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

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 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

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

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 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