News Topics: Capital Budget Annoucements

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Total to Raise $1.2 Billion of New Debt Financing
Wednesday, November 25, 2015 Total is raising approximately $1.2 billion of new debt financing, which it intends to use "for general corporate purposes", according to a company statement.

Could Cuts in CAPEX Be the Catalyst For Growth in Oil Prices?
Wednesday, November 25, 2015 North American upstream companies continue to slash spending but demand growth could turn that around within the next 18 to 20 months.

AGR Demands Speedy Loan Repayment from Tethys Petroleum
Wednesday, November 25, 2015 AGR Energy sends Tethys Petroleum an 'accelerated repayment notice' in relation to a $7.5-million loan it made to the firm during the spring of this year.

Seadrill Posts Operating Loss, Increases Cost Savings Target
Tuesday, November 24, 2015 Following an operating loss of $291 million in 3Q 2015, Seadrill Limited increases its cost savings target for the year to $600 million.

Eastern Europe Focused Energy Firms Increase CAPEX
Tuesday, November 24, 2015 Nostrum Oil & Gas and PJSOC Bashneft increase capital expenditure in 9M 2015, bucking the trend of CAPEX reduction among energy firms amid the current lower oil price.

Thai PTT Cuts 2015 Investment Budget To $1.4 Billion
Friday, November 20, 2015 PTT has cut its 2015 estimated investment budget to $1.4 billion, mainly due to a postponement in new overseas investments.

Petrobras Extends Rally On Capital Plan
Friday, November 20, 2015 Petrobras leads LatAm credit markets higher following news that the Brazilian government considers plan to inject fresh capital into the beleaguered oil company.

Plunge In Norway's Oil Investments Could Hurt Economy
Wednesday, November 18, 2015 Investments in Norway's oil and gas sector will drop by almost 40% from 2014 to 2017, an industry lobby group predicted.

QGC, Partners Invest $1.2B to Boost Gas Output in Australia's QCLNG Project
Monday, November 16, 2015 QGC and joint venture partners invest $1.2 billion to boost gas production for the Queensland Curtis liquefied natural gas project in Australia.

Caza Posts YOY Financial, Production Decreases, Cuts Costs
Friday, November 13, 2015 Following financial and production decreases in the third quarter of 2015, compared to the same period last year, Caza Oil & Gas announces that it is scaling back costs.

North Energy: Cost-Cutting Plan 'On Schedule'
Thursday, November 12, 2015 North Energy's cost-cutting restructuring plan is "on schedule", following a net loss of $3.78 million in the third quarter of 2015.

Repsol Posts Upstream Earnings Loss, Reaffirms Plans to cut Spend
Thursday, November 12, 2015 Following a $678 million loss in the 9 month period from Jan to Sept this year for Repsol's upstream division, the group reaffirmed its plans to significantly scale back upstream investment over the next 5 years.

Tullow, Ophir Cut CAPEX amid Continued Low Oil Price
Wednesday, November 11, 2015 Africa-focused oil and gas companies, Tullow Oil and Ophir, cut their capital expenditure for 2016 following a continued low oil price.

Australia's Santos Reboots With $2.5B In Asset, Share Sales
Monday, November 09, 2015 Santos reveals plans to raise $2.5 billion, mainly from a massive share sale, thumbing its nose at a full takeover as the indebted oil and gas firm tries to shore up its funding.

UAE Pressing Ahead With Oil Expansion, Betting On Price Recovery
Monday, November 09, 2015 The United Arab Emirates is pushing ahead with large new energy projects, betting on an oil prices recovery next year.

Argentina's YPF Says Sees Fall In Capital Spending In 2016
Friday, November 06, 2015 YPF forecast that 2016 capital expenditures would decline toward the lower end of a $5-$6B range and expected a devaluation of the peso next year that would exceed inflation.

US Shale Producers See Big Budget Cuts for 2016
Friday, November 06, 2015 US shale oil producers risk cutting to the bone next year as they pare spending further to get ready for a prolonged downturn.

Maersk Oil Cuts Exploration Spend in 2015
Friday, November 06, 2015 Maersk Oil expects its exploration costs in 2015 to be almost $300 million lower than last year, due to the reduction of exploration activity.

