More Oil & Gas Drilling and Production News

BP Energy Outlook projects global energy demand to jump 37% by 2035

Feb 17, 2015

Global demand for energy is expected to rise by 37% from 2013 to 2035, or by an average of 1.4%/year, due in large part to ongoing economic expansion in Asia, particularly in China and India, according to the latest BP Energy Outlook 2035.

Devon reduces capital budget by 20% in 2015

Feb 17, 2015

Devon Energy Corp., Oklahoma City, plans an exploration and production capital budget of $4.1-4.4 billion in 2015, representing a 20% decline compared with 2014.

Ohio Supreme Court rules against municipality in oil and gas case

Feb 17, 2015

The Ohio Supreme Court ruled that the city of Munroe Falls cannot impose local drilling and zoning ordinances that conflict with Ohio state law regarding oil and natural gas activities. The high court split in a 4-3 decision with three justices providing written dissents.

North Dakota December oil production topped 1.2 million b/d

Feb 17, 2015

Preliminary oil and gas production figures for December 2014 show 1.16 million b/d in oil production from the Bakken and Three Forks formations and 63,992 b/d from legacy conventional pools, the North Dakota Department of Mineral Resources reported.

BLM decision clears way for first NPR-A federal oil production

Feb 16, 2015

The US Bureau of Land Management issued a record of decision (ROD) for the proposed Greater Mooses Tooth One project (GMT1), which cleared the way for the first crude oil production from federal land within the 23 million-acre National Petroleum Reserve-Alaska.

Goliat FPSO departs South Korea for Norway

Feb 16, 2015

The world’s largest cylindrical floating production, storage, and offloading facility has departed the Hyundai Heavy Industry (HHI) Ulsan yard in South Korea and is en route to Hammerfest in Finnmark, northern Norway.

Alberta's premier seeks more North American energy integration

Feb 16, 2015

Better policy integration and cooperation will be needed for Canada, Mexico, and the US to fully realize the North American energy renaissance's potential, Alberta Premier Jim Prentice said.

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

Feb 16, 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.

Watching Government: New York moves ahead on LNG

Feb 16, 2015

New York, a state more often associated with fiercely resisting unconventional natural gas exploration and production, established a program to regulate LNG facilities on Jan. 27.

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.

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