Light, sweet crude oil prices dropped Feb. 8 to settle back under $30/bbl, and the downward momentum continued in early Feb. 9 trading after the International Energy Agency issued a report in which it maintained its expectations for sluggish additional crude demand during 2016. Source: News
Petrogas due PA Resources North Sea assets
PA Resources AB, Stockholm, has agreed to divest its North Sea interests to Petrogas E&P, Muscat. Source: News
Gerard, Luthi expect antioil and gas tone in White House budget plan
The Obama administration’s forthcoming fiscal 2017 federal budget proposal probably will contain provisions harmful to the US oil and gas industry beyond the $10/bbl crude oil tax that the White House announced last week, two major national oil and gas associations’ top officials warned. Source: News
EIA: US shale oil output to shed 92,000 b/d in March
Crude oil production in March from seven major US shale plays is expected to fall 92,000 b/d to 4.92 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). Source: News
Fire kills three on Abkatun A platform in Bay of Campeche
Three workers were killed after a fire struck the compression unit of the Abkatun A platform in the Bay of Campeche over the weekend, Petroleos Mexicanos (Pemex) said on Feb. 7. Source: News
IHS: Cuts of 50% needed to align N. American E&P capex spending, cash flow
Significant cuts to capital and exploration spending plans will be needed for North American exploration and production companies to demonstrate real financial discipline and realign spending more closely with cash flow, IHS Energy reported. Source: News
ONGC seeks gas price review for KG fields
State-owned Oil & Natural Gas Corp. of India has warned the Indian petroleum ministry that natural gas prices allowed by the government won’t support development of its fields in the offshore Krishna-Godavari basin. Source: News
Saudi Aramco lets contract for Jazan refining complex
Saudi Aramco, through a contractor, has let a contract to Bertin Technologies SA, Montigny-le-Bretonneux, France, a subsidiary of CNIM Group, Paris, to provide gas-leak detection technology to the 400,000-b/d Jazan refinery project now under construction in the southwest of Saudi Arabia, along the Red Sea. Source: News
Production begins from Laggan-Tormore in West of Shetland
Total SA has started production from Laggan and Tormore gas-condensate fields in the West of Shetland area. The fields will produce 90,000 boe/d. Source: News
MARKET WATCH: NYMEX, Brent both end week with losses
Light, sweet crude oil prices dropped modestly, settling under $31/bbl on the New York market Feb. 5 to end another volatile week for oil prices. Analysts attributed the volatility to a stronger dollar and world oil oversupply concerns. Source: News