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News Topics: Capital Budget Annoucements

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EnQuest Cuts Capital Spending by 40%
Friday, January 23, 2015 EnQuest to spend only $600 million on capex in 2015 Ė representing a reduction of 40 percent on its prior spending plan.

Faroe Petroleum Expects To Raise Exploration Capex In 2015
Thursday, January 22, 2015 Junior oil firm Faroe Petroleum expects its pre-tax exploration and appraisal capital spending to increase in 2015.

Seadrill to Guarantee North Atlantic Drilling's NOK 1.5B Bond
Thursday, January 22, 2015 Offshore drilling firm Seadrill says it will provide a guarantee for subsidiary North Atlantic Drilling's $197-million bond maturing in 2018.

Total Cuts North Sea, US Shale Spending After Oil Price Plunge
Wednesday, January 21, 2015 Total will cut spending on ageing North Sea fields and cut US shale production after the recent plunge in oil prices, CEO Patrick Pouyanne says.

Petronas Says NST's Job Cuts Article is 'Misreported and Inaccurate'
Tuesday, January 20, 2015 Petronas clarifies that a local newspaper article saying that the firm plans to reduce its workforce by around 10 percent was "misreported and inaccurate."

Det Norske to Develop Viper-Kobra Project in the North Sea
Friday, January 16, 2015 Det Norske will spend $234 million developing the Viper and Kobra reservoirs in the Alvheim area of the North Sea.

Tullow Slashes Exploration Budget
Thursday, January 15, 2015 Tullow cuts its exploration budget to just $200 million as it battles to respond to the collapse in the price of oil.

Premier Oil in 'Strong Position' to Weather Oil Price Weakness
Wednesday, January 14, 2015 Premier CEO Tony Durrant says Premier's stable production base with low-cash operating costs means it is in "a strong position to weather a period of oil price weakness".

Suncor Cuts Capital Spending, Employees As Oil Prices Plunge
Tuesday, January 13, 2015 Suncor Energy says it will cut about 1,000 employees and contractors and slash capital spending in response to the recent plunge in crude oil prices.

Ithaca Cuts Capex Budget by 60% for 2015
Monday, January 12, 2015 North Sea producer Ithaca Energy cuts its capital spending budget for 2015 by 60% to $150 million.

Canadian Natural Resources Cuts 2015 Capex Forecast By 28%
Monday, January 12, 2015 Canadian Natural Resources, the country's largest independent oil producer, cut its 2015 capital expenditure and production forecast as global oil prices continue to slump.

Statoil CEO Sticks to Dividend Policy despite Low Oil Prices
Thursday, January 08, 2015 Statoil will continue to make dividend payments a top priority even though oil prices have fallen more steeply than expected, says Statoil's acting CEO.

Halcon Resources Cuts 2015 Spending Again
Thursday, January 08, 2015 Halcon Resources says it would further cut its drilling and completion budget for 2015, responding to the continuing decline in oil prices.

Eland Secures Credit to Fund Opuama Field Development
Thursday, January 08, 2015 Eland Oil & Gas arranges a new credit facility for up to $75 million that will help it fund the development of the Opuama field, offshore Nigeria.

NZEC Changes Company Structure, Updates on Working Capital, Production
Thursday, January 08, 2015 New Zealand Energy Corp. provides an update on the company structure, working capital and production operations.

JKX Suspends its Ukrainian Investment Program
Wednesday, January 07, 2015 Junior producer JKX Oil & Gas says it is suspending its 2015 capital investment programme in Ukraine as a result of a government decree restricting the sale of gas to industrial customers.

Octanex Agrees to Extend Timeline for Peak Oil & Gas to Repay Debt
Wednesday, January 07, 2015 Australia's Octanex agrees to extend the timeline for debt repayment by Peak Oil & Gas.

Canada's ARC Resources Latest To Cut Budget As Oil Prices Fall
Wednesday, January 07, 2015 ARC Resources says it will cut an already reduced 2015 capital spending budget by nearly 15%.

Lundin Slashes 2015 Budget by One-Third
Wednesday, January 07, 2015 Sweden's Lundin Petroleum says its 2015 development, appraisal and exploration budget will be 31 percent lower than its 2014 budget.

Thai PTTEP May Review Investment Plans if Oil Prices Fall Further
Tuesday, January 06, 2015 Thailand's PTTEP may hold off on investing in five projects including those in Myanmar, Australia and Mozambique if crude oil prices fall further.

Concho Resources Cuts 2015 Spending By One-Third
Monday, January 05, 2015 Concho Resources says its capital spending will total $2 billion this year, down 33% from a forecast made in November.

Linn Energy Cuts 2015 Capital Budget by 53 Percent
Friday, January 02, 2015 Linn Energy is cutting its 2015 capital budget by 53 percent to $730 million, joining other oil and gas producers in reducing expenditures in response to falling oil prices.

Paper: Maersk CEO Says Low Oil Price May Lead to Closures
Tuesday, December 23, 2014 A. P. Moller-Maersk's Maersk Oil unit would have to close some sites and cut operating costs if the oil price remains at its current level, the group's CEO said in an interview in Danish daily Politiken.

Thailand's PTTEP Plans Total Expenditure of $24.3B in 2015-2019
Tuesday, December 23, 2014 Thailand's PTTEP plans to spend $24.3 billion between 2015 and 2019.

Top Russian Oil Firm Rosneft Repays Around $7B in Debt
Monday, December 22, 2014 Rosneft repays $7 billion in debt, partially easing fears among investors that Western sanctions could prompt mass defaults.

Continental Revises 2015 CAPEX Budget
Monday, December 22, 2014 Continental Resources revises its 2015 non-acquisition capital expenditures budget in light of lower oil commodity prices.

Oil Companies Seen Cutting Spending 25 Percent in 2015 Due to Falling Crude
Monday, December 22, 2014 Plunging oil prices will prompt energy companies to cut investments in new projects by 25 percent or more in 2015, analysts say, as firms try to stay cash-flow positive and keep debt in check.

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.

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.

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 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.

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.

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.