More Oil & Gas Drilling and Production News

Unconventional plays continue driving US production

Feb 10, 2015

Output from unconventional projects is expected to account for much of the anticipated US production growth during 2015 although falling crude oil prices could trigger a slower production pace than some forecasters suggested months ago.

MARKET WATCH: NYMEX oil prices rise on revised OPEC forecast

Feb 10, 2015

Crude oil prices climbed more than $1/bbl on Feb. 9 to settle above $52/bbl, marking a third consecutive trading session that ended with higher prices. The latest gain came after the Organization of Petroleum Exporting Countries increased its forecast for demand for OPEC crude oil during 2015.

Williams, DCP start gas flow from Keathley Canyon Connector

Feb 10, 2015

Williams, through its general partner ownership of Williams Partners, and DCP Midstream Partners LP have started operations from their newly extended Discovery natural gas gathering pipeline system.

Bakken likely to be hardest hit by oil-price slump

Feb 10, 2015

Opinions varied among analysts and consultants contacted by UOGR regarding which unconventional US plays will maintain robust drilling and investment this year despite dropping oil and natural gas prices. But, the Bakken formation was commonly said to be the region most apt to feel the sting.

Renewed uncertainty emerges over Greater Sunrise development

Feb 10, 2015

There has been renewed uncertainty over the development of the Woodside Petroleum Ltd.-operated Greater Sunrise gas field in the Timor Sea following an East Timorese parliamentary law passed last week. This came in the wake of the resignation of East Timor’s Prime Minister Xanana Gusmao.

Central starts gas sales from Palm Valley field

Feb 9, 2015

Central Petroleum Ltd., Brisbane, is to start sale of early natural gas from Palm Valley field to Northern Territory Power & Water Corp. under an agreement previously struck with Magellan Petroleum Australia.

Statoil group chooses unmanned wellhead platform for Oseberg

Feb 9, 2015

A group led by Statoil ASA has chosen an unmanned wellhead platform as the concept for the first phase of the Oseberg development project in the North Sea.

Oxy cuts capital budget by a third

Feb 9, 2015

In the midst of falling oil prices, Occidental Petroleum Corp., Houston, expects to reduce its total capital spending for 2015 to $5.8 billion from $8.7 billion in 2014.

White House proposes making ANWR coastal plain wilderness

Feb 9, 2015

The Obama administration said it will propose managing more of the Arctic National Wildlife Refuge, including its coastal plain, as wilderness.

Obama's proposed fiscal 2016 budget recycles oil tax increases

Feb 9, 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.

Hess cuts capital budget by 16% to $4.7 billion

Feb 9, 2015

Hess Corp. has set a capital budget of $4.7 billion for 2015, down 16% from $5.6 billion spent last year. The company at the beginning of 2014 reported a $5.8 billion budget for the year.

OGJ's top tweets of 2014

Feb 9, 2015

One of the most important concepts for any decent writer to master is this: Know your audience. Luckily for those reporting on news and technology for Oil & Gas Journal, this concept is a relative no-brainer.

Statoil reduces capital budget by $2 billion following 4Q losses

Feb 6, 2015

Statoil ASA has reduced its organic capital expenditure to $18 billion in 2015 from $20 billion in 2014. The move comes on the heels of a fourth quarter in which the Norwegian multinational firm reported net losses of $1.18 billion, compared with a $1.98-billion gain in fourth-quarter 2013.

BHI: US rig count down 87 units in 10th straight week of losses

Feb 6, 2015

The US drilling rig count plunged 87 units, a decline that was again spurred mostly by oil rigs, to settle at 1,456 rigs working during the week ended Feb. 6, Baker Hughes Inc. reported.

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.

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