Significant cuts to capital and exploration spending plans will be needed for North American exploration and production companies to demonstrate real financial discipline and realign spending more closely with cash flow, IHS Energy reported. Source: News

State-owned Oil & Natural Gas Corp. of India has warned the Indian petroleum ministry that natural gas prices allowed by the government won’t support development of its fields in the offshore Krishna-Godavari basin. Source: News

Saudi Aramco, through a contractor, has let a contract to Bertin Technologies SA, Montigny-le-Bretonneux, France, a subsidiary of CNIM Group, Paris, to provide gas-leak detection technology to the 400,000-b/d Jazan refinery project now under construction in the southwest of Saudi Arabia, along the Red Sea. Source: News

Total SA has started production from Laggan and Tormore gas-condensate fields in the West of Shetland area. The fields will produce 90,000 boe/d. Source: News

Light, sweet crude oil prices dropped modestly, settling under $31/bbl on the New York market Feb. 5 to end another volatile week for oil prices. Analysts attributed the volatility to a stronger dollar and world oil oversupply concerns. Source: News

The public may have grown complacent about oil and gas issues after 2015’s crude and product price plunge. Trade associations in Washington plan to be anything but in 2016. Source: News