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Oil & Gas

Saudi Arabia set to announce 2016 budget amid oil plunge

28/12/2015

Saudi Arabia, seeking to cope with the lowest oil prices in more than a decade, may announce cuts in capital spending and other economic measures for next year as it unveils the first annual budget under King Salman. Key officials, including Finance Minister Ibrahim Al-Assaf and Economy and Planning Minister Adel Fakeih, are scheduled to discuss the budget and outline the kingdom’s economic policy at a news conference on Monday in Riyadh. An official from Saudi Arabian Oil Co. will also attend. While the government may reduce capital expenditure, it’s unlikely to reduce spending on healthcare, education or major infrastructure projects, according to Fahad Al-Turki, the Riyadh-based chief economist at Jadwa Investment.

Oil & Gas

Shale’s running out of survival tricks as OPEC ramps up pressure

28/12/2015

In 2015, the fracking outfits that dot America’s oil-rich plains threw everything they had at $50-a- barrel crude. To cope with the 50 percent price plunge, they laid off thousands of roughnecks, focused their rigs on the biggest gushers only and used cutting-edge technology to squeeze all the oil they could out of every well. Those efforts, to the surprise of many observers, largely succeeded. As of this month, U.S. oil output remained within 4 percent of a 43-year high.

Oil & Gas

Oil falls from three-week high as Iran says exports ‘priority’

28/12/2015

Oil in New York slid from the highest in three weeks and snapped the longest run of gains since April as Iran repeated its goal of boosting exports after sanctions on the country are lifted. Futures lost as much as 1.1 percent, falling the first time in five days. Iran’s priority is to boost crude shipments to pre-sanction levels, state-backed IRNA reported, citing Oil Minister Bijan Namdar Zanganeh. The Persian Gulf nation plans to add 500,000 barrels a day of exports within a week after sanctions are removed, said Rokneddin Javadi, head of National Iranian Oil Co., according to Shana news agency.

Oil & Gas

Santos strikes gas deal with AGL Energy

24/12/2015

Santos has struck a deal with AGL Energy for the purchase of 254 petajoules of gas for supply to its GLNG project. The company said the gas will be deliverd at Wallumbilla over a period of 11 years commencing in January 2017, with pricing based on an oil-linked formula. The gas will be sourced from coal seam gas fields in Queensland.

Oil & Gas

Israeli government agrees to export natural gas to Egypt

24/12/2015

Israel's government has given the go-ahead to begin exporting natural gas to Egypt in a move which could signal an improvement in relations between the two countries. The country will be able to sell five billion cubic metres of gas to Egypt over the course of the next seven years from the Tamar site off its Mediterranean coast.

Oil & Gas

Petroceltic considers future, launches offer period

24/12/2015

Petroceltic said it was considering a number of options for the company’s future including the sale of some or all of its assets. The board said options being considered include a farm-out or sale of one or more the company’s existing assets, a merger with a third part, or the sale of its entire issued share capital in the form of debt or subscription of new ordinary shares.

Oil & Gas

Karoon Gas executes final agreements for rig contract

24/12/2015

Karoon Gas Australia has executed its final agreements with members of the QGOC Constellation to contract the Olinda Star semi-submersible drilling rig. The Olinda Star has been contracted to drill two firm wells and two optional wells in Karron’s Santos Basin blocks with drilling scheduled to commence during the third quarter of next year. The wells are planned for the appraisal drilling of the Echidna light oil discovery.

Oil & Gas

Pemex to announce job cuts with oil production at 25-year low

24/12/2015

Petroleos Mexicanos hopes to start 2016 with a plan to become leaner and more efficient. The state-owned oil producer is set to announce job cuts for next year as part of the plan to restructure the company and to synchronize itself to industry standards, interim Chief Financial Officer Rodolfo Campos said in a phone interview Wednesday.

Oil & Gas

Oil shares climb as Japan stocks fall on lower Yen

24/12/2015

Japanese stocks fell, reversing gains as a strengthening yen weighed on the profit outlook for exporters. Energy shares climbed as oil advanced for a fourth day. The Topix index lost 0.7 percent to 1,523.62 at the close in Tokyo after rising as much as 0.9 percent as the yen added 0.3 percent to 120.57 per dollar. The Nikkei 225 Stock Average dropped 0.5 percent to 18,789.69.

Oil & Gas

Legal changes could leave gap in insurance cover for North Sea firms

24/12/2015

North Sea oil and gas firms may be left with a gap in their insurance cover because of legal changes being introduced next year, law firm HBJ Gateley has warned. Requirements being brought into law by the Insurance Act 2015 mean businesses will have to give a breakdown of any risks to make sure they have enough insurance cover for operations, it added. A gap could be created if these risks are not adequately identified, leaving the insured party without proper cover, it said.

Oil & Gas

Offshore Achievement Awards 2016: A chance to shine

24/12/2015

The Society of Petroleum Engineers (SPE) Offshore Achievement Awards will be presented at Aberdeen Exhibition and Conference Centre on Thursday March 17. SPE Aberdeen branch director Ian Phillips looks forward to another chance for the oil and gas industry to shine.

Oil & Gas

OCA boss to step down in new year

Offshore Contractors’ Association (OCA) chief executive Bill Murray plans to step down from the post after more than 13 years, it emerged yesterday. An OCA spokeswoman confirmed he would retire from the role sometime in the new year, but gave no more details. OCA is the leading representative body for the UK’s oil and gas contracting and supply industry.

Oil & Gas

Total signs MOU with Angola’s Sonangol

23/12/2015

Total has signed an MOU (Memorandum of Understanding) with Angola's Sonangol. The move is seen as one of the first steps towards opening fuel stations in the region. Angola is Africa's second biggest oil exporter and has been planning for a couple of months to reorganise it soil sector.