In a survey of 225 companies for the annual Barclays E&P Spending Outlook, upstream oil and gas companies plan to reduce spending by 15% globally in 2016, following a 23% decline in 2015. This represents only the second time spending has fallen in consecutive years in the 31-year history of the survey. The first “double-dip” […]

Eni SPA wants a partner for its petrochemical business, Versalis. In a meeting with government and trade union officials at the Ministry of Economic Development in Rome, Eni officials reported progress with a transformation plan for the chemical subsidiary, which has lost money in recent years. Source: News

Tullow Oil PLC reported that the Tweneboa-Enyenra-Ntomme (TEN) development project offshore Ghana is more than 80% complete and on track to begin production in July or August. Source: News

Petroleo Brasileiro SA (Petrobras) is reducing its planned capital expenditures for 2015-19 by $32 billion from the previously reported amount to $98.4 billion. Source: News

Premier Oil PLC, London, has agreed to acquire the UK subsidiaries of E.On, Dusseldorf, in a transaction valued at $120 million plus working capital adjustments. Source: News

Light, sweet crude prices for February delivery dropped nearly $1 on the New York market Jan. 12 settling at $30.44/bbl after touching a low of $29.93/bbl for the trading session. The Brent contract for February delivery settled at $30.86/bbl on the London market Jan. 12, up from its session’s low of $30.34/bbl. Source: News

In remarks emphasizing the importance of overcoming differences and working together to continue national progress, US President Barack Obama called for a stronger national effort to develop cleaner energy and move away from fossil fuels in his final State of the Union address. Source: News