Global Oil Sector To Cut $1 TRILLION In Spending. The oil market downturn will cause oil and gas companies to cut $1 trillion of spending on exploration and development from 2015-2020, Wood Mackenzie said in a Wednesday report. [Oilpro]
Why Billions In Proven Shale Oil Reserves Suddenly Became Unproven. Proven reserves — gas and oil resources that are among the best measures of a company’s ability to reward its shareholders and repay its debts — are disappearing across the shale patch. [Bloomberg]
Are Industry Crosscurrents Obscuring End To The Downturn? Allen Brooks writes,”Attention will soon shift to projecting the shape of the drilling rig recovery. Will that recovery look more like the 2008-2010 and 1997-2000 patterns or the mid-period recovery of the 1981-1990 rig pattern?” [Oilpro]
Goldman Sachs: Oil Price Gains Set To Stall. Oil production disruptions may be hitting multi-year highs, but Goldman Sachs predicts the resulting price recovery is likely to stall. “On aggregate, we view the price recovery as fragile,” Goldman Sachs said in a commodities research note. [CNBC]
DNV GL And SGN To Deliver Innovative Gas Project. Following a successful Network Innovation Competition bid in 2015, SGN has offered funding and a partnership to DNV GL in a project to demonstrate the viability and practical reality of a mixed-source, energy-centric gas network for the future. [Oilpro]
Kurds Ready For New Oil Deal With Baghdad If They Get $1bn A Month. Iraq’s Kurds are ready to strike an agreement with the central government in Baghdad on a deal to increase oil exports, if it guarantees them a monthly revenue of $1 billion, a spokesman for the Kurdistan Regional Government (KRG) said. [Reuters]
Pemex Readying Asset Sell-Offs, Farm Outs & Joint Ventures. The CEO of Pemex, Jose Antonio Gonzalez Anaya, says the Mexican state oil firm is picking up the pace of changewith more and more asset sell-offs, farm-outs and joint ventures coming down the line. [Splash 247, Oilpro]
NPD Gives Consent for Rutil Start. The Norwegian Petroleum Directorate (NPD) has granted the licensees in Gullfaks (production licence 050) consent to start-up the facilities on the Rutil deposit on Gullfaks South, and to start producing. [Oilpro]
Venezuela’s Oil Production Tumbles. Even though the OPEC country’s remote oil fields have been sheltered from social unrest so far, Venezuela’s blistering economic crisis ishitting them full on, as production dropped to 2.37 M/bpd in May, according to OPEC data provided by Venezuela. [Reuters]
Netanyahu Invites Russia To Develop Israel’s Gas Fields. During a press conference in Moscow, Israel’s Prime Minister Benjamin Netanyahu invited Russian companies to come to Israel and develop the country’s offshore Mediterranean gas fields. [Globes.co.il, Oilpro]
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