News Topics: Capital Budget Annoucements
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Thai PTTEP Cuts 5-Year Investment Budget, Sales Forecast
Wednesday, March 05, 2014 PTTEP cuts its five-year investment budget by 8 percent and 2014 petroleum sales target by 3 percent due to lower output from an Australian field and a delay in the startup of a gas field in Myanmar.
Exxon Expects Flat Output In 2014, Spending To Drop 6%
Wednesday, March 05, 2014 ExxonMobil expects oil and natural gas production to be flat this year as overall spending falls 6% to about $39.8 billion.
Anadarko Petroleum Raises 2014 Capex Budget By 8%
Tuesday, March 04, 2014 Anadarko raises its 2014 capital budget by nearly 8% and says it would spend about 60% of the total on drilling more oil wells onshore in North America.
Portugal's Galp Ups Investment Plan to Support Output Growth
Tuesday, March 04, 2014 Portugal's Galp Energia raises its capital spending target for the next three-to-four years to support ambitious production growth plans in Brazil and Africa.
GDF Increases Gas Production Target as it Boosts Capex
Thursday, February 27, 2014 GDF Suez aims to increase gas production to as much as 63 million barrels of oil equivalent by 2016 as it increases its capital spending budget in pursuit of growth.
Apache Sets 2014 Spending At $8.5B, N. America A Focus
Wednesday, February 26, 2014 Apache expects to spend $8.5B on exploration and production this year, with most of this investment earmarked for drilling wells onshore North America.
RH Petrogas Provides Update on 4Q Profit Guidance, Writes-Off $29M
Tuesday, February 25, 2014 RH Petrogas provides an update on profit guidance for the fourth quarter, including a write-off of approximately $29 million.
Brightoil Petroleum to Finance Anadarko Blocks Purchase through Cash, Loans
Thursday, February 20, 2014 Brightoil Petroleum plans to finance its acquisition of Andadarko Petroleum Corporation's oil blocks in China's Bohai Bay through cash and loands.
UK's Centrica Cuts E&P Spend by 20%
Thursday, February 20, 2014 Centrica becomes the latest oil and gas firm to cut back on upstream spending as it announces a 20-percent cut to its annual E&P capex budget.
Gulf Marine Services to Float in London
Monday, February 17, 2014 Gulf Marine Services plans to float its shares on the London Stock Exchange in an IPO designed to raise $100 million for new vessels.
Kvaerner Sees Rising Revenues, Better Margins in 4Q
Friday, February 14, 2014 Norwegian industrial group Kvaerner posted fourth-quarter earnings a touch ahead of expectations and says it expects revenues to rise this year even as competition remains intense.
BP Ups its Capital Investment in Alaska
Wednesday, February 12, 2014 BP says it will spend about $1.2 billion in Alaska for activities designed to increase production.
Total Raises Dividend As Oil, Gas Spending Peaks
Wednesday, February 12, 2014 Total confirms it will cut capital spending even though its production output is stalling, falling into line with industry peers who are boosting dividends by reducing investment.
Statoil is Latest European Major to Limit Capex
Friday, February 07, 2014 Norway's Statoil joins other European majors with plans to keep a lid on its capital spending.
Chesapeake To Spend Less In 2014, Targets Higher Output
Thursday, February 06, 2014 Chesapeake cuts its capital budget for the year by more than a fifth as CEO Doug Lawler focuses on drilling in US shale basins.
Indonesian Gas Firm PGN to Double Capex to $1.2B for 2014
Thursday, February 06, 2014 Indonesian gas utility firm Perusahaan Gas Negara (PGN) says it plans to more than double its capital expenditure to $1.2 billion this year to build infrastructure and finance its acquisitions.
Tuscany International Drilling Files for Bankruptcy
Monday, February 03, 2014 Tuscany International Drilling files for Chapter 11 protection as liquidity constraints press the Canadian contract driller to cut its debt load.
GE Oil & Gas CEO Upbeat Despite Potential Capex Slowdown
Monday, February 03, 2014 GE Oil & Gas CEO Lorenzo Simonelli says his firm "feels good" about prospects for it within the industry over the longer term in spite of a potential slowdown in capital spending during 2014.
Max Begins Implementing 'Significant' Cost Cutting Program
Friday, January 31, 2014 Kazakhstan-focused Max Petroleum begins the implementation of a 'significant cost cutting' initiative.
Shell Stops Alaska Program in Year of 'Hard Choices'
Thursday, January 30, 2014 Shell plans to reduce capital spending and make "hard choices" when it comes to new projects amid a changing energy landscape.
DrillSeach Raises FY 2014 Production Guidance to 3-3.5 MMboe
Wednesday, January 29, 2014 Drillsearch Energy raises its production guidance for fiscal year ending June 30 to 3-3.5 million barrels of oil equivalent (Mmboe) from 2.3-2.5 MMboe.
Judge: Brazil's Oleo e Gas May Use Assets to Guarantee Loans
Tuesday, January 28, 2014 Brazil's bankrupt oil producer Oleo e Gas Participacoes receives court authorization to use its assets to guarantee a loan critical to keeping the company in operation.
Libra Field JV Approves Capex of $400-$500M for 2014
Friday, January 24, 2014 Petrobras and the joint venture for Libra field in the Santos Basin offshore Brazil has approved capital expenditure of $400-$500 million for 2014.
Bumi Armada to Allocate $2B as Capex for FPSO Segment in 2014
Thursday, January 23, 2014 Bumi Armada plans to allocate $2 billion as capital expenditure for the firm's floating production, storage and offloading unit in 2014, a company official told a local daily.
Hess Cuts 2014 Capital Budget As Shale Costs Shrink
Thursday, January 23, 2014 Hess says it will spend $5.8 billion on exploration and production this year, a 15% drop from 2013 as it focuses more on greater efficiency in its US shale fields.
Lion Energy Moves into Indonesia's Unconventional Oil, Gas Industry
Thursday, January 23, 2014 Lion Energy repositions itself as an early mover in Indonesia's unconventional oil and gas industry.
Hurricane Energy Raises Funds Ahead of UK Drill
Wednesday, January 22, 2014 UK junior Hurricane Energy seeks $82 million of funding ahead of drilling campaign targeting fractured basement reservoirs West of Shetland in the North Sea.
Jupiter Seeks Financing Ahead of Developing Akkar East
Friday, January 17, 2014 Kazakhstan-focused junior Jupiter Energy plans the full field development of its Akkar East field once it has completed a financing package.
BG Group to Begin Honduras Oil, Gas Exploration with $20M Investment
Friday, January 17, 2014 British oil and gas company BG Group will soon begin oil and gas exploration on Honduras's Atlantic coast with an initial investment of at least $20 million, a company executive says.
Chevron Gives Green Light to Britain's North Sea Alder Project
Monday, January 13, 2014 U.S. oil firm Chevron will go ahead with the development of the Alder gas field offshore Britain, helping to boost investment in the region and adding to its future production outlook.