News Topics: Capital Budget Annoucements

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State Media: China's CNPC To Cut 2016-2020 Annual Investment By Around 40%
Wednesday, July 27, 2016 China National Petroleum Corp. (CNPC) will cut its annual investment between 2016 and 2020 to about $39 billion, down around 40 percent from the 2011-2015 period, state media says.

Statoil Second Quarter Lags Forecasts, Cuts 2016 Capex Outlook
Wednesday, July 27, 2016 Norway's Statoil cuts its 2016 capital spending guidance as it posts earnings well below forecasts.

Shell Philippines Files for $629M IPO, Eyes Nov Listing
Tuesday, July 26, 2016 Pilipinas Shell Petroleum Corporation files for an initial public offering of its shares that may raise as much as $629 million in one of the Philippines' largest stock market listings.

British Oil Major BP Pursues New Projects Despite Profit Miss
Tuesday, July 26, 2016 BP will forge ahead with at least three more new projects this year, its CEO says, despite reporting a 45 percent drop in second-quarter earnings that prompted a cut in its 2016 investment budget to below $17 billion.

Canada's Encana Posts Smaller Loss, Raises 2016 Capital Spend Plan
Thursday, July 21, 2016 Canadian oil and gas producer Encana Corporation reports a smaller quarterly loss thanks to its ongoing cost-cutting drive.

Saudi Aramco Signs Contracts to Build $13B Fadhili Gas Project
Wednesday, July 20, 2016 State oil giant Saudi Aramco signed four engineering contracts to build its Fadhili gas processing project, the company says.

C&J Energy Files for Bankruptcy to Cut $1.4B in Debt
Wednesday, July 20, 2016 C&J Energy Services files for US Chapter 11 bankruptcy protection with an agreement with its lenders to swap $1.4 billion in debt for ownership of the reorganized company.

BHP Billiton Cuts Petroleum CAPEX by 44% in FY2017 to $1.4B
Wednesday, July 20, 2016 BHP Billiton cuts oil and gas capital expenditure (CAPEX) by 44 percent in financial year 2017 to $1.4 billion, compared to $2.5 billion in the previous year.

CNR Puts Off Planned Ivory Coast Investment Over Low Oil Prices
Tuesday, July 19, 2016 Canadian Natural Resources is postponing $300-400 million in planned investment on its Ivory Coast offshore blocks pending a rebound in crude prices, its general manager in the West African nation says.

Brazil Has No Plans to Privatize Petrobras, CEO Says
Monday, July 18, 2016 The Brazilian government has no plans to privatize Petroleo Brasileiro and is still deciding whether to sell its controlling share in several units to shore up its finances, the company's CEO says.

Pan American Energy to Invest $1.4B in Argentina this Year
Thursday, July 14, 2016 Pan American Energy, a unit of BP, is planning to invest $1.4 billion in Argentina's biggest oil field and other areas this year, two sources say.

Bondholders to Take Control of Kurdish Oil Firm Gulf Keystone
Thursday, July 14, 2016 Kurdistan-focused oil producer Gulf Keystone is set to be taken over by its bondholders.

IPM, Partnership Fund to Invest $100M in Energy Projects in Georgia
Wednesday, July 13, 2016 Fund management and advisory company InfraPartners Management and Georgia's Partnership fund plan to invest $100 million in renewable energy-related infrastructure in the ex-Soviet country, the firm says.

KKR's Mexican Oil Deal Kicks Off New Era in Funding for Pemex
Friday, July 08, 2016 The biggest corporate issuer of bonds in emerging markets appears to be taking a breather.

Tullow Announces $300M Bond Offer
Wednesday, July 06, 2016 Tullow Oil plc announces the launch of an offering of $300 million of convertible bonds, due 2021, which will be used to fund capital investment in the group's assets in West and East Africa.

EBRD Gives $20M Loan To Greece's Sole Oil Producer
Tuesday, July 05, 2016 The European Bank for Reconstruction and Development signs a $20 million loan deal with Greece's privately-owned Energean Oil & Gas, the country's sole oil producer, to support existing and new projects.

Azerbaijan's SOCAR Reports $1.15B Net Loss For 2015
Friday, July 01, 2016 Azeri state energy company SOCAR reports a $1.15 billion (1.785 billion manat) net loss for 2015, compared to a 1.274 billion manat net profit a year earlier, the company said on Friday.

Premier Oil Defers Test Of Financial Covenants
Friday, July 01, 2016 Premier Oil Plc, which is in talks with its lending group on the terms of its existing financial facilities, says the lending group has agreed to defer the test of its financial covenants.

Magnolia Petroleum Acquires Assets from Famcor Oil
Thursday, June 30, 2016 Magnolia Petroleum Company has acquired all assets from Houston-based Famcor Oil, including 70 operated wells.

Saudi Aramco Cuts All August Oil Prices for US, Asian Clients
Thursday, June 30, 2016 Saudi Arabia, the world's largest crude exporter, cut all official selling prices for its crude sales to Asian and US clients in August.

Shareholders In Poland's PGNiG Approve Dividend Of PLN 0.18/Shr
Tuesday, June 28, 2016 Shareholders at Poland's state-run gas firm PGNiG approve a dividend of 0.18 zlotys per share, in line with the management proposal.

