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Industry Headlines

Fairway Energy Finds 1 Million Barrels of Crude Storage in Houston
Friday, February 05, 2016 Early construction of Fairway Energy's underground crude storage caverns in south Houston yields unexpected capacity.
Pacific E&P Works to Make Bond Payments as Deadline Looms
Friday, February 05, 2016 Colombia's largest private oil producer works to avoid default on bond payments as it comes up against February deadline.
Obama Says US Should Take Advantage of Cheap Fuel With Oil Tax
Friday, February 05, 2016 President Obama defends his proposal for a $10-per-barrel tax on oil, says low gasoline prices provide an opportunity to finance transportation improvements.
Baker Hughes: US Oil Drillers Deepen Cuts in 7th Week of Declines
Friday, February 05, 2016 US energy firms cut oil rigs for a seventh week in a row to the lowest levels since March 2010, data shows.
EU Clears Acquisition of Cameron by Schlumberger
Friday, February 05, 2016 The European Union clears the purchase of equipment maker Cameron International by Schlumberger, the world's No.1 oilfield services provider.
US Jobs Report: Mining Down 7,000; Loss of 800 in Oil, Gas
Friday, February 05, 2016 Data from latest jobs report show that mining jobs declined for another consecutive month.
Moody's: Oil, Gas Loans Not Likely to Choke Big U.S. Banks
Friday, February 05, 2016 Losses from souring oil and gas loans at the largest U.S. banks are probably manageable, even if fuel prices remain low, according to Moody's Investors Service.
Workers at Ivory Coast's State Oil Company Petroci Extend Strike
Friday, February 05, 2016 Workers at Ivory Coast's state oil company Petroci extend strike,. seeking to bring in employees from other companies to join their protest against layoffs, union officials say.
Hess Falls 11% on Stock Sales to Raise $1.43 Billion
Friday, February 05, 2016 Hess Corp, the New York-based oil and gas producer, says it will raise $1.43 billion from sales of stock and deposit shares after reporting its first annual loss since 2002.
Cuadrilla Faces Five-Week Public Hearing on Fracking in UK
Friday, February 05, 2016 A pause on fracking in northwest England that cooled expansion of the practice in the rest of the country may end after a five-week public inquiry scheduled next week.
Wood Mac: Producers Continue to Run Loss-making Oilfields
Friday, February 05, 2016 Less than 0.1% of global production has been halted to date even though 3.5% of global supply is currently cash negative, says Wood Mackenzie.

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Exploration

Sources: Total-Led Consortium Bids for Greek Offshore Gas Drilling Block
Friday, February 05, 2016 France?s Total, along with Hellenic Petroleum and Edison, bid for one offshore gas block in the west of Greece.
Faroe to Drill 3 Exploration Wells in 2016 despite Oil Price
Friday, February 05, 2016 Junior oil firm Faroe Petroleum will be involved in three exploration wells offshore Norway in spite of the low oil price.
Aberdeen University Gets OGIC Funding for Rock Mechanics Kit
Thursday, February 04, 2016 Funding from Scotland's Oil and Gas Innovation Centre secures $735,000 of rock mechanics equipment for Aberdeen University.
OGDCL: Oil, Gas Discovered at Nashpa X-5 Well in Pakistan
Thursday, February 04, 2016 Crude oil and gas has been discovered at the Nashpa X-5 exploration well, located in Pakistan's Karak District.
CGG Awarded Colombian 3D Seismic Survey Extension
Wednesday, February 03, 2016 CGG receives an extension to a 3D seismic survey it successfully completed on the Caribbean coast offshore Colombia late last year.
Cue Finds Oil at Naga Selatan-2 Well in East Kalimantan's Mahakam Hilir PSC
Wednesday, February 03, 2016 Cue Energy finds oil at the Naga Selatan-2 well in the Mahakam Hilir Production Sharing Contract in Kutai Basin, East Kalimantan, Indonesia.

