News Topics: Capital Budget Annoucements
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Marathon Oil Cuts 2015 Capex 20% As Crude Tumbles
Wednesday, December 17, 2014 Marathon Oil says its capital expenditures will be about 20% lower next year due to the steep drop in crude oil prices.
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.
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.
Canada's Encana To Raise 2015 Spending, Bucks Industry Trend
Tuesday, December 16, 2014 Encana says it would boost capital spending in 2015 to focus on its more-profitable shale oil fields, bucking an industry-wide move to cut spending as oil prices tumble.
Norwegian Oil Firm Noreco to Restructure
Monday, December 15, 2014 Noreco proposes a restructuring as low oil prices and persistent production problems at its key assets threaten its ability to remain a going concern.
Indonesia Energy Regulator Sees 2015 Upstream Spending At $22B
Friday, December 12, 2014 Indonesia expects spending in its upstream oil and gas sector to reach $22.2 billion in 2015, a senior official at the upstream regulator says, 13% less than the amount budgeted for this year.
Origin, Santos Extend Debt, Slash Costs as Oil Prices Sink
Thursday, December 11, 2014 Origin Energy and Santos take steps to shore themselves up against a 50 percent slide in oil prices as they both race to complete huge gas projects in Australia in 2015.
Canada's Cenovus Energy to Spend 15% Less in 2015
Thursday, December 11, 2014 Cenovus Energy plans to reduce capital spending by 15 percent in 2015.
BP Still Expects Growth Despite Challenging Environment
Wednesday, December 10, 2014 BP says it will see growth from conventional and deep-water assets, as well as an increasing contribution from its gas activities, in spite of the current challenging environment.
Precision Drilling Expects Lower Capital Spending in 2015
Monday, December 08, 2014 Canada's Precision Drilling Corporation expects 2015 capital spending to be 44-percent lower than this year's budget.
BP to Cut Management Jobs as it Changes Corporate Structure
Monday, December 08, 2014 BP confirms that it will cut management positions as it reshapes its corporate structure to reflect the company's size after four years of divestments.
ConocoPhillips Plans To Spend Less In 2015 As Crude Slides
Monday, December 08, 2014 ConocoPhillips says its capital budget for 2015 would drop 20% amid a steep decline in global crude prices.
Ireland's Petroceltic Sued by Largest Shareholder
Monday, December 08, 2014 Irish oil producer Petroceltic is sued by its largest shareholder, Worldview Capital Management, which is also calling for the resignation of its CEO.
Indonesia's Energi Mega to Refinance $170M Loan, Considers Acquisitions
Friday, December 05, 2014 Indonesia's PT Energi Mega Persada hopes to refinance $170 million worth of loans by February next year and is considering acquisitions to raise its production, its top executive says.
Santos Shelves Plan for Fund Raising
Thursday, December 04, 2014 Santos suspends plan for a potential European hybrid issue following OPECís announcement to maintain existing production levels.
Statistics Norway: Norway's Growth, Oil Spending to Take Big Hit in 2015
Thursday, December 04, 2014 Norwegian economic growth will slow sharply next year as the offshore energy sector contracts.
Minister: India May Revise Oil Major ONGC's Subsidy Sharing Structure
Wednesday, December 03, 2014 India considers reworking the subsidy-sharing formula for Oil and Natural Gas Corporation in a bid to boost the state-run oil company's profits.
FEEC Gets Extension on Maturity Date of Facility Agreement with SCB
Monday, December 01, 2014 Far East Energy Corp., operator of the Shouyang coalbed methane production sharing contract in China's Shanxi province, receives a further extension of the maturity date of its facility agreement with Standard Chartered Bank.
Petronas Posts 3Q 2014 Net Profit of $4.39B, Down 12% YOY
Monday, December 01, 2014 Malaysia's Petronas posts a 12 percent decline in net profit to $4.39 billion for the third quarter of 2014, while revenue falls 1 percent to $23.4 billion.
Statoil Defers Decision on $5.7B Oil Recovery Project
Monday, December 01, 2014 Norway's Statoil has postponed a decision to invest 40 billion crowns ($5.74 billion) in a mature field, saying that it needed more time to refine the project as its profitability was under threat.
Statoil Could Pay High Cost for Response to Exploration Failure
Monday, December 01, 2014 Industry insiders say that Statoil may be jeopardising future production with its fast and deep cost cutting.
NWS JV to Develop $1B Persephone Project Off Northwest Australia
Thursday, November 27, 2014 The North West Shelf joint venture approves development of the $1.02 billion Persephone project offshore northwest Australia.