Study: Mid-Market Oil, Gas Companies Face Long Road to Recovery
Tuesday, June 28, 2016 Mid-market oil and gas companies will take time to recover from the recent downturn in oil and gas prices, a recent BDO study finds.

Loss of Qatari Oil Contract Piles Pressure on Maersk Profits
Tuesday, June 28, 2016 Denmark's A.P. Moller-Maersk loses a major oil production contract in Qatar this week, just days after the shipping and oil group said it was considering a break-up due to worsening market conditions, shipping and banking sources say.

BHP Billiton to Invest $900M in Oil, Copper Exploration in FY17, Up 18% YOY
Monday, June 27, 2016 BHP Billiton plans to invest $900 million in oil and copper exploration in financial year 2017 (FY17), including three conventional deepwater oil projects in the Australia's Northern Beagle sub-basin, the Gulf of Mexico and the Caribbean.

Brazil's Petrobras Says Its Pension Fund Has $6.8B Shortfall
Friday, June 24, 2016 Brazil's state-led oil company Petrobras says its pension fund has $6.8 billion in unfunded liabilities, a new financial burden for what is already one of world's most indebted firms.

Circle Oil Agrees Repayment Extension
Friday, June 24, 2016 Circle Oil plc agrees a repayment extension with International Finance Corporation.

Pemex, First Reserve Said to Near $500 Million Asset Deal
Wednesday, June 22, 2016 Pemex and private equity firm First Reserve are finalizing terms on a sale and leaseback agreement intended to provide the beleaguered state-owned oil producer with much needed capital, according to two sources.

Further Cost Reduction Needed on Vaca Muerta Play
Tuesday, June 21, 2016 A Shell official says further cost reduction is needed to develop the Vaca Muerta unconventional play in Argentina.

Lekoil Agrees Capital Re-Financing Deal, Completes New Debt Facility
Monday, June 20, 2016 Lekoil announces the refinancing of an existing debt facility and the completion of a new debt facility raising, in aggregate, $20 million.

Nigeria's Lekoil Makes Use of Weak Naira to Fund Oil Field Expansion
Friday, June 17, 2016 Nigerian oil explorer Lekoil has converted around half of its investment budget into naira from U.S. dollars, benefiting from the Nigerian currency's weakness to fund an oil field expansion despite growing militant disruptions.

Deloitte: Debt, Shareholder Payouts May Take Priority Over CAPEX Spending
Thursday, June 16, 2016 A recovery in oil prices may not translate into more spending as companies face debt repayment and shareholder payout obligations.

Oil Industry to Cut $1 Trillion in Spending After Price Fall
Wednesday, June 15, 2016 The oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production, according to consultant Wood Mackenzie Ltd.

Gulf Keystone Extends Standstill Agreement to July 1
Tuesday, June 14, 2016 Gulf Keystone extends standstill agreement with the majority of its note and bondholders until July 1.

Russia's Gazpromneft Says May Hike 2016 Dividend To 9 Rbls/Share
Friday, June 10, 2016 Russia's Gazpromneft could increase its 2016 dividend payment to 9 roubles per share if oil prices remain at current levels.

Shell to Limit Capital Spending Through 2020
Tuesday, June 07, 2016 Shell management seeks to limit its capital spending through 2020 as it reshapes the company to enhance capital efficiency.

Angola Oil Company Sonangol Denies Report About $50 Billion Hole
Tuesday, June 07, 2016 Angolan state-owned oil company Sonangol says a report about a $50 billion shortfall in its accounts is "absolutely false."

Sasol Set for Its Biggest Decline Since 1998 on Writedowns
Monday, June 06, 2016 Sasol Ltd. was set for the biggest decline in more than 17 years after saying fiscal full-year profit will drop by as much as 30 percent following writedowns.

First Post-BG Shell Update Likely to be 'Short on Specifics'
Friday, June 03, 2016 Shell's first strategic update after its $55 billion acquisition of BG Group "is likely to be long on thematics and short on specifics," according to oil and gas analysts at Jefferies.

Exxon CEO Says Argentina Shale Investment May Exceed $10B
Friday, June 03, 2016 Exxon Mobil Corp. may invest more than $10 billion in Argentina's Vaca Muerta shale formation in the next decades, Chairman and Chief Executive Officer Rex Tillerson says.

Congo Republic To Cut Budget For Second Straight Year Due To Oil Prices
Thursday, June 02, 2016 Congo Republic's government is proposing to cut spending in the current 2016 budget by around 9%, repeating a similar mid-year revision made last year as low oil prices cut into revenues.

Energy Minister: Saudi Aramco Keen to Invest in Global Upstream After IPO
Thursday, June 02, 2016 Saudi Arabia's state oil giant Aramco is interested in investing in international upstream as it prepares for a partial privatization through a stock market listing, the kingdom's energy minister says.

Petrobras CEO Says No More Political Interference in Oil Company
Wednesday, June 01, 2016 Petrobras' new CEO Pedro Parente says political interference has ended in the state-run oil producer and that fuel price decisions will now be made according to the company's best interests.

Sasol Says Mozambique Gas Project Unaffected By Debt Crisis
Tuesday, May 31, 2016 Mozambique's debt crisis and lower oil prices will not affect Sasol's $1.4 billion gas project.


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