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OE Daily: 2016 / January

Friday, 29 January 2016 09:00

Chevron cancels Buckskin-Moccasin

In Chevron's Q4 2015 earnings conference call today, the company announced it was cancelling the deepwater Gulf of Mexico project Buckskin-Moccasin, instead choosing to advance…
Swedish oil exploration and production firm Lundin Petroleum has dropped its capital spending budget 26% compared to 2016, but still expects a positive year as…
Thursday, 28 January 2016 12:26

Baker Hughes in Q4 $1bn loss

Baker Hughes suffered a net loss of US$1 billion in Q4, in addition to a 36% dip in its revenue year-on-year that the company said…
Thursday, 28 January 2016 08:42

Shell, BG merger gets final approval

BG Group shareholders made the final decision in the US$70 billion mega merger with Shell in an overwhelming 99.53% vote in favor of the deal…
Thursday, 28 January 2016 05:14

Oil firms still eyeing arctic exploration

Despite a multibillion dollar backlog of projects, put on hold amid US$30-50/bbl oil prices, exploration firms are still eyeing resources in arctic waters. New areas…
Thursday, 28 January 2016 03:29

Aberdeen to get £250 million funding

UK Prime Minister David Cameron is visiting oil city Aberdeen today to announce an injection of cash to help the ailing city as the industry…
Wednesday, 27 January 2016 13:11

Freeport-McMoRan idle in GoM

Freeport-McMoRan’s (FCX) net loss of US$4.1 billion in Q4 2015 has led to several cuts across the company, including deferring exploration and development activities in…
Wednesday, 27 January 2016 09:14

Shell shareholders approve BG merger

Shell shareholders approved the US$70 billion takeover of BG Group in a landslide vote of 83.08% in favor of the mega merger today (27 January)…
Wednesday, 27 January 2016 08:41

Kosmos in significant Senegal find

Kosmos Energy announced a “significant” natural gas discovery at its first exploration well offshore Senegal, in addition to memorandum of understanding (MOU) for the development of…
Wednesday, 27 January 2016 04:23

Oil well below US$50/bbl through 2018

Ratings and investor service firm Moody's has lowered its price estimate for Brent crude in 2016 to US$33/bbl, from $43/bbl, and suggests crude "will remain…
Wednesday, 27 January 2016 04:01

DONG expects US$2.33 billion write down

Semi-state owned Danish energy company DONG Energy has decided to keep its exploration and production business ahead of floating on the stock market. But, the…
Wednesday, 27 January 2016 03:52

Wintershall to cut Skarfjell costs 40%

German operator Wintershall has delayed a decision on concept selection for its Skarfjell project offshore Norway in order to slash 40% of the costs from…
Tuesday, 26 January 2016 11:15

ExxonMobil: Energy demand to increase by 25%

From 2014 to 2040, global energy demand will increase by 25% due to population growth and economic expansion, according to ExxonMobil’s 2016 edition of The Outlook…
Tuesday, 26 January 2016 08:52

Hess cuts E&P budget by 40%

Hess Corp.’s 2016 exploration and production capital and exploratory budget has been reduced 40% compared to 2015, with the bulk of it going to offshore…
Tuesday, 26 January 2016 04:33

Aker picked for Johan Castberg FPSO study

Statoil has picked Aker Solutions to provide a concept study for a floating production, storage and offloading facility for the Johan Castberg oil field development…
Monday, 25 January 2016 10:13

Halliburton down 42% in Q4

Halliburton posted a 42% loss in its total revenue year-on-year for Q4 2015 that the company said is a result from the impact of reduced…
Friday, 22 January 2016 11:15

Leak shuts down Petrobras production

Petrobras stopped production from its P-31 floating production, storage and offloading (FPSO) unit offshore Rio de Janeiro for the second time this month, after gas…
Friday, 22 January 2016 08:15

Schlumberger in $1bn loss, 10,000 job cuts

Oil services giant Schlumberger posted more than a US$1 billion loss in its Q4 and full year 2015 results, in addition to a further 10,000…
Friday, 22 January 2016 03:57

BW Athena to demobilize, seeks work

The BW Athena floating production, storage and offloading (FPSO) vessel is to be demobilized from the Athena field in the UK North Sea next month.…
Thursday, 21 January 2016 05:17

Goliat first oil creeps closer

Eni is a step closer to starting production on the Barents Sea Goliat field in coming weeks following consent to use the Goliat floating production,…
Thursday, 21 January 2016 03:04

Battle of the seismic titans offshore Myanmar

It's what just a few years ago was seen as possibly one of the most unlikely places for a battle over who could tow the…
Wednesday, 20 January 2016 15:17

BHP to spend $1.5 billion on GoM, Auz

Anglo-Australian multinational mining, metals and petroleum company BHP Billiton plans to have a capital expenditure of US$1.5 billion in 2016 for its offshore projects, and to…
Wednesday, 20 January 2016 12:03

Shell in major earnings drop, job cuts

Shell’s full year 2015 results are expected to record a significant drop of about 54% compared to 2014, in addition to a reduction of some…
Wednesday, 20 January 2016 04:36

Data as the new oil?

Challenging market conditions, including high operational costs, low prices, and declining reserves in the North Sea are driving many organizations in the industry to seek…
Wednesday, 20 January 2016 03:40

Johan Castberg costs halved

Statoil is to move ahead with its delayed Johan Castberg oil field in the Barents Sea after cutting estimated development costs by half. The firm…
Tuesday, 19 January 2016 15:20

Noble in GoM layoffs

Noble Corp. is expected to lay off 100-120 people that work on the Noble Danny Adkins semisubmersible drilling rig in the Gulf of Mexico. According…
Tuesday, 19 January 2016 12:26

Pemex inks three Middle East deals

Mexico’s Pemex entered into deals with three companies in the Middle East following President Enrique Peña Nieto’s visit to the region. Image of Lozoya signing…
Tuesday, 19 January 2016 10:57

CNOOC sees drop in 2016 plan

Beijing-based China National Offshore Oil Corp. (CNOOC)’s 2016 business and development plan shows a slight reduction of about 5% when compared to 2015 due to…
Tuesday, 19 January 2016 06:40

Norwegian license round hailed success

Norway's latest awards in predefined areas (APA) license round has been hailed a success with some 56 exploration licenses being offered on the Norwegian Continental…
Tuesday, 19 January 2016 05:35

New multi-Bcf Israeli gas touted

Two Israeli firms are eying a multi-trillion cubic feet deepwater gas field offshore Israel. According to a resource report by Netherland, Sewell & Associates, the…
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