More Oil & Gas Drilling and Production News

Report notes strong Saudi fiscal 'buffers'

Mar 9, 2015

Saudi Arabia has fiscal buffers enabling it to cover projected deficits while oil prices are low for at least 4 years and perhaps more than 8 years, according to an analyst at Arab Petroleum Investments Corp., Dammam.

Encana trims additional $700 million from 2015 capital budget

Mar 6, 2015

Encana Corp. is reducing its previously reported capital investment for 2015 by $700 million to $2-2.2 billion "to maintain a solid balance sheet and help strengthen liquidity through a low price environment."

Brynhild output restarting offshore Norway

Mar 6, 2015

Production from Brynhild oil field in the southern part of the Norwegian North Sea is restarting after having been shut down by equipment problems in mid-January.

BHI: US rig count plunges 75 units to lowest total since 2009

Mar 6, 2015

The US drilling rig count plunged 75 units—all on land—to settle at 1,192 rigs working during the week ended Mar. 6, according to data from Baker Hughes Inc.

Statoil to delay development of Johan Castberg, Snorre 2040 projects

Mar 6, 2015

Statoil ASA and its respective partners have reported the postponement of the development of both the Johan Castberg and Snorre 2040 field projects to cut costs.

BP, partner complete $12-billion deal to develop Egypt gas

Mar 6, 2015

BP PLC and a local partner have signed final agreements for the West Nile Delta (WND) natural gas project in Egypt, whereby $12 billion will be invested to develop 5 tcf of gas resources and 55 million bbl of condensates.

US Arctic priorities shortchange Alaskans’ needs, Senate panel told

Mar 5, 2015

As the US prepares to chair the Arctic Council later this year, it recognizes that international decisions can directly affect Alaska and its residents and plans to closely engage with them, Adm. Robert J. Papp Jr., the US Department of State’s Special Representative for the Arctic, told the US Senate Energy and Natural Resources Committee.

Venezuela, Trinidad and Tobago sign energy accord

Mar 5, 2015

Venezuela and neighboring Trinidad and Tobago have signed an agreement that will enable both countries to develop the Manakin-Cocuina natural gas fields along their shared maritime border.

ExxonMobil spending down 12% to $34 billion

Mar 4, 2015

ExxonMobil Corp. plans $34 billion in capital spending during 2015, representing a 12% decrease from 2014.

Tawke output to rise in Kurdistan region

Mar 4, 2015

Production from Tawke oil field in the Kurdistan region of Iraq will begin increasing this spring toward new capacity of 200,000 b/d, reports Bijan Mossavar-Rahmani, executive chairman of operator DNO ASA, Oslo.

EIA forecasts continued rise in US oil production from gulf

Mar 3, 2015

Crude oil production from the Gulf of Mexico will reach 1.52 million b/d in 2015 and 1.61 million b/d in 2016—or respectively 16% and 17% of total US crude production during each year—according to projections from the US Energy Information Administration.

Shell Canada withdraws application for Pierre River heavy oil project

Mar 3, 2015

Shell Canada Ltd. has withdrawn its regulatory application for the proposed Pierre River heavy oil mine north of Fort McMurray.

Anadarko cuts spending, stalls well completions

Mar 3, 2015

Anadarko Petroleum Corp. on Mar. 3 said it will cut spending 33% during 2015 compared with 2014 and will reduce drilling and defer 125 onshore well completions in response to low oil prices.

LetterOne completes purchase of RWE Dea for €5.1 billion

Mar 2, 2015

Russian investment firm LetterOne Group and Germany’s RWE AG have completed LetterOne’s acquisition of RWE Dea for an enterprise value of €5.1 billion, slightly higher than the agreed upon amount when the sale was reported in January.

Chevron wins again in Ecuador case as moneyman recants

Mar 2, 2015

With another triumph in its long battle against litigious gold-digging involving Ecuador, Chevron Corp. again demonstrates the goodness of corporate resolve.

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