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Tuesday, January 27, 2015 - Oil and gas licensing activity in Continental and Mediterranean Europe will remain steady in 2015 in spite of the low oil price, according to research firm Wood Mackenzie.
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Industry Headlines

Russia's Gazprom Cancels Plans to Expand Nord Stream
Wednesday, January 28, 2015 Russia's Gazprom cancels a plan to build two more branches of the Nord Stream natural gas pipeline, according to sources.
BG Signs Oil Contractor Deal With KBR To Reduce Costs
Wednesday, January 28, 2015 BG Group signs an agreement with KBR to hire skilled contractors for its large-scale projects at short notice, an alliance that will allow BG to cut hiring costs.
Lukoil Would Welcome Investigation into Accusations it Funded Terrorism
Wednesday, January 28, 2015 Lukoil wants a prompt investigation into accusations it took part in the funding of terrorism in Ukraine and is ready to cooperate with Ukraine's law enforcement agencies.
CNPC Research: China's Oil Demand To Grow 3% In 2015
Wednesday, January 28, 2015 China's implied oil demand will grow 3% this year versus last year, little changed from the pace of growth in 2014 as calculated by Reuters.
Hess Profit Misses Estimate As Oil Prices Slump
Wednesday, January 28, 2015 The weak results from Hess, one of the first major US oil companies to report quarterly earnings, could portend a wave of negative earnings reports across the industry.
Turkish Cypriot Negotiator Urges Suspension Of Gas Drilling
Tuesday, January 27, 2015 Greek and Turkish Cypriots should agree to suspend the search for offshore natural gas until they have hammered out a settlement in talks, Ergun Olgun says.
Obama Floats Offering First-Ever Drilling Lease In Atlantic
Tuesday, January 27, 2015 The Obama administration floats a plan that for the first time would open up a broad swath of the Atlantic Coast to drilling, even as it moved to restrict drilling off Alaska.
BP Cuts 255 Jobs In Azerbaijan, Remains Committed To Region
Tuesday, January 27, 2015 BP cuts 255 jobs, or around 8% of its workforce in Azerbaijan as it trims costs in response to the "challenging market environment".
Budget Watchdog: Canada May Face 2015/16 Budget Deficit On Low Oil
Tuesday, January 27, 2015 If the price of oil averages $48 a barrel this year, Canada will end up with a small deficit in 2015-16, even with the use of a contingency fund set aside for unexpected events, Canada's budget watchdog says.
Wood Mac: Steady Licensing Activity Expected in Europe in 2015
Tuesday, January 27, 2015 Oil and gas licensing activity in Continental and Mediterranean Europe will remain steady in 2015 in spite of the low oil price, according to research firm Wood Mackenzie.
Kemp: Factors That Will Drive US Oil Production In 2015
Tuesday, January 27, 2015 Rig counts are a highly imperfect guide to future oil production but they are one of the few readily available statistics on oilfield activity so it is unwise to dismiss their importance entirely.

