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Friday, January 30, 2015 - Rice University analysts weigh-in on the reasons for the drop in crude oil prices, where prices could to end up, and how the US became a swing supplier of crude oil.
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Industry Headlines

Mexico Cuts Spending On Oil Shock, Shelves Tainted Rail Project
Friday, January 30, 2015 Mexico's government cut its 2015 budget by nearly 3% after a drop in global prices hurt public finances.
Chevron Scraps 2015 Share Repurchase Program On Low Oil Prices
Friday, January 30, 2015 Chevron halts its 2015 share repurchase program, a move designed to conserve cash amid tumbling oil prices and its latest cost-cutting step after slashing capital spending.
Markets Brace For Big Oil Profit Plunge
Friday, January 30, 2015 Energy companies' profits are expected to have dropped 23%, a collapse of fortune nearly unheard of outside of a recession, and one that has weighed on the stock market.
Congress Gets Busy On Oil, Gas Issues
Friday, January 30, 2015 Republicans are wasting no time in taking on some of the energy issues that have been waiting in Congress for years, Alex Mills says.
BSEE: Gulf Well Supervisor Charged with False Statements to Inspectors
Friday, January 30, 2015 Gulf of Mexico well site supervisor is being charged with falsifying statements regarding blowout preventer components.
Q&A: Oil Price Slump Temporary amid Changing Supply Dynamics
Friday, January 30, 2015 Rice University analysts weigh-in on the reasons for the drop in crude oil prices, where prices could to end up, and how the US became a swing supplier of crude oil.
Oil Surges 8% As US Rig Count Plunges, Shorts Cover
Friday, January 30, 2015 Oil prices rocketed more than 8%, their biggest one-day gain in two and a half years.

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Exploration

BP to Hand Back Two Exploration Blocks to Indonesia on Risk Concerns
Friday, January 30, 2015 BP has decided to relinquish two exploration blocks to Indonesia, after a survey of the blocks found them to be high risk, the company says.
Norway's Statoil Will Not Drill In Arctic Barents Sea This Year
Friday, January 30, 2015 Statoil will not drill exploration wells in the Arctic Barents Sea this year after a failed campaign in 2014, says exploration chief Tim Dodson.
Santos Acquires 20% Stake in Sabah's Deepwater Block R
Friday, January 30, 2015 Santos acquires 10 percent interest each from Inpex and JX Nippon Oil & Gas Exploration in Block R, offshore Sabah, Malaysia.
Hibiscus to Capitalize on Lower Service Rates for 2015 Drilling Operations
Friday, January 30, 2015 Malaysia's Hibiscus Petroleum hopes to capitalize on lower service rates for its 2015 drilling operations.
Buru Energy Continues Drilling at Sunbeam 1 Well in WA's Permit EP 129
Thursday, January 29, 2015 Buru Energy provides update on drilling operations at Sunbeam 1 well in permit EP 129 in Western Australia.
Soco Cuts 2015 Investment Budget to Focus on Vietnam, Africa
Thursday, January 29, 2015 Oil producer Soco International reduces its 2015 capital expenditure budget by more than 60 percent versus last year and will focus on projects in Vietnam and Africa, the company says.

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Production

North Dakota: Crude Production is Being Focused in Four Core Counties
Friday, January 30, 2015 Oil prices will have to fall to near $30/barrel before production in North Dakota ceases, according to new analysis by the North Dakota Department of Minerals House Appropriations Committee.
Development of APLNG Project is 88% Complete, First LNG Seen in Mid-2015
Friday, January 30, 2015 Origin Energy reports that Australia Pacific LNG project in Queensland, Australia is 88% complete, with first LNG scheduled for delivery in mid-2015.
Small-Scale LNG Projects in British Columbia Nudge Ahead
Friday, January 30, 2015 Small-scale LNG projects are emerging as bright spots in British Columbia's bid to become a major exporter of natural gas, with two floating projects on the Canadian province's Pacific Coast moving ahead even as larger projects face delays.
Murphy Closes Sale of 30% of its Malaysian Oil, Gas Assets to Pertamina
Friday, January 30, 2015 Murphy closes the second phase of the sale of 30 percent of its Malaysian oil and gas assets to Pertamina.
Indonesia Plans to Produce 825,000 Bopd in 2015, Up 4% YOY
Thursday, January 29, 2015 Indonesia plans to produce 825,000 barrels of oil per day in 2015, up 4% from last year, while a decision on contract extension for the Mahakam block is expected in February.
DNV Wins Verification Services Contract with Wintershall
Thursday, January 29, 2015 Technical services firm DNV is selected by Wintershall Norge to supply verification services for the SURF part of the Marian field development project in the Norwegian Sea.
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.

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Finance and Investing

Thailand's PTTEP Slips to 4Q Net Loss as Weak Oil Prices Weigh
Thursday, January 29, 2015 PTTEP, Thailand's largest oil and gas explorer, reports its first quarterly net loss in more than a decade, mainly due to higher impairment loss on assets after declines in global oil prices.
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.

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Company Operations

Shell Corrects Fourth Quarter Results, Earnings Unaffected
Friday, January 30, 2015 Shell says it had overstated its 4Q results by $178 million due to an error in the valuation of its fuel inventory.
Alam Lands Contract for Repair, Maintenance Project in Kedah, Malaysia
Friday, January 30, 2015 Alam Maritim lands contract to provide air/saturation diving services for a repair and maintenance project in Kedah, Malaysia.
MEO Cuts Costs, Rejects Mosman Oil and Gas' Revised Takeover Proposal
Friday, January 30, 2015 MEO Australia implements cost cutting measures and rejects a revised takeover proposal from Mosman Oil and Gas.
Gazprom Warns of Reduced Investment Program if Oil Price Decline Continues
Thursday, January 29, 2015 Gazprom warns that any further decline in crude oil prices may adversely affect its business and investment program as it reports a 31-percent fall in its nine-month pre-tax profit.
Brazil's Petrobras Plans To Raise $3 Billion From 2015 Asset Sales
Thursday, January 29, 2015 Petrobras plans to raise $3 billion from asset sales in 2015, according to a presentation of its unaudited third-quarter financial results.
Keppel FELS Delivers Ultra Harsh Environment Jackup to Maersk Drilling
Thursday, January 29, 2015 Maersk Drilling takes delivery of its third ultra harsh environment jackup from Keppel FELS in Singapore.

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