Inpex Corp., Tokyo, said an offshore exploratory well encountered a thin natural gas reservoir in a shallow zone and “unexpected, strong gas indications” in the deepest zone, “suggesting the presence of a high-pressure gas column.” Source: News

Rawson Resources Ltd., Sydney, has been awarded a permit in the sparsely explored Cape Vogel basin offshore east Papua New Guinea. Source: News

Statoil ASA is lowering its capital expenditure guidance for 2016 by another $1 billion after taking a third-quarter adjusted net loss of $261 million, down from adjusted earnings of $445 million a year earlier. Source: News

Chevron Corp. reported third-quarter earnings of $1.3 billion, down from $2 billion in the third-quarter 2015. Source: News

Independent operators are likely to remain cautious while setting 2017 budgets, said WoodMackenzie Ltd. analysts, adding that higher oil prices are needed before independents are willing to commit to investments that would meaningfully boost production growth. Source: News

ExxonMobil Corp. recorded third-quarter earnings of $2.7 billion, down from $4.2 billion a year earlier. The Irving, Tex.-based multinational firm says the results reflect lower refining margins and commodity prices. Source: News

Offshore developments have experienced lower breakeven prices over the last 2 years with more than half of the cost reductions achieved through downsizing, simplification, and design, said Rystad Energy. Source: News