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Exploration

Gulfsands Completes Testing on Dardara Southeast 1 Well, Morocco
Wednesday, January 28, 2015 Gulfsands completes testing on its Dardara Southeast 1 discovery well on the Rharb Centre Permit, onshore Morocco.
Chevron Teams Up with BP, ConocoPhillips in GOM Leases
Wednesday, January 28, 2015 Chevron announces it will work with BP and ConocoPhillips to explore and appraise 24 jointly-held offshore leases in the northwest portion of Keathley Canyon in the deepwater Gulf of Mexico.
KrisEnergy Commcences 2D Seismic Survey at Udan Emas PSC in West Papua
Wednesday, January 28, 2015 KrisEnergy commences 2D seismic survey in Indonesia's onshore Udan Emas production sharing contract in West Papua.
Buru Energy Spuds Sunbeam 1 Well in Permit EP 129 in Canning Basin
Wednesday, January 28, 2015 Buru Energy spuds Sunbeam 1 exploration well in permit EP 129 in the Canning Basin, Western Australia.
Octanex Drops Claim on Onshore Derby Block in WA's Canning Basin
Wednesday, January 28, 2015 Octanex drops claim on onshore Derby Block in Western Australia's Canning Basin.
Falcon 'Disappointed' with NIS over Mako Trough License
Monday, January 26, 2015 Falcon Oil & Gas says it is disappointed with partner NIS over its failure to drill a third well on the Hungarian Mako Trough license within the timeframe agreed.
Gardline-CGG Bags Deal from Spectrum for 2D Seismic Survey Off WA
Friday, January 23, 2015 Gardline-CGG joint venture bags contract from Spectrum for a 2D multi-client marine broadband seismic survey offshore Western Australia.
MEC Updates on Operations at Bonaparte Basin, Sydney Basin in Australia
Friday, January 23, 2015 MEC Resources updates on operations by the firm's unit, Advent Energy, at the onshore Bonaparte Basin and offshore Sydney Basin in Australia.
KrisEnergy 2 Completes 2D Seismic Survey in SS-11 Block Off Bangladesh
Friday, January 23, 2015 KrisEnergy completes 2D seismic acquisition program in the SS-11 exploration block offshore Bangladesh.
Eni Makes New Oil, Gas Find in Egypt's Western Desert
Thursday, January 22, 2015 Eni announces a new oil and gas discovery in the West Melehia deep exploration prospect, located in the Melehia license, in the Western Desert of Egypt.
Taipan Provides Drilling Update on Badada-1 Well in Kenya's Block 2B
Thursday, January 22, 2015 Taipan Resources updates on drilling at Badada-1 well in Kenya's onshore Block 2B.

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Production

Cyprus in Talks with Noble on Exploitation of Gas Find
Wednesday, January 28, 2015 Cyprus and US independent energy firm Noble discuss the potential exploitation of a gas field discovered in 2011.
MedcoEnergi Inks Agreement to Sell Gas from Aceh's Block A to Pertamina
Wednesday, January 28, 2015 MedcoEnergi inks agreement to sell $2 billion of gas to Pertamina from Block A, Aceh, Indonesia.
Australia State Suspends AGL's Fracking License, Banned Chemicals Found
Wednesday, January 28, 2015 An Australian state government suspends AGL Energy's license to operate a pilot coal seam gas field after banned chemicals were found in water supplies.
CNPC Completes China's Deepest Onshore Well in Tarim Oilfield
Wednesday, January 28, 2015 CNPC completes Keshen-902 appraisal well, China's deepest onshore well, in Tarim Oilfield.
Nigeria's Forcados Oil Pipeline Resumes after One-Week Shutdown
Tuesday, January 27, 2015 Nigeria resumes operations at its Trans Forcados oil pipeline after the pipeline was shut down for a week due to sabotage.
Ghana's OCTP Project Gets Go-Ahead
Tuesday, January 27, 2015 Eni's OCTP project in Ghana gets the go-ahead, with first oil expected in 2017.
Norway's Snoehvit LNG Plant Shut Due to Gas Alarm
Tuesday, January 27, 2015 Production at Norway's Snoehvit liquefied natural gas plant stops due to a gas leak.
Oil Ministry: South Sudan Oil Production Rises To 169,000 Bpd
Tuesday, January 27, 2015 South Sudan's oil production has risen by about 9,000 bpd to 169,000 bpd from December last year, petroleum minister Stephen Dhieu Dau says.
Kemp: North Dakota Oil Rigs Drop Points To US Output Decline After May
Monday, January 26, 2015 The decline in oil drilling in the US should ensure that US production peaks by April or May.
Rival Minister: Libya Producing 363,000 Barrels per Day
Monday, January 26, 2015 Oil output from Libya fells to 363,000 barrels per day amid fighting.
Rival Minister: Libya Producing 363,000 BPD of Oil
Monday, January 26, 2015 Libya, struggling to reopen ports and oilfields hit by fighting, is producing 363,000 barrels of oil per day (bpd) and exporting around 200,000, the oil minister appointed by forces in control of the capital Tripoli says.