Santos Reassures on Costs at $18.5B Gladstone LNG Project
Wednesday, November 26, 2014 Santos is on track to produce first liquefied natural gas from its $18.5 billion Gladstone LNG project in the second half of 2015, reassuring doubters who fear it may face cost overruns.
Urals Receives Payment for Tanker Shipment
Wednesday, November 26, 2014 Russia-focused junior Urals Energy receives payment from Petraco Oil Company following a recent tanker shipment.
Seadrill Shares Dive after Dividends Suspended
Wednesday, November 26, 2014 Oilfield services firm Seadrill suspends dividend payments to help it weather a slump in offshore drilling rig market rates.
NZEC Closes Vancouver Office, Focuses on New Zealand Upstream Assets
Tuesday, November 25, 2014 New Zealand Energy Corp. closes its Vancouver office in Canada to cut costs and focuses attention on its New Zealand upstream assets.
Ineos Plans $1 Billion Investment In UK Shale Gas
Thursday, November 20, 2014 Ineos announces plans to invest $1 billion in shale gas exploration in Britain as efforts to emulate the US shale boom ramp up.
Shell, Petronas Carigali to Develop E6 Field Offshore Sarawak
Thursday, November 20, 2014 Shell and Petronas Carigali proceed with the development of E6 field in SK308 Production Sharing Contract, offshore Sawarak, Malaysia.
Primeline Secures Funds for China's Offshore LS36-1 Gas Field Development
Thursday, November 20, 2014 Primeline Energy secures project finance facility to fund its share of the development of LS36-1 gas field offshore Zhejiang province, China.
Oman to Maintain Capex for Oil, Gas Industry in 2015
Wednesday, November 19, 2014 Oman maintains capital expenditure for the country's oil and gas expenditure in 2015 despite falling crude oil prices, local media quoted an oil and gas ministry official as saying.
Pertamina Says May Double Output from Overseas Assets by End-2014
Tuesday, November 18, 2014 Pertamina expects its overseas assets to contribute between 90,000 and 120,000 barrels of oil equivalent per day by the end of 2014, the company says, up from around 63,000 barrels per day of crude last year.
Minister: Norway Oil Investments to Fall More Than Expected in 2015
Monday, November 17, 2014 Norwegian energy minister expects his country's oil industry to cut investments more sharply than previously anticipated.
Russia's Gazprom Put 2015 Investments At $18B
Thursday, November 13, 2014 Gazprom will invest $18.1 billion next year, the bulk for development of the Yamal peninsula gas deposits and also including research for a new gas pipeline route to China, the company says.
Tullow Reviews African Assets To Cut Costs As Oil Prices Tumble
Wednesday, November 12, 2014 Tullow Oil places some of its African offshore drilling projects under review as it plans to cut exploration costs to deal with tumbling oil prices.
Thai PTTEP Aims to Boost Cash Flow to $4B at End 2014
Wednesday, November 12, 2014 PTTEP aims to boost cash flow to $4 billion at the end of 2014 from $3.68 billion in 2013.
SBM Completes Loan Deal to Fund Deep Panuke Facility
Tuesday, November 04, 2014 SBM Offshore completes a $450-million loan deal to fund the Deep Panuke Production Field Centre offshore Canada.
Exxon Sticking With Capex Budget Around $37 Billion
Friday, October 31, 2014 The recent slide in crude oil prices is not affecting ExxonMobil's plans to spend $37 billion over the next several years.
Songa Completes $1.1B Loan Deal to Finance Rigs
Friday, October 31, 2014 Songa Offshore says it has completed the signing of a $1.1 billion credit facility to finance its last two Category D drilling rigs.
Sinopec Eyes Shale Boost, Debt Reduction with $17.5B Stake-Sale Cash
Friday, October 31, 2014 Asia's largest oil refiner Sinopec aims to use part of $17.5 billion in proceeds from a stake sale to boost shale gas production and lower debt.
FEEC Further Extends Maturity Date of Loan Facility with SCB
Friday, October 31, 2014 Far East Energy Corp., operator of Shouyang coalbed methane block in China's Shanxi province, further extends the maturity date of its existing loan facility with Standard Chartered Bank.
Chariot Opts Not to Pursue License for Namibian Blocks
Thursday, October 23, 2014 Chariot Oil & Gas deems exploration in the northern blocks offshore Namibia too high risk to justify further spending on a new license.