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Afren reaches recapitalization agreement

Afren PLC, London, has reached a recapitalization agreement with creditors that its interim managers say would, if approved by shareholders, preclude sale of the beleaguered company.

Perpetual Energy to sell West Edson for Tourmaline stock

Perpetual Energy Inc., Calgary, has signed a definitive agreement to sell its joint interest share of West Edson in west-central Alberta to Tourmaline Oil Corp. for Tourmaline stock currently valued at $256.5 million.

Low crude prices alter challenges in sub-Saharan Africa, speakers say

Significantly lower crude oil prices have reduced foreign companies’ interest in developing oil and gas resources in sub-Saharan Africa nations, speakers at a Woodrow Wilson Center for International Studies seminar agreed. Lower prices also could give governments some time to develop better frameworks so economic and social benefits reach their countries’ general populations, they added.

Cairn Energy disputing Indian tax claim

Cairn Energy PLC, Edinburgh, is disputing a tax claim by the Indian government for $1.6 billion related to the 2006 reorganization of its former Indian subsidiary.

Dunn named president of Questar Pipeline

Micheal Dunn has been named executive vice-president of Questar Corp., Salt Lake City, and president of the company’s interstate pipeline subsidiary, Questar Pipeline. He succeeds Allen Bradley, who will retire June 1.

Sasol takes more cost-cutting measures as oil prices stay low

Sasol Ltd. hopes to cut $2.5-4.1 billion over a 30-month period, using Dec. 31 as the baseline, in response to what is describes as the “lower-for-longer oil price environment.”

Ecopetrol appoints Echeverry as chief executive officer

Ecopetrol SA reported it has appointed Juan Carlos Echeverry as its chief executive officer, effective Apr. 6.

Cairn India cuts spending to $500 million for FY 2016

Cairn India Ltd. reported it will cut its capital spending to $500 million from the previously projected $1.2 billion for fiscal year 2016, which begins Apr. 1.

OGJ Newsletter

International news for oil and gas professionals

Shell moves to business-as-usual plan for strike-impacted refineries

As the United Steelworkers union (USW) strike enters its fifth week, Royal Dutch Shell PLC, which serves as lead company for National Oil Bargaining (NOB) negotiations, is implementing a plan to return its strike-impacted sites to normal, full-rotation operations without the use of union workers.

Report notes strong Saudi fiscal 'buffers'

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

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."

Statoil to delay development of Johan Castberg, Snorre 2040 projects

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

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.

Tap Oil starts review of divestment options

Tap Oil Ltd., Perth, has begun a strategic review of its divestment options, which is being held in the shadow of a boardroom leadership challenge from Thai millionaire Chatchai Yenbamroong.

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Kuwait Institute for Scientific Research Now hiring

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NOW HIRING THE FOLLOWING POSITIONS: 1. Research  Scientist(Heavy Oil Program) Qualification: Ph.D. in petroleum geophysics, petroleum engin...
Novus International, Inc., a $1B+ privately held company, is a global leader in developing animal health and nutrition solutions. The Novus corporate mission is to help feed the world affordable, wholesome food by supplying superior goods and services to the leading commercial food producers worldwide. The company owns the world's largest methionine plant located at Chocolate Bayou, Texas and is in the early stages of building another plant at a site on the gulf coast of Texas or Louisiana.

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