More Economics & Oil Market News

IEA finds US energy policy improved in latest in-depth review

US energy policies have come into sharper focus in the last six years, the International Energy Agency said in its latest periodic review. It specifically cited the US Department of Energy’s establishment of a Quadrennial Energy Review and US President Barack Obama’s strategy to address climate change as major steps since 2008.

Comstock to suspend 2015 oil drilling in Eagle Ford, TMS

Due to low crude oil prices, Comstock Resources Inc., Frisco, Tex., plans to suspend its 2015 oil-directed drilling activity on properties in the Eagle Ford shale in Texas and Tuscaloosa Marine shale (TMS) in Mississippi.

AWE pulls out of Otway permit

AWE Ltd., Sydbey, has decided to pull out of Perth-based junior WHL Energy Ltd.’s offshore Otway Basin permit Vic-P67 after a series of time extensions for deciding about moving to the exploration drilling phase in the permit.

Marathon cuts 2015 budget amid ‘current price environment’

Marathon Oil Corp. expects to spend $4.3-4.5 billion in its capital, investment, and exploration budget for 2015. That total represents a 20% decline from its 2014 budget—excluding the company’s recently sold Norway business—which the company attributes to “the current price environment.”

Russia’s Turkey pipeline deal possibly may keep door to Europe ajar

Russia’s memorandum of understanding to build a natural gas pipeline to Turkey after canceling its South Stream project could help keep the door open for it to eventually sell more gas to Europe, two Washington-based observers suggested.

MEG Energy cuts capital spending for 2015 to $305 million (Can.) from $1.2 billion

MEG Energy Corp., Calgary, is reducing its 2015 capital spending plans to $305 million (Can.) from the original budget of $1.2 billion.

Severance tax would backfire, Pennsylvania association leaders warn

Enacting a severance tax aimed at Pennsylvania’s unconventional natural gas activity would substantially harm the commonwealth beyond the industry itself, three oil and gas trade association officials warned.

MARKET WATCH: Oil prices held steady on NYMEX awaiting crude inventory

Oil prices held fairly steady on the New York market in Dec. 16 trading while Brent crude oil prices fell by more than $1/bbl on the London market. The average price for the Organization of Petroleum Exporting Countries basket of 12 crudes dipped under $56/bbl.

Encana to focus spending on four core shale assets in 2015

Encana Corp., Calgary, reported plans to spend $2.7-2.9 billion on its capital budget with roughly 80% of this total directed towards four of what the company is calling its “highest margin growth plays,” namely the Montney and Duvernay shale areas in Canada and the Eagle Ford and Permian areas in the US. Encana expects to generate about 75% of its 2015 cash flow from oil and liquids production.

Cenovus trims budget, slows oil sands work

Cenovus Energy Inc., Calgary, is trimming its capital spending in response to declining crude oil prices and will slow development of some of its thermal oil sands projects in Alberta.

MARKET WATCH: Oil prices continue falling awaiting economic statistics

Oil prices on the New York market dropped in Dec. 15 trading following reports of supply disruptions in Libya and awaiting reports of economic statistics on Dec. 16 from China. The US Federal Reserve also met starting Dec. 16, and a monetary policy statement was scheduled to be released Dec. 17.

MARKET WATCH: OPEC basket price closes below $59/bbl

The average crude oil basket price for the 12 members of the Organization of Petroleum Exporting Counties closed below $59/bbl on Dec. 12 while crude oil prices on the New York and London markets also fell.

TAEP: TPI still peaking, but ‘contraction unavoidable’ as oil prices fall

The Texas Petro Index (TPI), a composite index based on a comprehensive group of upstream economic indicators released by the Texas Alliance of Energy Producers (TAEP), set well-permitting and employment records in October, resulting in another record high score overall.

MARKET WATCH: NYMEX crude oil price extends slump

Crude oil prices extended their slump on the New York market with a Dec. 11 settlement of less than $60/bbl for January, and prices continued downward in early Dec. 12 trading after the International Energy Agency cut its global oil demand growth forecast for 2015.

US needs more data before ending crude export ban, House panel told

Much more environmental impact information is needed before the US can reasonably remove crude oil export limits, a witness told a House Energy and Commerce Committee subcommittee during a Dec. 11 hearing examining energy policies enacted nearly 40 years ago.

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Texas A&M University at Qatar (TAMUQ) (http://www.qatar.tamu.edu/) invites applications for the position of Chair of the Petroleum Engineering Program at the rank of associate or full professor, with an anticipated starting date of July 1, 2015. Texas A&M at Qatar is a partnership with Qatar Foundation, and it is based in a state-of-the-art, 595,000 square foot building that was completed in 2007.

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