Just 12 billion boe of estimated recoverable resources were discovered from conventional wells outside of North America in 2015, representing the lowest level since 1952, according to IHS analysis. Source: News

Federal agencies that regulate US oil and gas activity tend to rely on research that supports their restrictive decisions instead of possibly better information that might facilitate development, three witnesses charged at a May 19 US House Natural Resources subcommittee hearing. Source: News

Statoil ASA has cancelled a contract with Seadrill Ltd. for the West Hercules semisubmersible drilling rig. The contract was to expire in 8 months on Jan. 31, 2017. Seadrill said it will receive a lump-sum payment of about $61 million plus reimbursement for costs associated with rig demobilization. Source: News

Indonesia’s PT Pertamina (Persoro) and Saudi Aramco have let a contract to a subsidiary of Amec Foster Wheeler PLC to provide engineering and project management services for the upgrade and expansion of the 348,000-b/d Cilacap refinery on Java, Indonesia. Source: News

The Israeli cabinet has approved a revised outline for natural gas regulation needed for development of deepwater Leviathan field and expansion of nearby Tamar field. Source: News

The price of light, sweet crude oil for June delivery dropped below $48/bbl May 20 but still managed a second consecutive weekly gain on the New York market as the contract for June crude expired with the May 20 settlement. Source: News