Light, sweet crude for March delivery settled down $2 on the New York Mercantile Exchange Feb. 1 while the Brent contract for April dropped $1.75 on the London market on fading hopes that major oil producers would cut production despite some talk about that from Russia days ago. Source: News

Anadarko Petroleum Corp., The Woodlands, Tex., anticipates an initial 2016 budget of $2.8 billion, a reduction of 50% from the company’s actual 2015 capital investments and almost 70% from the 2014 total. Source: News

Murphy Oil Co. Ltd. (MOCL), the Canadian subsidiary of Murphy Oil Corp., has agreed to acquire operated and nonoperated working interest of production, acreage, infrastructure, and facilities in Kaybob Duvernay area and liquids-rich Montney area in Alberta from Athabasca Oil Corp. for $475 million (Can.). The two firms are forming a joint venture to develop […]

A federal rule for offshore oil and gas operations could have bigger adverse impacts than the US Bureau of Safety and Environmental Enforcement projected when it proposed the regulation in April 2015, the Gulf Economic Survival Team announced. Source: News

Petroleo Brasileiro SA (Petrobras) said it has approved a new organizational structure and governance model “as part of the company’s response to the new reality of the oil and gas sector.” Source: News

Partners in giant Leviathan natural gas field awaiting development in deep water offshore Israel have signed an agreement to sell as much as 6 billion cu m of gas to an Israeli power generator. Source: News

Wholly owned subsidiaries of DYAS BV, a privately owned Dutch company, has agreed with Lundin Malaysia BV to farm into three production-sharing contracts covering acreage offshore Malaysia. Source: News