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Finance and Investing

Small Oil Firms Hunt For Cash As Crude Slump Shuts IPO Door
Tuesday, January 20, 2015 Slumping oil prices are shutting the door to stock market listings for small oil and gas firms, forcing many to tap more costly forms of financing or to shelve projects and wait for better times.
Reliance Posts 2.9% Fall in Oil, Gas Revenue to $460.2M in 3Q FY 2015
Monday, January 19, 2015 Reliance's oil and gas exploration and production segment posts a 2.9 percent decline in revenue for third quarter 2015 that ended Dec. 31, 2014.
Rig Maker Lamprell Expects 2015 Revenue Below Current View
Monday, January 12, 2015 Rig-maker Lamprell says the slump in oil prices hurt its ability to secure new business, and that it expects its revenue for this year would be about 10 percent below current expectations.
EMAS Offshore Posts Net Profit of $148M in 1Q 2015, Up from $13M a Year Ago
Thursday, January 08, 2015 EMAS Offshore posts net profit of $148.4 million for the first quarter of financial year 2015 that ended Nov. 30, 2014, up from $13 million in the previous year.
Sources: Petronas May Slash Domestic Investment 30% as Crude Slumps
Thursday, January 08, 2015 Petronas may slash capital expenditure even more than it has signalled because the continuing rout in oil prices has hurt revenue, with domestic spending facing cuts of about 30 percent, sources say.
Canada's ARC Resources Latest To Cut Budget As Oil Prices Fall
Wednesday, January 07, 2015 ARC Resources says it will cut an already reduced 2015 capital spending budget by nearly 15%.

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Company Operations

Weatherford Eliminates COO Role amid Oil Slump
Wednesday, January 28, 2015 Oil services firm Weatherford International says it will eliminate the position of chief operating officer as it copes with the 60-percent slide in global crude oil prices.
Cenovus Energy Cuts 2015 Capital Spending as Oil Prices Plunge
Wednesday, January 28, 2015 Canada's Cenovus Energy cuts its capital spending budget for 2015 in response to the slump in oil prices.
Gulf Marine Wins 4-Year Vessel Contract
Wednesday, January 28, 2015 Gulf Marine Services wins a new four-year contract for one of its large-class vessels.
MEO Australia Appoints Peter Stickland as MD/CEO, Succeeds Jurgen Hendrich
Wednesday, January 28, 2015 MEO Australia appoints Peter Stickland as managing director and CEO, succeeding Jurgen Hendrich.
Yinson Clinches $2.54B FPSO Contract from Eni for Ghana's OCTP Block
Wednesday, January 28, 2015 Yinson clinches a $2.54 billion contract from Eni to supply, operate and maintain a floating production storage and offloading vessel for Ghana's Offshore Cape Three Points Block.
UK Oil & Gas Appoints New CEO
Tuesday, January 27, 2015 Stephen Sanderson appointed as new CEO of UK Oil & Gas.
Technip Wins 2 Subsea Contracts in Gulf of Mexico
Tuesday, January 27, 2015 Technip wins two subsea contracts with Stone Energy Corporation for the Amethyst field in the US Gulf of Mexico.
Oil Producer Afren Shares Slump Amid Warning Of Imminent Default
Tuesday, January 27, 2015 Afren's shares tumble 72% after it said it had entered talks with its largest bondholders over immediate fund shortages, prompting dent ratings agency Fitch to warn of its imminent default.
CEO: Saudi Aramco to Renegotiate Some Contracts on Low Oil Price
Tuesday, January 27, 2015 Saudi Aramco will renegotiate some contracts and postpone some projects due to falling oil prices, its CEO says.
As Oil Slides, Singapore Oilfield Service Firms Struggle to Refinance Debt
Tuesday, January 27, 2015 Ezra Holdings and Swiber Holdings are finding it tough to refinance debt maturing later this year due to the slump in crude prices, according to banking sources.
Arawak Terminates MENA Strategic Cooperation Agreement with Gulfsands
Monday, January 26, 2015 Arawak Energy terminates strategic cooperation agreement with Gulfsands Petroleum for the Middle East and North Africa.

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