Global recovery of upstream spending remains intact, albeit at a measured pace that isn’t likely to materially tighten many global oil field service and equipment markets, according to the 33rd annual Barclays E&P Spending Survey. Source: News

Energean Oil & Gas and its subsidiaries have increased to 13 the total number of licenses held in the East Mediterranean. The Israeli Petroleum Commissioner has awarded the operator Blocks 12, 21, 22, 23, and 31 offshore Israel, which were published in the country’s first round. Source: News

North Refineries Co. (NRC), a subsidiary of Iraq’s Ministry of Oil, has commissioned a 13,000-b/d crude distillation unit (CDU) at its refinery in Kirkuk, lifting overall processing capacity at the site to more than 50,000 b/d. Source: News

Oil and gas companies are set to enter 2018 in their best shape since oil prices collapsed. In its 2018 Upstream Outlook, global natural resources consultancy Wood Mackenzie believes many will now focus on demonstrating they can thrive in a low-price environment. Source: News

The World Bank Group (WBG) reported it plans to stop financing upstream oil and gas projects in developing countries to help implement the 2016 Paris climate agreement’s goals. Exceptions will be considered where there is a clear energy access benefit for the poor and the project fits within the countries’ Paris agreement commitments, it said […]

Oil prices settled lower Dec. 13 on markets in New York and London but held steady on Dec. 14 after the International Energy Agency said US supply is growing faster than expected. IEA’s forecast came after the US Energy Information Administration said US oil production reached 9.78 million b/d for the week ended Dec. 8.  […]

Cenovus Energy Inc. is combining executive jobs and planning a 15% workforce cut in 2018 under a little-changed budget focusing on cost and debt reduction. It plans to invest $1.5-1.7 billion (Can.) in 2018, compared with an expected $1.55-1.65 billion this year. Source: News