty-three years ago, nearly to the day, this editor walked into the Houston offices of Oil & Gas Journal to take a job no one had ever held before...nor would hold again.

Moody's sees no quick supply response to spending cuts

Jan 12, 2015

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.

Obama makes Alaska's Bristol Bay off-limits for oil, gas activity

Jan 12, 2015

US President Barack Obama placed Bristol Bay off-limits for future oil and gas leasing, extending a temporary withdrawal he imposed in 2010 that was due to expire in 2017.

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