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Thursday, December 18, 2014 - Higher global energy needs are likely to boost long term growth in expenditure for exploration and production in the offshore oil and gas industry.
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Industry Headlines

EIA, Analyst: US Crude Production Strong, Despite Rig Count Decline
Thursday, December 18, 2014 A drop in rig counts as crude oil prices weaken does not have to translate into a drop in production, analyst says.
EU Bans Investment in Crimea, Targets Oil Sector, Cruises
Thursday, December 18, 2014 The EU bans investment in Crimea, halting European help for Russian Black Sea oil and gas exploration.
Energy Demand to Underpin Long Term Growth in Offshore E&P Expenditure
Thursday, December 18, 2014 Higher global energy needs are likely to boost long term growth in expenditure for exploration and production in the offshore oil and gas industry.
Saudi's Naimi: OPEC Cannot Cut Alone But Others Would Not
Thursday, December 18, 2014 Saudi Arabia's oil minister Ali Al-Naimi says that OPEC could not cut output without the support of other big producers and attempts to get them on board had not worked.
Sources: China Ends Near Decade of Rising Iraq Crude Oil Orders
Thursday, December 18, 2014 Chinese oil firms will keep the amount of crude they buy from Iraq unchanged in 2015 for the first time in almost a decade.
Petrobras CEO Says Rousseff Refused Offer To Resign On Scandal
Wednesday, December 17, 2014 Petrobras may have to resign to avoid further delays of the company's audited 3Q earnings report.

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Exploration

Rose is Granted Utah Drilling Permit
Thursday, December 18, 2014 Rose Petroleum is granted a drilling permit by the State of Utah ahead of the start of operations at its Mancos Well in the Uinta Basin.
ExxonMobil Says Hits More Shale Oil, Gas In Argentine Region
Thursday, December 18, 2014 ExxonMobil has struck shale oil and gas at a second well in Argentina's Neuquen province, a region that sits atop Vaca Muerta, one of the world's largest shale resources.
Chevron Cancels Canadian Arctic Drilling As Oil Prices Slide
Wednesday, December 17, 2014 Chevron says a plan to drill for oil in the Beaufort Sea in Canada's Arctic is on hold indefinitely because of what it called "economic uncertainty in the industry" as oil prices fall.
Ivory Coast Signs Deals with ExxonMobil for Two Oil Blocks
Wednesday, December 17, 2014 Ivory Coast signs production sharing agreements with Exxon Mobil for two ultra-deepwater blocks in the Gulf of Guinea.
Obama Withdraws Alaska's Bristol Bay From Drilling
Tuesday, December 16, 2014 President Barack Obama announced that he's removing more than 52,000 square miles of waters off Alaska's coast from consideration for oil and gas exploration or drilling.
Total Delays Bulgaria Exploration Citing Oil Price Tumble
Tuesday, December 16, 2014 Total says that drilling for oil and gas at an exploration block off Bulgaria's Black Sea coast will be delayed by at least six months.
State Media: Sudan To Drill Hundreds Of Wells To Boost Oil, Gas Reserves
Tuesday, December 16, 2014 Sudan's oil minister says the country will drill more than 250 wells in the coming year, state media reports.

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Production

Shell Agrees Sale of Norwegian Downstream Businesses
Thursday, December 18, 2014 Royal Dutch Shell agrees to sell its Norwegian retail, commercial fueld and logistics businesses to ST1.
FMC Clinches Subsea Systems Gig Offshore Nigeria
Wednesday, December 17, 2014 FMC Technologies receives an order from Star Deep Water Petroleum Limited (a Chevron company) to provide subsea equipment for operations in the Agbami field offshore Nigeria.
Technip Wins $125M Terminal Project with ONGC in India
Wednesday, December 17, 2014 Technip wins $125 million deal to build a 212-million cubic feet per day onshore oil terminal in India.
Stage Two of Russia's Urengoyskoye Field Launched
Wednesday, December 17, 2014 Novatek reports the launch of the second stage of the Urengoyskoye field, onshore Russia.
Shaikan Production to Increase to 40,000 Barrels per Day
Tuesday, December 16, 2014 Work is completed on Iraqi Kurdistan's Shaikan field that will see it soon produce 40,000 barrels of oil equivalent per day.
Australia's Woodside Postpones Decision On Browse LNG Project
Tuesday, December 16, 2014 Woodside Petroleum says it was postponing an investment decision on whether to proceed with development of the Browse floating LNG project off the coast of Australia due to low oil prices.

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Finance and Investing

Oil Price Plunge Forces Nigeria To Slash 2015 Growth Forecast
Wednesday, December 17, 2014 Nigeria has slashed its forecast for economic growth in 2015 due to the plunge in global oil prices, the finance minister's budget presented to parliament on Wednesday showed.
Mosman Oil and Gas Plans to Acquire 100% Interest in MEO Australia
Friday, December 12, 2014 Mosman Oil and Gas plans a takeover bid for 100 percent interest in MEO Australia.
Minister: Brazil Govt Plans Petrobras Asset-Backed Debt Offer
Thursday, December 11, 2014 The Brazilian government is working on a plan to help embattled Petrobras borrow money through an offering of asset-backed securities before year end, Mines and Energy Minister Edison Lob?o says.
Lower Oil Prices Prompt Norway Interest Rate Cut
Thursday, December 11, 2014 In a surprise move, Norway's central bank cuts its key lending rate as it frets over the impact of the sharp fall in oil prices on the country's economy.
Octanex Gets Funds from SIP for Joint Investment in Southeast Asia Projects
Tuesday, December 09, 2014 Octanex secures funding from Sabah International Petroleum to jointly pursue upstream projects in Malaysia, Indonesia and the Philippines.
Israel's Delek Group Buying Shares In Foreign Energy Companies
Wednesday, December 03, 2014 Delek Group buys $170 million worth of shares in foreign oil and gas companies.

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Company Operations

Det norske Appoints New Head of Projects
Thursday, December 18, 2014 Det norske oljeselskap appoints Olav Henriksen as its new head of projects.
Independent Gets Cronx Extension
Thursday, December 18, 2014 Independent Oil & Gas reports that the UK government has extended the Cronx license by 12 months and that it expects to complete the acquisition of Cronx by June 30 next year.
Director: Indonesia's Pertamina Sees Over 20% Drop in 2014 Profit
Thursday, December 18, 2014 Indonesia state oil and gas firm Pertamina sees a more than 20-percent fall in its net profit for 2014.
Court Reviewing Arrest Warrant Application for KOGAS CEO
Thursday, December 18, 2014 South Korean prosecutors say a court is reviewing an arrest warrant application for the chief executive of state-run Korea Gas Corporation, Jan Seok-hyo.
Dutch Oil Platform Company SBM Offshore Maintains Outlook
Wednesday, December 17, 2014 SBM Offshore has maintained its sales guidance for 2014 but said it would take $146 million in one-off charges.
Canadian Oil Producers Slash 2015 Capital Budgets
Wednesday, December 17, 2014 Canadian oil producers Husky Energy and Penn West Petroleum slash their 2015 capital budgets due to a slide in crude oil prices.

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