In a survey of 225 companies for the annual Barclays E&P Spending Outlook, upstream oil and gas companies plan to reduce spending by 15% globally in 2016, following a 23% decline in 2015. This represents only the second time spending has fallen in consecutive years in the 31-year history of the survey. The first “double-dip” […]
Eni seeks partner for chemicals business
Eni SPA wants a partner for its petrochemical business, Versalis. In a meeting with government and trade union officials at the Ministry of Economic Development in Rome, Eni officials reported progress with a transformation plan for the chemical subsidiary, which has lost money in recent years. Source: News
Tullow updates upstream activity in Africa
Tullow Oil PLC reported that the Tweneboa-Enyenra-Ntomme (TEN) development project offshore Ghana is more than 80% complete and on track to begin production in July or August. Source: News
Petrobras cuts 2015-19 capex by $32 billion
Petroleo Brasileiro SA (Petrobras) is reducing its planned capital expenditures for 2015-19 by $32 billion from the previously reported amount to $98.4 billion. Source: News
Premier to acquire E.On’s interests off UK
Premier Oil PLC, London, has agreed to acquire the UK subsidiaries of E.On, Dusseldorf, in a transaction valued at $120 million plus working capital adjustments. Source: News
MARKET WATCH: NYMEX oil price touches below $30/bbl, settles higher
Light, sweet crude prices for February delivery dropped nearly $1 on the New York market Jan. 12 settling at $30.44/bbl after touching a low of $29.93/bbl for the trading session. The Brent contract for February delivery settled at $30.86/bbl on the London market Jan. 12, up from its session’s low of $30.34/bbl. Source: News
Obama calls for more clean energy in final SOTU speech
In remarks emphasizing the importance of overcoming differences and working together to continue national progress, US President Barack Obama called for a stronger national effort to develop cleaner energy and move away from fossil fuels in his final State of the Union address. Source: News
BP to further reduce global upstream workforce by 2017
BP PLC has recently told its workforce of plans to further reduce staff in its global upstream oil and natural gas segment by yearend 2017. Source: News
EIA cuts 2016 crude oil price forecasts in latest STEO
The US Energy Information Administration has sharply cut its crude oil price forecasts through 2016 in its Short-Term Energy Outlook for January, which is the first to include a forecast for 2017. The cut is because of the continuing threat of a prolonged oversupply of crude as well as global inventory builds. Source: News
PetroVietnam lets contract for gas processing plant
PetroVietnam Gas Joint Stock Corp. (PV Gas), a subsidiary of state-owned Vietnam National Oil & Gas Group (PetroVietnam), has let a contract to UOP LLC and Honeywell Process Solutions (HPS), both divisions of Honeywell International Inc., Des Plaines, Ill., to provide gas processing and automation technology for its Ca Mau gas plant in the U […]