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Production

Petsec Energy Acquires 100% Stake in Damis Production License
Friday, February 05, 2016 Petsec Energy Ltd acquires a 100% participating interest in, and operatorship of, the Damis Production License in the Republic of Yemen's Block S-1.
Aje One Step Closer to First Oil
Thursday, February 04, 2016 The Aje field offshore Nigeria is one step closer to achieving first oil, following the completion of work on the asset's FPSO.
Russia's Sakhalin-2 LNG Plant Expects Maintenance Works to Last until March
Thursday, February 04, 2016 Russia's sole liquefied natural gas plant Sakhalin-2 expects maintenance works to last until March.
Armour Commences Legal Proceedings Against AEP's Australian Affiliate
Thursday, February 04, 2016 Armour Energy commences legal proceedings in Queensland's Supreme Court after American Energy Partners's affiliate AEGP Australia failed to complete the farm-in to its Northern Territory tenements in Australia.
Andalas to Acquire 30% Stake in Tuba Obi East Concession in Sumatra
Thursday, February 04, 2016 Andalas Energy and Power to acquire 30 percent stake in Tuba Obi East oil and gas concession in Jambi province, Sumatra, Indonesia.
Buru Provides Update on Ops at Ungani Far West 1 Well in Canning Basin
Thursday, February 04, 2016 Buru Energy updates on operations at the Ungani Far West 1 well in Canning Basin, Western Australia.

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Finance and Investing

IMF Says Ready to Lend to African Oil Producers; No Requests Yet
Tuesday, February 02, 2016 The International Monetary Fund says it stands ready to help sub-Saharan Africa's oil exporters cope with plunging crude prices and growing fiscal pressures but has not received any new funding requests from the region.
Ecopetrol Dividend Policy Seeks to Prevent Slide Into Junk
Tuesday, February 02, 2016 Colombia?s state-controlled Ecopetrol SA will pursue a dividend policy this year designed to safeguard the company?s investment grade rating amid the slump in oil prices.
Oil Industry's Plan to Keep Investors Happy: Borrow More Money
Tuesday, February 02, 2016 The world?s largest oil companies have a plan to weather the worst market in over a decade: borrow more money.
Anadarko Says It May Cut Dividend Due to High Yield
Tuesday, February 02, 2016 Oil producer Anadarko Petroleum Corp may cut its dividend because its falling share price amid the oil price plunge has pushed the yield too high.
Russian Oligarchs Most Likely Buyers in Putin's New Privatisation Plan
Tuesday, February 02, 2016 Russian oligarchs are the most likely potential buyers of the stakes in some of the country's largest companies that President Vladimir Putin wants to sell.
Texas Shale Drillers Lure $2 Billion in New Equity to Permian
Tuesday, February 02, 2016 Oil producers in West Texas, defying expectations they would fall victim to OPEC?s price war, are instead selling investors on the idea that they can still profit with prices below $35 a barrel.

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Company Operations

EU clears acquisition of Cameron by Schlumberger
Friday, February 05, 2016 The European Union clears the purchase of equipment maker Cameron International Corporation by Schlumberger, the world's number one oilfield services provider.
Greka Warns of Cost Base Reduction in 2016
Friday, February 05, 2016 Greka Drilling Limited warns that it will take actions to reduce its cost base in 2016 as a response to the lower oil price environment.
BG Group's Earnings Drop
Friday, February 05, 2016 BG Group's upstream business posts earnings of $4.1 billion at the EBITDA level in 2015, marking a 35 percent decrease from 2014.
Tower Resources Director Retires
Friday, February 05, 2016 Tower Resources Non-Executive Director Peter Blakey retires from the company's board.
AGL To Give Up Gas Production As Energy Prices Plunge
Thursday, February 04, 2016 AGL Energy Ltd., Australia's biggest electricity producer, will exit natural gas exploration and production after the plunge in energy prices and expects to book $459 million in writedowns.
FOE Stands Firm on Cancellation of Newbuild Semisub Contract with HHI
Thursday, February 04, 2016 Fred Olsen Energy stands firm on the cancellation of a construction contract with Hyundai Heavy Industries for a newbuild semisub.

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Brent Crude Oil : $34.06/BBL 1.16%
Light Crude Oil : $30.89/BBL 2.61%
Natural Gas : $2.06/MMBtu 4.56%
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