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
Deloitte: Global oil, gas M&A activity in 2015 dipped below that of Great Recession
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
MARKET WATCH: Oil prices fall, hovering above $30/bbl
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 to divest exploration and production
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
Shell lets contract for unit at Rotterdam refinery
Royal Dutch Shell PLC has let a contract to KBR Inc., Houston, to provide technology for a solvent deasphalting (SDA) unit at subsidiary Shell Nederland Raffinaderij BV’s 404,000-b/d Pernis refinery in Rotterdam, Netherlands. Source: News
Pennsylvania methane plan emphasizes best technology, leak detection
Pennsylvania’s government developed a four-point strategy to limit methane emissions from natural gas operations in the state. The plan would require the best available technology (BAT) on new unconventional well pads and more stringent leak detection and repair (LDAR) measures during exploration and development, processing, and transmission. Source: News
Gazprom Neft’s Moscow refinery boosts output of Euro 5 fuels
JSC Gazprom Neft-MNPZ, a subsidiary of Russia’s PJSC Gazprom Neft, St. Petersburg, has increased production of Euro 5-compliant fuels at its 12.15 million-tonne/year refinery in Moscow. Source: News
Lundin completes exploration well offshore Malaysia
Lundin Malaysia BV, a wholly owned subsidiary of Swedish independent Lundin Petroleum AB of Stockholm, has completed drilling the Bambazon exploration well on Block SB307/SB308 offshore eastern Malaysia. Source: News
McGinnis to succeed Cabell as Seneca Resources president
John P. McGinnis, currently Seneca Resources Corp.’s chief operating officer, will succeed Matthew D. Cabell as president of the company effective May 1. Source: News
ExxonMobil: Energy outlook sees demand up, carbon intensity down
Global energy demand will increase 25% between 2014 and 2040, driven by population growth and economic expansion, according to ExxonMobil Corp.’s 2016 Outlook for Energy. Most of this growth will occur in nations outside the Organization for Economic Cooperation and Development. Source: News