US Oil Producer Apache Raises Production Forecast
Thursday, November 05, 2015 Apache reports a much smaller-than-expected quarterly loss and joined a growing list of US oil producers in raising full-year production forecast even as many of them cut spending.

Devon Energy Plans To Cut Capital Spending Next Year
Wednesday, November 04, 2015 Devon Energy says it will slash capital spending for its exploration and production budget next year as crude oil prices remain depressed.

Norwegian Oil Firm Det Norske Cuts 2015 Spending Plans
Wednesday, November 04, 2015 Norway's Det norske cuts spending this year after registering a third-quarter loss.

Shell Reorganizes as it Plans for 'Prolonged Downturn'
Tuesday, November 03, 2015 Shell reorganizes its upstream operation as it plans for a prolonged downturn due to low oil prices

Noble To Make Investment Decision On Israel's Gas Fields In 1 Year
Monday, November 02, 2015 Noble Energy says it will make a final investment decision on two large gas fields in Israel in about a year's time, a day after the country's prime minister promised to fast-track the projects.

Orca Closes $60M Loan Deal with IFC to Fund Songo Songo Gas Project
Friday, October 30, 2015 Orca closes $60 million loan deal with International Finance Corp., with proceeds used partly to fund Songo Songo field development program offshore Tanzania.

Conoco Posts Quarterly Loss, Cuts 2015 Spending Target
Thursday, October 29, 2015 ConocoPhillips lowers its 2015 spending target in response to the lingering slump in crude prices.

Saipem Plans 3.5B Euro Rights Issue as Eni Steps Back
Wednesday, October 28, 2015 Italian oilfield services contractor Saipem asks investors to pump in fresh capital to help it weather the recession in the sector.

BP Shrinks Again To Weather Extended Oil Slump
Tuesday, October 27, 2015 BP announces a third round of spending cuts and more asset sales over the coming years.

GE to Invest Part of a $1B Investment in Indonesia in the Oil, Gas Sector
Tuesday, October 27, 2015 GE to allocate part of a $1 billion investment in Indonesia in the oil and gas sector.

Russia's Gazprom Says 2015 Investment Program Revised to 1.043 Trillion Rou
Tuesday, October 20, 2015 Gazprom revises its 2015 investment program to 1.043 trillion roubles ($16.8 billion).

S.Korean Bank, Kuwait Petroleum Sign MOU for $5B Financing
Monday, October 19, 2015 Export-Import Bank of Korea signs a memorandum of understanding with Kuwait Petroleum Corporation to finance $5 billion for some of the state-run oil company's projects in Kuwait.

Repsol Significantly Scales Back Upstream Investment
Thursday, October 15, 2015 Repsol will significantly scale back its upstream investment over the next 5 years, according to its latest strategic plan.

Gulf Keystone Receives another Payment for Kurdistan Crude Exports
Thursday, October 15, 2015 Gulf Keystone Petroleum receives a payment of $15 million for crude oil exports from its Shaikan field in Kurdistan following a similar payment by the KRG in September.

NZ-Focused TAG Oil Cuts Capex for Rest of FY16 Due to Low Oil Prices
Thursday, October 15, 2015 New Zealand-focused TAG Oil cuts capital expenditure by around 43 percent to about $10 million for the remainder of fiscal year 2016 due to low oil prices.

Source: Israel's Delek Group Eyes London Share Listing in 2016
Tuesday, October 13, 2015 Israel's Delek Group could list on the London Stock Exchange in 2016 as part of a strategy to become a global oil and gas firm.

Indian Oil Corp. to Spend $5B Over Next 5-7 Years to Expand E&P Business
Tuesday, October 13, 2015 Indian Oil Corp. plans to spend $5 billion over the next 5 to 7 years to expand its exploration and production business.

Indonesia's Saka Energi Seeks $500M in Bank Loans to Fund 2016 Growth Plan
Tuesday, October 13, 2015 PT Saka Energi seeks $500 million in bank loans by end of this year to fund its 2016 upstream expansion plans.

Brazil's Petrobras Cuts Spending Plan for 2nd Time in 3 Months
Tuesday, October 06, 2015 Petrobras, struggling with the biggest debt load among global oil firms, cuts $11 billion from capital spending plans for this year and next as Brazil's currency and oil prices slump.


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