More Oil & Gas Drilling and Production News

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.

BHI: US rig count plunges 61 units in last week

Jan 9, 2015

The US drilling rig count plunged 61 units—almost entirely land-based oil rigs—to settle at 1,750 rigs working during the week ended Jan. 9, Baker Hughes Inc. reported.

Barclays sees likely downside to North American E&P budgets

Jan 9, 2015

Global exploration and production spending is expected to decline at least 8.8% in 2015 vs. 2014, according to 225 companies surveyed in the Barclays E&P Spending Outlook. North American budgets, meanwhile, are expected to fall at least 14.1% with significant downside potential, Barclays said.

Statoil to extend Norne field production to 2030

Jan 9, 2015

Originally scheduled to be taken off stream during 2014, Statoil ASA’s Norne field will remain in operation until 2030, the Norwegian company said. Statoil cited regular maintenance, improved recovery, and recent hydrocarbon discoveries for the field’s extended life.

Sharp drop expected in global E&P spending in 2015, study says

Jan 8, 2015

Global capital expenditures for oil and gas exploration and production projects are expected to drop 17% to $571 billion in 2015, according to Cowen and Co.’s annual study of 476 oil and gas companies’ E&P capex budgets. The study assumes an average West Texas Intermediate price of $70/bbl.

Eni starts production from Nene Marine offshore Congo (Brazzaville)

Jan 5, 2015

Eni SPA has started production from Nene Marine field, 17 km offshore Congo (Brazzaville) in 28 m of water on the Marine XII block.

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