Statoil ASA has let a combined $240 million in contracts covering work at Oseberg Vestflanken 2, Johan Sverdrup, and Gina Krog in the North Sea. Source: News

Light, sweet crude for March delivery settled under $30/bbl on the New York Mercantile Exchange Feb. 2 but prices were on the rise in early Feb. 3 trading awaiting release of the weekly government inventory, which showed a bigger-than-expected gain. Source: News

Plans to develop two natural gas and condensate fields offshore Poland have advanced with the award of a preliminary contract for an onshore gas plant.  Source: News

Total SA has signed long-term agreements with Indonesia’s state-owned PT Pertamina for LNG supply over a period of 15 years starting in 2020. Source: News

Cabot Oil & Gas Corp., Houston, has set its 2016 capital budget at $325 million, down 47% from its preliminary budget reported in October and 58% from its 2015 capital program. Source: News

BP PLC reported plans for organic capital expenditures of $17-19 billion for each of 2016 and 2017, with 2016 falling into the lower end of that range. The company spent $18.7 billion in 2015. Source: News

ExxonMobil Corp. plans to reduce its capital and exploration expenditures in 2016 by 25% compared with that of 2015 to $23.2 billion. Source: News

Alberta will award “royalty credits” to petrochemical manufacturers in a competitive application system designed to add value to natural gas produced in the province. Source: News

Depressed crude oil prices won’t necessarily doom ambitious transportation projects west from the Black Sea and beyond if participating countries and investors don’t panic, speakers said at an Atlantic Council forum. Source: News

Total SA’s venture capital fund has acquired unspecified interests in two companies that develop solar power in rural areas with limited access to electricity grids, especially in Africa. Source: News