Continental Resources Inc., Oklahoma City, has reported a capital expenditures budget for 2016 of $920 million, a 66% reduction from the planned $2.7 billion for 2015. Source: News
TAEP: Chances of near-term industry recovery in Texas eroded by abundant crude supply
Crude oil production in Texas during 2015 totaled 1.27 billion bbl despite dramatic declines in of permitting, drilling, and completions, according to the Texas Petro Index (TPI) from the Texas Alliance of Energy Producers (TAEP). Source: News
Ahdi field gas plant starting in Pakistan
Pakistani government officials have inaugurated a third natural gas processing plant at Adhi oil and gas field operated by Pakistan Petroleum Ltd. about 70 km south of Islamabad. Source: News
CNPC-Chevron JV starts Luojiazhai gas flow
A joint venture of China Natural Petroleum Corp. and Chevron Corp. has started commercial production from Luojiazhai natural gas field, part of the Chuandongbei sour-gas project in the Sichuan basin of southwestern China (OGJ Online, Nov. 9, 2009). Source: News
Iran advances refinery, pipeline projects
Parsian Oil & Gas Development Co. (POGDC), Iran’s largest nongovernmental petrochemical holding, has entered an agreement with Italy’s Saipem SPA, Milan, to collaborate on future projects involving major overhauls designed to modernize two Iranian refineries under POGDC’s management. Source: News
Highest bidder declared for Quicksilver assets
BlueStone Natural Resources II LLC, Tulsa, has won a Bankruptcy Court-approved auction for assets belonging to Quicksilver Resources Inc., Ft. Worth, and its US subsidiaries following a marketing process that began last September (OGJ Online, Sept. 18, 2015). Source: News
Hess reduces 2016 budget by 40% to 2.4 billion
Hess Corp. is planning a 2016 capital and exploratory budget of $2.4 billion, a 40% reduction from its 2015 actual spend of $4 billion and 20% below its preliminary 2016 guidance of $2.9-3.1 billion provided in October. Source: News
Deloitte: Global oil, gas M&A activity in 2015 dipped below that of Great Recession
Despite prognostications of constrained capital and distressed asset sales during the year, global oil and gas mergers and acquisitions declined sharply in 2015 compared with activity in 2014, according to a report from Deloitte LLP. Source: News
MARKET WATCH: Oil prices fall, hovering above $30/bbl
Light, sweet crude prices tumbled on the New York market Jan. 25 to settle above $30/bbl, giving up much of the gains from two previous trading sessions, and analysts blamed the price decline upon lingering concerns about an oversupplied world oil market. Source: News
DONG to divest exploration and production
DONG Energy, 58.8% owned by the Danish government, intends to divest its exploration and production business in an initial public offering (IPO) and focus investment on wind power and other renewable energy. Source: News