More Oil & Gas Drilling and Production News

Oil-price collapse may aggravate producing nations’ other problems

Feb 5, 2015

The recent global crude-oil price plunge could be aggravating underlying problems in Mexico, Colombia, and other Western Hemisphere producing nations, speakers suggested during a Feb. 4 discussion at the Woodrow Wilson International Center for Scholars.

North Reggane gas project development drilling starts in Algeria

Feb 5, 2015

The North Reggane consortium has started development drilling at its gas project in the Algerian Sahara.

Oil production begins at Nasr Phase-1 offshore Abu Dhabi

Feb 5, 2015

The first phase of Nasr oil field offshore Abu Dhabi will be producing 22,000 b/d by yearend, according to United Arab Emirates news agency WAM.

Woodside lets FEED contract for Greater Western Flank project

Feb 5, 2015

Woodside Petroleum Ltd. has let a contract to Wood Group Kenny for the front-end engineering and design for the flowline system and associated procurement support for its Greater Western Flank Phase 2 (GWF2) development on the North West Shelf.

Deloitte studies oil supply growth for 2015-16

Feb 4, 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 productions.

Inpex starts development drilling at Ichthys field

Feb 4, 2015

Inpex Corp. has started development drilling in Ichthys gas-condensate field in the Browse basin, about 200 km offshore Western Australia.

BG’s 2015 budget ‘significantly lower than 2014’

Feb 3, 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 3, 2015

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

IHS sees second-half end of US output surge

Feb 3, 2015

Expectations are moderating about growth of oil production in the US this year.

Gazprom Neft starts shale oil production in western Siberian field

Feb 3, 2015

JSC Gazprom Neft reported start of shale oil production from the Bazhenov formation during tests of two wells in southern Priobskoye field in central western Siberia. Tests are planned for two other wells.

Anadarko reports 2014 loss, remains upbeat about Wattenberg

Feb 3, 2015

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.

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

Feb 3, 2015

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.

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

Feb 3, 2015

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.

Obama’s proposed fiscal 2016 budget recycles oil tax increases

Feb 2, 2015

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 to offset ongoing business expenses.

Tight oil price test

Feb 2, 2015

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.

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