More Oil & Gas Drilling and Production News

BG's 2015 budget 'significantly lower' than 2014

Feb 16, 2015

BG Group plans capital expenditures on a cash basis of $6-7 billion in 2015, a range it says is "significantly lower than 2014" due to "a lower oil price environment."

BP trims capital budget by $4-6 billion

Feb 16, 2015

BP PLC plans an organic capital expenditure of $20 billion in 2015, down from the previous guidance of $24-26 billion. Total organic capital expenditure in 2014 was $22.9 billion, lower than its initial guidance of $24-25 billion.

Deloitte studies oil supply growth for 2015-16

Feb 16, 2015

A Deloitte MarketPoint analysis suggested large-field projects, each producing more than 25,000 b/d, could bring on 1.835 million b/d in oil supply this year, of which 635,000 b/d would be from members of the Organization of Petroleum Exporting Countries and the rest from non-OPEC production.

BHI: US rig count continues 11-week dive, loses 98 more units

Feb 13, 2015

The US drilling rig count plunged 98 units to settle at 1,358 rigs working during the week ended Feb. 13, Baker Hughes Inc. reported.

Vaalco reports results from Etame 10-H development well

Feb 13, 2015

Vaalco Energy Inc., Houston, reported start of production from its Etame 10-H development well, the second such well drilled from the recently installed Etame platform offshore Gabon.

Partners submit Johan Sverdrup development plan

Feb 13, 2015

Partners Statoil ASA, Lundin Petroleum AB, Petoro, Det Norske Oljeselskap ASA, and Maersk Oil have submitted a plan for development and operation (PDO) for Phase 1 of Johan Sverdrup field to the Norwegian Ministry of Petroleum and Energy.

Apache’s 2015 capital budget less than half of last year’s $8.5 billion

Feb 12, 2015

Apache Corp., Houston, plans a capital budget of $3.6-4 billion in 2015, with $2.1-2.3 billion directed toward onshore North America and $1.5-1.7 billion for international and offshore.

Wintershall applies steam flooding to Gildehaus sandstone at Emlichheim

Feb 12, 2015

Wintershall Holding GMBH reported steam flooding at 300° into Gildehaus sandstone at Emlichheim oil field in Germany.

Five fatalities, four missing now confirmed following FPSO explosion offshore Brazil

Feb 12, 2015

BW Offshore now reports five fatalities—all employees of BW Offshore—and four crew members missing following the Feb. 11 explosion of the Cidade de Sao Mateus floating production, storage, and offloading vessel.

BW Offshore confirms fatalities after FPSO vessel explosion

Feb 11, 2015

Natural gas production has been halted following an explosion that occurred shortly after midday Feb. 11 onboard a floating production, storage, and offloading vessel operating in Espirito Santos basin about 120 km offshore Brazil.

PNR cuts capital spending nearly in half

Feb 11, 2015

Pioneer Natural Resources Co. (PNR), Dallas, plans to spend $1.85 billion in 2015 following a fourth quarter in which the company reported a net income of $431 million. The new budget represents a 45% reduction from 2014 capital spending for continuing operations, a change attributed to low oil prices.

Study finds FLNG scheme ‘viable’ for Pandora field development

Feb 11, 2015

A recent study has found that Cott Oil & Gas Ltd’s plans to use a floating LNG (FLNG) vessel for development of Pandora gas field in the Gulf of Papua are technically and commercially viable.

EIA: US gasoline prices to average $1/gal less in 2015 vs. 2014

Feb 10, 2015

US regular gasoline retail prices are expected to average $2.33/gal in 2015, down from $3.36/gal in 2014, according to the Energy Information Administration’s (EIA) latest Short Term Energy Outlook (STEO).

Continental Resources completes more Springer wells

Feb 10, 2015

Wells competed by Continental Resources Inc. last year reaffirmed the repeatability and growth potential of the Springer play in South Central Oklahoma Oil Province (SCOOP), said Harold G. Hamm, Continental chairman and chief executive officer.

New York state decides to ban hydraulic fracturing

Feb 10, 2015

New York state officials planned in 2015 to officially ban high-volume hydraulic fracturing, which would end a temporary moratorium that has existed in the state for years pending studies on the possible health consequences of fracturing in the Marcellus shale.

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