Production has started from Vega Pleyade natural gas and condensate field offshore Tierra del Fuego, Argentina, reports operator Total SA. Source: News

Chesapeake Energy Corp., Oklahoma City, reported planned total capital expenditures for 2016 of $1.3-1.8 billion, 57% lower than the 2015 level. Source: News

Partners in deepwater Leviathan natural gas field offshore Israel have filed a revised development plan that increases production capacity to 21 billion cu m (bcm)/year from 16 bcm/year in the original plan. Development would be based on subsea completions linked by pipeline to a fixed platform. Source: News

Apache Corp., Houston, has set a 2016 total capital spending program of $1.4-1.8 billion, a reduction of more than 60% from 2015 levels and more than 80% from 2014 levels. Source: News

Light, sweet crude oil prices for April delivery gained slightly Feb. 24 to close just above $32/bbl on the New York market, reversing declines from the previous day even though the weekly US inventory report showed oil supplies rose to another record high. But, gasoline supplies fell. Source: News

The Renewable Fuels Standard has problems that need to be addressed, US Senate Environment and Public Works Committee members suggested at a Feb. 24 hearing about the federal program. But they disagreed over whether its renewable fuel volume goals are unrealistic or not ambitious enough. Source: News

Operators, partners, and contractors must work together to lower costs in an increasingly expensive offshore exploration and production environment further complicated by low crude oil prices. Source: News